Committed to You and Your Mortgage Needs Customers Are First
I am a professional and have the expertise in every facet of Real Estate and I put it to work for you. Whether you are refinancing, buying or investing in Real Estate, my systems are streamlined, effective and technologically advanced and I get results! It is a given most homowners will probably have a mortgage for life. Through continued professional management of your mortgage, you will achieve the goal of the lowest possible mortgage cost. Together we will work on a planned and definitive mortgage repayment that should allow you to live debt free. The goal of every homeowner should be one of a "Debt Free Life!" I look for ways to save you money by not charging exotically named fees like other mortgage lenders.
Get Fast Answers
At my website you can find tools available to answer virtually any mortgage question. Trying to decide if now is a good time to refinance? Check out our Refinance Mortgage Calculator. Wondering if a new home equity loan or second mortgage can lower your monthly payments? Use our Debt Consolidation Mortgage Calculator! Confused by all the loan programs from which to choose? Our Loan Program page will help you find the right type of loan. Also, I will be happy to prepare a personalized mortgage quote for the home mortgage program of your choice. I can also prepare a Rate Watch Report for you based on your current mortgage data.
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Enthusiasm Working for You
Helping people make one of their most important decisions is a serious responsibility, but something that I enjoy doing. This enthusiasm and hard work will benefit you and help reduce the stress and anxiety often associated with real estate transactions.
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Established Credibility
I have 30 years of experience and knowledge working in the real estate and mortgage industry. I can say with confidence that I will get the job done right the first time and everytime. I am the best in my industry and I have the closed Real Estate transactions to prove that.
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HARP President Obama recently announced sweeping changes to the current Home Affordable Refinance Program (HARP) that could allow many of thousands of home owners to refinance even though they owe more than their home's current appraised value.
Highlights of the Program
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- The FHFA stated, "If the borrower refinances under HARP and their new loan is a fixed rate mortgage, there is no maximum LTV."
- Automated valuation models (AVMs) can be accepted in lieu of new property appraisals. Where reliable AVMs are not available, new appraisals will be required.
- Condominiums continue to be HARP-eligible.
- Borrowers can use any lender that provides HARP refinances.
- The loans must be backed by Fannie or Freddie and be fixed-rate. Adjustable-rate mortgages will be allowed as long as the LTV doesn't exceed 105 percent.
- The minimum LTV (loan to value) is required to be higher than 80 percent.
- No late payments are allowed in past six months, and a maximum of one late payment is allowed for the prior 12 months.
- Existing program is extended until Dec 31, 2013.
- Guidance from Fannie and Freddie is expected by Nov. 15.
Availability: Fannie and Freddie have not released any guidelines as of yet, so lenders are expected to be able to originate loans under these new guidelines before the end of the year. This effort is aimed to assist those homeowners that are in federally guaranteed mortgages (GSE), such as Fannie Mae and Freddie Mac that are current on their payments but not able to refinance due to declined home values. For more information click:
http://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf
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 Mortgage News Daily
MBS RECAP: 2/7/2012 - 5 hours ago
Posted To: MBS CommentaryMBS Live : MBS RECAP Open MBS Live Dashboard FNMA 3.5 103-23 : -0-04 FNMA 4.0 105-18 : -0-04 FNMA 4.5 106-23 : -0-04 FNMA 5.0 107-32 : -0-05 GNMA 3.5 105-05 : -0-02 GNMA 4.0 107-28 : -0-01 GNMA 4.5 109-04 : -0-03 GNMA 5.0 110-29 : -0-04 FHLMC 3.5 103-13 : -0-05 FHLMC 4.0 105-06 : -0-05 FHLMC 4.5 106-05 : -0-05 FHLMC 5.0 107-20 : -0-05 Pricing as of 4:03 PM EST Afternoon Market Updates A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBS Live Dashboard . 3:19PM : ECON: Consumer Credit Expands More Than Expected Novembers expansion of total Consumer Credit was revised to +$20.38 bln, very close to the original print. Today's report for December shows only a slight decrease in the pace to $19.31 bln. Economists had been expecting a bigger contraction to $7.7...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
House Committee Acts on Bill to Protect FHA Fund - 6 hours ago
Posted To: MND NewsWireA sub-committee of the House Financial Services committee today approved the FHA Emergency Solvency Act which is intended to shore up the finances of the Federal Housing Administration (FHA). The legislation strengthens FHA's Mortgage Insurance Fund by establishing minimum annual premiums for mortgage insurance; barring unscrupulous lenders from participating in the program, improving the FHA's internal financial controls, transparency, and disclosure requirements, and requires lenders who commit fraud to repay any losses suffered by FHA as a consequence. FHA's cash reserves have been hard-hit by the housing crash and have fallen below 2 percent Congress has mandated it must maintain. According to the subcommittee's press release, the agency's finances have deteriorated to the point where a...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Mortgage Rates Slightly Higher as Greece, Auctions Weigh on Markets - 6 hours ago
Posted To: Mortgage Rate WatchAlthough the recently confirmed 3.875% Best-Execution level remains intact for 30yr fixed, conventional loans, Mortgages Rates moved slightly higher today in terms of the costs required to obtain those rates. Weakness in Treasuries today was more pronounced than MBS, the "mortgage-backed-securities most directly responsible for determining mortgage rates. (learn more about how we calculate Best-Execution in THIS POST ). Initially driving today's market movements was news that political leaders would meet in Greece to vote on a soon-to-be-drafted bailout package. Greek officials have been reluctant to stand up in favor of creditor-imposed austerity. Even though they likely realize the dire implications of such reluctance, the political backlash from Greece's populace is pretty dire in it's own...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS Relative Performance and Bond Duration - An Intro - 7 hours ago
Posted To: Secondary MarketsMBS went through an interesting Employment Friday. I know it’s hard to remember back after a long weekend (especially for N.E. fans), but the bond market sold off pretty substantially on Friday after a better-than-expected employment report. The interesting aspect of the selloff was how it was focused on intermediate- and long-maturity Treasuries. While the yield on the 2-year barely budged, the 5-year yield rose 6 basis points on the day, and the yield on the 10-year was more than 10 bps over the previous day’s close.This type of move impacts MBS investors, since they always want to see how MBS are performing versus some benchmark. One way to measure "relative performance" is to compare the price change for a security versus what it should have done, based on its duration relative to that of the benchmark. An easy way to calculate the projected price change for a security is to multiply the price change of the benchmark by a security’s “hedge ratio,” which is the duration of the subject security as a percentage of the benchmark’s duration. An easy example now is that 30-year Fannie 3.5s had, after Friday’s move, a duration of 4.0; using a duration for the 10-year of 8.9 results in a hedge ratio for Fannie 3.5s of around 45%. Therefore, if the 10-year note declined by a full point, Fannie 3.5s should have dropped by roughly 15/32s. (This is sometimes also referred to as “duration-neutral performance.”There are a few challenges implicit in this discussion. One is that the relative performance (i.e., the price change of a security adjusted for hedge ratios) is going to vary if you have a significant shift in the yield curve, such as what we had on Friday. That’s why most MBS underperformed the 5-year Treasury while tracking the performance of the 10-year. (By my measure, Fannie 3.5s underperformed the 5-year by 5/32s while performing roughly in line with the 10-year.) Some people will attempt to measure performance using a different benchmark, such as the 7-year Treasury. However, the 7-year is not nearly as liquid as 5s or 10s, making it less useful as a “benchmark.” It’s also possible to measure performance versus a blend of the 5- and 10-year Treasuries, although this just splits the difference between the two Treasury securities.The other qualifier is that there is no single “duration” for MBS, mainly because of prepayments. The subject of duration can be fairly complex; without getting highly technical, I think it will be helpful to briefly address the issue. Keep in mind that “duration” itself is simply the measure of the expected percentage change in price, given some standard change in the subject security’s yield.The duration of a fixed-maturity bond is easy to calculate, since the cash flows are fixed. The durations quoted are “modified durations,” which are essentially calculated as the amount of time the present value of a cash flow is outstanding. (The basic calculation is call “Macauley duration, and it’s quite similar in concept to “weighted average life,” or the amount of time a bond’s principal is outstanding.) With a few adjustments or “modifications,” the modified duration gives the price sensitivity of a bond for small moves in interest rates. However, MBS durations can be calculated in a variety of ways. The duration of 4.0 for Fannie 3.5s quoted above is based on the calculations of an OAS model (YieldBook , in this case, which is owned and marketed by Citigroup). The durations from an OAS model are, fittingly enough, call “OAS durations.” OAS durations (or OADs) are complex to calculate, but relatively simple in concept. The models calculate prices for a move up and down in interest rates, and the prices in the two scenarios are then used to calculate the duration. There is also a simpler measure in MBS called “cash flow durations,” which are simply the modified durations for securities using some prepayment assumption. (The cash flow is generated using a prepayment assumption; the modified duration is then calculated for the cash flows.) Cash flow durations are often used by investors, particularly for MBS pools and fairly straightforward securities. A separate category of durations are calculated using historical price changes for the subject security relative to yield changes for a benchmark. An analysis could “regress” the daily percentage price change of Fannie 3.5s versus the daily yield change of the 10-year Treasury. The slope of this regression line is the “empirical duration.” I don’t like to use empirical durations (“empiricals”) directly as a hedging tool, since they’re backward-looking. (I think of them like trying to drive down the highway using your rear-view mirror; as long as the road doesn’t curve, you’ll be okay. But it always does, eventually.)However, empirical durations are useful in describing MBS performance. For example, if the empirical duration for an MBS is longer than its OAD, the security is said to be “trading long.” This is a good thing for bondholders if bond prices are rising, but hurts performance when bond prices are soft and Treasury rates are rising. It’s best to think of all forms of duration as tools that allow you to calculate expected performance and measure portfolio risk....(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS and Treasuries Battling Back After 3yr Auction, Greece News - 7 hours ago
Posted To: MBS CommentaryBond markets had already been trending into negative territory leading up to today's 3yr auction, but took a turn for the worse afterwards with some help from a few newswires out of Greece. All that is detailed in the following alert from MBS Live. 3 Year Auction Moves The Whole Stack. Greece Piles On. Negative Reprices - 1:34PM 10yr spiked up just after 1pm and MBS prices fell past their 103-19 pivot in Fannie 3.5's. Does that mean that the 3yr note auction is exclusively behind that market movement? Yes and no... In and of themselves, 2 and 3yr auctions aren't enough to move the whole pile of Treasuries as they ostensibly have today. But given the current backdrop of bond market weakness following last week's NFP, and the fact that any bounce back versus that weakness was largely due to ongoing...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it. |
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