mortgage: Each Year I Conform a Little More
- 12/05/18 07:16 AM
Each Year I Conform a Little More
If you know me, you know that I don't like to stick to convention. I was the teenager who skipped college, moved to Hollywood and played rock guitar. In my 20's, I saved up vacation time not for sandy white beaches but instead for expeditions to the harsh mountain environs of the world's highest peaks. In my 30's, I dove (literally) into the sport of triathlon --- an endeavor, to quote my Aunt Marge, that would be something she'd "rather die a thousand deaths" before contemplating. When I come to the fork in the road where straight … (0 comments)
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mortgage: Lock Watch for the Week of 12/3/2018
- 12/02/18 08:00 AM
Lock Watch for the Week of 12/3/2018
Volatility-O-Meter:
As expected, the week is opening with an attempt to make sense of how the G20/China trade truce may play out.
Economicalendar (all times are Pacific):
Mon, 12/3: PMI Mfg Index (6:45am), ISM Mfg Index and Construction Spending (7am).
Tues, 12/4: Quiet.
Weds, 12/5: Stock market closed. ADP Employment (5:15am), Productivity and Costs (5:30am) and ISM Non-Mfg Index (7am). Beige Book (11am).
Thurs, 12/6: Jobless Claims and International Trade (5:30am), Factory Orders (7am).
Fri, 12/7: Employment Situation (5:30am) and Consumer Sentiment (7am).
10-Year Treasury History
3.02% Today's Open
3.07% One Week Ago
3.22% One Month Ago
2.37% One … (1 comments)
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mortgage: Start Me Up, I Want to Buy a Home
- 11/28/18 08:29 AM
Start Me Up, I Want to Buy a Home
To borrow yet another song reference, and you know I'm fond of those, 'it's not unusual' for first-time buyers to come in our door and readily admit they have no idea where to start the home buying process. Often they are referred by real estate agents who tell them there's zero chance they'll see the inside of their cars on a property search until they have a pre-approval letter in hand. But what is a mortgage pre-approval, where does one start that process and how to get a letter?
The Big Three
Fundamentally, a mortgage … (6 comments)
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mortgage: Lock Watch for the Week of 11/26/2018
- 11/22/18 08:44 PM
Lock Watch for the Week of 11/26/2018
Volatility-O-Meter:
Wednesday's gonna be a doozy, so shake off your holiday weekend hangover.
Economicalendar (all times are Pacific):
Mon, 11/26: 2-Yr Note Auction (10am).
Tues, 11/27: Case-Shiller HPI (6am), Consumer Confidence (7am), 5-Yr Note Auction (10am).
Weds, 11/28: GDP and International Trade in Goods (5:30am), New Home Sales (10am), 7-Yr Note Auction (10am) and FOMC minutes (11am).
Thurs, 11/29: Jobless Claims and Personal Income and Outlays (5:30am), Pending Home Sales (7am).
Fri, 11/30: Chicago PMI (6:45am).
10-Year Treasury History
3.07% Today's Open
3.07% One Week Ago
3.08% One Month Ago
2.32% One Year Ago
The Capuchin Catacombs of … (1 comments)
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mortgage: Grateful for the Grind
- 11/18/18 03:42 PM
Grateful for the Grind
This year at Thanksgiving, I find myself up against the same challenge as every November --- how to keep the pedal to the metal and avoid succumbing to the seasonal slowdown that will send the unprepared and uninspired in my industry to the couch for a nap that could last until Super Bowl Sunday. So this year, like others before it, I am grateful for the grind. Grateful that my work can be difficult, stressful, complex and often thankless.
I am grateful for call reluctance, having learned long ago that successful people make a habit of doing the things that unsuccessful … (2 comments)
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mortgage: Lock Watch for the Week of 11/19/2018
- 11/17/18 08:39 AM
Lock Watch for the Week of 11/19/2018
Volatility-O-Meter:
Wednesday is a real market day but otherwise the week is light, even if the meals will be heavy...
Economicalendar (all times are Pacific):
Mon, 11/19: Housing Market Index (7am).
Tues, 11/20: Housing Starts (5:30am).
Weds, 11/21: Jobless Claims and Durable Goods (5:30am), Consumer Sentiment and Existing Home Sales (7am).
Thurs, 11/22: Thanksgiving.
Fri, 11/23: PMI Composite Flash (6:45am), Fed Balance Sheet (1:45pm).
10-Year Treasury History
3.07% Today's Open
3.19% One Week Ago
3.19% One Month Ago
2.37% One Year Ago
Yesterday When I Was Young
Even though there should have been no rightful way for … (0 comments)
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mortgage: Packing Light for Your Departure Property
- 11/12/18 10:08 PM
Packing Light for Your Departure Property
I fielded a call this week and it's one that comes in quite frequently. "We saw a place we really like and are thinking about putting in an offer. But we don't know what we're going to do with our existing home and don't think we have time to sell it first..." It's the classic "buy first" dilemma that I've covered before.
It's fair to assume that one place the mind goes when dealing with the "what to do" of the existing home is the notion of lining up a renter. Our buyers in this situation recognize that … (10 comments)
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mortgage: Lock Watch for the Week of 11/12/2018
- 11/10/18 07:04 PM
Lock Watch for the Week of 11/12/2018
Volatility-O-Meter:
"The beatings will continue until morale improves." Keep your eye on CPI...
Economicalendar (all times are Pacific):
Mon, 11/12: Veteran's Day, bond market closed.
Tues, 11/13: Treasury Budget (11am).
Weds, 11/14: CPI (5:30am).
Thurs, 11/15: Jobless Claims, Retail Sales, Empire State Mfg Survey and Import/Export Prices ( 5:30am).
Fri, 11/16: Quiet.
10-Year Treasury History
3.19% Today's Open (Friday close)
3.19% One Week Ago
3.15% One Month Ago
2.38% One Year Ago
In Flanders Fields
In Flanders fields the poppies blow
Between the crosses, row on row,
That mark our place: and in the sky,
The larks, still bravely singing, fly
Scarce … (0 comments)
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mortgage: For Those About to Buy a Home
- 11/06/18 07:07 AM
For Those About to Buy a Home
I started to get curious about Fannie Mae's HomeReady mortgage program when pricing out loan scenarios that could lean towards either conforming or FHA. I needed to get a sense of which would provide the better fit for the client. In so doing, this HomeReady program, about which I knew relatively little, kept splitting the difference. The age-old question loomed: Is the scenario a better fit for FHA with its lower interest rates, but higher and permanent mortgage insurance premiums, or is it a better match for conforming, with its higher rates but lower PMI … (6 comments)
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mortgage: Lock Watch for the Week of 11/5/2018
- 11/04/18 07:04 PM
Lock Watch for the Week of 11/5/2018
Volatility-O-Meter:
I expect the markets to flirt with the reality of higher rates again this week, amid a backdrop of auctions and Tuesday's mid-term elections.
Economicalendar (all times are Pacific):
Mon, 11/5: ISM Non-Mfg Index (7am), 3-Yr Note Auction (10am).
Tues, 11/6: JOLTS (7am), 10-Yr Note Auction (10am).
Weds, 11/7: 30-Yr Bond Auction (10am).
Thurs, 11/8: Jobless Claims (5:30am) and FOMC Meeting Announcement (11am).
Fri, 11/9: PPI (5:30am).
10-Year Treasury History
3.19% Today's Open
3.09% One Week Ago
3.23% One Month Ago
2.32% One Year Ago
Lincoln's Second Inaugural Address
Fellow-Countrymen:
At this second appearing to take the oath … (0 comments)
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mortgage: Let's Get Small Condo Projects
- 10/31/18 07:21 AM
Let's Get Small Condo Projects
San Francisco is known for its majestic Victorian and Edwardian homes, and residents and homebuyers in the city know that sometimes these massive dwellings get converted into condominiums. Not one's traditional idea of a condo project, what was once a majestic single family home is metamorphosed into a multi-level condominium project with three separate living units, for example. But small condo projects, typically defined as two to four units, can also be other than a colorful structure in the City by the Bay. In fact, we encounter them throughout California.
Financing a condominium unit in a small project … (6 comments)
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mortgage: One Thing Leads to Another
- 10/23/18 07:24 AM
One Thing Leads to Another
It just may be the most frustrating aspect of the home loan process for both borrowers and their real estate agents. We, the mortgage originator, ask for a specific item, or "condition," required for the loan approval and then upon receipt and review of that item, we come back and ask for something additional. Wash, rinse, repeat. One thing leads to another.
Sure we all get why there's grief and consternation associated with this phenomenon. After all, it feels like a vendetta. It can get personal. I've had, on very rare instances, borrowers tell me that they simply … (23 comments)
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mortgage: Lock Watch for the Week of 10/29/2018
- 10/22/18 10:12 PM
Lock Watch for the Week of 10/29/2018
Volatility-O-Meter:
Big week of reports against a backdrop of a market in serious motion and on the eve of a pivotal election. Fasten your seatbelts...
Economicalendar (all times are Pacific):
Mon, 10/29: Personal Income and Outlays (5:30am) and Dallas Fed Mfg Survey (7:30am).
Tues, 10/30: Case-Shiller Home Price Index (6am) and Consumer Confidence (7am).
Weds, 10/31: ADP Employment (5:15am) and Chicago PMI (6:45am).
Thurs, 11/1: Productivity Costs and Jobless Claims (5:30am), PMI Mfg Index (6:45am), ISM Mfg Index (7am) and Construction Spending (7am).
Fri, 11/2: Employment Situation and International Trade (5:30am) and Factory Orders … (6 comments)
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mortgage: Lock Watch for the Week of 10/22/2018
- 10/21/18 08:28 PM
Lock Watch for the Week of 10/22/2018
Volatility-O-Meter:
A transition week, perhaps? Will we get away from the stock market volatility of the last couple of weeks and settle in or will the week end's GDP report set the tone?
Economicalendar (all times are Pacific):
Mon, 10/22: Quiet.
Tues, 10/23: 2-Yr Note Auction (10am).
Weds, 10/24: New Home Sales (7am). 5-Yr Note Auction (10am).
Thurs, 10/25: Durable Goods, International Trade in Goods and Jobless Claims (5:30am). 7-Yr Note Auction (10am).
Fri, 10/26: GDP (5:30am) and Consumer Sentiment (7am).
10-Year Treasury History
3.19% Today's Open
3.16% One Week Ago
3.07% One Month Ago
2.38% … (3 comments)
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mortgage: Just Don't Pull My Credit
- 10/18/18 07:38 AM
Just Don't Pull My Credit
This is going to be brief. Why? Because the concept is very simple: For most, making a credit inquiry when getting a mortgage pre-approval will not hurt their FICO score. If you:
A) Pay your bills on time,
B) Maintain a fairly low balance to limit on your credit cards, and,
C) Have developed a credit history over several years, then most likely,
D) Having a lender pull your credit score in order to assist you with getting the best mortgage terms is not going to be detrimental. In fact, it may be one of the smartest financial choices you make.
There is … (4 comments)
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mortgage: Are the Lights Going Down on Real Estate?
- 10/09/18 06:22 AM
Are the Lights Going Down on Real Estate?
You know what's on a lot of my clients' minds right now? No, not Journey of the the 1970's, but the real estate downturn of 2007/2008. Many of these prospective buyers are getting a sense that maybe this is the top of the market and that perhaps they should sit things out and wait for real estate to go on sale --- just like it did during the downturn. I have some advice for them, but it has little to do with market prognostication. In fact, I'll be the first one to admit that … (43 comments)
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mortgage: Lock Watch for the Week of 10/15/2018
- 10/07/18 08:06 PM
Lock Watch for the Week of 10/15/2018
Volatility-O-Meter:
This is getting interesting. The stock market sell-offs last week will dictate what the mortgage market does this week too, and nobody knows what that is going to be. Saudi Arabia will be in the mix too, but if all of these elements go the way we expect (and that's never guaranteed), then the bond market could be a benefactor and that would imply lower rates.
Economicalendar (all times are Pacific):
Mon, 10/15: Retail Sales and Empire State Mfg Survey (5:30am), Business Inventories (7am).
Tues, 10/16: Industrial Production (6:15am), JOLTS and Housing Market Index (7am).
Weds, … (1 comments)
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mortgage: Lock Watch for the Week of 10/8/2018
- 10/07/18 08:30 AM
Lock Watch for the Week of 10/8/2018
Volatility-O-Meter:
In the unlikely event of a water landing...
Economicalendar (all times are Pacific):
Mon, 10/8: Market closed (Columbus Day).
Tues, 10/9: Quiet.
Weds, 10/10: PPI (5:30am), 3-Yr Note Auction (8:30am), 10-Yr Note Auction (10am).
Thurs, 10/11: CPI and Jobless Claims (5:30am), 30-Yr Bond Auction (11am).
Fri, 10/12: Import and Export Prices (5:30am), Consumer Sentiment (7am).
10-Year Treasury History
3.23% Friday's Close
3.09% One Week Ago
2.94% One Month Ago
2.35% One Year Ago
Race Week in Kona, Hawaii
Saturday, 10/13/18, will be the 40th edition of the Ironman Triathlon World Championship, which means that if you … (2 comments)
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mortgage: Debt Con Goes DEFCON
- 09/30/18 07:51 PM
Debt Con Goes DEFCON
Back in the Cold War era, the Joint Chiefs of Staff implemented a new system to indicate military readiness and they called it the 'defense readiness condition,' or DEFCON. They gave it five levels, "1" being imminent nuclear war. So let's use this model --- along with some crafty adaptations --- to demonstrate how debt consolidation refinances can also reach critical levels as a consumer manages his finances along with the value of the his home. It's important to remember that managing your mortgage and other debts always requires vigilance, just like military preparedness. With a nod to … (10 comments)
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mortgage: Lock Watch for the Week of 10/1/2018
- 09/29/18 08:16 PM
Lock Watch for the Week of 10/1/2018
Volatility-O-Meter:
Lots of FOMC member speeches throughout the week and the jobs report on Friday.
Economicalendar (all times are Pacific):
Mon, 10/1: PMI Mfg Index (6:45am), ISM Mfg Index and Construction Spending (7am).
Tues, 10/2: Quiet.
Weds, 10/3: ADP Employment Report (5:15am), PMI Services Index (6:45am) and ISM Non-Mfg Index (7am).
Thurs, 10/4: Jobless Claims (5:30am) and Factory Orders (7am).
Fri, 10/5: Employment Situation and International Trade (5:30am).
10-Year Treasury History
3.09% Today's Open
3.08% One Week Ago
2.86% One Month Ago
2.34% One Year Ago
Lost at Sea
I'm not sure how many of you caught the … (3 comments)
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Each Year I Conform a Little More
;)
;)
;)
