March 25, 2008 Newsletter

This is the Fifth issue of the Colony Title Newsletter.

First, what is happening with the interest rates. Today (March 25, 2008) fixed rates are at 5.75 to 6.00% for conforming loans. ARMs are nearly the same rate. Jumbo loans are still well above fixed conforming unless you have a portfolio lender who is trying to be aggressive in the marketplace. The same advice as last time, if you are anticipating a refi or purchase, start your application process now, so you are not lost in the shuffle when rates start to drop. As reported before, subordinations are still taking 30 days or more, so if you are refinancing and you intended on keeping your home equity in place, consider refinancing that as well, especially if the lender will pay the closing costs of the refinance for the home equity. You might otherwise lose your rate lock on your first waiting for the subordination. But make sure you don’t have a pre payment penalty if paid off within a certain time frame.

Good news reported that for the first time in seven months there was an uptick in the number of houses sold over the same time period last year. Some experts are thinking we are at or near the bottom, so the time is right for a purchase.

For Sale By Owners. We recommend using a realtor, especially in a market where there is so much available and there are multiple issues including financing, sharing of costs, inspection parameters and so forth. However, if you have a Buyer, use a real estate attorney to prepare the contract. Having reviewed the contracts available at Staples and online, there are many issues not covered, and the Maryland or local jurisdiction requirements are not set out.

Colony Title Group sponsors an annual tennis tournament for the benefit of Shock Trauma. The tournament is a one day event, round robin doubles, played at Hobbits Glen Racquet Club. If interested call or email me at

We now have our previous newsletters on our web site for your review, covering such topics as reverse mortgages, 1031 exchanges and more. If you have a topic you would like us to cover, or something to promote, feel free to call us or write at

Colony Title sponsors an annual tennis tournament for the benefit of Shock Trauma , to be played at Hobbits Glen Racquet Club. The tournament is a one day round robin doubles event, set for June 6th. If you have an interest please email me at