Owner: Matthew's Blog URL:http://activerain.com/blogs/mjrosov Join Date: Wed, 19 Sep 2007 12:05:11 -0500 Rating:0 Site Description: Daily Mortgage Information, Mortgage Knowledge & Education as well as personal adventures appear in this updated blog. Site statistics:Click here
Should I float? Should I lock? - Daily Update for Wednesday, September 19, 2007 2007-09-19 10:15:27 Here is the daily thoughts on float
ing or locking if you are asked by your clients. As always - consult your favorite mortgage professional who will be offer the best advice for YOUR unique situation.Wednesday
, September
19, 2007Yesterday, the Fed gave a gift to the American people by dropping the Prime lending rate by .5% This was almost unprecedented. "Economic growth was moderate during the first half of the year, but the tightening of credit conditions has the potential to intensify the housing correction and to restrain economic growth more generally. Today's action is intended to help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and to promote moderate growth over time." This signal to traders essentially meant that the Fed would do whatever it takes to get through the current financial crisis.Bond traders took this good news and made it better by driving dow Read more:Daily
, Update
Should I float? Should I lock? - Daily Update for Tuesday, September 18, 2007 2007-09-18 09:47:37 Here is the daily thoughts on float
ing or locking if you are asked by your clients. As always - consult your favorite mortgage professional who will be offer the best advice for YOUR unique situation.Tuesday
, September
18, 2007The Fed meets today and will be coming out with a statement at about 2 PM. While most pundits think that the Fed will be dropping the Prime lending rate by .25% there are a few who are hoping for .5% and others who think the Fed should stand pat. The Producer Price Index (PPI) came in under what the experts were expecting though the core PPI (strips out energy and food) was higher than expected. Because of this bonds worsened for a short time but have been supported by that trusty old 200 day moving average. The predicted cut has already been built into the bond prices but those stock traders may make things a bit bumpy this afternoon if things don't go their way. Most of the pundits are saying float. Unless you have Read more:Daily
, Update
Should I float? Should I lock? - Daily Update for Monday, September 17, 2007 2007-09-17 10:46:19 Well, well. I guess I have opened a possible hornet's nest. Some of you may be looking for the right advice on what to do when presented with the ultimate question - Should I lock?I will attempt to share with you on a daily basis some of the best advice the can be garnered from the 'net on what to do on a daily basis.Monday
, September
17, 2007No major news came out today. Last night former Fed chairman Allen Greenspan came out touting his new book. In the interview he commented that inflation would start to rear its ugly head - again. The bond markets are rather sensitive still to Mr. Greenspan so bonds are down slightly on the day. With the actual Fed meeting tomorrow, watchers are still predicting a 1/4 point drop in the Prime Rate.Because the bond is still be supported by the 200 day moving average and with the expected good news out for tomorrow the word of day is Float. As always - consult your favorite mortgage profess Read more:Daily
, float
, Update
Building a Green Dream Home (Part 1 of ???) 2007-09-17 07:08:12 We have decided to bite the bullet and build our dream home instead of waiting for it to pop up in the market place.
My wife, Q, and I would like to build green (won't say we're big into green compared to some) and using renewable resources to construct the home as well as ways to get to the near zero point of energy consumption.
We have identified a piece of land in western Fairfax county (Virginia) and are in the process of finding the correct financing for it; beginning to identify a builder for the project; and making lists of what we want to see and have in our new green, dream home.
One friend has mentioned Solar Crete to us. This intrigues us because of their claim of "savings of 60-100% in heating and cooling costs". Having these two valuable neccessities wasted to the environment would be not very green.
Our home is going to be rambler in style due to desire to have a lower elevation as well as our extreme dislike of McMansion style housing. We will be using solar Read more:Building
, Dream
, Green
Should I float? Should I lock? - Daily Update for Friday, September 14, 2007 2007-09-14 12:25:48 Well, well. I guess I have opened a possible hornet's nest. Some of you may be looking for the right advice on what to do when presented with the ultimate question - Should I lock?I will attempt to share with you on a daily basis some of the best advice the can be garnered from the 'net on what to do on a daily basis.Friday
, September
14, 2007Retail sales came in lower than expected today, which for a short while caused bonds to become more favorable. Since that time the bonds have gotten worse and are back at yesterday's ending levels. Technically speaking, the bond is just below the 10 day moving average. Even though there is a strong floor of resistance at the 200 day moving average the recommendation for today is to lock.As always - consult your favorite mortgage professional who will be offer the best advice for YOUR unique situation. Read more:Daily
, float
, Update
Awesome Pasta, Tuna and Pineapple Salad 2007-09-14 09:43:22 I had to share this. My mom used to make this for us during the summer months and I had since tried my hand in it. This salad is light and yummy! Only reason I am sharing it is because I belong to a BNI chater in Silver Spring, MD and we recently had a contest. The contest was for growing the chapter. The chapter won in that we grew - I was on a team that didn't contribute as much so I get to make this salad for our summer picnic tomorrow.Recipe1 bag of wide egg noodles2 cans of tuna in spring water2 cans of crushed pineapplemayonnaise dill Cook egg noodles for minimum time (my package says 5 minutes)Drain noodles and immediately rinse with cold water.Place noodles in mixing bowl.Mix in tuna & crushed pineappleAdd mayo to your own desire (I add in just enough to lightly coat all ingredients)Mix in a liberal amount of dill.After dill is mixed you can serve immediately or let sit overnight so flavors can meld together.Before serving add some ext Read more:Pasta
, Salad
Should I float? Should I lock? - Daily Update for Thursday, September 13, 2007 2007-09-13 09:54:08 Well, well. I guess I have opened a possible hornet's nest. Some of you may be looking for the right advice on what to do when presented with the ultimate question - Should I lock?I will attempt to share with you on a daily basis some of the best advice the can be garnered from the 'net on what to do on a daily basis.Thursday
, September
13, 2007 We are still in a locking recommendation. Stocks are already up 100+ on the day - though this could change in a heartbeat with profit taking and/or bad news. Technically speaking - the FNMA 6.0% bond is currently sitting on a support level. If it breaks through support then bonds could start getting even worse and rates going up. If your client asks what to do - today is definitely a good day to lock in what is offered by your mortgage professional partner.On a brief side note - CNN came out with an article today talking about how mortgage rates have improved over the last week. This Read more:Daily
, float
, Update
Should I float? Should I lock? - Daily Update for Wednesday, September 13, 2007 2007-09-12 10:12:45 Well, well. I guess I have opened a possible hornet's nest. Some of you may be looking for the right advice on what to do when presented with the ultimate question - Should I lock?I will attempt to share with you on a daily basis some of the best advice the can be garnered from the 'net on what to do on a daily basis.Wednesday
, September
13, 2007Today the bias is towards locking.There is no scheduled news that is coming out today. After the big no news from Bernanke yesterday, there is a bit of a lull in the market. Bond traders appear to be taking profits but it does all depend on the continual ebb and flow of how stocks will do.Big news items will be Friday when the Retail sales report comes out. Stay tunedAs always - consult your favorite mortgage professional who will be offer the best advice for YOUR unique situation. Read more:Daily
, float
, Update
One Man's Search for a Cure to Cancer leads to Ability to Burn Saltwater 2007-09-12 06:39:07 This is simply amazing. An inventor looking for a cure for his own cancer possibly discovered a way to burn salt water.
The idea to cure his cancer has to do with injecting the cancer with nano size particles of metals. Then turning on a wave generator that will heat up the metal and destroy the cancer without harming the good tissue near it. (Though I have heard of this elsewhere).
A friend had suggested that he use it to desalinate salt water. After experimentation he discovered that he could actually seperate the hydrogen from the water and burn it at incredible temperatures.
Watch it here!
If any of this is true - think of the ramifications! Read more:Cancer
, One Man
, Saltwater
, Search
Alternative to Stated Income Loans 2007-09-11 15:21:59 As is being posted elsewhere in Active Rain and elsewhere on the Internet, Stated income programs are becoming somewhat scarce. There still are plenty of these programs available, but they come with conditions: Excellent credit, big reserves, large down payment, etc.There is an alternative to stated programs.The Bank Statement - this requires showing bank statements for the past 6-12 months. The lender then averages the deposits to determine income. This is a great program for self-employed folk or ones that attempt to write off as much as possible for tax purposes. Banks do understand that you have a business. They understand you wanting to be a productive member of society. They can't help you if you aren't willing to meeting some of their basic criteria. (It used to be a foggy mirror). Now it's proof of some sort of income. Don't be discouraged. You can still obtain financing for your dream home, y Read more:Alternative
, Income
, Loans
Should I float? Should I lock? - Daily Update 2007-09-11 14:32:10 Well, well. I guess I have opened a possible hornet's nest. Some of you may be looking for the right advice on what to do when presented with the ultimate question - Should I lock?I will attempt to share with you on a daily basis some of the best advice the can be garnered from the 'net on what to do on a daily basis.Tuesday, September 11, 2007Today Ben Bernanke spoke in Germnay concerning global trade imbalances but didn't breath a word of what action the Fed will be taking next Tuesday, although it is largely believed that the Fed will be cutting the prime rate by 1/4 point.As said elsewhere, mortgage rates increase when the start market is doing well and the market is on a bender today. Making up for losses over the past two days, the NYSE is up over 175 points as of 3:30 PM. Mortgage Bonds are lower - rates are increasing - especially after hitting a technical resistance point over the past two days.Advice for today is locking! Read more:Daily
, float
, Update
The Liquidity Crunch and how it came about! ( A Simple Explanation) 2007-09-10 11:05:03 Ok - Here's the question of the month. Why are we going through a liquidity crunch and why is affecting lenders the way it does? Starting with a bit of history. In the old days, our grandparents time, there were mainly Savings and Loans institutions that received savings from a large amount of people, paying them a smaller interest rate, then lending out the money to a smaller number of people for a higher interest rate. This difference in rates allowed the banks to make their money. Think "It's a Wonderful Life" starring Jimmy Stewart. Banks were able to stay in business over a long time due to the assets of their loans being right in their community. This is still done in some areas of the country. (Even in my hometown).Move forward to the present. Banks want to make more money. Deregulation occurs, banks start buying each other out, more deregulation occurs and banks are able to move across state lines. Banks and other Read more:Crunch
, Liquidity
, Simple
Maryland Renaissace Festival - What a Blast! 2007-09-10 10:32:36 Well, we did it! We managed to spend an entire day (minus the last 1/2 hour) at the Ren Fest.We showed up to the RenFest just in time to see King Henry VIII enter Revel Grove and open the day's events. Met up with our friends and traipsed down to our traditional RenFest breakfast of Knave on a Stake in a Boat (sausage on a stick). Then over to our favorite bardish bartender to grab an ale and a couple of bee stings (honey mead with Hard Apple Cider).On the way back, we watched a Highland contest with big burly men in kilts attempting to toss telephone poles end over end. (We hadn't finished our bee stings yet - so yes, they really were doing this). We went wandering to grab a Scotch Egg - a hard boiled egg wrapped in sausage - was greeted by the king (my wench wife got all excited by this) and headed back to the jousting arena to see the morning joust.After the jousting we went over to see Johnny Fox, Sword Swalloer Extraordinaire (claims to have no Read more:Blast
, Festival
, Maryland
Maryland Renaissace Festival 2007-09-07 16:51:52 Well, tomorrow is the day! My wife finally gets me off my butt and gets me to join her in dress up and go visit the Maryland
Renaissance Festival
. (http://www.rennfest.com/) Normally, I didn't mind going every other weekend - ok, ok, it wasn't that often - but then it started getting old. Now the fun is back. We are going with a couple of newbies who are big into cultural stuff, like eating turkey legs, drinking mugs of ale, gawking at the Iron Maiden (no, not the torture device, the woman who dresses up with only metal and mesh), the knights, the jousting, the woman who shouldn't be wearing those push up girdles, the men who should be showing off their guts, the drinking, the steak on a stick, the plays, the hypnotist (wish my wife would become a subject).Ok - enough of the list. I am really looking forward to it tomorrow. I will probably eat too many sweets and drink too many bee stings (I think I need a refresher course on the uses of to, to
Why Mortgage Rates Improve when there is Bad Economic News (& Vice Versa). 2007-09-07 14:14:45 Ok - Here's the question of the day (week/month/year). Why do MortgageRates
rise or fall depending on the current economic news?Hopefully this will answer that in a clear and concise manner. Mortgage rates are based on mortgage backed securities or bonds. When good economic news is released - 150,000 jobs were added to the economy last month, Jobless claims at their lowest in 5 years, or Unemployment rate at historic lows - investors are looking to get more gains in their stock portfolio so they sell their bonds which makes the price go down and the return on the bonds go up, i.e. - mortgage rates go up.Conversly, when bad economic news occurs (such as today) - 4,000 less jobs were added to the economy in August, Unenployment hits 12 month high - investors will look to take their money from the stock market and place it in bonds. When more people look to buy bonds, the price goes up and the return on the bonds goes down, i.e. - mortgage rates go down.Hence Read more:Economic
, Improve
Should I float? Should I lock? 2007-09-07 11:33:20 This question has been asked of many a Realtor. Heck, my wife and I asked our Realtor on the very first house we bought so many years ago. Since then I have learned and have been teaching the correct answer to many a home buyer or refinancer.It depends! Rates are always fluctuating. Today it goes up an 1/8, tomorrow down an 1/8. Then there are the really big jumps. Some really terrible economic news is released (ripped from today's headlines) - "The Labor Department repoerted a loss of 4,000 jobs in August." Rates have improved by up to a 1/4 point. (Why they improved is room for another blog post.) Your mortgage professional partner should be able to guide you and your clients as to the best course of action. It isn't a gamble. Though no one does possess a crystal ball, there are many methods in determinng how rates are going to be acting in a particular day and over the short term. As a Read more:float
Educational Moment (Part 4): Use of a, an, & and 2007-09-06 06:41:29 Perhaps I should have a bit more respect for my fellow poster, bloggers, etc. - at least that's what I was taught. On the other hand, I was taught the difference between a, an and and.A is used when talking about singular objects when in the written form begin with a consonant. EX: I had a banana for my breakfast today.Anis used similarly to a though when in the written form should be used in front of words beginning with a vowel. EX: I had a banana and an apple for lunch today.And is used as a connective word when stringing two objects together or as the last word in a grouping of more than three or more objects. EX: I had an apple and a grapefruit for dinner last night. She had a pear, a kiwi, and an orange.As with any use of words in the English/American language there are exceptions. The vast majority of the time these are the rules. Please stick to them. It will help in being seen as the professional you are hoping to po Read more:Educational
, Moment
Charity Golf Tournament - Monday, October 1st, 2007 2007-09-05 07:06:58 Monday, October
1st, 2007 Registration at11:30amShotgun Start at 1pmDinner to follow at awards ceremony Hidden Creek Country Club Reston, VA $125 per player(Includes GREENS & CART Fees, Range Balls, Contests, DINNER) Welcome to our inaugural Golf Tournament
to benefit The Naccash Foundation and HCSNV (Housing and Community Services of Northern Virginia). These two organizations have established themselves as strong advocates for the growing homeless populations in the District of Columbia and Northern Virginia communities. Thank you for your support in helping those in need of quality medical care and a decent place to call home. Both organizations are 501(c)3 charities and appreciate your participation in this event. We are humbled by your efforts as champions of hope for those who need our help. Enjoy a wonderful day at this great course and we look forward to seeing you, our new friends, at the event and again in the years to come. To Read more:Charity
, Monday
Educational Moments - Repetitive, Redundant Words 2007-09-04 14:54:33 I was in a restaurant the other day - Chevy's in Arundel Mills Mall, Hanover, Maryland (quite good food, love the bartenders) - when I heard the strangest thing. Someone wanted some chili con queso with cheese...Normally I would shrug this off, but having had limited Spanish I thought this rather strange. It could be that someone just doesn't know. I was there at one time. "con Queso" means with cheese!. So the translation of chili con queso with cheese would be chili with cheese with cheese. Not a bad thought or idea. I love cheese. Rather like yesterday when I went to my other favorite sports bar, Kilroys in Springfield, VA and wanted an extra side of ala mode for my brownie ala mode.Why am I picking on this topic? I just ran across a post where someone mentioned $100 treasure dollars. So that would actually read "100 dollars treasure dollars". Hmmm, is that because of inflation?Forgive me - Read more:Educational
, Moments
, Repetitive
, Words
Did you know ... (awesome time for First Time Home Buyers to buy a house) 2007-09-04 07:09:27 Welcome to this many part series on Did you know. I will range all over the mortgage spectrum letting you know of many fascinating facets of the mortgage industry and interesting tidbits that can help save you or your clients money as they embark on the most awesome
and rewarding of challenges - real estate ownership.Some of what you learn here will be based on my marketplace of the Washington, D.C. metropolitan area (Maryland, Northern Virginia and the District of Columbia).This first in the Did you know series will be concentrate on the current state of the market place. This is an Awesome time to be buying either your first home, moving up to a bigger home or even investing in property. The savvy real estate professional is aware of what is going on in the marketplace and will be able to guide you with their unique experience. Your real estate professional is quite capable of finding those deals for you and assisting you in making the best offer that will Read more:Buyers
, First
The 5 categories on which Credit Score is Calculated. 2007-09-03 08:43:48 A person's credit score has been the most sought after prize in personal finance history. It still remains elusive for some because of the myths, misrepresentations and mysteries that surround credit scoring.Credit scores range from the 300's to the mid 800's. One is scored upon 5 different categories - Payment history, how long your credit lines have been open, percentage of available credit being used, type of credit and inquiries.Payment History has the biggest impact. Late payments on any of your credit lines are reflected here. If you don't have any late payments than you are one step closer to better credit. If you are unable to make full payments each month, then it is far better to make the minimum monthly payment on a credit card than risk a late payment. (According to the credit bureaus a late payment is one that is more than 30 days past due. If you haven't paid by your payment due date, send in the payment a Read more:Score
How to Payoff Your Credit Cards Faster! 2007-08-30 06:15:25 You have decided that the mounting debt in your credit cards is getting unwieldy and you have made a commitment to yourself and your credit report to payoff those credit cards and get your debt under control. Here is a guide to make this happen. Step 1: Gather all your credit card statements together. (If you don't know all the cards you have, send away for your annual free credit report to see what is your responsibility.Step 2: Make a list with the following columns of all your cards: Name, Amount owed, Amount you have been paying each month, Minimum payment, Interest Rate. (If you do this on an electronic spreadsheet you will be able to reorder them easily)Step 3: Order the list from highest interest rate to lowest. Step 4: Subtract the amount you have been paying on each card from the minimum amount owed. Step 5: Add the difference you computed in Step 4 to the highest interest rate card until that card has been payed off - Don't for Read more:Cards
, Credit Cards
, Payoff
Lunar Eclipse that occurred this morning 2007-08-28 15:01:08 For those of you who missed the Lunar
Eclipse this morning. Here is an awesome photo I found on http://spaceweather.com/ If anyone else has any photos, you can post to the previous link. Or share what time you were able to view the eclipse.
Announcement - BNI Tuesday Silver Spring Lunch 2007-09-28 14:03:00 BNI SilverSpringTuesdayLunch
Chapter
Announces the following openings
The Tuesday Silver Spring lunch BNI chapter proudly announces the following categories open for qualified individuals to apply.
Home Stager
Home Improvement Contracter
Painter
Plumber
Electrician
Printer
Graphic Designer
Web Designer
Computer Repair Specialist
We are a chapter of 18 professionals from such places as Long & Foster, BB&T, Edward Jones Investments, State Farm, Melaleuca as well as several fine locally owned businesses.
We meet every Tuesday at Vicino's Italian Restaurant (959 Sligo Ave) in downtown Silver Spring at 11:30 A.M.
You are most welcome to join us and check out our Giver's Gain mentality! Read more:Announcement
Should I float? Should I lock? - Daily Update for Thursday, September 27, 2007 2007-09-27 14:30:41 Here is the daily thoughts on float
ing or locking if you are asked by your clients. As always - consult your favorite mortgage professional who will be offer the best advice for YOUR unique situation.This morning economic news came out showing the GDP for the 2nd quarter being slightly below expecations (Good news), new home sales being down (more good news), and jobless claims being lower than expected (bad news). All in all a wash on the day. Technically speaking, bonds would be hitting up against the 200 day moving average ceiling causing a possible rising in interest rates. Yet, it appears the action that is affecting the market is the monthly sale of 5 year treasury notes. At the moment the FNMA 6.0% 30 year bond is up 25 bps on the day. If it actually holds steady at this level it will have broken through the 200 day moving average - which is a very good thing.This coupled with some hopefully good news in tomorrow's release of the inflation Read more:Daily
, September
, Thursday
, Update
Should I Float? Should I Lock? - Daily Update for Tuesday, September 26, 2007 2007-09-26 09:13:54 Here is the daily thoughts on floating or locking if you are asked by your clients. As always - consult your favorite mortgage professional who will be offer the best advice for YOUR unique situation.Today some bad economic news came out - Durable goods orders were down more than expected. This should normally compute to bond prices rallying. Some of the problems are with the Fed having decreased the Prime lending rate, which causes the American dollar to be weaker against foreign currencies, and the stock market reacting favorably to this news thinking that inflation is under control.Technically speaking - the FNMA 6.0% 30 year bond bounced down off of the 200 day moving average yersterday and the only way to go is down. Even though the bond is oversold, the bond traders are probably waiting to see if Friday's report of inflation is still under control. If so, then we could see a rally in bonds.For now though, the recommendation, in case one is a Read more:Daily
, September
, Tuesday
, Update
Before you have get a credit check on a client - Do THIS!!! 2007-09-26 06:40:10 How to stop the phone ringing from Unwanted TelemarketersHaving credit
checked is an important and necessary step in the home-buying process, as well as something that is done on a regular basis for any number of reasons -- applying for insurance or buying a car. But very few people realize that each time their credit is checked, the "inquiry data" that the credit bureaus has on file has now become a commodity. This information is being sold by the credit bureaus to other lenders and other companies that sell and resell the same names and personal information.That's right -- the credit bureaus have found a way to increase their revenues at your expense and without your permission. These "inquiry leads" include name, address, phone number (including unlisted), credit scores, current debts and debt history, property information, age, gender and estimated income. They are selling your personal, confidential information, not just once, but over and over again and ma
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