Rates and Jobs Report

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Interest rates, interest rates, interest rates…….

Where are they headed? With a big jobs report number coming out tomorrow, everyone is on pins and needles in the pricing pit. The stronger the lower the unemployment number, the greater chance rates will increase. On the flip side, Europe is back in spotlight. After a peaceful march by 100,000 workers, anti-austerity protestors set several cars on fire and hurled cobblestones at police forces. This is another example showing us how Europe is a key factor to our US Economy. It is unlikely our rates will increase dramatically if the ECB continues to work on economic easing measures.

I wanted to give you a reminder about Flip Properties. This week we had a sale in which the seller had owned the property under 30 days prior to our new contract. There is no problem with this type of transaction, but, there is a different set of protocols needed in regards to the appraisal and title history. Please be sure to always bring it to a lenders attention when the property is a flip. Many lenders have a 90 day requirement so I recommend you bring it to their attention anytime it is 90 days or under.

Are you in the middle of a transaction that has financing and is a heck of a challenge? We closed three loans this week that were at other lenders who were having problems. It is our privilege to help you close deals that other lenders can’t. That has become a large source of our business. For 27 years we have been helping in this way. I came across a great quote this week that was relevant to this subject. Thomas Edison said “Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.”

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