Saturday, November 12, 2011

Mortgage Update from Mary Adams at Citi Mortage

Mary Adams, Citibank

Mortgage Update The week of November 7th 2011.

This week, rates held at former levels: The zero point 30 year fixed conventional rate bounced between 3.875% and 4%, spending most of the week at 4%., while the FHA/VA 30 year rate hovered at 3.875%. The 15 year rate hovered at 3.25%.

Adjustable Rate Mortgage rates in review:
  • 10/1 ARM reached 3.375%
  • 7/1 ARM reached 2.875% 
  • 5/1 ARM reached 2.75% 
Due to market fluctuation, we continue to recommend that borrowers lock or cautiously float!

In honor of Veteran's day, Vikram Pandit, Citi's Managing Director, announced that we hired 150 veterans this summer and an additional 300 in the past three months! Citi is committed to hiring an additional 200 veterans over the next several months. In this week's announcement, Mr. Pandit stated "Citi has a strong commitment to providing America's men and women in uniform with opportunities, and to ensuring that military families around the country have the support they need. We are helping them stay in their homes, offering returning troops professional development and mentoring, and recruiting veterans to work at Citi on a larger scale than ever before. As a founding member of Veterans on Wall Street, we remain committed to connecting former military personnel and those currently in the National Guard and Reserve with career and business opportunities in the financial services industry".

Citi offers 15 and 30 year VA mortgage financing with expedited loan approval. Under certain circumstances, Veterans can purchase a home with no out of pocket expense! 

Mary Adams
Real Estate Relationship Manager
Keller Williams Realty, Ann Arbor
Citibank, N.A.

Mary Adams with Citibank is a preferred lender for the Piperpartners Ann Arbor real estate team.

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