Friday, July 26, 2013

The Time Is Now! Low Mortgage Rates Won't Last!

If your clients have been waiting for the right time to buy, that time is NOW! Mortgage rates are on the rise, in fact they are rising at an unprecedented rate. During the crisis of 2008 rates dropped dramatically, at this time last year rates were around 3.5%. At the end of June of this year, rates jumped .5 percent, from 4% to 4.5%, the largest week over week rate increase in over 25 years! These jumps can largely be attributed to the housing recovery, and the steps set in motion by the Federal Government to pave the way for the housing boom. My Rate Mailer provides loan officers with the best online mortgage marketing mailer, allowing your clients to always be informed, no matter what the change in rates may be.

Information provided by CBS News

(MoneyWatch) Although mortgage rates are famously hard to predict, there is consensus that they are moving in only one direction: up.

"Interest rates will probably fluctuate throughout the year but generally will follow an upward trend line," said Grant Moon, president of VA Loan Captain, a mortgage firm targeted to veterans. "Interest rates as a whole will rise a lot faster than they fall."

At this time last year, interest rates on benchmark 30-year fixed-rate loans were hovering around record lows at 3.5 percent, or even less. They bottomed out at the end of November, when rates hit 3.31 percent, according to the Freddie Mac Primary Mortgage Market Survey. And until recently rates had generally remained well below the 4 percent mark.

But in just the past month rates have jumped to more than 4.5 percent, a mark we haven't surpassed in more than two years. At the end of June, rates jumped nearly 0.5 percent, the largest week-over-week increase in more than a quarter century.

"The degree that interest rates have gone up in such a short period of time is really second to no other time, so I think that has gotten people's attention, but I am really not concerned about it," said Hale Walker, co-founder and senior vice president of residential mortgage lender Michigan Mutual. "I personally would be surprised if we saw interest rates over 4.5 percent by the end of the year."

Rates have been on a bit of a rollercoaster ride, charging up and down from week-to-week or even day-to-day.

"I think volatility will be the norm for the rest of the year," said Josh Moffit, president of Silverton Mortgage Specialists, a direct mortgage lender in Atlanta. "However I don't feel we'll have the large moves we've seen in the past 30 days or so."

He believes that mortgage rates will remain in the low 4 percent to low 5 percent range.

Brian Koss, executive vice president of Mortgage Network, a mortgage banker with branches throughout the eastern U.S., agrees. "The consensus seems to be that we can expect any changes in rates to range between an increase of 0.5 percent and a decrease in .25 percent," he said.

The big jumps in interest rates in recent months have largely been driven by the housing market's strong recovery. That has led the Federal Reserve to start scaling back its monthly purchases of Treasury on mortgage bonds sooner than expected. The central bank launched the bond-purchasing program during the worst of the financial crisis in 2008 to help lower long-term interest rates and stimulate economic activity.

The wild card in forecasting mortgage rates? Jobs. Although the labor market has picked up speed this year, averaging roughly 200,000 monthly job gains, the Fed has pledged to maintain its low-interest policy until the economy strengthens and unemployment falls significantly from its current level of 7.6 percent.

Fed Chairman Ben Bernanke reiterated last week that it would not automatically raise the benchmark federal funds rate, the rate for intrabank loans, once the jobless rate fell to 6.5 percent and inflation topped 2.5 percent. Rather, the bank will merely consider these thresholds in exploring whether to push rates up.

"With the job market still being very tough, it will be hard for rates to really jump up into 5 or 6 percent," Moffit said. "In my opinion, the unemployment rate will need to dip below 7 percent for that to happen; and while that is possible, it seems unlikely by year-end."

That means homebuyers still have time to capitalize on low rates. They may not return to historic lows, but they're pretty close.

"We always say, there's nothing to worry about below 8 percent," Walker said.

Friday, July 19, 2013

Three Social Media Tips for Loan Officers

While the mortgage rate roller coaster is still causing major ups and downs, we can always rely on one constant, THE INTERNET! My Rate Mailer provides loan officers with the best online mortgage marketing mailer, allowing your clients to always be informed, no matter what the change in rates may be. You are also able to post your mailer up on ANY SOCIAL MEDIA site, to spark interest and attract new clients. Here are a few tips to keep your client base engaged while the roller coaster keeps coasting!

Start Now

With Facebook membership over 500 million strong and Twitter approaching 200 million users, it is evident that the future of the Internet is geared towards its “social” aspect. However, the serious potential offered by these platforms can lead to substantial learning curves. The sooner you become acquainted, the sooner you can begin employing it to your advantage.


When it comes to social media, consistency is king. Align organizational strategies and messages across all channels. Link your Twitter and Facebook pages, but above all, keep it constant! This will aid you in establishing a brand identity and, in turn, building brand equity – known as the “Holy Grail” to marketing specialists.


Using Social Media accounts is a great way to connect with your client base, however sending out a weekly newsletter or mailer may help to set you apart from the herd. When providing consistent and effective communication directly to your buyers inbox, your clients will see you in a different light. These days everyone is using their Facebook and/or Twitter pages to communicate general information, however a personalized mailer with specific information sent directly to your client will make you their go-to lender!

Wednesday, July 3, 2013

Close more Loans! - What You Can Do To Keep Buyers Buying.

Reuters recently reported that the rise in mortgage rates has cut into the home buyer demand. This would be troubling news for any lender or loan officer in the industry, however there may be a simple solution to help keep your business in the green, My Rate Mailer.

"Expectations the Federal Reserve will slow its economic stimulus program by the end of the year pushed mortgage rates higher last week, sapping demand from potential home buyers, data from an industry group showed on Wednesday."

Is there anything loan officers can do in a time like this? The answer is YES, online mortgage marketing! Buyers need to feel a sense of certainty when looking to purchase a new home. The roller coaster of mortgage rates is not providing the best arena for new home buyers, because the rates are constantly up and down, giving a sense of uncertainty and discomfort to buyers. My Rate Mailer keeps your clients in the know, providing them with the rates you offer first and foremost. By providing your clients with your rates as soon as they change, keeps clients informed and feeling valued. Don't let your client get caught up in the latest mortgage news headlines, the constant ups and downs, provide them with YOUR rate first, keep them informed and feeling a sense of comfort when purchasing a new home.

Reuters - Rise in mortgage rates cuts into home buyer demand

Rates measured by the Mortgage Bankers Association jumped to the highest level since July 2011, which also cut into refinance activity. The share of refinance applications fell to the lowest level in more than two years.

Interest rates on fixed 30-year mortgage surged 12 basis points to average 4.58 percent in the week ended June 28, the MBA said.

"At these rates, many fewer homeowners have an incentive to refinance," Mike Fratantoni, MBA's vice president of research and economics, said in a statement.

"Purchase application volume also declined, but not nearly to the same extent, as affordability remains strong."

However, a separate report from mortgage financier Freddie Mac, covering the week ending July 3, showed average rates for 30-year mortgages heading slightly lower. Market concern about an early reduction of Fed stimulus eased somewhat during the period, an economist said.

Rates have been rising since early May, with the increase accelerated by comments from Fed Chairman Ben Bernanke last month that the central bank expects to wind down the pace of its quantitative easing program later this year if the economy improves as expected.

The Fed has been buying $85 billion a month in bonds and mortgage-backed assets to keep borrowing costs low and stimulate economic growth. The historically low mortgage rates have helped lure in buyers as the housing market gets back on its feet.

The recent higher cost of mortgages has raised concerns that the increase could dampen demand and slow the housing recovery, though most economists do not expect it to be derailed. Even with the increase, rates remain historically low.

While the rise in rates had appeared to cause some potential buyers to get into the market earlier in June, MBA's seasonally adjusted index of loan requests for home purchases decreased 3.1 percent last week.

Refinancing activity was hit much harder and the index tumbled 15.6 percent last week. The refinance share of total mortgage activity slumped to 64 percent of applications from 67 percent the week before. It was the lowest level since May 2011.

The overall index of mortgage application activity, which includes both refinancing and home purchase demand, slid 11.7 percent.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.

The Freddie Mac report showed average 30-year fixed rate mortgages for the week ending July 3 falling to 4.29 percent from 4.46 percent last week. At this time last year the rate averaged 3.62 percent.

The Primary Mortgage Market Survey also showed that the 15-year fixed-rate mortgage averaged 3.39 percent this week, down from last week's average of 3.50 percent.

"Fixed mortgage rates fell over the holiday week as market concerns over the timing of the Federal Reserve's pullback in bond purchases eased somewhat," said Frank Nothaft, vice president and chief economist for Freddie Mac.

Tuesday, June 25, 2013

Bad Math Equals Bad Mortgage

A recent study published by CNN shows that borrowers with poor math skills made up the highest percentage of home owners that foreclosed on their homes. In fact poor math skills resulted in borrowers being FIVE TIMES more likely to default on their loans! My Rate Mailer gives loan officers the opportunity to do the math for their clients in the most efficient and effective way possible. With My Rate Mailer, you're not only building a strong online mortgage marketing campaign but also gaining your clients trust. Do the math for them, save your clients time and money while closing more loans! An example from the study shows that most borrowers have the most difficult time computing interest rates!

"The simplest question asked them how much a $300 sofa would cost at a half-price sale. The most difficult asked how much a savings account of $200 would grow to after earning 10% interest for two years."

Do the math for the clients, sign up with My Rate Mailer today and close more loans!

Tuesday, June 11, 2013

Loan Officer Sales Advice

In today's mortgage market, buyers are looking for the best rates they can find. They want to be kept informed about the housing market and ever changing mortgage rates. My Rate Mailer gives busy loan officers the opportunity to generate professional rate sheets to send out to any or all clients, in the most efficient and effective way possible. Online mortgage marketing techniques now offer loan officers the opportunity to connect with their buyers and agents, keeping them engaged and informed about market rates and even specific loan requests. Don't wait sign up today at My Rate Mailer, and close more loans!

Ask for referrals

If you just closed a loan with a client who had a great lending experience, as if they know of a friend, co-worker, or family member who is also in need of a loan officer. A good loan officers will find their next client instead of sitting around, waiting for the phone to ring. My Rate Mailer offers the opportunity to gain more referrals without the hassel of continued online mortgage marketing attempts. Clients can easily copy and paste your Mailer to any social media site or forward your mailer with the simple click of a button. Save time and money with using My Rate Mailer!

Be accessible

For most of your clients, this is the most important purchase of their lives and they want to know that you will be there with answers when they need them. Be accessible via cell phone and e-mail, and even on your social networking accounts. A client will readily give your name and number to a friend in need of mortgage assistance if they had an easy experience. My Rate Mailer puts you in the forefront of your clients inbox, demonstrating that you are always available to them. Clients will see your rates as soon as they change, giving them a sense of comfort and trust in your abilities as a loan officer.

Don’t wait for them

Go through your database and look for opportunities—they are right there in front of you. The best plan of action is to set up an account with My Rate Mailer, which will import your list of clients, giving you the ability to contact them, providing them with the opportunity to save more money on a refinance. Yes, we know that rates are low right now, but they may not – they aren’t the mortgage experts, you are.

Wednesday, May 22, 2013

Lenders, Now Is the Time!

If your clients are looking to refinance or buy a home here are some tips to get them moving! My Rate Mailer helps lenders like you get your clients "moving" on their mortgage! My Rate Mailer uses online mortgage marketing to help lenders get the most out of this years housing boom. My Rate Mailer is the best way to gain a clients trust. Your mailer will help to close more loans by using constant and effective communication. With your mailer on the top of their inbox daily, your clients will be informed, and feel they are able to communicate with you openly. NOW is the time to buy, don't fall behind, make sure your clients know you are their go-to lender!

Sign up for My Rate Mailer today and get your online mortgage marketing plan in action TODAY!

Buyers, get moving

With rates near the bottom and home prices on the rise, it's still a perfect time to buy a house. If you can afford a home and qualify for a mortgage, this may be your last chance to take advantage of the market and own a home for less. To speed up the homebuying process, get a mortgage preapproval before you start shopping.

Ensure that your credit is golden

Credit standards remain tight. As new mortgage rules are unveiled in 2013, the standards are not expected to loosen. If you plan to get a mortgage anytime soon, you must treat your credit as one of your most valuable assets. Most lenders want to see a spotless credit history of at least a year on your credit report. You'll need a credit score of at least 720 to get the best rate. Borrowers with a credit score of 680 or more can still get a good deal, but the lower your score, the harder it will be to get approved.

Want to pay off your mortgage earlier?

If you are one of those homeowners who dream about being mortgage-free, the low-rate environment may be a good opportunity to refinance your 30-year mortgage into a 15- or 20-year loan. But make sure you can really afford the slightly higher payments on the shorter loan and that you have some money saved for emergencies.

Tuesday, May 14, 2013

Mortgage Tips for 2013

Whether your clients are looking to refinance or buy a home, 2013 is the time to do so! Using online mortgage marketing is the best way to take advantage of the housing boom of 2013. Potential buyers are looking for loan officers they can put their trust into. My Rate Mailer is the best way to gain a clients trust and business. With your mailer on the top of their inbox daily, your clients will be informed, and feel they are able to communicate with you effectively. 2013 is the time to buy, make sure you are the go-to lender for your clients! Sign up for My Rate Mailer today and get your online mortgage marketing plan in action TODAY!

Top Tips for Buyers in 2013

Stop procrastinating and refinance

If you haven't refinanced recently, you're probably paying a higher interest rate on your mortgage than you should. Take advantage of today's record-low mortgage rates while they last. Rates are expected to remain low during the first few months of the year, but they should gradually increase. When they do, many borrowers will regret having missed the opportunity to grab the lowestmortgage rate in history.

Give your lender a chance

If you have trouble paying your mortgage, don't ignore your mortgage servicer. There are new programs available for borrowers who struggle to keep up with their mortgage payments, including forbearance for those with FHA mortgages. Lenders have been more willing to work out delinquent loans through loan modifications and even short sales for homeowners who can't afford to stay in their homes. It can be a frustrating process to deal with your lender, but communication is still your best tool.

Shop for a low rate and good service

Even with rates hovering near record lows, you should still shop for the best mortgage deal. Get quotes from at least three lenders and compare not just the interest rate but closing costs and the quality of their service. Favor lenders that have a reputation of closing on time. Start with referrals from friends and relatives when shopping for a lender and read online reviews from other borrowers about the particular lender or mortgage broker you are considering.