kitsap county: Just when you thought we couldn't change anything else in our industry...
- 07/21/09 12:51 PM
Here's another current observation from Your RED-Headed, Mortgage Guy YES, the Mortgage Disclosure Improvement Act of 2008 comes to haunt us on July 30th. Early disclosures are required for "any extension of credit secured by the dwelling of the consumer". Not that we in the mortgage business weren't already required to provide a Good Faith Estimate and a Truth in Lending form within three business days, we are now bound by other restrictions with this law. The earliest a transaction can possibly close is SEVEN days AFTER the initial closures have been ISSUED by the lender (delivered by mail, e-mail or in … (2 comments)
kitsap county: GM files for bankruptcy and the stock market is up 211 points...GO FIGURE
- 06/01/09 09:59 AM
Here's a current observation from Your RED-Headed, Mortgage Guy, May was the third month in a row for stock market gains. Stocks have been appreciating as the credit freeze and bank liquidity crisis has eased, while a growing number of economic indicators have signaled a marked moderation in the pace of the economic decline. As one would imagine, this has not helped rates. As the pressure for higher mortgage rates has increased in recent weeks, investors have speculated that the Fed would step in to "defend" certain interest rate levels, but that hasn't happened. This week, Fed officials explained that their … (6 comments)
kitsap county: Is Armegeddon upon us...again?
- 05/28/09 07:51 AM
Hello Everyone - Dave Andrews your RED-headed Mortgage Guy with something notable, Periodically, things happen in the market that need some explainin'. Today is one of those days. If you haven't heard the last 48 hours has not been very kind to interest rates. Two days ago I was quoting 4.875% (5.1% APR) on a 30 year fixed rate conventional loan. Today I'm quoting 5.375% (5.55% APR). As I have said in recent sales meetings, when rates decide to move up it will be quick & ugly. What we've seen the past few days may be the beginning of higher rates. … (4 comments)
kitsap county: What's the hold up with these low rates...
- 03/27/09 09:43 AM
Hello, your Red Headed Mortgage Guy, Dave offering some interesting information. I got this from one of my news sources that I found as an interesting read...ENJOY! What is the agent/broker on the street saying? "The bigger problem that continues to persist is the expectancy of rates to drop. Last week after the meeting that is all you heard about. ‘Bernanke was a genius.' ‘This will make the banks have to lend.' The banks do not give two hoots. They are calling their own shots and probably laughing as they got what they wanted and no one regulated them. Now they still cannot … (4 comments)
kitsap county: "George Washington couldn't even get these interest rates."
- 03/19/09 10:36 AM
Hello Everyone, this is your RED-headed Mortgage Guy with news you can use. The BIG news that hit the market in the last 24 hours was that The Fed's plan to buy up to $300 billion of long-term government bonds and $750 billion in additional mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac. This was GREAT news and government bond yields plunged by their widest margin since the 1987 stock market crash. I was calling my clients last night telling them it was time to get off the fence here comes 4.5% interest rates. I had a few lenders quoting … (0 comments)
kitsap county: Hello Higher Loan Limits
- 02/27/09 08:54 AM
Hello, your Red Headed Mortgage Guy, Dave offering some interesting information. NEW FHA Limits have returned. Speaking of FHA, remember that Mortgagee Letter 2009-07 establishes the new FHA loan limits set forth by the American Recovery & Reinvestment Act of 2009. Things to note: new loan limits are for FHA loans that receive approval in calendar year 2009, not farther out; changes apply to the 203b (basic loan), 203h (disaster victims), & 203k (rehab loan); the national FHA floor limit remains at 271,050; the FHA ceiling for high value areas is 729,750; lastly the national reverse mortgage limit increases from 417,000 to … (0 comments)
kitsap county: Ch - Ch - Changes on the horizon
- 02/13/09 06:17 AM
Hello, your Red Headed Mortgage Guy, Dave offering some interesting information. Can you believe we are about to look back at the first month of 2009? 2009 without a doubt is going to be an interesting year in the real estate/mortgage industry. There have been a lot of discussions about the changes that are here or on their way, especially in my area, mortgages. We've seen interest rates drop in the past month to the mid-4% area, only to retreat back near 5%. I've read articles that say we should be seeing 3.5% interest rates if banks were lending at the same … (0 comments)
kitsap county: Can you believe we are almost through the first month of 2009
- 01/27/09 11:05 AM
Hello, your Red Headed Mortgage Guy, Dave offering some interesting information. Can you believe we are about to look back at the first month of 2009? 2009 without a doubt is going to be an interesting year in the real estate/mortgage industry. There have been a lot of discussions about the changes that are here or on their way, especially in my area, mortgages. We've seen interest rates drop in the past month to the mid-4% area, only to retreat back near 5%. I've read articles that say we should be seeing 3.5% interest rates if banks were lending at the same … (0 comments)
kitsap county: 4.5% Interest Rates - Myth or Reality - Part III
- 12/16/08 07:31 AM
Hello, your Red Headed Mortgage Guy, Dave offering some interesting information. A few days ago I discussed the story that was in the news about 4.5% interest rates. In my original article I mentioned that the "original" story was referring to 4.5% interest rates for "purchases" of homes to stimulate the economy. Well, today the FEDeral reserve lowered the Fed Funds rate. This does not necessarily mean home interest rates are going down. After today's news and other discussions I have heard in the news, I'm starting to strongly feel that 4.5% interest rates MAY become a reality. AND not just for purchases. I know that doesn't … (5 comments)
kitsap county: 4.5% interest rates - Myth or Reality - Part II
- 12/10/08 08:28 AM
Hello, your Red Headed Mortgage Guy, Dave offering some interesting information. A few days ago I discussed the story that was in the news about 4.5% interest rates. In my article I forgot to mention that the "original" story was referring to 4.5% interest rates for "purchases" of homes to stimulate the economy. Well, today I was quoting 4.875% on a 30 year fixed rate loan at 1 point + fees (APR @ 5.25%) - of course this rate was for good credit, good equity, and good income and assets to support the new, LOW payment. This is a "real" 30 year fixed … (6 comments)
kitsap county: 4.5% Interest Rates - Myth or Reality
- 12/08/08 10:52 AM
Hello, This is Dave, your Red Headed Mortgage Guy offering some interesting information. I'm not sure if it's a rumor or as I read a "leak". however here's my take on the 4.5% interest rates that made the news last week. With what we have seen this year, I will never say something "isn't" possible. I was just glad to see 30 year fixed rate interest rates around 5% for a day and they seemed to have settled a little above 5%. It doesn't mean that can't make their way down into the mid-4% range. Early November I was quoting around 6.5% on … (5 comments)
kitsap county: Got Jott?
- 12/03/08 09:15 AM
Hello, This is Dave, your Red Headed Mortgage Guy offering some interesting information. A new technology came out a several months ago that I fell needs to be shared with at least everyone in the real estate business. If you are an on-the-go kind of person, you need this technology. It's called Jott! While you are driving you can send a text message to your computer, a friends computer or to their cell phone. Just think, as you are driving down the road on your way to an appointment, you've realized you forgot to do a task before you left. You call Jott … (0 comments)
kitsap county: Back to Basics - Part II - Fundamentals, Fundamentals, Fundamentals
- 11/17/08 03:01 AM
I have been reading the book by Randy Pausch, "The Last Lecture", and in one of his chapters he talks about the basics. I'll paraphrase what he was talking about. As a young boy his dad signed him up to play football. When he and his buddies showed up the first day of practice, they noticed there were no footballs. They asked the coach how they could practice without a football. He replied that since only one guy could handle the football at one time, that he wanted to focus on what the other players on the field would be doing … (0 comments)
Here's another current observation from Your RED-Headed, Mortgage Guy;)
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