Paint Your Best Financial Picture
Updated Oct. 9, 2013
In the current Milwaukee mortgage market it is imperative that you present yourself in the best possible light. Most first time home buyers do not look at their credit until they are ready to purchase. Are they ready or is it to late?The one certain fix for credit is time. A credit report is front end loaded. What have...

Recovery in Housing?? Not so Fast Milwaukee!!
Updated Oct. 9, 2013
New home sales were up 11% from February to March. WOW the recovery is finally here. What the headline does not tell you is February had the worst reading of new home starts in a few years. The 11% only brings us back to the flat number we had in January and is down 21.9% from last March's reading.. Here is a CNBC article:...

Milwaukee Refinance and Reverse Mortgage
Updated Oct. 9, 2013
I recently refinanced my in-laws from a 20 year mortgage to a 30 year mortgage and did that create a stir. Most of the family told them they were getting older and they should refinance to a shorter mortgage term. With Milwaukee mortgage rates hitting close to record lows I suggested that they take a longer term loan. A...

Milwaukee Mortgage Rates Could Climb 6-28-11
Updated Oct. 9, 2013
Mortgage Backed Securities are Minus 22bps this morning.. The results of yesterday's auction were fair at best, This started a slide in MBS yesterday afternoon. The slide continues today as equity markets are rising over optimism in Greece. Olli Rehn, the European Union's commissioner for economic...

Milwaukee Mortgage Rates Climb
Updated Oct. 9, 2013
Mortgage Backed Securities are minus 16bps this morning and are down 47bps since yesterday afternoon.. Equity markets rallied yesterday afternoon and continue the rally here again today. Last week we had investors pile into the bond markets like clowns into a small car at the circus. That took the 10 year Treasury...

Milwaukee Mortgage Rates on the Rise Again
Updated Oct. 9, 2013
Mortgage Backed Securities are Minus 40bps this morning and puts the 3 day total above 100bps.. The Chicago PMI came in at 61.1 rising from the 56.6 reading last month and well above the 51 that analysts expected. Last month the same reading slipped and gave investors pause that the stimulus was not working. This...

ISM Takes Milwaukee Mortgage Rates Higher.
Updated Oct. 9, 2013
Mortgage Backed Securities are Minus 34bps this morning. That is the 4th day in a row that MBS are down.. The ISM index reading was 59.9. This number is a survey of 300 purchasing managers. A reading over 50 would signal expansion in manufacturing. Analysts expected a reading of 51.1 and the markets cheered the 59.9 number....

Milwaukee Housing Market in Pain
Updated Oct. 9, 2013
Milwaukee Housing Market in PainOne in four homeowners is underwater on their mortgage. That is putting pressure on the real estate market. Homeowners that would typically look to upgrade during the recent historic rates are helpless and unable to sell their current homes. We talked in a previous blog about...

Wisconsin Mortgage Rates Recover
Updated Oct. 9, 2013
Mortgage Backed Securities are Minus 6 this morning.. Lenders came out very aggressive in their pricing today. The short week and low volumes may have prevented them from producing the best rates available. Today they are very aggressive in the face of head winds. We will have to see if they keep their sentiment the...

Markets Pull Head Fake on Milwaukee Mortgage Rates
Updated Oct. 9, 2013
Mortgage Backed Securities are Minus 28bps today.. Milwaukee mortgage rates started to move up last week. We questioned why they would be pulling back other then just getting ahead of themselves. Today they restarted their ascent. This after weekly jobless claims came in lower by 14,000. ADP also said there were...

Analysts Whiffed an Rates Retreat
Updated Oct. 9, 2013
Mortgage Backed Securities are PLUS 65bps this morning.. The guy sitting on the bench never strikes out. The only problem is he is never in the game to begin with. That means if you are in the game long enough you will strike out every once in awhile. It is not because you did not do the research or did not see the market...

What is the Difference Between a Recession and a Depression
Updated Oct. 9, 2013
Mortgage Backed Securities are Plus 34bps this morning.. A comedian once quipped the difference between a recession and a depression. He said "A recession is when your neighbor is out of work and a depression is when you are out of work". I think that may be the case with the latest jobs report.. We are seeing better than...

FOMC in Focus Will Move Milwaukee Rates
Updated Oct. 9, 2013
Mortgage Backed Securities are Plus 0 this morning.. The FOMC will release the minutes from its last meeting today at 1:00. It will give us a look at the discussions of the last meeting. It will tell us what the Fed thinks about the economy and inflation. The may even mention the affects of the Fed not buying Treasuries as...

Fed Chairman Ben Bernanke Testifies Rates Move Higher
Updated Oct. 9, 2013
Mortgage Backed Securities are minus 28bps this morning.. Chairman Bernanke stated in his semi-annual testimony that the Fed is ready to step in and try untested measures to stimulate the economy if it falters. That signaled to investors that another round of quantitative easing maybe in the cards. Just two weeks...

Buying a Condo in Wisconsin
Updated Oct. 24, 2014
A recent check of my web traffic alerted me to a rash of inquiries regarding the purchase of a condo in Wisconsin. Like any part of the housing market right now there are deals to be had in the condo market. There are plenty of potential pit falls and hopefully this will help you navigate the mine field.. The recent...

100 Percent Purchase in Wisconsin
Updated Oct. 9, 2013
I recently had two clients call me looking for 100 percent purchase loans. I work so much in the Milwaukee, Waukesha and Madison area that I forget about a little used Rural housing 100 percent loan program. You can qualify under this program with very little out of pocket expenses. There are some guidelines that...

Equity Markets Soar Milwaukee Mortgage Rates Pause
Updated Oct. 9, 2013
Mortgage Backed Securities are minus 22bps this morning.The headlines are stating that the equity markets are soaring based on a Housing Starts report that states a 14.6% increase. Single Family homes in that report were actual flat and the big increase was in Multifamily units. More Americans can not afford to...

Wisconsin Mortgage Resource Blog
Updated Oct. 9, 2013
I have seen my share of issues over the last 11 years with the appraisal process. Recently we are seeing an abnormal amount of fallout from needed repairs on a property. Lenders will not refinance or extend money for the purchase of a property that needs work.. Currently 25% of all homeowners are under water on their...

Milwaukee Fitness Trainer Questions Under Water Mortgages
Updated Oct. 9, 2013
I look in many places to find content and try to answer questions where people are looking for answers. I recently started working with a fitness trainer, Mike Sweeney of Sweeney's Gym on Howell Ave in Milwaukee. We started talking about what it is I do for a living. When I told him he said that his clients, the...

Milwauke Mortgage Rates to Move Higher in the Short Term?
Updated Oct. 9, 2013
Mortgage Backed Securities are PLUS 6bps this morning.. The fear mongers have held the markets down for the last few weeks. Retailers Target and Staples say not so fast my friends. Target the 2nd largest retailer profits rose 3.7% and beat expectation. They also raised their year end guidance. Raised their guidance in...