Rates
Just when you think rates are about to make their steady march towards the 6% mark, we get employment news that shake it all up.
This week we have seen rates improve just slightly, lenders are afraid of really improving rates in case Friday’s numbers are just a blip in the radar.
Most talking heads this week all feel that rates are going to start marching towards that 6% mark, especially since the Fed is no long manipulating them with QE3.
Most economic news this week was all good, and should caused rates to worsen, up until Friday:
-ISM manufacturing 59.0 vs est. 56.2 very nice number
-ADP payroll added 230,000 jobs vs est. of 220,000 large number.
-ISM non-manufacturing 57.1 vs est. of 58, not a huge miss, still very positive.
-Weekly jobless claims 278,000 vs est. of 285,000, significant because it is below 300K, and at some of the lowest levels since 2010.
-Unemployment 214,000 jobs vs est. 231,000, unemployment 5.8%
So what happened, that caused mortgage bonds to rally, well the thought that we might be stuck in only creating the 235,000 job range and this may be as good as it gets?
Then today we had Ukraine come into the picture again, with 32 Russian Tanks crossing the border.
Also something to watch, Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan have form a Economic alliance to force the US Dollar to NOT become the world’s currency. This is VERY troublesome, and if India & Iran join in, they could make a run against the US Dollar.
Hard to predict rates with so much foreign influence, we will see what the tanks do and watch the US dollar.
Cautiously floating, but may not gamble and just lock.
Realtor Purchase agreements and addresses
When a realtor write up and property, typically they go off the address which the MLS listing has, but that can be WRONG. I have seen in the past 2 weeks 3+ PSA that have the wrong address.
So here is my recommendation:
If you are the listing agent, check with www.usps.com to see what the proper address is before you put it into MLS.
And if you are the Buyer’s agent, check with www.usps.com before you write up the PSA. Simple step can save LOTS of unnecessary paperwork and addendums.
PSA Names
And while we are on the subject of accurate purchase and sales agreements. As a buyer’s agent, PLEASE look at a persons driver’s license to see how they have their name.
We have had NUMEROUS mis-spellings or in some cases, people go by their middle name and not their full name.
Or the wife has taken a hyphenated name.
Simple have the clients take out their driver’s licenses and go off that!
Idaho Home Owner Exemption
Idaho’s Home Owers Exemption has gone up!!
Last year we were at $83,920 and this year we have risen to $89,580.00
Pretty exciting news, but be warned, I have been told that when the new taxes come out in the next few weeks, it is not going to be pretty for existing home owners, figure on a significant increase in property taxes for 2015!
FHA owes you money?
So does the FHA owe you money? They may if you had a FHA mortgage, and sold or refinance it before certain period of time.
How do you know, well take out your FHA Note or Deed of Trust, on there will be a FHA case number, typically beginning with 121-xxxxxxxx
And now go to this web site, and BAM, they could owe you money!!
FHA refund: http://www.hud.gov/offices/hsg/comp/refunds/index.cfm
And wouldn’t you be a really nice realtor if you called up your past clients and told them about this.
And how would you know, well you did get a HUD-1 from the property with your check, at the top is a FHA box to check and also the FHA case number will be there as well!
And then after you were nice enough to call that past client about this, you can also ask that client if they have a referral for you!!!
New Term
With the new Loan Estimator (LE) replacing the GFE and the new Closing Disclosure (CD) replacing the HUD-1 in August of 2015, I am going to be teaching you some new terms.
Our first term is Consummation!
This will now replace Funding and Recording.
Consummation is the day at which a borrower will be obligated to the new mortgage.
And why is Consummation so important…well tune in next week. But in the meantime, I am going to my 4:00 closing and will consummate this loan on Monday!