We were able to help Guillermo and Erminia Jayme of Sahuarita, AZ. The were very happy with what Tyler Ford was able to do for them.
Listen in to the audio testimonial below.
When the Federal Reserve lowered the Fed Funds Rate by 0.75% yesterday, it was in response to economic weakness that mounted since its last meeting December 11, 2007.
By contrast, the mortgage markets meet every day.
Because of this, mortgage rates had already “priced in” the weakness to which the Fed was reacting.
This is why mortgage rates did not fall by the same 0.75% yesterday — they only fell slightly. Read the rest of this entry »
As promised, last week was heavy on data and on drama. And mortgage rates continued their slide lower.
This week, by contrast, is devoid of data and markets are already digesting the Federal Reserve’s surprise 0.750% rate cut this morning.
Mortgage rates are falling in response, but not because of what the Fed did as much as what the Fed implied by doing it.
The Federal Reserve does not control mortgage rates, per se, but it does exert an influence. This is because when the Federal Open Market Committee makes changes to the Fed Funds Rate, it is making a broader statement about the health of the economy.
This morning, and in advance of its 2-day meeting January 29-30, the Federal Reserve chopped the Fed Funds Rate by 75 basis points to 3.500%. This signals to markets that the Federal Reserve is keen on engineering a soft landing for the economy.
As you start to consider your mortgage options, you may quickly find yourself overwhelmed with the various options that are available.
So whether you are purchasing a home or wanting to refinance let us point you in the right direction.
Below is a download that will help you select the right mortgage.
Interest Rates Have Dropped!! Call 331-LEND (5363) to lower your monthly payment!
The news of 30 year fixed interest rates falling below 6% seems to have been lost in a sea of bad news about the economy and the looming recession everyone is talking about.
For most people we can lower your rate 1% or more. That could mean a savings of $100.00 or more per month at NO cost.
So if you are planning on stying in your home you owe it to yourself to give us a call so we can reduce your monthly mortgage payment. Or simply apply online.
Well the economy has been in a recession for over a year now. As Homer Simpson would say D’oh!
Tucson saw a reduction on the number of homes sold in 2007 over 2006 by 37% fewer transactions. As a result the home inventory levels have risen to 8,708 as of December 2007 which has doubled over the last 2 years. In a healthy Tucson market there are about 3,500 to 4,000 homes on the market.
For detailed residential sales statistics click her: Stats
Stephan VanCleve and Melinda Davison
Portland, Oregon
Davison Van Cleve PC, Attorneys At Law
Tucson, Arizona Second Home Buyers
“Tyler did a great job and we would highly recommend him!”
Click the play button below to listen in to one of many happy homeowners that used Tyler Ford for their home loan needs.
As the largest sub-prime loan servicer in the country, Countrywide handles payments for 11.90% of the sub-prime market. That’s a massive $120 billion worth of loans.
The sheer size of that portfolio is why I am publishing the above chart. Normally, data from one lender wouldn’t be enough for a clean sample, but Countrywide is the largest servicer of loans and it holds that title by a longshot.
According to Countrywide’s servicing department, just 1.4 percent of its loans that defaulted in July 2007 defaulted because of “payment adjustment”.
That’s a tiny number.
The publicly available presentation also noted the other reasons why its homeowners defaulted on their mortgages:
Do you have an orphaned mortgage!
If so call 520-331-LEND (5363)
Each year, the mortgage industry loses some of its employees. Some leave through attrition; some through layoffs; some through natural selection..gif){kind=small}
When business is growing, lost workers are replaced with new hires and the mortgage machine rolls ahead. When mortgage business is slowing, new workers aren’t hired.
Collectively, the industry loses experience, wisdom and general know-how.
A lot of folks look at the situation and say “good riddance”. It’s the complete wrong attitude.
Having fewer qualified loan officers in this country will cost Americans (hundreds of?) millions of dollars. This is because each time that a loan officer leaves the industry, he leaves his clients and their mortgages behind, too.
Owners of “orphaned” mortgages are at a tremendous cash flow disadvantage versus everyone else:
Hillary Biscay – Professional Triathlete
Click the play button blow to listen in to one of many happy homeowners that used Tyler and Todd.
As many people predicted, Americans really did spend less this past Holiday Season and now mortgage rates are falling because of it.
Weak receipts in December capped off a year in which consumer spending posted its slowest year-over-year growth since 2002.
Because consumer spending makes up two-thirds of the economy, this sort of marked slowdown has farther-reaching implications thanjust at the cash register for U.S. retailers.
Let’s do a quick flashback to mid-October 2007.
At that time, markets were fearful of runaway growth. Mortgage rates were rising and the word “recession” was hardly mentioned in the press. Contrast that to today. Markets are fearful of a complete economic shutdown.
The question most often raised is not “when will the recession start?”, but “how far into the recession are we already?”
This shift in expectations is the biggest reason why mortgage rates have dipped recently.
