The economy is showing more signs of improvement…
The chart below shows a snapshot of Monthly Retail Sale from this past March thru July. This chart clearly shows consumer spending is trending higher. As economic news continues to improve there will be more and more pressure for interest rates to continue to rise as well. If you know of anyone on the fence regarding a purchase or refinance, let them know now is a great time to take action. Please pass on my contact information if I can help answer any mortgage related questions.
Today’s Fun Fact……
Last month a virtually pristine 1954 Mercedes-Benz W196R racing car sold for $29.6 million, shattering the previous record of $16.39 million for the most expensive car ever sold. The car was driven by the late Argentine racing great Juan Manuel Fangio, who won 45% of the races he entered and five world titles, the last one at age 46! Too bad he never drove my ’99 Taurus. © 2013, Graphs and Laughs LLC
CoreLogic reports that its national Home Price Index rose by nearly 12% in the year ended in June and was the 16th consecutive month of gains.
If you have been thinking about selling your home but concerned over its worth, this may be a great time to reach out to a realtor and get a Certified Market Analysis Report (CMA) to get your homes value in today’s real estate market. Please shoot me a note if you want a referral to the best realtors in the area.
If you do decide to put your home on the market, then please give me a call so I can pre-approve you for your next home.
Your home may be worth more than you think, so why not find out…
How does Maine and Florida stack up with regards to home price recovery? Not as far as you might think.
Here is a State by State snapshot of where home prices are today compared with their peak a few years ago. Looks like Maine is on its way back and Florida still has some home bargains to be found.
There has been so much information in the news lately regarding interest rates and their sudden climb upward. While this may seem very scary and sudden, most folks in my industry have been expecting this for a while. As they say, what goes down, must eventually go back up (or something like that). The bottom line is that we were looking at rates in the mid 3% range just a month ago and then woke up about two weeks ago to find we were facing interest rates above 4.5%. The speed at which the interest rate increase happened shocked us all a bit.
The good news is that rates have calmed down over the past week or so. We are still in the low to mid 4% range for interest rates but that is still much better than the past 10 year average for interest rates, which I just read, is around 5.75%. Having said that, may of your friends, family members or even neighbors have still not taken advantage of today’s low interest rate environment and find themselves with an interest rate of 5% or 6% or even 7%, believe it or not. I read an article this past week that stated there are still over 9,000,000 (yes that’s 9 Million) homeowners in America that are perfect candidates to refinance their mortgage and save a bundle of money each month.
I am asking for your help today, please give your friends the gift of your knowledge. I would like to talk with those friends of yours that have still not refinanced and are paying hundreds of extra dollars each month on their mortgage payment or possibly tens of thousands of dollars too much, over the life of their loan. There are wonderful refinance programs out there today, that can help families, even if they have no equity in their home or they are underwater on their mortgage (they owe more than their home is worth). I helped a family last month (who was underwater on their mortgage), save over $550 a month on their mortgage payment, yes you read that right, over $550 a month.
Next time you meet with your circle of friends, co-workers or family, ask them if their interest rate is still over 5%, and if the answer is yes, please give them my cell phone number – 899-5354 or toll free at 800-775-0965. I know what you’re thinking, Jeff, that is way too personal of a question to ask. Do you think your friends or family will really be offended if I am able to help them save $200 or $300 or $400 a month? They will thank you every time they see you from now on. You will be their hero and they will never regret that you asked them about their interest rate.
Now, they may tell you that they tried refinancing over the past few years but it did not work for them, have them call me anyway. I help homeowners all the time that say they could not refinance with someone else. Lending guidelines and lending programs are constantly changing and someone who did not qualify two months ago, could now qualify today.
Thank you again for your help and your friends will thank you as well. I am sure you are connected in some way to at least one of those 9 Million homeowners who still could be helped with a refinance!!
Also, if I can help you in anyway with your current Maine or Florida mortgage or if you have a general mortgage question, please reach out to us.
We have changed our name from GreenLight Mortgage to Blue Stripe Mortgage!
You may be asking yourself, why in the world would we choose to change our name? Well, to be honest with you, we did not envision changing our name until we received a letter in the mail two weeks ago. Over the last two weeks we have been educated as to the meaning of the term “Service Mark’. It turns out that the name “GreenLight” had been “Service Marked” nationally several years ago in the category of Mortgage/Financial Services. Therefore, we had no choice but to change the name of our company.
Your next question may be how did Meredith and Jeff come up with the name Blue Stripe Mortgage? After finding out that we absolutely had to change our name and after the initial shock wore off, we quickly started working on the perfect name. We asked friends, family and business partners for suggestions, scoured through the thesaurus as well as Latin and Greek dictionary’s, we did exhaustive web searches and read books on finding the perfect name for your company. Each time that we thought we had a terrific name to reflect who we are as a mortgage company and what we stand for, we quickly learned that the name was already taken. Finally one day last week we hopped in the car and drove around downtown Portland looking for inspiration and knowing the perfect name for our company was out there. We read every sign we could find, from store fronts to license plates. After an hour of rattling off countless names, we once again headed for home, still in search of our new company name. While sitting at a stop light on Middle Street, someone walked in front of our car in the crosswalk and they were wearing a beautiful blue stripe shirt. I looked at Meredith and said “how about, Blue Stripe Mortgage”. Meredith looked at me and said, “I love it”, and the rest is history.
On the ride home we realized that instead of finding a name that reflects who we are, why not pick a name that we love and over time, that name will become synonymous with all the great things we stand for. At Blue Stripe Mortgage we pride ourselves on continuing to offer the same great service that you have come to expect from us. At Blue Stripe Mortgage we are truly your local, small town mortgage resource with access to large national lenders.
Here is our updated contact information:
Name: Blue Stripe Mortgage
Our phone numbers and address are the same, and have not changed.
So please help us pass the word that Blue Stripe Mortgage is our new name and we are here, as always, to help answer all of your mortgage related questions. Please feel free to call or write if we can be of service to you or someone you know.