Mike Smalley (407) 644-0870

Weekly Market Update - US Senate to vote TODAY on extension of First Time Buyer Tax Credit

Weekly Market Update from Waterstone Mortgage

 US Senate to Vote today on extension of First Time Buyer Tax Credit

According to Senator Bill Nelson (D-FL), the US Senate is poised to vote today on an extension of the first time buyer tax credit.  There are 2 proposals being looked at, one from Senator Harry Reid (D-NV) and one from Senator Johnny Isakson (R-GA).  The Reid proposal phases out the credit, dropping it to $6,000 in April, $4,000 in July, and $2,000 in October, with it expiring at the end of December 2010.  Meanwhile, the Isakson plan will keep the credit at $8,000 and extend it to all buyers of primary residences, with it expiring at the end of June.  You can read more here - http://www.reuters.com/article/GCA-Housing/idUSTRE59P3VO20091026.

 

Pyramid of the Complete Realtor Presentation

I have been asked to give my presentation, The Pyramid of the Complete Realtor®, at ORRA for the ABC’s of Real Estate next month.  The presentation will be Wednesday November 4^th from 2:00 – 3:30.  I hope to see you there.

 

Underwriting

Our current underwriting turn time for Conventional, FHA, and VA loans is 2 days!  That’s right, two days after sending a file to underwriting, I have an approval.  If you are having issues closing on time call me.

 

Market Update

Interest rates have ticked up slightly this week.  Conventional rates are in the 5.25% range while FHA is around 5.00%.  5/1 ARM rates have dropped considerably in recent weeks, into the upper 3’s, and can be a good alternative for someone looking to own a home for 4-6 years.

 

2010 Realtor® Success Summit

Two weeks ago we sent out the first invitations for the 2010 Realtor Success Summit, to be held December 1^st from 9:00 – 1:00 at the Winter Park Civic Center.  So far we have received 69 RSVP’s, and we only have room for 150.  We will have multiple speakers, topics, expert panels, and FREE FOOD!  Reserve your seat today for what will be a great educational and motivational experience.

To RSVP, e-mail mpischke@waterstonemortgage.com

Have a great week!

Weekly Market Update - Rates are going up and 2010 Realtor Success Summit

Weekly Market Update from Waterstone Mortgage

There are only 41 days (unless it’s extended) until the first time buyer tax credit expires on November 30^th so get those buyers off the fence. 

 

ACT NOW, MORTGAGE RATES ARE GOING UP

The last 12 months have seen the lowest interest rates over an extended period in history.  Mortgage rates have been as low as 4.625% and as high as 5.625%, with an average around 5.125% for the last year.  Multiple factors led to this, almost a perfect storm of economic factors and government intervention.

-the Federal Reserve program to purchase 1.25 trillion dollars worth of Mortgage Backed Securities between January 1, 2009 and March 31, 2010

-the stock market decline immediately following the financial market meltdown in late 200

-unemployment nearing 10%

-very low inflation

-the worst economic recession since the Great Depression

Low inflation, a poorly performing stock market, and competition to purchase Mortgage Bonds are all factors that individually will cause lower mortgage rates, and when all 3 are combined you will see what we have seen for the last year.  Unfortunately, the party is coming to a close.  The same factors that caused mortgage rates to fall to record lows are about to turn them in the other direction:

-the stock market has crossed the 10,000 mark and most of the Fortune 500 companies have beat earnings expectations for the 3^rd Quarter

-the Federal Reserve is pulling back its Mortgage Backed Security purchase program, buying ½ as many bonds in a given week as it had earlier this year, with the program set to run its course at the end of March 2010

-continued govt. spending will weaken the US dollar, and cause inflation to rise; in the last week the govt. announced a budget deficit of 1.4 trillion dollars for the just completed fiscal year, which blew away the previous record; continued deficits mean more govt. spending (=borrowing) and will continue to weaken the dollar and cause inflation to rise

The bottom line is, mortgage rates are going up, so don’t wait to purchase or refinance as doing so might mean the difference between 5.00% and 6.00% on your next mortgage.

 

Pyramid of the Complete Realtor Presentation

I have been asked to give my presentation, The Pyramid of the Complete Realtor®, at ORRA for the ABC’s of Real Estate next month.  The presentation will be Wednesday November 4^th from 2:00 – 3:30.  I hope to see you there.

 

Underwriting

Our current underwriting turn time for Conventional, FHA, and VA loans is 2 days!  That’s right, two days after sending a file to underwriting, I have an approval.  If you are having issues closing on time call me.

 

Market Update

Interest rates have ticked up slightly this week.  Conventional rates are in the 5.25% range while FHA is around 5.00%.  5/1 ARM rates have dropped considerably in recent weeks, into the upper 3’s, and can be a good alternative for someone looking to own a home for 4-6 years.

 

2010 Realtor® Success Summit

Last week we sent out the first invitations for the 2010 Realtor Success Summit, to be held December 1^st from 9:00 – 1:00 at the Winter Park Civic Center.  In the first week we received 38 RSVP’s, and we only have room for 150.  We will have multiple speakers, topics, expert panels, and FREE FOOD!  Reserve your seat today for what will be a great educational and motivational experience.

To RSVP, e-mail mpischke@waterstonemortgage.com

Have a great week!

2010 Realtor Success Summit

Click here to download the the invitation - 2010 Realtor Success Summit Invitation

Every December I host a seminar for Realtors to give them the springboard they need to finish their business plans and get the new year off to a great start.  This year, the 2010 Realtor Success Summit will be held on December 1^st from 9:00 – 1:00.

We will have a variety of speakers and topics, including Janice Petteway and Torey Eisenman teaching how to have success with Short Sales and REO’s, LaShawn Norden speaking about Social Networking with Facebook and Twitter, and Jenny Wemert teaching how to build a team and put systems in place that ensure smooth and mistake free closings.  I will be sharing ideas to build a Client for Life Database Management System, and also how to incorporate personal goals such as family and vacation into your business plan.  Lastly, we will have a Top Producer Panel of Heather Joubran, Linda Sampieri, and Albert Stimer sharing their secrets for success.

I have attached an invitation and instructions on how to RSVP.  Feel free to share this with your friends and fellow Realtors.  I hope to see you there.

Weekly Market Update - FHA Loan Limits and 2010 Realtor Success Summit

Weekly Market Update from Waterstone Mortgage

There are only 48 days (unless it’s extended) until the first time buyer tax credit expires on November 30^th so get those buyers off the fence.   

How long does it take to close?

Many lenders are advising 45 day contracts, especially for FHA loans.  If you are running into delayed closings please call me.  As a direct lender who underwrites in house, we can easily close in 30 days, even on FHA loans.  If you have buyers looking to close before 11/30 and another lender can’t get it done in time, I can help, so call me. 

Tax Credit Extension

Congress just passed a 6 month extension of the first time buyer tax credit for members of the military who have recently completed 90 days of active duty service.

There is nothing new on the overall extension of the credit.  I expect an announcement in early November, so one way or another, we should know in 3-4 weeks if it will be extended for all first time buyers. 

Higher FHA loan limits becoming permanent

In January the increase of the FHA loan limit is set to expire.  Remember that the previous limit was $271,000 before it was increased to the current limit of $353,000 in most of Central Florida.  If the limit was to return to previous levels, or even lower based upon a much lower median sales price for the area, it would have a very negative impact on the local Real Estate Market.

Congress is currently considering HR 2483, a proposal to make the increased loan limits permanent.  Call your representatives to support this bill today!

 Underwriting

Our current underwriting turn time for Conventional, FHA, and VA loans is 2 days!  That’s right, two days after sending a file to underwriting, I have an approval.  If you are having issues closing on time call me.

 Market Update

Interest rates have ticked up slightly this week.  Conventional and FHA rates are in the 5.125% range.  5/1 ARM rates have dropped considerably in recent weeks, into the upper 3’s, and can be a good alternative for someone looking to own a home for 4-6 years.

 ORRA Seminar on Business Planning

I will be giving a presentation at the ORRA ABC’s of Real Estate on November 4^th from 1:00 – 3:00.  You can RSVP through ORRA directly.  I will be teaching Realtors how to write their business plan for 2010.

 2010 Realtor® Success Summit

In the coming days you will be receiving information on our end of year seminar.  Block off December 1^st from 9:00 – 1:00 for an event you don’t want to miss.  We will have multiple speakers, topics, expert panels, and FREE FOOD!

To RSVP, e-mail mpischke@waterstonemortgage.com

Have a great week!