Can you guess how many gumballs are in the jar?

Just make a good guess…


It’s a lot like deciding when to lock the rate on your mortgage.

Rates are changing several times a day… so when should your loan?

Brian Brady, loan originator in Solana Beach, California, recently wrote:

Mortgage bonds were up today which is a positive indicator for lower rates. Finding that sweet spot to lock a loan (this month) is like trying to pitch a no-hitter in baseball–you get all excited with each winning trading session (inning) then something breaks (the first hit) and everything goes to hell. So, I advise borrowers to lock in the rate at application; it’s not like Bernanke is Tim Lincecum.

Spot on…

Rates are still way under the old standard of 6%

Tyler Oden with Suntrust Mortgage here in Tallahassee quoted a client
4.49% no points for a 30 year fixed 20% down conventional loan
4.2%no points for a 3.5% down FHA loan

3% down Conventional Loan!


The most commonly used low down payment loan option has been the 3.5% FHA loan. With new FHA guidelines, going into effect June 1st,  mortgage insurance (PMI) stays with the loan no matter the equity position and there is an additional upfront premium of 1.75%

SunTrust just released a 3% down conventional loan with reduced PMI.
The PMI is about the same as as the FHA loan
Interest rate is about 3/8’s of a percent higher than a FHA loan. Today a client was quoted 3.2% on the FHA loan vs 3.6% for the 3% down conventional.

First advantage:  The 1.75% premium is rolled on top of the loan—99.9% of the time it is financed into the loan – seldom if at all paid out of pocket

But the big news… After two years if you have 20% equity the PMI could be eliminated!

You do need to apply to have the PMI removed and a bank ordered appraisal is required to substantiate the 20% equity.

That could save you $200 a month on a $200K loan!

You can get better a better rate and term with 5% down and the best rate and term with 20% down…

But for buyers with limited cash on hand the 3% down conventional loan is worth exploring.

If you want to know more call me or contact
Tyler Oden with SunTrust at

Its turning into a sellers market….


Things are turning in the favor of the seller. But for how long?

I’ve had five listings on the North East side of Tallahassee go under contract in less than 48hours. All have been move in ready and most have had multiple offers.

If you are a Seller now is the time to get your house on the market.

If you are a buyer and getting frustrated, there is hope. Just wait and you should have more to choose from. I think the market will get saturated again in the next two months. Also the over priced homes will finally get the idea and come down to true market price.

Local Interest Rates- 3.3755 on a 30 year fixed mortgage

Just had Tyler Oden, with SunTrust Mortgage quote a 30 year mortgage at 3.375%  with a .5% credit back to the borrower with a credit score over 740 for today’s 30 year fixed rate pricing.

Rates have gone up three weeks in a row…

The average on a 30 year fixed rate is up to 3.62%
That is still low but its up .12% a few weeks like that and we will be
up int he 4’s… Talked to Tyler Oden at Suntrust and they are still at 3.4% with no
points on a 30 year fixed purchase.

Barry Bevis, Broker/Realtor

Are we at the bottom?

The Wall Street Journal thinks so…

Read more here:
Barry Bevis, Broker/Realtor