April 22, 2009

For Immediate Release

Jay Jacobson's phone has been ringing off the hook.

A branch manager for Wells Fargo, Jacobson is seeing a dramatic increase in both re-financing and new mortgages.

"These clients understand some things that the average person is missing out on," said Jacobson, a Naperville resident who is based in Wells Fargo's St. Charles office. "Yes, there are problems getting loans, but usually nothing that can't be dealth with."

"People think they need a credit score in the 700s and 20 percent down payments, but they don't. They need a 620 credit rating, and they can get an FHA loan while putting down just 3.5 percent."

Jacobson and his colleagues will share their insights with the public at a mortgage financing information session Tuesday, April 28 at the Nichols Library in downtown Naperville.

The event, free to the public, begins at 6 p.m.

Combined with mortgage rates of under 5 percent, which he calls "historic," Jacobson points out that it often makes sense for both move-up and first-timers to buy now if they have stable jobs.

A move-up buyer, somebody who has been in their first house for several years, could sell their current house - admittedly for less than they could have gotten at the height of the housing bubble three years ago - but the terms on the newer house with the larger mortgage are so favorable that it makes sense.

The event is sponsored by Max Mortgage, a Wells Fargo affiliate.

For more information, call 630-587-3600.

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Editors: For more information call Jay Jacobson at 630-587-3600 or Joe McElroy at 630-355-3151.