Napa Mortgage News

Naughty or Nice List........Push a button...Get a Mortgage??

February 16th, 2017 6:58 PM by Dale DiGennaro

Dear Gena,

In this day and age....it seems that technology allows us to get information on just about any subject or product...almost instantly and with little effort.

That being said...we now see mortgage companies creating marketing such as "push a button...get a mortgage".

Although it may not be quite that simple...the thought process is streamlined, minimal documentation as well as minimal effort on the part of you the borrower to provide what is needed.

We are now starting to see our lenders offering programs that will ease our borrowers experience by relieving you of having to get all the income and asset documentation and allowing it to be done through a more automated fashion using already existing databases of information.

This would include more automated appraisals (also known as Property Inspection Waivers...PIW's) which are a no-cost, instantaneous valuation of your property.

Let us help you evaluate your options.

Call or email me anytime with your questions or personal scenario.

VISIT OUR WEBSITE

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THINKING OF SELLING OR EVEN DOING A REFINANCE...
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...

according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be. You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!

ECB Scales Back

Over the past week, volatility in mortgage rates was at the lowest level since the election. The main market mover was the European Central Bank (ECB) meeting. Sunday's referendum vote in Italy had little impact on U.S. markets, and the U.S. economic data also caused little reaction. While it was another good week for the stock market, mortgage rates ended the week with little change.

On Wednesday, global bond yields, including U.S. mortgage rates, declined on hopes of good news from Thursday's ECB meeting. The outcome was not as favorable as hoped, however, and the improvement was reversed on Thursday. Ahead of the meeting, investors generally expected that the ECB would extend its bond purchase program for another six months. On this front, investors were pleased, as the ECB extended the program by nine months through December 2017.

The disappointment came from the unexpected news that the monthly purchases will decrease from 80 billion euros to 60 billion euros beginning in April. The reduction in the level of stimulus removed some expected future demand for bonds, causing yields to rise, offsetting the prior day's decline.

The most significant U.S. economic data released over the past week revealed another sign that the economy is ending the year on a stronger note. The November ISM national services index increased more than expected to 57.2, which was the highest level in a year. The service sector employs the vast majority of U.S. workers.

Readings above 50 indicate that the sector is expanding. This follows last week's reading of 53.2 for the November ISM national manufacturing index, which also exceeded expectations.

Looking ahead, the next U.S. Fed meeting will take place on Wednesday. It is widely expected that the Fed will raise the federal funds rate, so investors mainly will be looking for guidance about the pace of future tightening. Also on Wednesday, Retail Sales will be released. Consumer spending accounts for about 70% of economic output in the U.S., and the retail sales data is a key indicator. The Consumer Price Index (CPI), a widely followed monthly inflation report, will come out on Thursday. CPI looks at the price change for goods and services which are sold to consumers. Housing Starts will be released on Friday.


With.......Steven Harris (above) and Chuck Reiland.

My Kiwanis Club of Greater Napa

ringing bells at Trader Joe's in

Bellaire Plaza.

We are here every Wednesday from

now until Christmas.

Come out an see us!

I will personally be there on the 21st from

2:00-4:00pm.

"Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime with your questions. I will be happy to share with you whatever information you may need!"