Month End, June. - 06/30/09 04:13 PM
Wow! Where has this year gone? With all this rain and cloudy weather we've had lately, it feels as if the month of June hasn't existed, we've gone from May right into July. In any event, this market is still very interesting and the time to buy really hasn't been better.
Here is a brief summary of what happened to day with the market. The Consumer Confidence Index came out this morning and the reading was about 6 points lower that what had been forecast. What this means is that consumers are not as hopeful about their own personal financial situation … (0 comments)

June 09 (month end) market comment. - 06/29/09 10:02 AM
Predicting rates isn't very easy and at times it is somewhat difficult trying to guess in what direction the rates will be headed. The fear of inflation usually helps in determining if rates are headed up or down. In the past week or so, it appears that the threat of inflation seems to be diminishing a bit. This is helping the bond market relax and there is now a downward trend with the rates. We are comfortably back in the low 5's and if you missed the opportunity to replace an existing mortgage with one with a lower rate a few … (0 comments)

Home buyers. Could of, should of, would of... - 06/23/09 11:13 AM
On the fence about buying a new home today?
Today's market, though troubled economically for some, offers some great opportunities for those that are in a position to purchase a new home. There are still a few buyers waiting and thinking about whether or not they should make a move and I think there will be some people who look back at this time and regret not having taking advantage of the opportunities that were available to them. A former colleague of mine had a saying that went something like "The paralysis of analysis". Sometimes you can spend too much time … (0 comments)

Great start to the week. - 06/22/09 03:39 PM
I just wanted to comment on a couple of positive occurrences on the lending side of things. More specifically, on the underwriting side of the business.
I just had two back to back appraisals from an appraisal management company come back basically free of any headaches.
Also, one of my investors just moved 20 FHA underwrites over to the conforming side to really beef up turn times. I just had a full file go into underwriting and come back approved in one day! Really good stuff. 
Plus as of this post, there is some downward pressure on rates, so things are … (0 comments)

Gas Stations. - 06/22/09 02:45 PM
Gas Stations.
One of the commercial investors that my office works with announced this afternoon that they will begin lending on gas stations. Here are some details from this announcement.
Maximum loan amount against the properties value will be 50-55%.
The business must be branded or franchised under a strong flag company.
Both Refinance and purchases welcome. The preference will be on the refinances.
Excellent credit needed. 720 and above scores. The business owners resume will be looked at to verify that there is good solid experience with owing and operating a gas station.
The above refers to a gas station/convenience … (0 comments)

Consumer tip "Cash for Clunkers" program highlights. - 06/19/09 11:46 AM
This new bill was recently passed (still waiting on the Presidents signature) to help drive more traffic into dealership showrooms. Here are the highlights of the program.
•Passenger cars from 1984 or newer with combined miles per gallon ratings of 18 or less are eligible. Owners could get a $3,500 voucher if they trade for a new car rated at least 4 mpg higher or $4,500 if they buy a car that gets 10 mpg more.
•SUVs, pickups or minivans 1984 or newer that get 18 mpg or less could earn a voucher for $3,500 if their new SUV, truck or … (0 comments)

$8,000 tax credit. - 06/19/09 11:38 AM
Here is a helpful video that answers some basic questions about the federal tax credit.
http://www.youtube.com/watch?v=qeDp_w3oiqg
 
My offcie is also available if you would like ot call and go over your options.
Jason
… (0 comments)

FHA Rehab loan. - 06/16/09 09:18 AM
Product Announcement- 203K Streamline
My office is now able to offer this FHA rehab loan. This is a streamlined product, so the property cannot be in the need of anything considered major. This is also strictly for someone who will occupy the property as a primary residence; this is not intended for investors or house flippers.
Here are a few details on the 203k FHA Streamline.
"The 203k Streamline is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required.
Max $35,000.00 for improvements/repairs No Major rehabilitation or remodeling 50% of … (0 comments)

Jason's market ramblings. June 16th 09 - 06/16/09 08:58 AM
How to interpret today's data on new housing orders increasing by 17% in the month of May? Mortgage rates were beginning to look incredible as we were comfortably in the 4"s and the stock market was in the territory of being up ytd by 30%. Both of these would be strong motivators and confidence boosters to consumers.
Now we are in June and have had to deal with the rates increasing by one point. This may cool new housing starts a little but we still have the $8,000 tax credit out there and right now the credit has an expiration date … (0 comments)

Technologies place in today’s lending world. - 06/15/09 07:30 PM
As I was loading a file into underwriting this afternoon, it occurred to me that the majority of the approval process was all done electronically. 
I've got a loan request that was initially submitted through my website. I imported all the information into my loan origination system and once I was able to serve a loan program that met my client request, I emailed the disclosures and request for the items needed to secure our final approval.
My client emailed me back the signed disclosures and missing items. A few points and clicks and the whole files is in underwriting. Appraisal … (0 comments)

Buying the rate down (paying a point or two). - 06/15/09 02:32 PM
Paying points.
With the unfortunate spike in rates recently, I have had several clients inquire about what they could do to get the lowest possible rate. As unpopular as it initially sounds to some clients, paying discount points for a few has made some sense. On a few files, as I started to do the math, I was pleasantly surprised to see that choosing to pay a little extra upfront was offering up a nice mortgage payment and very similar to what was expected from the beginning of the process.
 Jason
… (0 comments)

This is your life and it's ending one minute at a time. - 06/14/09 07:55 PM
This is your life and it's ending one minute at a time.
Happy 85th Birthday President Bush and congratulations with the way you chose to celebrate this big day.
At your age, some might say that you are too old or that you might have a heart attack or something. I see it as you celebrating this day by living!
We can all learn something by his choice to jump out of a plane at his age and for this day. Sometimes we get caught up in living or worrying about the day that we can begin to live that we … (4 comments)

Personal growth from the troubles of the housing crisis. - 06/13/09 09:23 AM
What this market has done to me.
I find that I am beginning to more and more appreciate the market we are in today as well as find value in the downward spiral we've had to endure over the past several years.
Yes, I am saddened by the fact that many families have lost their homes. I do feel for the people who have had to deal with a loss of income, loss of savings and the pinch many have had on any particular lifestyle they were used to.
I am however very, very thankful for how this market has challenged … (0 comments)

Increasing rates and the housing market. - 06/11/09 12:43 PM
Will the increasing rates erode sales?
I think in the short term this can be easily avoided. The buyer's dollar will lose some of its buying power and their offers will start reflecting this. At the same time non distressed listing will begin to come off the market as these sellers will most likely wait to relist when the inventory has changed or the market favors stronger offers. What will remain on the market are a large amount of bank owned and short sale properties which are a perfect fit for this markets buyers who have seen their buying power dip … (0 comments)

Open House Guest Logs. - 06/10/09 02:01 PM
Police nab pill bottle bandit in Barrington
East Providence woman would go to open houses and allegedly steal medication
By Josh Bickford
BARRINGTON - Police say they arrested a 50-year-old woman who spent the last two to three years going to real estate open houses in East Providence and Barrington and stealing medication - mostly painkillers - from bathroom cabinets.
Linda Grablink, of 214 Riverside Drive, faces three counts of larceny under $500 and one count of larceny over $500. She was charged on Sunday, June 7.
Police became aware of the situation in January, when a real estate agent in … (0 comments)

East Providence market report. - 06/08/09 03:01 PM
My crystal ball is still foggy but the trend is that the bond market is still headed upwards. Receiving emails throughout the day now from various lenders as they announce new rates because of deteriorating market conditions has become an all too familiar theme over the past week or so. Refinance files currently in the system are gasping for a breath of air as the rising rates slowly chokes the life out of these files. Perhaps we will see some relief later this week when the Federal Reserve will release its Beige Book. (This information details economic conditions throughout the U.S. … (0 comments)

 
Jason Potrzeba~ Commercial Loan Officer ~ RI (Acadia Advisory Group LLC)

Jason Potrzeba~ Commercial Loan Officer ~ RI

East Providence, RI

More about me…

Acadia Advisory Group LLC

Address: East Providence, RI, 02915

Cell Phone: (401) 580-7612

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