The purpose of the newsletter is to remain informed of current consumer topics and pending economic indicators that affect the financial and real estate markets of the Seattle Area.

John Bratmon

President/Broker

Towne Financial Corp.

7975 Leary Way

Redmond, WA  98052

425.885.1430

 

To contact me, to assist you with your mortgage needs, Click Here

 

To find out what your real property may be worth in the current market, Click Here

 

 
U.S. Treasury Bonds
Maturity Yield Last
Week		 Last
Month
5 Year 4.36 4.43 4.54
10 Year 4.45 4.51 4.60
30 Year 5.65 4.71 4.79

Treasury Market Summary: 
Treasuries Rally After Collecting Thoughts: The bond market is adding to yesterday's gains on strong volumes. The 10-yr yield is down to 5.028% from about session highs of 5.081% with postitive sentiment gathering momentum as June's rate decision remains in play. Treasury's Quarles said today low short-term rates were an abberation & that they mey return which helped to nudge yields down further. The dollar has been pushed around severely but remains up on the session with euro slipping to 1.2708 from highs of 1.2773 while the buck went to 112.0750 from lows of 111.5600 this morning. The dollar index continues its relatively strong reversal from May 15 lows of 83.60 to 85.31. The buck is getting bid as gold has taken a dive to 653.00 (-29.30) & flows back into treasuries help drive currency trade.
 

Economic Indicators for this week that could impact the mortgage or real estate markets include...

Ten Best Ways to Improve Your Mortgage Experience
Tips for a better refinance or purchase transaction

1. If the mortgage retailer you're interested in is unfamiliar to you, take the time to check them out. Not all states even require licensing of mortgage brokers. Check with the state banking department where your loan will be originated (and the state the retailer is headquartered in, if it's different). Call a local Better Business Bureau. See if they're members of local, state or national trade associations.

 

2. If it sounds too good to be true, it probably is. Be wary of deals which are way below the other offerings in your market, or promises of service quality which can't possibly be met ("we close in 24 hours!") Don't be surprised if the advertised deals don't apply to your situation; they may be available only to the absolute best, top-shelf borrowers. The law only requires that the deal listed be available -- not that it's available to you.

 

3. Research, research, research. It's your job to know what is normal for your loan circumstance. Call lots of outlets. Get rates, points, fees and commitment periods for offers that are as similar as possible. Some of the lowest rates offered have no lock-in available, or can be obtained only if you close ASAP, so make sure that the quotes you get have the same terms, if possible. That way, you'll soon be able to judge a good, bad or just average deals.

 

4. Ask questions, get answers. People in the business will sometimes talk a blue streak and expect that you understand. If you don't get it, say so. Make them explain -- to your satisfaction -- or take your business to someone who will.

 

5. Get it in writing, on company letterhead, and signed. This pertains to everything you negotiate in your deal, but especially any lock-in agreement (or execution) you conduct. More misunderstandings and disputes are related to lock-ins than any other item. Under the law, verbal agreements aren't worth the paper they're not printed on.

 

6. Sign nothing you don't understand -- and understand everything you sign, even if you need to get outside help to do so. If legalese or contract language is difficult for you, hire a lawyer to help manage your transaction. The few hundred dollars can be very inexpensive insurance.

 

7. Ask how much experience they have in dealing with mortgage situations similar to yours. How long has the company been in business? How long has your salesman/broker and loan processor been in the business? More experience can mean a smoother transaction, especially if the market gets rough -- and it can help to know your loan processor.

 

8. If you're coming in "blind", with no referrals from friends or relatives, ask for a few references you can contact -- and follow up on them. Of course, they'll probably be the most satisfied clients the firm has worked for, but it is a place to start.

 

9. Make sure your "no points" loan is really "no points." You might not know that there are actually two kinds of points: Discount Points (which lower the interest rate) and percentage-based Origination Fees which cover some of the cost of getting you the mortgage, including commissions. A true no-points loan has neither -- and if your "no points" loan has a one-percent Origination Fee, it's actually a one-point loan. Compare it against other one-point loans for accuracy.

 

10. Ask about "Prepayment Penalties" or "Early Termination Fees." Some of the lowest rates in the market, especially for ARMs, are available only on loans which carry hefty fees if the loan is refinanced in the early (the first three to five) years. If you don't ask whether any apply to your loan, you could find a costly 'zinger' down the road.

 

The purpose of this newsletter is to stimulate thought for my clients and those

professionals with whom I network.  If you are a real estate, estate planning, taxation,

financial planning or insurance professional receiving this newsletter, please call my

office and introduce yourself to me.  I'm always seeking to grow my referral network and

expose more service professionals to my client base.  I specialize in helping those

individuals looking to buy, sell or refinance real property in the Pacific Northwest area.

By The Way:  Most Lenders spend the majority of their time prospecting for new clients (through ads, cold calling, flyers, etc.).  That's not they way I do things.  My business is based almost exclusively by referrals from my Preferred Partners (Real Estate and Professional Consultants), and my current & past clients.  Because of this, I devote the majority of my time to serving the needs of my clients before, during and after their transaction.  As long as they keep referring their friends, neighbors, family members & clients to me, I don't have to spend my time prospecting for clients, which means I can spend my time doing an even better job for them.  If you know someone who'd appreciate the services I provide, please call me with their name & phone number, and I'll be happy to follow up with them.

Visit John at www.NorthwestMortgageSolutions.com   

 

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John Bratmon of Towne Financial Corporation is a Washington State licensed Mortgage Broker.  John provides Conventional, Non Conforming, Jumbo, and Foreign National Loans. He assists clients with excellent credit, less than perfect credit and no credit.  John also assists individuals who are self-employed and require both full documentation and no documentation loans. John provides financing assistance to whose who are buying, selling or refinancing real estate.   If you would like to stop receiving these e-mail newsletters, simply e-mail him your request at Johnb@townemortgage.net; it will be immediately honored.