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mortgage: UPDATE - 05/10/10 10:48 PM
The new website is up and running so please check it out. www.clint-hammond.com. It's a lot more comprehensive than my old one and much more user friendly. Start applications online, get updates on what's going on in the industry and in the rate markets. It's hard enough for me to keep up doing it every day so we need these "go to" sites for answers and information, hopefully I'll be one of those resources for you.
In other news.......
Purchase transactions still closing with pretty solid consistency and even more encouraging is the number of purchase transactions that I am … (0 comments)
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mortgage: Mortgage Rates; follow up on last week and a lesson in "averages" - 03/29/10 08:56 PM
In most things in life and sports (especially Baseball which is right around the corner) we pay a lot of attention to and put a lot of emphasis on averages. We look at average daily expenses for budgeting, we determine what time we leave for work or a trip based on the average time it takes us to get to our destination, we predict most things in our lives, no matter how important or how trivial based on averages. We also will perk up and take notice when those averages start trending in a new direction. For example we might look … (1 comments)
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mortgage: Mortgage Rates; where we've been and where we're headed. - 03/25/10 09:39 PM
Keeping these 3 simple "'key thoughts" in mind:
Mortgage rates go up when the price of mortgage backed securities (MBS) go down. Mortgage rates go down when the price of MBS go up.
So if you've been half way paying attention you know that The Federal Reserve has been buying mortgage backed securities by the truck load since Jan. 2009.
If you half way paid attention in your high school economics class you'll remember that price is driven by supply and demand and something that changes one or the other without an equal change in the other price of that "widget", … (4 comments)
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mortgage: Competive Quotes or Deceptive Lending? - 01/12/10 06:19 PM
I lost a quote today, not real worried about it but it brings up something that always has left a bad taste in my mouth. For better or for worse, I monitor and study the market as much as if not more than any other loan officer out there. I know where we are, have a decent idea on where things are headed (in the short run anyway and definitely in the long run....it's that middle ground that's always tricky, but I digress.) Point being, if I am being put up against another quote by a potential borrower, I know first … (1 comments)
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mortgage: Picking up a little anyone?? - 04/29/09 09:44 AM
I hit it on the head with where rates were headed, what I didn't hit dead on was the length of time that they would stay there. I'm rolling with refi's like most of us but I am seeing the purchase business pick up a substantial head of steam lately. The importance of our ability to take care of our clients and borrowers cannot be understated. It's way to easy to lose focus on what's important and why we're in the business. This is not a sustainable level for interest rates long term and refinances and sales are going to be … (1 comments)
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mortgage: And on top of all that. - 02/05/09 08:14 PM
I just wrote a small novel for all those that are either bored and/or having trouble sleeping and forgot to mention that since my last post, I moved my office. I have updated my profile to reflect the new address. The phone numbers and other contact info is all the same.
New address:
7011 Garners Ferry RoadColumbia, SC 29209
I'm headed out, 9:15pm is too late for anyone to still be at the office!
… (1 comments)
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mortgage: Oh what fun it is. - 02/05/09 08:08 PM
I haven't posted anything in forever, it's been a good thing though that I've been so busy but it's also gotten me totally out of the habit. I'll do what I can not to let it slip from here on.
We've got the jobs report coming out tomorrow morning at 8:30am so maybe, just maybe, we'll see rates come back just a bit closer than the general public thinks that they are. For once though, mortgage rates are based so much more on what the lenders can A) handle volume wise. Remember, for the past 18 months mortgage companies and the … (1 comments)
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mortgage: Bingo! - 11/12/08 07:24 PM
I've had that "a watched pot never boils" feeling lately with this looming market adjustment that I've been calling for. Well, wouldn't you know that today, the first day I've taken a little bit of a break from my O.C.D.-esque monitoring is the day that we're seeing my prediction sprout some legs!
Here's a brief summary of what we're looking at for right now. Economy....still not good. Jobs report from last week.....hasn't changed and still not good. The problem is that it hasn't impacted the bond market and therefore mortgage rates the way that it "was supposed to impact them." Today, … (1 comments)
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mortgage: Well, 2 weeks was long enough. - 11/06/08 07:22 PM
I can't believe I've slipped out of the habit of getting a post up here at least 3 times a week, if not more. I'm sure everyone has been alright without my boring, technical, analysis of what's going on. But, needless to say the last 2 weeks haven't been very quiet, that's for sure.
We've had two Fed Rate cuts....of course that didn't push our mortgage rates down. The last three days on the other hand did. A bond rally started on Tuesday and gained even more yesterday. Today saw some early profit taking and we actually got down to a … (2 comments)
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mortgage: You can't put it any better than this. - 10/23/08 08:06 PM
Considering the volatility and uncertainty we're up against and considering the doom and gloom that's unavoidable if you "have television" or "see newspapers" or "leave your home on occasion", let's look back to President Calvin Coolidge. Closed Mouth Cal has some of the greatest quotes in history if you're into that sort of thing obviously. Personally, I draw a lot from reading what people much smarter than me have said. I know it's cliche or sort of "rah rah" type stuff that most people don't put a lot of stock in, but at times certain quotes do hit the mark. This, … (9 comments)
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mortgage: Not for beginners, this is only for those that want to be good at their job. - 10/08/08 07:03 PM
The quick answer on "why this is important." Because your clients will ask you about it and if you don't know the answer, you fuel their fear. And as we've discussed, fear kills deals. Bottom line. If you, their real estate professional, don't have some grip on the financial markets, then you cannot properly advise them in their home buying process. If you do know the answers, you eliminate a lot of the anxiety that will be hoovering over your clients dinner table tonight while your well written and professional offer for that property they loved so much sits unsigned on … (0 comments)
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mortgage: Credit Scoring, you better know this stuff. - 09/20/08 11:35 AM
Part 1 one of 5:
With an ever increasing number of guideline changes and borrowing money becoming more and more difficult, we have to be able to advise our clients of things they can do in order to help the process out. Income is one that immediate change is often not an option. Assets, with time, can be built up through saving. Credit is often not so much overlooked but seen as the wild card. Almost like people don't have full control over it and certainly no real understanding of it.
Granted, it is not an exact science in that "If I … (3 comments)
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Clint Hammond
Columbia,
SC
More about me…
Mortgage Network, Inc
Address: 7011 Garners Ferry Road, Columbia, SC, 29209
Office Phone: (803) 771-6933
Cell Phone: (803) 422-6797
Email Me
In depth analysis of the mortgage market, the driving force behind mortgage rates.
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