Mermin inspections Blog

The Mortgage Broker’s Corner

Mortgage Broker’s Corner: Jim Marcinkowski

Sunday, August 30th, 2009

Hi Jacob,

 

The housing market continues to show signs of stabilization, and although home prices are not about to spike higher, the decline certainly seems to have subsided. Existing Home Sales came in better than expectations, reaching their highest level in two years, as you can see in the chart below. And while the inventory of unsold homes remains lofty, it was reported at its best level in a year. In addition, while Housing Starts and Building Permits both came in slightly below expectations, they did rise in July – another sign of stabilization in the housing market. New Home Sales data will come out this Wednesday, so indeed we will soon find out if home buyers are coming out to buy those new built homes. With home loan rates still at exceptionally low levels – it presents a great opportunity to buy. Do let me know if you or one of your friends, family, neighbors or coworkers would benefit from learning more about buying a home in today’s market.

 

 

 

Jim Marcinkowski

Mortgage Consultant

Genesis Home Mortgage

239-826-6400 Direct

239-985-4486 Fax

 

 

Confidentiality Notice: The documents in this transmission contain confidential information belonging to the sender, which is legally privileged. The information is intended only for the use of the individual or entity named above. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in relation to the contents, is strictly prohibited. If you have received this facsimile and/or email in error, please notify the sender immediately and destroy the document(s).

The Mortgage broker’s corner: Jim Marcinkowski

Friday, July 24th, 2009

 

It’s a quiet week ahead when it comes to scheduled economic reports, but that doesn’t mean the volatility will quiet down. Keep a look out on Thursday for the Existing Home Sales Report for a read on the housing market. Last week showed a decent Housing Starts number, so it will be interesting to see if Existing Home Sales shows some good news for the Housing Market.

Also on Thursday, another Initial Jobless Claims report will be released. Last week, first time claims for unemployment benefits dropped by 47,000 to the lowest level since January. However, the reading is somewhat distorted by shifts in the timing of auto plant shutdowns. Usually plants would shut down in July, meaning last week’s unemployment claims number would usually have been higher, but the shutdown process was accelerated due to the bankruptcies of GM and Chrysler. Therefore, the seasonal adjustment makes this number look rosier than it really is.

In addition, earnings season continues with important reports from Legg Mason, Coca Cola, Dupont, Apple, Wells Fargo, Pepsi, eBay, and Xerox among others…and if these reports are good, Stocks could continue to improve, at the expense of Bonds and home loan rates.

Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result. Bonds and rates worsened on the heels of a rally in Stocks. I’ll be watching to see if Bonds can remain above key support, which would help home loan rates stabilize. As always, I encourage you to give me a call to discuss how the current rate environment might benefit you.

 

 

Jim Marcinkowski

Mortgage Consultant

8695 College Pkwy.

Suite 2440

Fort Myers, FL 33919

239-936-4232 Office

239-826-6400 Cell

239-985-4486 Fax

 

 

Confidentiality Notice: The documents in this transmission contain confidential information belonging to the sender, which is legally privileged. The information is intended only for the use of the individual or entity named above. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in relation to the contents, is strictly prohibited. If you have received this facsimile and/or email in error, please notify the sender immediately and destroy the document(s).

Mortgage Broker’s Corner: Jim Marcinkowski

Tuesday, May 5th, 2009

Life After Bankruptcy


Bankruptcy is an uncomfortable subject for a variety of reasons. The most obvious is the potential havoc it can wreak on your finances. Running a close second is the negative stigma which is often attached to the process. This negativity is important to mention because strong emotions can sometimes lead to unsound financial decisions with devastating results.

 

Bankruptcy becomes a viable option for someone who is “upside down” in terms of cash flow. In other words, when a person has more money going out each month than coming in, bankruptcy should be considered if no reversal of this negative cash flow is within sight. The longer someone waits to explore the various options available, the more serious his or her situation may become.

 

One of the worst things people can do in this situation is to borrow more money to try and pay off their debts. On paper, this is clearly an unwise financial decision. In the real world, however, it is very common for individuals to pursue this strategy in an attempt to buy time and hold off on filing for bankruptcy. On the surface, this is certainly a noble notion; however it can often compound the problem and serves only to delay the inevitable.

 

For many homeowners in the midst of this upside down cash flow, speaking to a qualified mortgage professional is a much better option. An experienced loan officer can objectively look at your finances and help you determine if restructuring your mortgage would not only help, but possibly even alleviate any need for bankruptcy.

 

If bankruptcy is the only option, seek out a reputable bankruptcy attorney and credit counselor. A qualified mortgage specialist can provide references for you as well, as he or she works with these professionals on a regular basis. Reliable references are essential in this case because experienced professionals greatly increase the odds of a successful bankruptcy experience. It’s that simple.

 

When filing for bankruptcy, be completely honest and accurate regarding every aspect of your financial situation. This includes any changes to your income which may occur throughout the process. Bankruptcy is a federal procedure, adjudicated by real judges, and scrutinized by representatives who coordinate with the Department of Justice, the FBI, and the IRS.

 

Here are some additional steps you can take to make the bankruptcy process as painless as possible:

 

  • Save all paperwork regarding your bankruptcy, and keep it organized. This will prove beneficial after your bankruptcy as you now have all of the pertinent information in one place. Also, be sure to write down your discharge date. It’s surprising how many people forget to do this.
  • Establish a household budget. This can be accomplished in many ways, but there are several inexpensive computer programs available which do an excellent job.
  • Throughout the bankruptcy, do your best to not only live below your means, but to save as much cash as possible. You never know what you may need it for once the process is completed.
  • Be prepared for a barrage of junk mail. There will be sharks on the loose who are hoping to capitalize on your need for credit.

 

Tips for Rebuilding Credit:

 

  • If you must buy a car, focus on transportation as opposed to style. Buy an inexpensive, used car, and try to get a loan for it. It’s a good idea to figure out what your budget allows in terms of a dollar amount first. This means obtaining financing prior to looking for a car.
  • Get a secured credit card. Secured credit cards allow for the cardholder to deposit a said amount of money into an account, thus establishing the spending limit of the card. Missed payments result in deductions from the account. Some of these cards will reward responsible borrowers by upping the limit without an additional deposit. Some will even convert the account into a traditional credit card. (Be wary of offers of “easy credit” or any card which asks you to call a 900 number. You will be charged for the call.)
  • Meet with a credit repair specialist. Not only can they help you clean up the damage to your credit report, they can advise you on specific ways to rebuild the credit you lost as well.

While it does take time, there is definitely life (and credit) after bankruptcy. Some mortgage lenders will even lend to you within a year or so after a bankruptcy. If you’re in serious financial trouble, the trick is to get the help and advice you need from professionals you trust.

 

 

Jim Marcinkowski

Mortgage Consultant

Neighborhood Funding, Inc.

Your Direct Lender!

239-936-4232 Office

239-826-6400 Cell

239-985-4486 Fax

Apply online @

www.JimNFI.com

 

Licensed in: Florida, Georgia, Tennessee, South Carolina, Indiana, Arkansas, Alabama, Oklahoma, Texas, Oregon, Conneticut and Washington.

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Confidentiality Notice: The documents in this transmission contain confidential information belonging to the sender, which is legally privileged. The information is intended only for the use of the individual or entity named above. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in relation to the contents, is strictly prohibited. If you have received this facsimile and/or email in error, please notify the sender immediately and destroy the document(s).

The Mortgage Broker’s Corner:Give me money.

Sunday, April 19th, 2009

Give Me Money… That’s What I Want

The Beatles weren’t singing about the US economy, but they may as well have been. Earlier this year, the government unveiled its new $787 Billion Stimulus Plan to infuse the economy with money and confidence. That’s some serious money!

But have you ever wondered who’s actually getting that money. what types of projects may be funded. and how it impacts your state and local community?

Here’s your answer: StimulusWatch.org!

StimulusWatch.org was built to help the government keep its pledge to invest stimulus money smartly and to add transparency and accountability to the process.

At StimulusWatch.org, you can find and review projects that are candidates for funding by federal grant programs. You can even sort the projects by activity, expense, and need.

Better still, you can access a list of projects by state, so you can see how the Stimulus Plan may impact your state and local community – including costs, number of jobs, and exact locations! Simply select your state and review the projects under consideration. You can even add comments about the value of the projects listed!

 

 

Jim Marcinkowski

Mortgage Consultant

Neighborhood Funding, Inc.

8695 College Pkwy.

Suite 2440

Fort Myers, FL 33919

Your Direct Lender!

239-936-4232 Office

239-826-6400 Cell

239-985-4486 Fax

Apply online @

www.JimNFI.com

 

Licensed in: Florida, Georgia, Tennessee, South Carolina, Indiana, Arkansas, Alabama, Oklahoma, Texas, Oregon, Conneticut and Washington.

cid:image002.jpg@01C9A0DD.3AEDCF50

Confidentiality Notice: The documents in this transmission contain confidential information belonging to the sender, which is legally privileged. The information is intended only for the use of the individual or entity named above. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in relation to the contents, is strictly prohibited. If you have received this facsimile and/or email in error, please notify the sender immediately and destroy the document(s).

 

 

Windows of Opportunity

Tuesday, March 24th, 2009

“IF A WINDOW OF OPPORTUNITY APPEARS……DON’T PULL DOWN THE SHADE.” Tom Peters. And last week, the Fed saw their regularly scheduled meeting as a window of opportunity to make a blockbuster announcement.

On Wednesday, the Fed announced that over the course of 2009, they will purchase an additional $750 Billion of Mortgage Backed Securities, as well as $300 Billion in long-term Treasuries, primarily to help shore up the housing market and keep home loan rates low. On the announcement, Bonds exploded higher, leaving Bond prices within whiskers of the best levels ever.

However, it’s important to understand that while their actions may keep a lid on rates moving higher, they may not cause them to move dramatically lower. Additionally, due to many understaffed lenders and investors currently working at maximum capacity, we could once again see that improvements in Bond pricing may not all be passed through to our rate sheets.

Another factor that could impact whether Bonds and rates see significant improvement ahead are concerns of future inflation – the arch enemy of Bonds and home loan rates – brought on by all the recent aggressive moves by the Fed. While we know there is little inflation at the present time, the chatter of future inflation could have a negative impact on Bonds and home loan rates, or at least stifle any improvements.

Although the media is already spinning it differently, this is not a time to stay on the fence, hoping and waiting for lower rates. Home loan rates remain within inches of all-time historic lows, but may not necessarily move significantly lower based on this purchasing plan – waiting is a very risky move.

Jim Marcinkowski

Mortgage Consultant

Neighborhood Funding, Inc.

Your Direct Lender!

239-936-4232 Office

239-826-6400 Cell

239-985-4486 Fax

Licensed in: Florida, Georgia, Tennessee, South Carolina, Indiana, Arkansas, Alabama, Oklahoma, Texas, Oregon, Conneticut and Washington.