Let Myself and Fairway Exceed Your Expectations

Let Fairway Exceed Your Expectation

Exceeding expectations is our daily goal at Fairway Independent Mortgage Corporation. We will not only exceed your expectations as a lender, but will go above and beyond to impress your clients when you recommend us. It is important to understand our process when we meet with your prospective buyer so that we can effectively work together for their best interest.

You will save a tremendous amount of time and effort when your potential buyer is pre-approved for the right amount before you start searching for homes. When your buyer chooses to work with Fairway, they can rely upon our expertise to ensure the smoothest possible transaction. Our process is built around giving the best financial advice based on budget and future goals. Communication is also key and no one will work harder to make the transaction smooth and stress free.

When you choose Fairway, you can expect the home buying process to go as follows for your customer:

1. I will meet with your customer to discuss their budget, financial plans, and pre-approval, and address any red flags prior to their shopping for a home.
2. Ideally, we will collect all documents at this point in order to provide a pre-approval letter or at least be ready to when you are prepared to write your offer.
3. Your customer can sign up for the Home Scouting ® app, which will allow them to search 100% of the homes listed for sales on the MLS with accurate information that can be co-branded with both of our contact information.
4. Fairway will work behind the scenes while you search for homes by sending the application to our skilled setup and processing teams to verify the information we have been given.
5. Your customer will be added to our state-of-the-art CRM system, which will send you timely updates as the loan moves through milestones and educate your buyers on the process and on homeownership to reduce their stress.
6. The processors will send the loan to underwriting where Fairway gives your buyer the stamp of approval.
7. I will keep in close contact with the buyers to educate them and keep them from making mistakes that can cause problems with their home purchase, such as job changes, new credit or large purchases.
8. I will send specific instructions so that your buyers are ready for an on-time closing.
9. The loan will be sent to the closers who set up the payment and prepare all of the documents for signing. We are known for sending our closing packets days early so that you can rest assured that everything will be in order for signing.

At Fairway, our expertise is the cornerstone of everything we do. Your buyer could go elsewhere, but they won’t find the same level of service and communication that Fairway offers. Let me show you the difference I can make for your customers.

 

Jonathan Burdick-Specializes in all loan products and licensed in Arizona

Xperity Lending Group/Arizona Lending Resource

Scottsdale Arizona 85260

602-212-1234

NMLS # 1045837

http://www.ArizonaLending.Net

Fairway Independent Mortgage Company

NMLS Entity ID 2289

Equal Housing Lender

Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Fairway Independent Mortgage Corporation NMLS #2289 or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

A Better Alternative to Zillow

A Better Alternative to Zillow

You may have read this article last week about avoiding Zillow at all costs and wondered what platform your customers should be using instead. One of the tools that I offer to my customers and real estate partners is a free app called Home Scouting®. I would love to tell you more about how this great app can make all the difference in your home search.

The Home Scouting® MLS Mobile app, provided by Home Buyers Marketing II, Inc., allows you to search 100% of MLS listings in your area. You can search for homes via city/town, ZIP code, price range, proximity and even school district! Each listing has complete tax information, photographs of the property, automatic notifications if the price is reduced, and satellite imagery – it even has built-in navigation if you are cruising around town and need directions to the property.

One advantage of using this application over other apps is that your personal information is kept private. You can now search for properties without your email address and phone number being sold to multiple real estate agents and lenders. Public real estate sites like Zillow and Trulia sell your information – Home Scouting® does not. No more pesky phone calls from people you don’t know or trust!

Another advantage is that Home Scouting® gives you the ability to see 100% of the homes available in your area. Zillow and Trulia only have access to about 60% of the homes that are actually listed, and some of their information is not accurate. They may show you results of properties no longer listed (sold), incorrect sales prices, and inaccurate property tax information. Home Scouting® is updated daily so that when price changes occur or a home is sold, you know. Never again will you have to fall in love with a property on Zillow only to find out it was sold two weeks ago!

I encourage you to explore the Home Scouting® MLS Mobile app. Again, it is FREE and your data is kept PRIVATE.

How to sign up:

• Go to the App Store (iPhone) or Google Play (Android)
• Search for Home Scouting
• Download and install the app
• Enter my VIP Code
• Create a login and password

By signing up, you will also receive a free, monthly email service called Sold Home Alert®. With Sold Home Alert®, my clients are informed of homes that have sold in their neighborhood and the prices those homes sold for. Until now, this information wasn’t easily available to homeowners. Use it to keep track of your property’s value and current investment.

If I can answer any questions, please let me know. I am happy to share my VIP Code with you so that you can start using this great service!

Jonathan Burdick-Specializes in all loan products and licensed in Arizona

Xperity Lending Group/Arizona Lending Resource

Scottsdale Arizona 85260

602-212-1234

NMLS # 1045837

http://www.ArizonaLending.Net

Fairway Independent Mortgage Company

NMLS Entity ID 2289

Equal Housing Lender

Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Fairway Independent Mortgage Corporation NMLS #2289 or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

 

Making Real Estate Financing Easy

Fairway Makes Home Buying Easy

Purchasing a home is a huge financial decision that should be made with careful consideration and planning. Luckily, Mortgage Planners at Fairway Independent Mortgage Corporation are experts in understanding the guidelines, explaining the loan process, and making the experience a great one for all involved. As you begin the process of buying a home, follow this guide for step-by-step instructions and call me with any questions that you may have.

1. Start researching the type of property available within your budget as well as neighborhoods you like. I can provide you with the Home Scouting® MLS Mobile app, which is an excellent tool for researching homes. Home Scouting® provides you with GPS directions and 100% of MLS listings available with accurate, up-to-date data that is far superior to other apps currently on the market.

1. Your monthly budget is just part of the financial equation of buying a home. It is critical to meet with a Mortgage Planner before you start seeing homes to understand what you can truly afford. The size of your down payment will largely impact your monthly mortgage payment, interest rate, and savings balance, so it is important to consider all of these things. You may be eligible for grants and down payment assistance programs, so having an expert advise you is key.

1. Understanding your credit score is a crucial piece of the puzzle when you are buying a home. Lenders use your credit score to determine how likely you are to repay your mortgage loan and determine your interest rate. I will run a credit check and find out what your score is as well as tell you if you are ready to buy a home with this score or if there are things you need to do to improve your credit.

1. Once you find a home that you love, do your homework on the area to make sure that it is a good fit for you and your family. Start by researching the neighborhood to find out what is in the area and check out the schools and local amenities. It is also a good idea to visit the home at different times of the day to see how quiet or active the area will be.

1. Schedule a home inspection so that you know what repairs must be made and how much they will cost. If the home is in need of repairs, you might be able to negotiate the seller to pay for some of the repairs.

Call me today and set up an appointment to find out if the home of your dreams is within reach. I will walk you through the process of purchasing a home and give you the tools you need to make this the best decision you will ever make.

 

Jonathan Burdick-Specializes in all loan products and licensed in Arizona

Xperity Lending Group/Arizona Lending Resource

Scottsdale Arizona 85260

602-212-1234

NMLS # 1045837

http://www.ArizonaLending.Net

Fairway Independent Mortgage Company

NMLS Entity ID 2289

Equal Housing Lender

Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Fairway Independent Mortgage Corporation NMLS #2289 or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

 

 

 

Exterior Lighting Adds Home Safety and Curb Appeal

http://burdickhomeloans.com/exterior-lighting-adds-home-safety-and-curb-appeal

Exterior lighting is a simple and inexpensive way to add gorgeous curb appeal as well as security to your home. To create a dynamic impact for your home, there are few more cost-effective options than lighting. A simple spotlight can accent your landscaping and showcase your home’s façade, while flood lighting can provide additional safety.

There are many different styles and options to complement the style of your house and your needs:

Path Lights – Lights along the walkway to your home can help ensure a safe walk for you and your guests. Consider a solar path that will turn on as the sun goes down. This will prevent you from having to remember to turn them on when you leave your home as well as conserve energy. 

Well Lights & Spotlights – Well lights and spotlights can be installed around homes and in yards to light flowers, shrubs, trees and décor. Consider weather-sealed lights to ensure long-lasting beauty. 

Post Lights – Post lighting is great for creating ambiance or atmosphere for outdoor parties. Excellent around patios or pools, post lighting can add flare to your home as well as welcome visitors. 

Deck Lighting – Installing lights to your deck can help to light stairs and railings for safety. These lights are flush mounted and can be walked on without incurring damage. 

Floodlights – Floodlights allow you to light a stairway, garage or entry for security. Most have motion sensors, which could help deter intruders. Position LED floodlights 9 feet from the ground or higher so that they cast a wide light and aren’t accessible without a ladder.

DIY stores are full of excellent options for creating great nighttime ambiance for your home, and many will offer classes or videos to help you install these lights yourself. Alternatively, a landscape architect will be able to provide excellent insight into light placement. Call me if you need a good recommendation, as I work with some terrific people who would be happy to help.

 

Reference Fairway Independent Mortgage Co.

Jonathan Burdick-Specializes in all types of loan products and is licensed in Arizona

Xperity Lending Group/Arizona Lending Resource-“Redefining the Mortgage Business, One Client at a Time”

Scottsdale Arizona 85260

602-212-1234

NMLS # 1045837

http://www.ArizonaLending.Net

Fairway Independent Mortgage Company

NMLS Entity ID 2289

Equal Housing Lender

Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Fairway Independent Mortgage Corporation NMLS #2289 or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

 

Home Price Gains Continue Cooling

Home Price Gains Continue Cooling

The pace of home price appreciation does finally appear to be slowing.  CoreLogic has released its Home Price Index (HPI) for June and both monthly and year-over-year price gains are slightly lower than they were in May.

Nationwide home prices, including distressed sales, rose 1.1 percent from May.  The month-over-month gain from April to May was 1.3 percent and the index has seen monthly increases that have averaged 1.45 percent over the first half of 2016.

On an annual basis the national HPI posted a 5.7 percent gain in June.  The year began with a 6.9 percent gain over the previous January.  It has slipped every month since.

 

 

Prices increased way above the national average in the same three states that have led for months.  Oregonposted a 10.9 percent gain and Washington was second at 10.3 percent with Colorado following at 9.2 percent.  Nevada and Florida rounded out the top five with significantly lower gains, 7.7 percent and 7.0 percent respectively.

Two states in the Northeast were the only ones with price declines over the year.   Connecticut posted a 1.7 percent loss and New Jersey was down by 0.8 percent.

The CoreLogic HPI Forecast indicates that home prices will increase by 5.3 percent on a year-over-year basis from June 2016 to June 2017, and on a month-over-month basis home prices are expected to increase 0.6 percent from June 2016 to July 2016. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“Mortgage rates dipped in June to their lowest level in more than three years, supporting home purchases,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Local markets with strong economic growth have generally had stronger home-price growth. Among large metropolitan areas, Denver had the lowest unemployment rate and the strongest home-price appreciation.”  Denver’s annual gain was 10.2 percent.

“Home prices continue to increase across the country, especially in the lower price ranges and in a number of metro areas,” said Anand Nallathambi, President and CEO of CoreLogic. “We see prices continuing to increase at a healthy rate over the next year by as much as 5 percent.”

Reference Jann Swanson

 

Jonathan Burdick-Specializes in all loan products and licensed in Arizona

Xperity Lending Group/Arizona Lending Resource

Scottsdale Arizona 85260

602-212-1234          

NMLS # 1045837

http://www.ArizonaLending.Net

Fairway Independent Mortgage Company

NMLS Entity ID 2289

Equal Housing Lender

Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Fairway Independent Mortgage Corporation NMLS #2289 or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

 

Brexit to have Lasting Impact According to Freddie Mac

 

Brexit to have Lasting Impact According to Freddie Mac

The Brexit decision continues to reverberate and Freddie Mac, in its current issue of Outlook sees it as both a plus and a minus for the U.S., and not necessarily a short-lived one.  The company’s economists predict it will raise global risks while keeping domestic mortgage rates near historic lows.  That, in turn, will raise mortgage originations.

Brexit aside for the moment, for the second time in as many months Freddie Mac raised its estimate for the first quarter 2016 Gross Domestic Product (GDP).  Its initial estimate of 0.5 percent growth had previously been revised to 0.8 percent and now to 1.1 percent. Upward revisions to growth in exports and nonresidential fixed investment were primary drivers of the revisions and the report says this newest figure suggests the start of 2016 was not as bad as originally thought.

The expectation for the second quarter is growth of 2.0 percent with consumer spending being instrumental.  That factor had a growth of 1.1 percent in April then normalized in May at 0.4 percent.  Retail sales continue to be strong, growing by 0.5 percent in May. However, building materials sales have declined for three straight months which signals a slowdown in residential investment.

Going forward, Brexit is expected to have a major impact on domestic production.  A slowdown in global growth, especially in Europe will dampen demand for U.S. exports as will an expected increase in the value of the U.S. dollar as foreign investors seek a financial safe haven. The price of riskier assets will also fall somewhat, raising capital costs and delaying investment

All-in-all, Freddie Mac sees the impact of Brexit shaving 10 basis points off of the GDP from the second quarter of 2016 through the end of next year.  After the upward revision to Q1 this will mean this year’s GDP outlook will be unchanged at 1.9 percent and the 10 basis point reduction will shave the 2017 GDP down to 2.2 percent.

The Federal Open Market Committee (FOMC) backed away from raising the fed funds target rate as they were expected to do at their June meeting after a very weak May jobs report. After the results of the Brexit vote on June 24 Freddie Mac anticipates the FOMC “will likely continue to express caution before easing monetary accommodation.”

The Monday after the United Kingdom vote 10-year Treasury rates fell below 1.5 percent for the first time since July 2012 and Freddie’s Primary Mortgage Markets Survey put the 30-year fixed-rate mortgage (FRM) at 3.41 percent this past week, the lowest since May 2, 2013.

In light of this, the company has lowered its 10-year Treasury rate forecast by 40 basis points to 1.8 percent this year and 2.3 percent in 2017.  The outlook for the 30-year FRM has accordingly been reduced by 30 basis points for 2016 to 3.6 percent and by 50 basis points in 2017, to 4.0 percent.

 

Reference Jann Swanson

Jonathan Burdick-Specializes in all loan products and licensed in Arizona

Xperity Lending Group/Arizona Lending Resource

Scottsdale Arizona 85260

602-212-1234

NMLS # 1045837

http://www.ArizonaLending.Net

Fairway Independent Mortgage Company

NMLS Entity ID 2289

Equal Housing Lender

Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Fairway Independent Mortgage Corporation NMLS #2289 or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

 

 

Fannie/Freddie Joint Venture Creeps Forward

Fannie/Freddie Joint Venture Creeps Forward

The Federal Housing Finance Agency (FHFA) has released an update on the progress made toward the Single Security that is expected to replace those currently issued by Fannie Mae and Freddie Mac (the GSEs).  The update covers:

• The milestones that the GSEs and their joint venture Common Securitization Solutions (CSS), which is also charged with developing and implementing the Common Securitization Platform (CSP), must achieve to complete the project and FHFA’s expectations about when that will happen.
• The final Single Security features and disclosures, including how privacy risks related to loan-level disclosures will be addressed; and
• How the GSEs and FHFA review potential changes in Fannie Mae and Freddie Mac programs, policies, and practices to help ensure the continuation of the current close similarity of the prepayment rates of the GSEs’ mortgage-backed securities (MBS.)

The GSEs and CSS are current preparing for two releases of the platform.  Release one will allow Freddie Mac to begin using three platform modules – Data Acceptance, Issuance Support, and Bond Administration – to perform activities related to its current single-class, fixed-rate securities (Participation Certificates (PCs) and Giant PCs) and certain activities related to the underlying mortgage loans such as tracking unpaid principal balances.

Release two will allow both GSEs to use those same modules plus a fourth, the Disclosure module, to perform activities related to their current fixed-rate securities, both single- and multi-class; to issue Single Securities, including commingled resecuritizations; and to perform activities related to the underlying loans. It will also allow them to use the CSP to issue and administer certain non-TBA mortgage securities, including Fannie Mae securities backed by adjustable-rate mortgages.

FHFA’s 2016 Conservatorship Scorecard calls for the implementation of Release one this year and Release two in 2018.

Included in the Update are the various phases of testing that will be required for the two releases and the planned issuance of final Single Security features and disclosures to the market.  It also provides information on the ongoing alignment of the GSEs’ programs, policies, and practices and how they will be implemented to further support the Single Security initiative.

This table presents the timeline developed by FHFA showing key achievements to date as well as upcoming milestones with targeted completion dates.  FHFA says it expects to announce the intended launch date for the Single Security in order to provide stakeholders at least 12 months’ advance notice.

“This Update reflects our ongoing commitment to transparency.  It also reflects the outstanding public and industry input and support we have already received and that we look forward to continuing to have as we move toward the goal of launching the CSP,” said FHFA Director Melvin L. Watt.  “The CSP and the Single Security are ambitious projects that we are confident should improve the overall efficiency and liquidity of the mortgage market and result in tremendous savings to taxpayers.”

 

Reference Jann Swanson

Jonathan Burdick

Xperity Lending Group/Arizona Lending Resource

Scottsdale Arizona 85260

602-212-1234

NMLS # 1045837

http://www.ArizonaLending.Net

Fairway Independent Mortgage Company

NMLS Entity ID 2289

Equal Housing Lender

Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Fairway Independent Mortgage Corporation NMLS #2289 or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

 

 

Boomers Impact on Housing Market

Baby Boomers, even as they age, continue to have anoutsized impact on the housing market.  Freddie Mac recently conducted a large survey of those over age 55 to find out their housing perceptions and preferences.  The first data released from the survey dealt with responses from homeowners while a second analysis concentrated on those renting their homes.

The majority of homeowners over age 55 are happy about where they live.  Fifty-nine percent are “very satisfied” with their communities, 64 percent with their current home, and 54 percent with their quality of life.

The majority of respondents said homeownership makes financial sense although opinions about exactly who benefits diverged. Ninety-six percent feel homeownership makes financial sense for people who are either married with children or between 35-49 years of age. Smaller majorities said homeownership makes sense for people over age 55 (87 percent), married couples without children (85 percent), single people with children (79 percent), and single people without children (53 percent).

“The overwhelming message of the Freddie Mac 55+ Survey is that homeownership works” said Dave Lowman, executive vice president of Single-Family Business at Freddie Mac. “The American Dream delivered greater financial stability and satisfaction to the homeowners who lived through every recession since the 1970s, including the housing crisis of 2008,”

Three-quarters of home-owning respondents are confident they will have a financially comfortable retirement, according to the survey. Majorities in every demographic group surveyed share this confidence to varying degrees: African-Americans (77 percent), Hispanics (64 percent), Asians (80 percent), homeowners who are currently working (74 percent), as well as homeowners earning less than $30,000 (55 percent).

While many over the age of 55 would prefer to age in their current home, nearly 40 percent said they wouldprefer to move at least one more time, and 70 percent of those said they are likely to purchase their next home.  This suggests that nearly 27 million homeowners over age 55 may move again. When asked when they expect to move next, 13 percent think they will move within four years. According to Lowman, this will create significant opportunities and challenges for the industry for years to come.

Of those homeowners who would consider moving, 12 percent believe their next home will be more expensivethan their current one, while 37 percent believe it will be in the same price range, and half believe it will be less expensive. At the same time, 23 percent of homeowners say they would have to make major renovations in order to age in place.

Cost and convenience were cited as the top factors influencing whether and where to move. Affordability of living in a particular community and having the amenities needed to live there for a prolonged period after retirement, and less maintenance were each cited by more than four of 10 respondents.  Other oft cited considerations were proximity to other family members, being in a walkable community and having abundant services for older adults including access to public transportation, a warmer climate, and the ability to downsize.

“The decisions the nation’s Baby Boomers and other older homeowners make will have an enormous impact on the demand for housing and new mortgage credit for the foreseeable future,” Lowman said. “Whether they buy new homes or decide to refinance and renovate their current ones, the size of this generation and the fact that they hold close to two-thirds, approximately $8 trillion, of the nation’s home equity makes it very important that we watch what they do.”

David Brickman, executive vice president of Freddie Mac’s Multi-family business took an in-depth look at the responses of renters to the 55+ survey.  He says that while affordable rental discussions tend to focus on younger households, the survey suggests that “shifting housing choices by the Baby Boomers and those older may significantly exacerbate the already acute shortage of affordable housing in the years to come.”

The survey indicates that an estimated 6 million homeowners and nearly as many current renters may move again.  Of those homeowners and renters that expect to move, over 5 million say they are likely to rent by 2020. (Note: these numbers differ from the 27 million potential movers cited in the data regarding homeowner preferences.  No explanation is available for the discrepancy.)

Brickman says these numbers may be low as both homeowners and renters appear to overestimate their ability to age in place.  “For example, among those not retired, 56 percent of homeowners and 34 percent of renters predict they will age in place in retirement. However, of those already retired, only 12 percent of homeowners and 7 percent of renters are currently aging in place.”

He says this is merely another indication that pressure is growing on already tight rental inventories and provides significant challenges to housing affordability in the coming years. There could be a shortage of affordable rental units running into the millions and widening the existing affordability gap.

When renters worry about whether or where to move, 60 percent cited affordability as very important which Brickman says is not surprising as nearly half the responding renters indicated they are struggling financialy.  Forty-seven percent said they live payday to payday and 13 percent say they sometimes can’t afford basics like food and housing, until their next paycheck.

Among renters who plan to move again, 71 percent said they will rent.  Some are making this decision by choice as 38 percent say they have enough money left each payday for some savings.  Further, more than half (59 percent) think it makes financial sense for people their age to be renters as do 67 percent of multifamily renters.

Renters who plan to move again don’t want to go far; 31 percent would prefer to relocate to a different neighborhood in the same city and 23 percent to a different property in the same neighborhood.  Only 18 percent would like to move to a different city and 24 percent to a different state. Proximity to family was cited more often as an important consideration by renters than by homeowners.  Six out of 10 say they prefer to either move closer to family post retirement or move in with them.

Brickman says the Freddie Mac 55+ Survey findings underscore the importance of Freddie Mac Multifamily’s commitment to expand access to finance for affordable rental housing.  He says, “Currently, about 90 percent of the rental units we finance are affordable to low- and moderate-income renters. Importantly, we provide this financing through innovative structures that transfer the vast majority of the risk from taxpayers to private investors.”

 

Reference Mortgage News Daily

Jonathan Burdick
Xperity Lending Group/Arizona Lending Resource
Scottsdale Arizona 85260
602-212-1234
NMLS # 1045837
http://www.ArizonaLending.Net
Fairway Independent Mortgage Company
NMLS Entity ID 2289

Equal Housing Lender

Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Fairway Independent Mortgage Corporation NMLS #2289 or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

Mortgage Rates Continue Higher to Begin Volatile Week

Mortgage Rates Continue Higher to Begin Volatile Week

Mortgage rates continued higher today, and at a quicker pace than the modest increase seen at the end of last week.  Financial markets are undergoing a change of heart regarding their approach to Brexit (market shorthand for a “British exit” from the European Union).  Brexit fears had helped drive interest rates to long-term lows in the US and to all-time lows in Europe.  Investors don’t really know what to expect in the event the U.K. actually leaves the EU, and one of the ways to play that uncertainty is to buy safer-haven assets like bonds.  Better the buying demand for bonds means lower interest rates.

As of late last week, the bond-buying frenzy was already beginning to change.  Over the weekend, polls came out that suggested an increased likelihood that the U.K. would remain in the EU.  Financial markets reacted accordingly by continuing to sell the bonds that were so fashionable at the beginning of last week.

The bonds that underlie mortgage rates are somewhat more insulated from this global market drama, but were still noticeably affected (meaning rates moved higher).  The most prevalent conventional 30yr fixed rate quotes are now back into a relatively balanced range between 3.5% and 3.625% on top tier scenarios.

Bottom line: the trend toward lower rates has shifted as Brexit-related risks peaked.  It’s safer to assume rates will go higher until we see a definitive shift in this new trend.  With the British referendum vote happening on Thursday, volatility is all but guaranteed.
Loan Originator Perspective

“For those who didn’t take heed and lock last week, you are faced with the reality of markets and the quick changes therein.  Today’s pricing is still very attractive and locking in is still the recommendation.  Traditionally we would wait and see how the trade plays out, but we are still in a great price point to lock.  Floating into this volatility is too aggressive with too many variables that can play out against us.  Over the next few days this may change, but for today, locking in makes the most sense.”  –Constantine Floropoulos, VP, The Federal Savings Bank

“World economic markets appear to be calming down (for the moment) after last week’s Brexit panic. Whether Britain leaves the EU or not, rates are creeping up. The rise is completely logical, last Thursday’s drop put us significantly under well established prior resistance levels. For now, I’m back to locking earlier in the process, unless a well informed borrower wants to roll the dice.” –Ted Rood, Senior Originator

“Our recent gains from last week were due to the upcoming Brexit vote. As the polls evolved from a stay vote to a leave vote, bonds around the world rallied. Since that time, the polls have ever so slightly started to move back toward a stay vote causing bonds to sell off. With the election in a few days, I think it would be very wise to consider locking here. At least short term, we need a vote in favor of Britain leaving the EU for rates to move back lower.” –Victor Burek, Churchill Mortgage

 

Reference Mortgage New Daily..

Jonathan Burdick
Xperity Lending Group/Arizona Lending Resource
Scottsdale Arizona 85260
602-212-1234
NMLS # 1045837
http://www.ArizonaLending.Net
Fairway Independent Mortgage Company
NMLS Entity ID 2289
Equal Housing Lender
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Its a great time to buy a new home..

 

Hi Jonathan, Summer has officially begun and the weather will not be the only thing heating up! The real estate market is awesome and that makes it a great time to be in our industries. The question I have for you is how can I help you be successful this weekend? What buyers do you have that I can quickly pre-approve before you head out on your home search? Check out this graphic from the Mortgage Market Guide. Clearly, 2016 is a great time to buy a new home. I try to provide your customers with an excellent experience where they feel educated about the process, as you have likely seen from my emails. My focus this week has been on closings and what a customer can expect in the final stages of buying a home. I would be happy to have you share those in your social media. What to Expect on Closing Day Understanding Closing Disclosures I am happy to be of service to you and your customers. Please feel free to have them call me today.

Jonathan Burdick Senior Loan Consultant NMLS# 1045837 Phone: (602) 903-5448 http://burdickhomeloans.com/    Find your next house or see what is for sale near you here: Fairway Independent Mortgage Corporation NMLS ID# 2289 EQUAL HOUSING LENDER | All Rights Reserved This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Other limitations may apply. The material provided in this email is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors. ©2016 Motivator CRM, LLC