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Now is an important time in our industry to pay attention to the numbers, the charts, and especially the political rhetoric on all sides. I don’t remember a series of potential market movers and known events all happening in the next week, but any or all of these could dramatically move the markets. First, lets look at where we are to see where the mortgage markets sit as of 6am 10-7-21 when I am writing this: UMBS 30yr 2.5% is 103.05 – 10yr T is 1.52. In the past year the High was 105.63 on 1/4/21 and a low of 102.20 on 3/19/21 and the 10yr T was 1.71 on 3/31/21 and .709 on 10/14/20 Just a point of reference and charts you can have available to share with your clients. We also saw refinances drop 10% week over week and down 16% year over year with rates only being…
Nicolas Manetta-“Those who don’t think outside the box are easily contained.” “We have reached a tipping point,” real estate market experts are saying. They point out that more homes are being listed for sale, and the prices are still rising, but not at the double-digit frenzy we have seen over the last year. Homebuyers are stepping back into action and making offers on homes now that there may be only five competing offers on the house they want instead of twenty-five offers. Buyers want to lock in a fixed mortgage rate in high two’s or three’s to give themselves an affordable house payment and a design on building their personal wealth. Home sellers sitting on the fence are now staking the “For Sale” sign out in the yard. While home prices are high and demand is red hot, sellers want to realize the highest profit and not regret…
There is always an opportunity to be had in each situation. Rising interest rates are no different. It’s ironic that people aren’t as excited about 3.25% or 3.5% or 3.99% on the way higher than they were as they were when rates were falling to those numbers. It wasn’t that long ago when these numbers were very exciting to our clients. The solution to finding the opportunity in rising rates is to remind people that rates are just a number, and it’s the PAYMENT that people need to focus on. I get it, people are emotionally attached to rates but rarely tie that to the difference in the payment. It’s your job to tie it together for them. Do the math and run the numbers! It’s also important to share the facts of the market. Pull up a two-year chart of the UMBS 2.5% coupon show where we are and…
You always must pay attention when the FED speaks, yesterday the FED spoke and shook the markets. While the move was quick and sharp, the bond market was able to recover the steep loss by the end of the session. The reaction just proves why you must listen to the FED when they speak, and sometimes when they shake up the market the market recovers quickly, other times it starts a trend. Given the news and the thoughts they shared, it won’t be long before the next trend will begin, and it won’t be your friend.
Looking at the news, the “transitory” inflation as they call it has made their inflation prediction to 4.2% from 3.4% just last June. Given the target rate of 2%, even a rosy forecast of 2.2% for 2022 is still higher than the target rate, and is all growth based on a very…
Lily Tomlin “The road to success is always under construction.” Are you preparing to get a mortgage on a home you are about to buy or refinance? If the mortgage company requires an appraisal on the house, it is good to investigate, inspect, and innovate if needed before spending your money on the appraisal. For example, what needed repairs can you see with the home? Will the seller agree to pay for getting all the repairs completed? How much will you need to pay for the repairs? Investigate The home condition can create obstacles to getting the value needed or getting approval from the mortgage company’s underwriting department. For example, appraisers notate repairs that affect the structure, security, and sanitation of the home. Mortgage companies require these types of repairs to be completed before closing.
Inspect Repairs that affect the structure include rotted wood; foundation problems; roof leaks…
Coni Meyers, LMC, CBLC, CDC, Crisis Management Specialist, and Leadership Clarity Strategist has spent over 40 years supporting thousands of individuals and businesses. She is passionate about helping and creating mindful, visionary leaders that can overcome any crisis and disaster. Her unique background combined with her experience as a FEMA inspector and trainer gives her an all encompassing perspective for creating this certification. She saw a need to educate and prepare as many individuals as possible for all disasters. And so CKM was born! Coni has helped taken the National Home Inspection Company, now known as WIN Home Inspections, and OnlineEd from the local market to having a national presence. Additionally, she has owned four consulting companies and has earned three prestigious life and leadership coaching credentials. Coni is the founder of CKM Solutions Group, as well as Crystalline Moment Success Movement and Kickbutt Leadership. She is an international best-selling…
With about ten weeks to go in the “Production Year”, (loans that will close and pay you before 2022 arrives), I like to throw out a challenge. What can we do, just one simple thing we aren’t doing now, that will generate an extra $25,000 in commissions we can donate to local charities or to families in need in your area? We have had solid, if not record-breaking years the past few years, and we should give back, if for nothing more than the fact that you can. At least everyone that makes a commitment to do it can! So here is the challenge. Send me an email, This email address is being protected from spambots. You need JavaScript enabled to view it. and let me know “Challenge Accepted” and what you are going to do, and where you want to target your donation. If you commit to doing the work, I will commit to helping you succeed! I will provide you with an initial coaching…
![It’s Time to Start Planning Those Client Appreciation Events! Get the Scoop From Experts Mike White & Terri Murphy to Keep Clients for Life! [PODCAST]](/media/k2/items/cache/f3dec49a942a2995da765e4cb54e091e_S.jpg)
Listen to the full podcast below:
I often get asked, “How long does it take to be successful in this business?” The next most common question is “How many hours do I have to work to be successful?” Both questions are the opening to a discussion that is different for almost everyone who asks it. The first question leads to my return question, “How do you define success?” Success is different for everyone. It means different things to different people. To me, you must have a target to aim for and measure against. While time frame is important, does it really matter how long it takes as long as you get there? It also matters that once you reach what you consider to be successful, that you can stay there! Longevity matters! But to be specific, I have always maintained that a successful originator be able to average 8 to 10 units per month consistently year…
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“The first step in getting what you want from life is deciding what you want.” Ben Stein Your mortgage is usually the biggest debt you have. It is usually the one debt you keep the longest too. Getting the right terms on your mortgage will impact your financial struggles and successes through life. Imagine Describe what you want in your home. What are the amenities in the house that are a necessity? Describe the surrounding area where you want to live. Do you want to be in the city, the suburbs, or out in the country? How long do you plan to keep the home and the mortgage? What other activities will be a part of your lifestyle? Will your home be located near those events and activities? What other financial events do you expect over the next five years?
Assess How much can you comfortably afford…
I wanted to share success stories from the street of real originators and managers who are using the strategies to improve the number of opportunities and create new relationships. It never gets old when execution leads to, or even exceeds anticipated results! Running the bank route. In an effort to create new opportunities from small banks and credit unions, they followed the plan and selected ten locations within 10 miles of their starting point (office) in each direction N/S/E/W. Following the schedule, they would be able to visit and connect with forty locations every month. The second week they ran into a small bank that was closing their mortgage division and this manager was able secure a complete branch office and about 35 million in production when he hired the whole team as a unit. The branches still refer their mortgage opportunities to the same team they know and trust,…
Julie Timms began her real estate career in 1979 in Hilton Head Island, SC and in 1985 opened her first brokerage, a Coldwell Banker franchise. In 1998, Julie and her husband, Bernie Timms, decided to downsize and open a small independent brokerage. In all those years Julie’s has focused on one thing – the success of each individual client. Julie’s desire for excellence in her business has led her to achieve the following real estate designations and certifications: ABR, CRS, CCIM, CLHMS, e-Pro, GRI, RSPS, TRC.
Here we are at the end of August, two thirds of the way through 2021 and we have about 90 days left to generate opportunities that will pay us in 2021. The most important things to focus on are where you are now, and what you need to do to complete the year strong and move into 2022 with momentum. With an increase in both purchase and refinance applications last week, 3% on purchase and 1% on refinance, we get the news that home inventories are up better than 5%. All opportunities to make yourself focus on what you can do to get in front of business. Now is a great time to review every pre-approval you have issued this year but didn’t close. Are they still looking, are they taking a break, or did they close with someone else? The first two present an opportunity to help move them…
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