Wednesday, January 7, 2015

In a move designed to bring more first-time home buyers into the housing market, President Obama said Wednesday the Federal Housing Administration (FHA), the government insurer of home loans, will lower its annual insurance premiums from 1.35 percent to 0.85 percent.
In a statement, the White House said the move was part of the president's efforts `"to expand responsible lending to creditworthy borrowers.'' The president is scheduled to talk about improvements in the housing market at a speech on Thursday in Phoenix, one of the hardest-hit markets of the housing crash.
Stocks of the nation's home builders rose on the news Wednesday, while those of mortgage insurers fell.
"This action will make home ownership more affordable for over two million Americans in the next three years," said Julián Castro, U.S. Department of Housing and Urban Development Secretary. "Since 2009, the Obama administration has taken bold steps to reduce risks in the mortgage market and to protect consumers. These efforts have made it possible to take this prudent measure while also ensuring FHA remains on a positive financial trajectory. By bringing our premiums down, we're helping folks lift themselves up so they can open new doors of opportunity and strengthen their financial futures."
Mortgage bankers praised the decision. "It couldn't come at a better time," said David Stevens, CEO of the Mortgage Bankers Association. "February is the beginning of the spring market. I think it will have a definitive impact particularly in the first-time home buyer market."
For the typical FHA applicant, the reduction in premiums means a savings of about $80 on their monthly payment, according to CoreLogic's chief economist, Sam Khater.
"So it's positive news from a consumer welfare perspective, especially for first-time home buyers, which account for the majority of FHA's business," he said, adding, "However, I think the marginal impact on sales will be small because potential buyers make the decision to purchase based on trigger events, such as a new job, marriage, kids, etc. Changes in affordability only impact how much home they can buy."
The FHA had been the only low down payment product available, with a minimum 3.5 percent down, but recently Fannie Mae and Freddie Mac announced a new 3 percent down payment product that would require private mortgage insurance. The product would compete directly with the FHA and could have offered some borrowers a cheaper option if they had a good credit score.

Interview with Top Producing Realtor Steve Thayer

Steve ThayerThis month’s TalkJet features Steve Thayer of Castle Rock, Colorado. Prior to real estate, Steve and his wife were the area franchisees for UPS Store and Sport Clips Haircuts. After doing over 100 commercial leases in that role and selling their businesses, Steve dabbled in real estate. Two months into having his license, he “fell into” a $50,000 commission. Steve’s first year in real estate generated $75,000 in commissions and he was hooked.
TalkJet is a monthly audio interview series that provides real estate professionals with the information and strategies that top producing Realtors around the country are using. The concept is simple: we want our business development partners to know how the best of the best are achieving success in today’s market. Listen to Steve’s interview now. We hope you find his business strategy informative and helpful.

Wednesday, December 12, 2012

NMLS # 315218
"EQUAL HOUSING LENDER"
801 668 2112

Wednesday, December 5, 2012

Wednesday, April 25, 2012

Letter of Recomendation

Dear Gary,

I wanted to take a moment and send a quick little note to you in regards to your work helping us secure our home financing. It was easy to leave all the minor details up to you and for Annie and I to focus on finding the right home at the right price. That kind of trust in business now days is hard to come across. As I mentioned to you before there were four different offers on our home and the sellers Realtor advised the seller to take our offer because of the reputation you have in the mortgage business. In her own words she said the offer and financing were as good as done. She had worked with you on several previous deals, and knew of your expertise in the industry. I really appreciate the help and the chance to work with you on our first home and hopefully a few more to follow. We really feel like we got a great loan that will benefit our family for years to come. Thanks again, David & Annie

The Big Problem with HUD's Budget

H Folks, This is a bit silly but hugley informative about the role of HUD and FHA.  Definately worth the 5 minutes if you have the time. 

http://tbwsdailyshow.com/2012/04/25/the-big-problem-with-huds-2013-budget/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheTbwsDailyShow+%28The+TBWS+Daily+Show%29

Friday, April 13, 2012

Foreclosure Dam Ready To Break

Foreclosure News, a bit silly but worth the watch.
Please watch attached link.

Friday, November 4, 2011

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The JOB market remains very tight!

Monday, October 31, 2011

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Stock Markets are enjoying a good October.

Thursday, October 27, 2011

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Stocks are having a gread day based on this news. Mortgage Backed Securites not doing so well. today is a good dayt to lock in your interest rates.

Wednesday, October 26, 2011

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Slight uptick for housing numbers but the Real-Estate Market as a whole is years away from being healthy again.


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Wednesday, May 11, 2011

Homebuyers Are Still Clueless About the Homebuying Process

Homebuyers Mortgages Still Clueless About
As the housing market continues to struggle with high inventory and a lack of demand, homebuyers appear unprepared to take out a mortgage, answering basic questions about mortgage information wrong 46 percent of the time, according to a Zillow Mortgage Marketplace survey. Approximately 44 percent admitted they are not confident in their knowledge of mortgages or the mortgage process. Zillow Mortgage Marketplace, with Ipsos, surveyed prospective homebuyers, asking them to gauge their own knowledge of mortgages, and asking basic questions about mortgage facts.

Fifty-seven percent of prospective homebuyers who were polled by Zillow do not understand how adjustable-rate mortgages (ARMs) work. When asked if interest rates on 5/1 ARMs always reset higher after five years, the majority of homebuyers answered yes. In fact, the interest rate will adjust to the prevailing rate after five years, even if rates have declined. Currently, many borrowers whose ARMs have recently reset have lower interest rates than they did when they took out the loan.

Thirty-four percent of the respondents who are prospective homebuyers do not understand that lender fees are negotiable and that they vary by lender. They believe lenders are required by law to charge the same fees for credit reports and appraisals, when in fact home buyers can save money by shopping for the lowest fees.

"Most people wouldn't jump out of a plane if they didn't know how to use a parachute, yet each year many buyers commit to the largest loan they will take out in their lifetimes without understanding essential information about mortgages," said Zillow Mortgage Marketplace Director Erin Lantz. "By simply spending a few hours researching how a mortgage works, and by shopping around for the most competitive rates and fees, buyers can save a lot of money."

The survey found:

►Forty-five percent of polled prospective homebuyers believe that they should always buy mortgage discount points when obtaining a mortgage. However, because mortgage discount points are simply prepaid interest, the decision should depend on how long you intend to own the home. In some cases, you may not plan to remain in the house for long enough to break even after buying points.

►Fifty-five percent of prospective homebuyers in the study do not understand that mortgage rates vary throughout the day. In reality, mortgage rates can change rapidly, similar to how stock prices can change throughout the day. To get the optimum rate, it is important to monitor rates and shop around.

►Thirty-seven percent of prospective homebuyers who were polled believe that "pre-qualifying" for a loan means they have secured financing. In fact, "pre-qualification" is used to describe the earliest step in the process when a lender approximates how much you can afford, but does not run your credit or request any sort of documentation to verify the information you provide. Although there is not a reliable industry standard definition of pre-qualification, it is not until a lender has approved your loan application without conditions that you can rest assured that the lender has committed to financing your loan.

►Forty-two percent of the polled prospective homebuyers do not understand that Federal Housing Administration (FHA) loans are available to all buyers. Instead, they believe only first-time homebuyers qualify. FHA loans can cost less for many buyers, including repeat buyers with low to average credit scores and with downpayments of less than 20 percent.

Wednesday, May 4, 2011

Rate Watch 5-6-2011

Cautiously Floating:
Mortgage Backed Securities are enjoying a positive day so far today.  Stocks down 120 points on the day after a lower than expected ADP Report and the ISM Service Index is the lowest since December 2009.  Crude oil is holding steady today @ $110 per barrel.  Wall Street is saying that they are confident the congress will raise debt limit and keep the government rolling along.  If you or someone you know is considering buying, selling or refinancing please contact me at 801 668 2112. 

Wednesday, April 27, 2011

A Simple explanation Of the Federal reserve Statement 4-27-2011

A Simple Explanation Of The Federal Reserve Statement (April 27, 2011 Edition)


Earlier today, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent.

The vote was 10-0 — the third straight meeting after which the FOMC vote was unanimous.

In its press release, the FOMC noted that since its March 2011 meeting, the economic recovery is proceeding “at a moderate pace” and that labor markets conditions are “improving gradually”. Household spending and business investment “continue[s] to expand” but the housing sector remains “depressed”.

Furthermore, the FOMC’s statement discussed the Federal Reserve’s dual mandate of (1) Managing inflation levels, and (2) Fostering maximum employment. The statement acknowledged recent inflation pressures on the economy, but it expects those pressures — because they’re related to oil and food prices — to be “transitory”. Unemployment remains “elevated”.

The FOMC statement also re-affirms the group’s plan to keep the Fed Funds Rate near zero percent “for an extended period” of time, and to keep its $600 billion bond market support package — more commonly called “QE2″ — intact.

The statement’s verbiage suggests that a third support package may be created after QE2 ends in June 2011, depending on the needs of the economy.

Mortgage market reaction to the FOMC statement has been positive thus far. Mortgage rates in Sandy are unchanged, but leaning lower. And, as always, market sentiment could shift quickly. If you like today’s mortgage rates, consider locking in.

The FOMC’s next scheduled meeting is a 2-day event, June 20-21 2011.

Thursday, April 21, 2011

Rate Watch 4-21-2011

Alert to Lock: 
Trading was quiet today in this holiday shortened week. The Dow Finished the day higher at 12,477.49. Gold closed over $1500 per ounce and Crude Oil finshed the day at $112.29.   All capital markets are closed tomorrow in observance of Good Friday. If you or someone you know is considering buying, selling or refinancing realestate please contact me at 801 668 2112. 

Wednesday, April 20, 2011

Rate Watch 4-20-2011

Alert to Lock:
Three days after the US downgrade of Treasuries from stable to negative the Dow ended the day at near 3 year highs @ 12,444. Mortgage Backed Securities spent most of the day in the red and took a back seat to the red hot stock markets. Crude oil was up today @ $111.42 and Gold finished the day @1498 per ounce. If you or someone you know is considering buying, selling or refinancing please contact me at 801 668 2112.