Your October 2022 Residential Lending Successes and News

Good morning to Fall colors;

The Good News:

Year over year, decade over decade, 

Real Estate remains the # 1 growth factor in household wealth. 

Real estate markets are fast paced. Call today. Let’s prepare for the fun – its key.

Recent News

 – Jobs:  Continuing to hold firm. Job creations holding up and wages are up year-over-year.. Latest drop in unemployment was due to those older than 45, coming back into the workforce. Of interest: Inflation is bringing people back to work, as a necessity, while at the same time, people leaving the workforce, increased. 

— OPEC: Must be time to refill their bank accounts, as they cut output, in the face of global challenges. This does strengthen Putin’s hands. Makes one wonder just how poorly the recent visit to the Kingdom, went for Biden. Actions and outcomes speak louder than words spoken by the press and the need to continue the use of our strategic reserve, is a risky outcome. Keep watch on gas pricing at the pumps.

Summary: With elections in November, the goal is to show stability in the economy. 

With this, ours is to stay current and aware of what is factually driving interest rates and the falling stock market –- as best able. For now, we are in a middle ground, where slowing GDP matches with a slowing of hiring and job openings. On the flip side, current jobs numbers tell us companies may be slowing, but still hiring, as wage growth continues. This indicates stocks worries reach beyond just America.

Of note: The Fed shift from a dual mandate of price stability and employment, to just price stability. One key will be how the mortgage market responds to lower CPI numbers, over the next few months. Spring home buying will be key. With this, the strategy of the Fed is to maintain a strong quantitative tightening. From buying 120 B of mortgages and treasuries – monthly – they are now unwinding / reducing this by approx. 90 B, per month. 

With all this, mortgage rates are again tracking upward moves in inflation. Yet the expectation is as inflation eases, so too, will mortgage rates. For now, remain vigilant, as home prices begin to balance with mortgage rates. Call us.

Information and Helpful Insights 

Market News, Successes, And How We Can Help 

Points of interest:

  • Interest Rates: No, we don’t want to look at them. But buying at todays pricing, still offers opportunity, when consider monthly payments. Key is to call and lets evaluate current opportunities to your financial situation. Call today.
    • Conventional loans: Tracking low 6’s . For Cash-out refinance and investor loans, rates run a bit higher. Keep calling.
    • VA rates and FHA ratesIf a Vet? Call Now.  Fixed rates – mid 6’s. Plus Veterans refi special: 1) Refi from conventional into a VA loan, and 2) Rate-reduction refi’s have NO income, NO asset documentation.  NEW rule for Veterans – a 1 % service related disability = NO VA funding fee !!
    • Jumbo: Yes to: Self-employed, Yes to: 80/10/10. Or, bigger down payment and no income / no employment documentation. Call. Let’s make it happen, today.
  • Underwriting: Purchases – first priority of the underwriterTurn around time can be a quick couple of days. Amen. How about Refinance? Patience wins. Best to start today.

Key to SuccessStarting the paperwork today. Let’s talk Now.

Success Stories

Investment Properties: Will continue to be a strong vertical of the home buying market, as rents continue to be strong. The potential change in this would be a weakening of the job market with increases to the unemployment rate.

Why plan today – Verifying and even more verifying, is the new constant. Banks and lenders want zero risk and zero defaults. This puts pressure on the shoulders of underwriters. Good News: We know how to help them cross the T’s and dot the I’s. With us, you are well prepared and thereby ahead of the financial game. 

In the arena of details, we are most diligent. Why? Because its what we do best. 

Retirement? Few have a silver bullet solution? Yet, for those who have significant equity in their homes, doors of opportunity begin to open. It can become a welcome monthly gift for the years of diligent use of your money. Question: How best to use this is gift? Good News: We have the tools to address this opportunity and answer your questions. We would appreciate the opportunity to discuss the best option for you and your view of tomorrow. We pride ourselves as teammates of success.

I look forward to your call. Call today. 

We have a team of experienced agents, covering a full range of specialties. Give a ring. 

Highlights of 

How We Best Serve You

1) Long-Term: Traditional financing.  Good News: No age restriction.

2) Short-term: HELOC. A great tool, even at today’s rates. Home Equity Lines of Credit is often a better option than a credit card, with the benefit of flexible repayment. 

2) Keeping One’s Home: A most worthy goal. Key is an interactive discussion where we discuss the benefits of keeping one’s home, or upgrading the overall design to best fit any physical limitations, or even selling? As to selling, we can discuss ways to help you relocate. This includes such issue as Estate planning, unpaid debts, or better meeting monthly expense needs? My job is to be a good listeners, bringing straight forward solutions that match you. Your first call is worthy. Let’s talk today.

3) Reverse Mortgage: offers a wonderful way to reduce stress – especially as it concerns your monthly home mortgage. This burden stops, with the added benefit of additional monthly income. Let us show you how it works. Don’t wait – Now is the time. Call. 

The Good News: Rates Remain Attractive

– New Homes or Refinance – 

Self-employed: We can help. We are ready and prepared to meet todays’ challenges. Let’s talk and review your unique situation. We are able to provide alternative ways to document income, even no-income documented loans. We can lay out workable options and best possibilities. I do love and stand with Small Business. I respect and appreciate those daring to be self-employed – the very spirit of America and life blood of our cherished free enterprise system. Let’s stand together. Call today. We are motivated.

Time to Buying your next home: Two most helpful “tools”: 1) You use the existing home, as collateral for your new home!! And 2): How about not having your current payment on the current home, count against you, while settling into your new home. People need options and creative thinking. And with this, we have excellent tools to make them happen. Call today.

Renting, But Wanting to Buy ?

With today’s lower prices, those with strong employment and low risk of job loss, are in a strong negotiating position. Locally, prices have taken a healthy hit, especially after a couple years of accelerated appreciation. This is welcomed. It is squeezing out the “speculators” and future appreciation can once again, return to normal. 

Real estate is a solid investment, one based on long term trends. In my opinion, our local economy is unique in the world. Thus it is dynamic in nature. As a result, it will continue to support the likelihood of long-term appreciation.

If this fits you and your circumstances, let’s talk. We may discover the best long-term answer is to buy now. Call today. Take full advantage of this unique opportunity. 

Good News: We offer market-based tools that compare rental costs to the benefits of home ownership. We look beyond boiler plate, short-cut numbers. We appreciate that ‘affordability’ is unique to each individual and family. Our focus: Understand you, ask pertinent questions, and help guide your financial choices. We make a point of matching “live-ability” with affordability. It is why we are unique. 

Finding answers and discovering options is truly rewarding.

A Big First Step, Made Even Better

CALL Mike – Your success is MY first priority.

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