Mark Lawrence's Blog

Act NOw!!! InTeResT rAtES arE GOinG uP ThIS SuMMer

Mark Lawrence (Extreme Discount Card Inc.) — Sat, 10 Jan 2009 14:29:05 -0800

By Julie Haviv

NEW YORK, Jan 8 (Reuters) - Massive efforts by the Federal Reserve to bring down mortgage rates have so far been a success, but homeowners had better act fast because analysts say record low rates could be gone as soon as this summer.

Thirty-year mortgage rates dropped to a low of 5.01 percent this week -- their lowest since 1971 -- after the Federal Reserve unveiled a plan in late November to buy as much as $500 billion of securities backed by Fannie Mae <FNM.P>, Freddie Mac <FRE.P> and Ginnie Mae.

They could touch as low as 4.50 percent, but the cheap loans will not last long, mortgage experts warned.

"The downward trend we have seen in mortgage rates will not last beyond the first half of this year," said Celia Chen, senior director of housing economics at Moody's Economy.com in West Chester, Pennsylvania.

"By then, the Federal Reserve's program will have run its course and other issues will move to the forefront that could push mortgage rates higher," she said.

The Fed has also embarked on a program to buy up to $100 billion in unsecured debt of Fannie Mae, Freddie Mac and the Federal Home Loan Banks in a move also aimed at lowering interest rates on mortgages.

The prospect of affordable home financing has provided a glimmer of hope for the U.S. economy with the housing market in the worst downturn since the Great Depression.

But if mortgage rates rise, they will further paralyze a housing market already beset by plunging home prices, an unwieldy supply of homes for sale, tighter lending standards by risk-shy banks and surging foreclosures.

Even if the Fed extends its mortgage bond buying program past the summer, its other efforts to flood financial markets with cash will work against low rates.

They include the inflationary impact of both the Federal Reserve's near-zero interest rate policy and the massive looming fiscal stimulus from the government which must be paid for by more government debt, pushing up interest rates.

A 30-year fixed-rate mortgage at 4.50 percent is a level apparently targeted by policy makers.

Moody's Economy.com forecasts interest rates rates hitting 4.50 percent by the middle of 2009 after dropping to a low of 4.37 percent in the second quarter. But, by the third quarter and fourth quarter interest rates will be climbing to 4.57 percent and 5.18 percent, respectively.

By the first quarter of 2010, rates should be at 5.87 percent, Chen said.

"Low mortgage rates are important, but there is no evidence that lenders are lending and that is crucial," she said.

Treasury yields, which move inversely to price, are linked to mortgage rates. The Treasury is seeking to fund an estimated deficit of $1 trillion or more over the coming year.

TOO LOFTY A GOAL

Cameron Findlay, chief economist at online loan broker LendingTree.com in Charlotte, North Carolina, said mortgage rates at 4.50 percent remained possible, but not probable.

"For now the Fed has implemented change to entice rates to decline and are in a holding pattern to see the impact," he said.

"Up until a few weeks ago, people thought 4.50 percent was a realistic target for rates within 60-90 days, but that idea has dissolved," he said.

What has changed since November is the Fed's decision to ax interest rates to almost zero to help revive the economy, leaving the central bank with fewer options to cut rates.

Findlay said mortgage rates should stay in a range between 5.00 percent and 5.50 percent for the next eight weeks or so barring any additional Federal Reserve action.

Expectations of a 30-year fixed-rate mortgage at 4.50 percent are too ambitious, said Greg McBride, senior financial analyst at Bankrate, Inc, in North Palm Beach, Florida.

"Inflation worries may begin to spook investors and that could send Treasury yields higher, which would cause a corresponding move higher in mortgage rates," he said.

(Editing by Gary Crosse)

((Reuters Messaging: julie.haviv.reuters.com@reuters.net; e-mail: julie.haviv@thomsonreuters.com; +1-646-223-6153)) Keywords: USA ECONOMY/HOUSING

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$10,00 to $25,000 for First Time Home Buyers...

Mark Lawrence (Extreme Discount Card Inc.) — Fri, 01 Aug 2008 15:45:12 -0700

BALTIMORE COUNTY "MALP"

Mortgage Assistance Loan Program (MALP) is giving $25,000 to first time home buyers!!!!!!!!

The program is an effort to encourage first time homebuyer to consider home ownership in existing residential communities in Baltimore County. The program is administered by nonprofit groups and is available in designated communities. Home Buyer's Workshops and home ownership counceling are offered to potential homeowners. The funds are available to families whose income is at or below 80% of area median, adjusted for household size:

Household Size: 1family 2family 3family 4family 5family 6family 7family 8family

Income Limit: $43,050 $49,200 $55,350 $61,500 $66,400 $71,350 $76,250 $81,200

BALTIMORE COUNTY "SELP"

Settlement Expense Loan Program (SELP) is giving $10,000 to first time home buyers

The household size and income limits are the same as above for "SELP" also.

There are various property criterias that must be in place and buyer eligibility as well....Give me a call for more info: 443-829-0335

To Tell You The TRUTH...

Mark Lawrence (Extreme Discount Card Inc.) — Fri, 01 Aug 2008 14:10:52 -0700

President Bush on Wednesday signed into law a sweeping housing bill that aims to boost the struggling housing market and bolster mortgage finance giants Fannie Mae and Freddie Mac. The Senate voted 72-13 in favor of the bill on Saturday, after the House passed it three days earlier.

The cost of the program - which would begin on Oct. 1 and be in place for just a few years - will be funded by fees from Fannie and Freddie, along with fees paid by both lenders and borrowers

The law authorizes FHA to insure up to 300 billion in loans.

A permanent increase in "conforming loan" limits. The law will permanently increase the cap on the size of mortgages guaranteed by Fannie and Freddie to a maximum of $625, 500 from $417,000

The FHA maximum loan limits for high-cost areas would also increase to a maximum of $625,500. Higher loan limits will make it easier for borrowers to get mortgages, because those mortgages are more likely to be traded if they are considered conforming.

Contact Complete Mortgage Licensing, Inc.

for more detailed information on loan limits in your area @ 866-795-5807

A new home-buyer credit. The new law includes a tax refund for the first time home buyers worth up to 10% of a home's purchase price but no more than $7500
A new affordable housing trust fund. The law establishes a permanent fund to promote affordable housing. The fund will be paid for by fees from Fannie and Freddie.
Grants to states to buy foreclosed properties. The law grants $4 billion to states to buy up and rehabilitate foreclosed properties.
Fannie and Freddie guarantee the purchase and trade of mortgages and own or back to $5.2 trillion in mortgages.

THIS JUST IN!!!!!!!

Mark Lawrence (Extreme Discount Card Inc.) — Wed, 02 Jul 2008 15:38:38 -0700

US TREASURY OUTLOOK-Jobs data, ECB decision take spotlight By Richard Leong NEW YORK, July 2 (Reuters) - The U.S. government debt market will likely be choppy on Thursday, as traders brace for possible surprises in the government's payroll report and an interest rate decision from the European Central Bank. Signs of more U.S. labor deterioration would further punish a battered stock market and increase the safe-haven appeal of Treasuries. They will also likely lead traders to pare their bets on the Federal Reserve raising interest rates later this year, analysts and investors said on Wednesday. "A bad payroll number could boost bonds and put some pressure to pare expectations of a rate hike this summer," said Steve Point, lead portfolio manager at Glenmede Investment Management in Philadelphia. Moreover, another surge in the unemployment rate will cement market expectations that a rate increase will inflict damage to the consumer sector, which is already bogged down by sky-high gasoline prices and tighter credit, investors said. "It'll show a malaise that is already being played out in consumer spending," Point said. Economists predicted employers cut 60,000 jobs in June, according to recent Reuters poll. It would be the sixth straight monthly job loss and the longest such streak in eight years. In the first five months of 2008, private and government payrolls have shed nearly 325,000 jobs. Moreover, analysts forecast the jobless rate likely dipped to 5.4 percent last month from May's 5.5 percent, its highest in more than 3-1/2 years. The U.S. Labor Department will release its June employment figures at 8:30 a.m. (1230 GMT) on Thursday. The monthly payroll data typically comes out on a Friday, but the government will be shut this Friday for the July Fourth holiday. The bond market will close early on Thursday and stay closed on Friday. ECB SETS TABLE Before the payroll report, the Treasuries market could be roiled or soothed by the reaction in the euro zone debt market after the European Central Bank announces its rate decision and hints whether it is on a rate-raising path. Last month, ECB officials and their Fed counterparts intensified their anti-inflation rhetoric amid record high oil and food prices. This resulted in a dramatic sell-off in Treasuries and euro zone debt; traders began to anticipate rate hikes from the two central banks in the second half of 2008. At one point, ECB President Jean-Claude Trichet hinted he would not rule of a rate increase at the bank's July meeting. "I think it's been fully priced in," Michael Kastner, head of fixed income at Sterling Stamos Capital Management in New York, said of a widely expected quarter-percentage-point rate increase by the ECB on Thursday, adding that such a move will likely have a greater impact on the dollar than Treasuries. This week's data showed record year-over-year inflation readings in the euro zone. "If the ECB feels the need to embark on a number of rate hikes to battle inflation rather just tweaking monetary policy, you could see the dollar weakening," Kastner said. Some analysts and investors believe further weakness in the dollar could motivate the Fed to raise rates in a bid to ease the upward pressure on a red-hot oil market. But others argue the Fed cannot risk tipping a weak U.S. economy into recession by raising rates. "The tone of the bond market has been influenced recently by a resurgence in concerns about the economy and the impact of record oil on consumer spending," Glenmede's Point said. On Thursday, benchmark 10-year Treasury note's price finished up 9/32 at 99-7/32. Its yield which moves in the opposite direction of its price, was 3.97 percent, down from 4.01 percent late on Tuesday. (Reporting by Richard Leong; Editing by Jonathan Oatis) ((richard.leong@thomsonreuters.com ; +1 646 223 6313; Reuters Messaging: richard.leong.reuters.com@reuters.net))

FHA WAIVES 90-DAY WAITING PERIOD FOR RESALES

Mark Lawrence (Extreme Discount Card Inc.) — Mon, 16 Jun 2008 14:37:20 -0700

Inman News (06/13/08); Carter, Matt:

The Federal Housing Administration plans to lift a 90-day waiting period on resales of homes financed by FHA-guaranteed loans for one year in an attempt to prevent communities from being saddled with foreclosed and abandoned properties. "The action we take today will allow home buyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes in neighborhoods across the country," according to FHA Commissioner Brian Montgomery. The move also helps lenders get the properties of their books quickly--although they will have to repair any distressed homes and bring them up to FHA standards before doing so. The FHA implemented the waiting period in 2003 in an effort to crack down on predatory lending and house flipping.

Continuing Education For Realtors Like You've Never Experienced

Mark Lawrence (Extreme Discount Card Inc.) — Mon, 16 Jun 2008 14:29:57 -0700

If you are a realtor and would like a faster turn around for your sellers/buyers loans, we guarantee 30 days closing on all our FHA and Conventional loans. Maybe, you just have a question and would like to speak to an underwriter, well they are available for you at your convienience. What about your listings? do you need a little boost with getting the word out in this tough market? No worries there also, Just tune in to AM 680 every Tuesday at 6pm EST and you can call in to the show LIVE and let the world know about your listing.

We've thought of everything for you hard working realtors out there; when it's time to relax from a hard week or month, or maybe you want to celebrate a great month, why not celebrate with your family and colleagues at our Mountain Retreat Center built with only you in mind. Click here to learn more about the Retreat Ctr. Now I did say this was built with YOU in mind didn't I? ok, because a day and/or overnite stay at the lodge is ABSOLUTELY FREE!!!!!! unless of course you just want to give away your hard earned money...Thats right FREE!!! I'll even pick you up in our 15 passenger company van, so all you need to do is kick up your feet and enjoy the 1hr 1/2 ride to Hancock, MD. What more do you want?....Just call me i'll tell you the rest....410-517-0300

Since we have a 15 passenger Van, how about we pick a meeting place and I will take you and your team of Realtors up to the Retreat Center for your continuing education... Completely FREE OF CHARGE!!! I will provide the instructor to teach the class and when class is over, THE FUN BEGINGS...you can take a tour of the 300 acre facility on one of 4 ATVs or maybe you want just want to hike it... Regardless of your choice, you are guaranteed to have a great time....

Still Closing Loans Everyday!!!

Mark Lawrence (Extreme Discount Card Inc.) — Mon, 16 Jun 2008 13:55:37 -0700

2008 is showing a lot of promise!! Don't give up yet...Get Back to Work!!!!!! (edit/delete)

IT'S YOUR YEAR TO OPEN THE DOOR TO HOME OWNERSHIP!

Here at 1st Preference Mortgage we specialize in all areas of mortgage LENDING!! However our area of paticular specialty is FHA loans. Our pool of investors are very confident in the loans we originate and we have a personal relationship with all of them. It's our mission and goal to build long lasting relationships with everyone we do business with, so If I don't know you as of yet, get to know me now!! I've positioned myself in the mortgage industry in such a way that I'm able to offer ALL my clients a mortgage loan regardless of their credit history and income levels.

The most important thing that I can do for you is to be HONEST with you. 1st Preference Mortgage is making dreams come true one homeowner at a time. so "Don't make a move without me" Call me today at: 410-517-0300

"Don't make a move without me."

Contact: Mark Lawrence, Mortgage Consultant- 1st Preference Mortgage

Mlawrence@1stpref.com, 410-517-0300 Office, 443-829-0335 Cell

Our FHA loans are your keys to your new home.

97.75% FINANCING PROGRAM

•• PURCHASE

•      No Minimum Credit Score (Borrowers w/ no score allowed as well)

•      Very high DTIs considered w/compensating factors

•      Mortgage Lates can be overcome w/ compensating factors

•      Borrowers currently in Chap. 13 OK with 12 months of on time payments

•      Non-Occupant Co-Borrowers Allowed

•      All Down Payment and Closing Costs can be gift w/no seasoning required.

•      6% Seller Help Allowed

•      For Sale by Owner OK

•      3% Investment Required by Borrower, may be gift, including Gift from Seller through Approved Non-Profit Down Payment Assistance Program

•      PITI Reserves may not be Required

GREAT 30YR FIXED RATES - ALWAYS THE SAME REGARDLESS OF LTV OR SCORE

FHA BANKRUPTCY CHAPTER 13 BUYOUT PROGRAM

•·       Max LTV 95%   (no max on CLTV)

•·       12 months clean payment history from the Trustee

•·       12 months clean payment history on Mortgage

•·       Pay-off from Trustee

•·       Pay-off from Mortgage

•·       Payoff statements for any collections/judgments or liens that the court required to be paid

•·       Letter from Court OK to Refinance

•·       Copy of Chapter 13 filing and all schedules

•·       Letter from Borrower explaining what circumstances caused the BK and how the borrower can now manage their finance's

CALL TODAY YOU WILL AMAZED

"Making Dreams Come True One Homeowner at a Time"

Mark Lawrence

443-829-0335

mlawrence@1stpref.com

Let Us Show You the Upside of No Down/Low Down Loans

We've designed special mortgage loan programs for the financially responsible borrowers who only need a little helping hand to move from dream to dream home.

There are several options available...

103% financing- covers 100% of the purchase plus funds up to 3% of your closing costs, mortgage insurance premiums and prepaids
100% financing- covers 100% of the purchase itself, you supply other costs
97% financing- covers 97% of the purchase, you put down 3%, along with other costs
80/20 Piggyback- covers 100% of the purchase with option to avoid mortgage insurance premiums, you pay only closing costs and prepaids

THE TRUTH SHALL SET YOU FREE......

2008 is showing a lot of promise!! Don't give up yet...Get Back to Work!!!!!!

Mark Lawrence (Extreme Discount Card Inc.) — Tue, 08 Jan 2008 09:10:05 -0800

IT'S YOUR YEAR TO OPEN THE DOOR TO HOME OWNERSHIP!

"Don't make a move without me."

Contact: Mark Lawrence, Mortgage Consultant- 1st Preference Mortgage

Mlawrence@1stpref.com, 410-517-0300 Office, 443-829-0335 Cell

Our FHA loans are your keys to your new home.

97.75% FINANCING PROGRAM

"Making Dreams Come True One Homeowner at a Time"

Mark Lawrence

443-829-0335

mlawrence@1stpref.com

Let Us Show You the Upside of No Down/Low Down Loans

We've designed special mortgage loan programs for the financially responsible borrowers who only need a little helping hand to move from dream to dream home.

There are several options available...

103% financing- covers 100% of the purchase plus funds up to 3% of your closing costs, mortgage insurance premiums and prepaids
100% financing- covers 100% of the purchase itself, you supply other costs
97% financing- covers 97% of the purchase, you put down 3%, along with other costs
80/20 Piggyback- covers 100% of the purchase with option to avoid mortgage insurance premiums, you pay only closing costs and prepaids

THE TRUTH SHALL SET YOU FREE......

Labor Day 2007 Special

Mark Lawrence (Extreme Discount Card Inc.) — Tue, 28 Aug 2007 13:30:40 -0700

Mark Lawrence

Mobile # (443) 829-0335

September, 1^ST, 2007 Weekend

CONVENTIONAL ONLY

30 Year Fixed Rate 6.25%

1% Orig only; 0 Points

There are conditions:

Purchases and Rate/Term Refinances
Must close by Sept 30^th
Loan Amts $200,000 - $417,000
Credit score > 680
Max LTV 95%

Must lock this rate in by Tuesday, Sept 4^th 8AM

Lock in when you write the contract.

Will hold it until your contract is Ratified!

OMGoodness NEW LENDERS GUIDELINES FOR ALL BORROWERS/BUYERS

Mark Lawrence (Extreme Discount Card Inc.) — Fri, 10 Aug 2007 13:08:21 -0700

ALL BORROWERS MUST HAVE ONE BLUE EYE AND ONE BROWN EYE TO QUALIFY:

- LTV > 65%, SIVA REQUIRES MINIMUM CREDIT SCORE OF 849
- FOR ALL LTV > 65%, 360 MONTHS RESERVES REQUIRED
- BORROWER'S MUST HAVE NO PREVIOUS BK'S IN THEIR FAMILY HISTORY GOING BACK THREE GENERATIONS
- A MINIMUM OF 25 YEARS SELF-EMPLOYMENT HISTORY NOW REQUIRED FOR ALL NIV PROGRAMS (AT SAME LOCATION)
- MINIMUM CREDIT SCORE FOR SUBPRIME LOANS RAISED TO 720
- ALL ON-ARMS LENGTH TRANSACTION BORROWERS (MORTGAGE, REAL ESTATE PROFESSIONALS, FAMILY MEMBERS) WILL BE REQUIRED TO PROVIDE FULL DOCUMENTATION, SUBJECT TO CRIMINAL BACKGROUND CHECKS, WIRE TAPPING, STRIP-SEARCHES, AND A MINIMUM OF 12 HOURS INTERROGATION BY THE DEPARTMENT OF HOME LAND SECURITY.

PLEASE NOTE THAT THESE CHANGES WILL GO INTO EFFECT WITHIN THE NEXT FIVE MINUTES. SO PLEASE LOCK YOUR LOANS YESTERDAY. ALL EXISTING LOANS IN YOUR PIPELINE MUST FUND BY NOON TOMORROW.

WE APOLOGIZE FOR THIS INCONVENIENCE. WE REALIZE THESE ARE TOUGH TIMES IN THE MORTGAGE INDUSTRY FOR ALL OF US. BE ASSURE THAT WE HAVE A COMMITMENT TO REMAINING STRONG AND WEATHERING THE STORM. WE ASK FOR YOUR UNDERSTANDING AND COOPERATION.

SINCERELY,

YOUR "FINANCIALLY STABLE" WHOLESALE LENDER!

"WHERE YOU COME FIRST!"