How Serious Are Your?

I read a twitter post the other day by Debra Hoffman Brill: "Serious Buyers go out in this heat - and I'm there with them..."

That set me to thinking... If serious buyers go out in the heat, what do serious professionals do?

My first answer is that serious professionals stand by their work.  What do I mean? I mean that professionals should be prepared to guarantee the quality of their work. I back my preapprovals with a $5000 Guarantee.

What do you do to show how serious you are?

Please check out my new site ...

Financial experts estimate that only 40% of the people who should refinance have done so. For some, it is because they do not want to pay up front. Many do not realize that they can refinance at no cost. My new site, zerocostrefinance.com is intended to help people figure out of it would be possible for them to do so.  Please take a look Here and let me know what you think.

81 Days and Counting

Today you can get a 'High Balance' Conforming mortgage and borrow up to $729,750 in high cost markets. 

Since Conforming loans generally have better rates than non-conforming loans, the 'High Balance' program has been helpful for many of my customers in New York,New Jersey and Connecticut.

These limits will ratchet down to $625k on September 30. Importantly, for anyone who plans to borrow more than $625,000, you must close on or before September 30. Do not expect an extension.   

Want to read more? Here is a link to a WSJ article WSJ

On this Fourth of July ....

Today, as we celebrate Independence Day, I feel a huge debt of gratitude to the servicemen who go in harms way to defend us and our liberties. 

May God protect them and this wonderful country.

Markets Gone Wild

Why is it that the Markets are reacting with ever greater volatility?

What do I mean? I follow the Mortgage Bond Market closely. The FNMA 4.0% Bond stood at  101.15 when the market opened on Monday (June 27).  As of 1:45 on Friday the Bond is down to 99.72 - a drop of about 140 points. That's crazy!

Yes, I know that the Greek crisis has (sort of) resolved itself. And, I know that the stock market is having its best week in a year. And I know that QE2 (the Fed program to support the Bond market) came to a close yesterday. And I know that Chicago Purchasing Manager Index came in slightly hot. And I know that trading has thinned before the holiday weekend. And I know that some investors are being conservative before the long weekend...

I know all that. But, I do not believe that those news items explain the market volatility. I have my own theory. I believe that two factors are driving increased volatility across markets. I believe that 'Wall Street' is less successful at making 'honest' money by providing traditional investment banking functions and instead has focused on legal gambling. What will it take for regulators to take action to prevent 'Too Large to Fail' entities from betting our money on outrageous bets?

I also believe that there has been a huge increase in speculative investment - often by small investors. Just think of all those people who have invested in gold. These investors react emotionally to thin (and often late - see Wall Street, above) news.

For what it is worth, I am betting that we'll see Bond prices climb again - soon.
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