Bill Nickerson's Mortgage News

Top 10 Bathroom Remodeling Trends: Part 1

2012-01-20T09:44:00.001-08:00

Before I talk about bathrooms, I would like to thank Bill Nickerson for this opportunity to introduce myself to you. My name is Ken Howell and I am the co-owner of Synergy Total Home, a residential contractor located in Acton. Together with my partner Julius Dunworth, we have more than two decades of experience transforming our customer’s houses into the home of their dreams. I would welcome the opportunity to speak with you about any project you have been considering. Now let's talk about bathrooms.

With the decrease in housing sales in recent years, homeowners are looking at ways to improve their current homes. One area that continues to be a popular area to remodel is bathrooms. That shouldn't be surprising, every house has at least a couple baths and some have more. At Synergy Total Home, we love doing bath remodels and our customers love the results. Let's look at some bath remodeling tends for 2012:

1. Large, open custom showers: Large showers made with designer tile are a big request right now. People like the rich look of tile and the custom appearance it offers. Adding to the open feeling are clear glass doors that are hinged rather than sliding. In addition, people want their baths to be a relaxing spa like retreat and one way to accomplish that is with multiple shower heads. We do many custom showers with a fixed shower head and a handheld wand.

2. Jacuzzi's are out, soaking tubs are in: How many of us have a jacuzzi that we never use? The answer is most of us. And how about all the room some of them take up. Today more people are opting for simpler soaking tubs. A soaking tub is typically larger than a standard tub but still takes less space than a jacuzzi. Add a few candles and you are set for a relaxing evening.

3. Bring in the light: Our customers view their master baths as a sanctuary from a stressful world. They want them to bright and cheerful, even sun filled. Many of our customers are requesting more windows or even skylights were possible. Many glass options are available to ensure privacy.

4. Big fan, little noise: Exhaust fans continue to be a popular request not to mention being required by code in most circumstances. But while people may want what the fan can do they don't really want to hear it doing it. Ultra quiet fans are what most people opt for. Properly installed these fans are almost impossible to hear. Fans are also available with lights and heat.

5. Water closets: For those that have the space a separate water closet is a big advantage. Let's face it, we may love our spouse but we all need privacy now and then. Sometimes it requires relocating the toilet but with PVC pipes it’s not as complex as it may seem.

That's the first five; I will cover the second five in Bill's next newsletter. In the meantime, if you have any questions please contact me at

978 369 1006 or send me an email at kghowell65@msn.com. You can also check out our website at www.synergyrestorations.com

Article courtesy of: Ken Howell, Co-owner of Synergy Total Home

What to expect this week in the Market

2012-01-14T17:55:00.001-08:00

This Week; of course it is still most about Europe, the saga that won’t go away, and likely not for years. Treasury rates ended last week at 1.87%. Mortgage rates continue to decline in the MBS market but lenders that buy the loans have not been pricing to the MBS market, holding prices lower than the market itself. The increased fees to finance the 2.0% social security tax cut financed by home buyers and re-financers is causing disruptions in pricing. Some lenders have used the fee increase to increase gains from originators by setting prices much lower than MBS markets trade---over and above making the price adjustments for the fee increases. Watch your lenders and compare MBS prices we report to how your lender is treating you.

This week a few key economic reports that will get traders’ attention; PPI, CPI, Philly Fed business index, Housing starts and permits as well as Dec existing home sales and weekly jobless claims all on tap (see economic calendar). US interest rate markets continue to hold well, at the same time the long end including mortgages is struggling to keep a positive bias. Europe’s travails and this week’s economic data should define whether rates will move lower. That said, with rate increases due to Congress using Fannie, Freddie and FHA to finance the social security tax cut, mortgage rates are not likely to fall much more even if US treasury markets improve somewhat. We remain skeptical on the longer term outlook for rates, rates are likely to increase a little this year with the economy improving. The wild card now is the Fed (Europe is always a wild card on a day-to-day basis); last week there were some that were floating the idea of another easing move from the Fed, still a minority view however. On the 24th and 25th the FOMC meets, likely there will be discussions on the subject.

Have a Wonderful Day!

Bill Nickerson

Vice President Mortgage Network Inc

179 Great Road, Acton MA 01720

bill@billnickerson.com

978.273.3227

5 Real Estate Trends to Look For in 2012

2012-01-03T07:17:00.001-08:00

5 Real Estate Trends to Look For in 2012
by THE KCM CREW on JANUARY 3, 2012

Predicting trends during the most volatile housing market in American real estate history is no easy task. We strongly believe these are the five real estate items we should keep an eye on in 2012:

1. Buyers Will Return
In 2011, a lack of consumer confidence in the overall economy dramatically impacted the housing market. Buyers were afraid to make a purchasing decision on any big ticket item. By the end of 2011, consumer confidence began to return and sales increased. Economic conditions will continue to improve throughout 2012 and consumer sentiment will solidify. Once that happens, home buyers will realize that now is the time to buy.

2. Foreclosures Will Increase
The ‘shadow inventory’ of foreclosures which has been growing since the robo-signing challenges of late 2010 will finally be introduced to the market. Distressed properties sell at discounted prices. They will impact the housing values of the non-distressed homes in the area.

3. Prices Will Soften
As more and more foreclosures come to market, there will be greater downward pressure on the values of houses in the region. Foreclosures impact values of non-distressed properties in two ways:
· They will eat up some of the buyer demand in the market.
· They will impact the appraisal on ALL transactions in the area.
An increase in foreclosures will have a negative impact on values. This will cause more homes to be underwater.

4. Short Sales Will Increase
As mentioned above, we strongly believe that home prices will soften through at least the first half of 2012. Falling prices will force more homeowners into a position of negative equity. Negative equity is one of the triggers that cause people to strategically default on their mortgage obligations. If this happens, there could be an increase in the number of foreclosures. However, we predict that banks will take preventative measures which will help many of these homes avoid foreclosure by easing the requirements in the short sale process for both homeowners and real estate professionals.

5. Great Agents Will Be VERY Successful
Real Estate professionals who have invested the money, time and energy to truly understand what is happening and why it is happening will separate themselves from their competition and do very well this year.
Those who take that next step of learning how to simply and effectively communicate the market to their clients will be seen as industry leaders. These experts will dominate their markets.

Courtesy of the KCM BLOG

Common Sense Isn't Common Practice

2011-12-09T14:19:00.001-08:00

From the KCM Blog:

It used to be that there was logic applied in the world of mortgage lending. An appraiser determined the value of a home by the axiom, “what a reasonable buyer would pay a reasonable seller”. An underwriter weighed the plusses and minuses of a file (after analyzing the income, the assets, the credit profile and the appraisal) and made a judgment call based on their experience.

Loans with sizable down payments used to be more flexible with how income was documented or what quality of credit was required. Even the decision of what made up “good credit” has been reduced to a FICO score. Determining the risk of a loan affected its approval or denial. Further, loans deemed riskier were given less favorable terms (higher rates and/or costs or larger down payments).

But today, everyone has tried to quantify everything and put everything into a matrix. Credit scores are numerical, and the number determines eligibility and cost. Gone is the concept of explaining why you have defects in your credit. We don’t care why, we just look at your score. Appraisers now are being scored and their data being scrutinized to a level most would find mind-boggling. Amenities that make a home worth more for a particular buyer (like a pool or upgraded basement) are virtually ignored. Underwriters have primarily become fact-checkers and quality control as a computer software program underwrites the vast majority of mortgages today.

Gone is common sense. It has been replaced by numerical formulas and a cover-my-behind, justify-everything-with-data mentality. Basically, the pendulum has swung too far. It used to be that lending was too easy (see the subprime debacle), but now we have eliminated too much of the human element. We need common sense back.

· People who have saved 30% for a down payment know what they can afford monthly. Don’t they?

· People who had a medical challenge two years ago that is not likely to reappear should not have a twenty year credit history destroyed. Should they?

· People aren’t likely to overpay for a home with so much inventory and all the media exposure about falling prices. Are they?

· Bring back some common sense when we need it most!

From the KCM Blog: http://www.kcmblog.com/2011/12/08/common-sense-isn%E2%80%99t-common-practice/

Bill Nickerson

Vice President Mortgage Network

179 Great Road Suite 214, Acton MA 01720

978-399-1313

Providing Mortgages Since 1991

NMLS # 4194

Commercial Residential Reverse FHA/VA

Mortgage Rates and Europe

2011-12-05T06:40:00.001-08:00

This Week; it will continue to be on what happens in Europe with the debt issues. It is not going to fall off the front page for our markets for many months; on Friday the leaders in Europe are scheduled to meeting on Friday. Markets are hoping there will be some kind of plan that emerges to deal with the debts of Spain and Italy but after two years of trying it is a leap of faith to expect anything substantive coming from the meeting. Not much in the way of key economic readings this week; Monday the Nov ISM services sector index and weekly jobless claims on Friday are the only serious data points.

Technically and fundamentally the US interest rate markets remain in narrow trading ranges; the 10 yr note still unable to hold under 2.00% but does find support anytime the yield climbs to 2.12% as it did last week. Mortgage rates and prices trading a even narrower ranges; the price on the 3.5 FNMA coupon has held in a 50 basis point price range now for almost a month. The week will continue to work off how equity markets, stock indexes higher---bond and mortgage prices lower. We remain skeptical that US interest rates will decline much from these levels, the larger outlook is that rates will begin to slowly increase from present levels.

For more information about mortgages and the housing markets, please call or email me anytime.

Bill Nickerson

Vice President Mortgage Network

179 Great Road Suite 214, Acton MA 01720

978-399-1313

Providing Mortgages Since 1991

NMLS # 4194

Commercial Residential Reverse FHA/VA

"The Only Thing We Have to Fear is Fear Itself"

2011-08-23T14:55:00.001-07:00

The “Books” say an average business cycle is 44.4 months and we have lived through many of them. Some longer than that and some as short as a season in New England. A business cycle is like the exhibit from our youth…“What makes an ocean wave, wave” at the New England Aquarium. In the exhibit, you get to move the wave with a lever and if you move the lever too much you have to pull it back as the wave comes crashing down…and again, you go too far the other way and the wave crashes in the other direction. It’s impossible to control an ocean wave. So here we are now in the middle of a business cycle “The Ocean Wave”.

As Americans we do the same thing. When we feel confident and wealthy, we tend to spend a little too much; perhaps buy a car that has all the bells and whistles or buy the house we all dreamed of or even dined at the newest expensive restaurant we’ve never been to… building up that ocean wave. We did this as a nation and created a very large wave. We are in the “Trough” of the business cycle which is like a dead calm in the sea. Nothing moves. We are paralyzed by our own actions and cannot find a direction to get back…there is just no wind for our sails. As individuals, we are going through our own personal process of what will get us back on track. In some cases, we cancel our vacations, limit the activities our children participate in at school or even bring lunch every day. By drastically cutting our spending, we have moved the “wave” too far in the other direction thus hurting the economy even further. Not only have we given up those fancy dinners…we are not even going to the local diner for the blue plate special.

Consumer confidence is measured at an all-time low today and we are letting our emotions and fear govern our decisions and actions. The News Media has the ability to heighten this fear by focusing on the negative and over emphasizing the issues at hand. As FDR said, “The only thing we have to fear is Fear itself”. This speech was given in 1933 in the middle of one of the biggest bank panics of the century which followed the Stock Market Crash of 1929. There was a “RUN” on the banks where consumers wanted to withdraw all of the cash they had in the banks for fear it would be gone. The banks had lent this money out for loans, mortgages etc. and the banks quickly ran out of cash. FDR implemented the Federal Deposit Insurance Corporation “FDIC” that to this day insures our deposits up to $250,000. This speech did spark a generation as well as the economy, and it was backed by a plan of how to get us moving as a country. Today, we do not look up to our leaders. And as of this moment, we do not have a plan of how to get out of the economic turmoil we are in. So as a strong country, we must take matters in our own hands and move ahead…full steam ahead.

We are in a very unique situation in the economy: Mortgage rates are creating new historical lows every day, house prices are nearing levels of value we have not seen since 2004. As we always do, we will look back on this day and say, “I wish I had bought that home, or vacation house or even that investment property”. Trust me; it happens every time we go through these business cycles. As I mentioned earlier, we are letting our emotions govern our business decisions. That is not allowed in business. It’s business and there is no crying in business!! Remember the saying “Buy Low and Sell High”. This is not just some catch phrase. It is a sound business decision that should be followed regardless of your emotional ties.

So what do we do now?

· Keep spending but in a healthy way. Make sound buying decisions based on needs versus wants. By putting some money back into the economy, we will slowly recover.

· Look to your advisors!! Not your friends or family, but your financial advisors. This would be the person that handles your investments, your banking, and your estate. These are professionals that do this time and time again all day every day.

· Be patient. Throughout history we have experienced turbulent times in the business cycle. And we have pulled out of it. In the words of Warren Buffett, “Americans are in a cycle of fear which leads to people not wanting to spend and not wanting to make investments, and that leads to more fear. We'll break out of it. It takes time.”

Bill Nickerson

Vice President Mortgage Network

179 Great Road Suite 214, Acton MA 01720

978-399-1313

Providing Mortgages Since 1991

NMLS # 4194

Commercial Residential Reverse FHA/VA

Mortgage Rates Improve on the downgrade of the US Credit Rating

2011-08-08T08:23:00.001-07:00

You know by now S&P late Friday lowered the US credit rating to AA+ frm AAA; treasuries and mortgages markets opening better today on safety and panic moves while the stock market is being hit hard on the open. S&P has been warning for weeks it was preparing to lower the credit rating, the next thing in the ratings game is that Moody's and Fitch may follow in the next few weeks. What is the real impact? Initially equity markets will be pressured and interest rates will benefit, in the long run S&P has done us a great service in making the move. Congress and the Administration clearly demonstrated they are not willing to make any significant hard choices, maybe the cut in our rating (which is more symbolic than substantive) will shake up voters and politicians that the country is headed for a debt cliff at 100 miles and hour. Lets not get too worked up over S&P move, the US can pay our debts, the country is still the economic engine for the world, and compared to any other country the US is in every respect the strongest and safest place to invest. Don't fall into the camp that is spending the early part of the morning comparing our new credit rating to places like France and other so-called AAA countries.

Tim Geithner out this morning castigating S&P for their decision; Geithner and the Administration are wrong. The downgrade isn't going to matter much, markets understand exactly where the US stands and won't, in the long run, make much of this except that it may help drive home the point the country is on the wrong path and must get serious about the growing debt. S&P can be criticized for the move, the agency has little credibility in our view after being primarily responsible for the subprime disaster that triggered the global financial meltdown. The agency rated CDOs made up of junk mortgages AAA, then after Wall Street couldn't sell the highest risk tranches of the CDOs, it rated the worst of the junk AAA again. If S&P couldn't understand junk mortgages why does anyone expect they know what they are into now?

There are no economic reports today.

This week has little in the way of data to deal with but there is plenty for the bond and equity markets to think about. Tuesday the FOMC meets and has a lot to talk about, a weakening economic outlook and the rating cut. Treasury will auction $32B of 3 yr notes Tuesday, $24b of 10 yr notes Wednesday, and $16B of 30 yr bonds on Thursday. On Friday July retail sales are expected up 0.5%, ex autos +0.2%. Also on Friday the U. of Michigan consumer sentiment index is expected down to 62.5 frm 63.7, likely that will be revised lower now with the S&P move.

Crude oil falling again, gold up over $1700.00. The stock market opening very weak as investors are totally over doing the situation. The stock market is of course reacting to the economic slowdown but also this morning investors just dumping everything they can. All of it in the early going is a reaction to S&P which as noted, in our judgment not as big a deal as it seems to be in markets.

At 9:30 the DJIA opened -210, NASDAQ -85, S&P -22; 10 yr note +26/32 2.47% -11 bp and mortgage prices +7/32 (.22 bp)

The early going is volatile, lets keep our heads though. Mortgages are better but lagging the 10 yr and treasuries in general. Equity markets will drive treasuries through the day; with the FOMC meeting tomorrow and the weakened economic outlook stocks are struggling. Technically the stock market is very oversold in the near term, the bond market overbought. Fundamentally the outlook for the economy is weakening. Over-extended technical’s but the fundamentals are presently over-riding what normally would be improving equities and lower prices on treasuries. As long as panic dominates technical indicators have to take a back seat.

Bill Nickerson

Vice President Mortgage Network

179 Great Road Suite 214, Acton MA 01720

978-399-1313

Providing Mortgages Since 1991

NMLS # 4194

Commercial Residential Reverse FHA/VA

Mortgage Rates Improve on more bad Economic news...

2011-06-23T07:30:00.001-07:00

Treasuries and mortgage markets were rallying early and got an additional boost at 8:30 on weekly jobless claims. Claims were thought to be about unchanged, as reported up 9K to 429K, the 11th week in a row over the key 400K level. Labor said six states were "estimated" due to computer issues so we don't really know what impact that might have had on the data. The data this week is the data that will be used to get to the employment data for the month of June. Last week's claims were revised higher, to 420K from 414K. Continuing claims were about unchanged, from 3.698 mil to 3.697 mil. The 4 wk moving average on claims was unchanged. The slightly weaker report added to the rally moving the 10 yr note from +12/32 to +18/32 on the initial reaction. The stock market was hit yesterday, the DJIA down 80, at 8:45 this morning the index traded down 86 points and falling.

Yesterday Ben Bernanke and the FOMC meeting confirmed what most had known for two months, the US economy isn't growing much. The Fed lowered its outlook for GDP to +2.7% this year; earlier this yr the Fed was forecasting 4.0% growth but has been lowering the forecast at each FOMC meeting since Feb. Bernanke's press conference is shaking the economic bulls both late yesterday and this morning. For all the debate and discussions about the economy it is becoming more difficult to paint lipstick on the outlook. We have warned for months the economy won't grow much as long as confidence levels remain low.

The FOMC policy statement, its revisions for GDP growth less than previous, and Bernanke's press conference yesterday have cast an "official" pall on markets. Most traders had already recognized the economic slide, now with the Fed joining in the current sentiment has sunk to a new recent low. Increasing concerns of weakness in the outlook were confirmed by the Fed, the final so-called authority.

The decline in confidence in Washington is multiplying rapidly, as it does businesses are less willing to hire and consumers less willing to spend. It should be apparent now that consumers are smarter than most in Washington, getting their budgets under control. In the past consumers were responsible for 70% of GDP, over the next year or two if the economy is to gain growth it will rest on US exports. The short response to that, the US cannot grow if we have to rely on increasing exports.

At 9:00 the IEA (International Energy Agency) held an emergency press conference. The IEA is going to release 60 million barrels of oil to make a move to revive the global economies that are slipping quickly; 2 mill barrels a day for the next 30 days. America will release 30 mil of the total. In Europe sovereign debt problems continue to drag on worsening its outlook. Oil prices at 9:15 down $4.30 (see below for 10:00 level); gold is being slammed this morning on the dollar strength, down $28.00.

The dollar rose against all of its 16 major counterparts after Bernanke signaled yesterday that the central bank won’t add to stimulus measures that could erode the value of the currency. The euro weakened against the greenback before European leaders begin a two-day summit in Brussels today to discuss Greece’s financing needs as the nation struggles to stave off default. That the EU, IMF and Germany and France and Greece cannot get to finality is evidence that Europe's debt problems spread far more than just Greece and the tenuous condition facing the EU and its currency. How the Greek situation is resolved will likely set the tone for Spain, Ireland and Portugal and possibly Italy and then the EU overall.

At 9:30 the DJIA opened down 145, S&P -17 and NASDAQ -33. The 10 yr note 2.92% -6 bp and mortgage prices +8/32 (.25 bp). Running for the door with oil prices and gold falling. Yesterday's FOMC meeting, Bernanke's comments and the never-ending saga in Greece are piling on this morning. The 10 yr note though so far has not cracked 2.90%. The rest of the day in US financial markets will likely see increased volatility.

At 10:00 May new home sales, expected down 4.6%, were down 2.1%. 6.2 month supply. 319K units annualized. Median sales price $222,600 down 3.4% yr/yr. No immediate reaction in the markets on the data.

Although the 10 yr still hasn't pushed to test recent low yields, we will revert to floating overall except for closings occurring in the next 7 days. The Fed has finally agreed that the economic outlook isn't good and with inflation under control and Europe still slipping the bond and mortgage markets should hold. How much lower interest rates can decline is still a huge question in my mind, but there is little reason now to worry that rates will increase. The 10 yr note continues in its 10 basis point yield range. We expect market volatility to remain high for the next week or so.

Bill Nickerson

Vice President Mortgage Network

179 Great Road Suite 214, Acton MA 01720

978-399-1313

Providing Mortgages Since 1991

NMLS # 4194

Commercial Residential Reverse FHA/VA

The Real Market News

2011-06-16T07:52:00.001-07:00

Early this morning the 10 yr note made a new low yield at 2.88% from 2.97% at the end of yesterday on increasing concerns over Europe's debt problems headlined by Greece. The European Union’s failure to contain the Greek debt crisis is sending fresh shockwaves through currencies, money markets, equities and derivatives. The cost of protecting corporate bonds soared to the highest level since January, with credit-default swaps anticipating about a 78% chance that Greece won’t pay its debts. Equities declined around the world, while a measure of fear in fixed-income markets jumped the most since November. Market moves suggest heightened concern that authorities won’t be able to keep Greece’s debt troubles from spreading after Moody’s Investors Service said it may downgrade BNP Paribas SA and two other big French banks because of their investments in the southern European nation.

At 8:30 weekly jobless claims and May housing starts and permits pushed yields up as the data was better than expected; weekly claims were down 16K to 414K. forecasts were that claims would be 421K, continuing claims also fell (21K). May housing starts were about what was expected, up 3.5% with single family starts up 3.7%; April starts were revised from -10.6% to -8.8%. Building permits were thought to be down 0.5% but reported up 8.7% the highest permits since Dec 2010; multi family was the main reason for permits higher, multi-family permits jumped 23%. The two data points took the wind out of the bond market and safe haven buying that had set a new low yield on the 10 yr and had mortgage prices up 8/32 (.25 bp) from yesterday's close.

At 8:30 the Q1 current acc't deficit was -$119.27B lower than -$130B expected. The current account measures the United States' international trade balance in goods, services, and unilateral transfers on a quarterly basis. The levels of exports, imports and the current account indicate trends in foreign trade.

By 9:15 the 10 yr note yield climbed back to 2.96% from 2.88% prior to the 8:30 data, mortgage prices at 9:15 unchanged after being up .25 bp at 8:15. The DJIA futures traded had the index unchanged at 9:15 after being down 70 points at 8:15. Volatility remains high as we noted yesterday.

Keeping the running story going, at 9:30 the DJIA opened down 6 points, the 10 yr at 9:30 +7/32 at 2.95% -2 bp and mortgage prices very volatile this morning up 3/32 (.09 bp). Trade between 9:30 and 10:00 wasn't significant with the 10:00 Philadelphia Fed business index due. Always significant to traders, this time it is even more so after yesterday's NY Fed manufacturing report went negative indicating contraction.

At 10:00 continued volatility with the Philly Fed business index; the index went NEGATIVE indicating contraction. The index was expected at +8 it fell to -7.7 the second report in the last 24 hours that the economy is contracting. New orders in the June report were negative at -7.6 indicating orders declined, the employment component fell to 4.1 from 22.1 in May while prices pd fell to 26.8 from 48.3. May Philly Fed was 3.9. The initial reaction put a small bid back into bonds and mortgages but not as much as we might have thought. The DJIA at 10:06 +26, the 10 yr +9/32 at 2.94% and mortgage prices +3/32 (.09 bp).

Provided by Sigma Research

Bill Nickerson

Vice President Mortgage Network

179 Great Road Suite 214, Acton MA 01720

978-399-1313

Providing Mortgages Since 1991

NMLS # 4194

Commercial Residential Reverse FHA/VA

Does Your Lender WANT To Say “Yes!”?

2011-06-09T06:20:00.001-07:00

via kcmblog.com

We have money...really. You just have to be upfront with us!!

What's really happening

2011-06-08T07:36:00.001-07:00

Stocks fell in Europe for a sixth day, U.S. index futures declined and the yen strengthened as concern deepened the global recovery may slow. Copper led commodities lower, while oil dropped as OPEC meets. The US stock indexes traded weaker all morning into the open with the DJIA lower; a close lower today will be the first time since 2009 the DJIA fell six days in succession. The bond and mortgage markets benefiting as the economic outlook weakens.

Treasuries and mortgage markets started better, still better but have slid back from levels at 8:30; at 9:30 the DJIA opened flat after trading weaker n pre-market trade. The 10 yr note at 9:30 +5/32 at 2.98% and mortgage prices +4/32 (.12 bp).

OPEC was widely expected to announce production increases today, it didn't; in the meantime with the economies in Europe and the US showing signs of stalling crude is lower today. “There is still much uncertainty about the strength of the world economic recovery,” Mohammad Aliabadi, the acting Iranian oil minister and current OPEC president, said in a speech in Vienna before the group announces its decision. OPEC was expected to raise its production quota for the first time in almost four years to help replace lost Libyan supplies and meet growth in demand later this year, a Gulf delegate said yesterday. The group last collectively agreed a production increase on Sept. 11, 2007, setting a quota of 27.253 mil barrels a day. That the group didn't increase production is evidence that there is serious divergent opinions within OPEC. The announcement came at 9:20 am this morning, crude oil was down $0.60 then spiked up $0.60.

It is another day with no direct economic releases; at 2:00 the Fed will release its Beige Book, the Fed staff's report on the economy in all 12 Fed districts. A lot of detailed specifics but generally about what markets already have discounted.

Mortgage applications decreased 4.0% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 27, 2011. The Refinance Index decreased 5.7% from the previous week. The seasonally adjusted Purchase Index was essentially unchanged from one week earlier. The four week moving average for the seasonally adjusted Market Index is up 3.0%. The four week moving average is up 1.1% for the seasonally adjusted Purchase Index, while this average is up 3.8% for the Refinance Index. The refinance share of mortgage activity decreased to 65.7% of total applications from 66.8% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.2% from 5.8% of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.58% from 4.69%, with points increasing to 1.01 from 0.69 (including the origination fee) for 80% loans. The 30-year rate is the lowest since November 2010. The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 3.78%, with points increasing to 1.07 from 1.04 (including the origination fee) for 80% loans.

The bond and mortgage markets will likely hold steady until 1:00 when treasury auctions $21B of 10 yr notes, re-opening the 10 yr note issued last month. Yesterday's 3 yr auction saw good demand, today's 10 yr is more crucial to mortgage rates. Strong demand will support rates but weak bidding will pull interest rates up a little. The auction and how equity markets act through the rest of the day will drive the bond market. The 10 yr note trading at 3.00% area, critical level technically and psychologically.

Sincerely,

Bill Nickerson

Vice President

Mortgage Network

179 Great Road

Acton MA 01720

978-264-4803 office

978-268-5023 fax

978-273-3227 cell

bill@billnickerson.com

NMLS # 4194

Mortgage Network Earns 98.86% Approval Rating!!

2011-05-12T08:54:00.000-07:00

Published on CNBC http://www.cnbc.com/id/42856549

DANVERS, Mass., May 02, 2011 (BUSINESS WIRE) -- Mortgage Network, an industry leading independent mortgage lender, today announced the results of a recent customer satisfaction survey showing that over 98% of customers would use Mortgage Network again. Also, over 98% of customers would recommend a friend. A standard that MNI believes is even harder to meet. This past year, Mortgage Network has opened five new locations and added over 100 employees to keep up with demand in targeted areas.

"We aim to give our clients the best experience possible and in order to do that, we make sure we are conscious of the opinions of everyone who walks through our doors, said Executive Vice President of Mortgage Network, Brian Koss. "Seeing this 98.86% approval rating gives us great pleasure in knowing we are doing our job. Our goal is to surpass 99% in 2011." Over 2,200 customer surveys were completed and turned in to Mortgage Network after each closing. With so many new offices opening on the Eastern seaboard, and plans for others to open in 2011, this satisfaction survey adds validation to the service Mortgage Network is able to provide to clients.

"Our goal is to be the pre-eminent mortgage lender in our markets and within the eyes of our employees, clients, peers and business partners," said Koss. "We are committed to providing the highest level of service and expertise, which consistently exceeds everyone's expectations." About Mortgage Network, Inc: Mortgage Network, Inc is a private mortgage banking company founded in 1988 by Robert McInnes and Albert Pare III who have co-managed the Company since its inception. Mortgage Network is one of the largest independent mortgage company headquartered in New England. The Company's unique combination of experience, product development, and commitment to providing great service has made Mortgage Network an industry leader. The Company has established thirty-three regional lending offices providing retail mortgage services as a National Lender.

Mortgage Network can be found on the World Wide Web at: www.mortgagenetwork.com.

Proud to Work for Mortgage Network!!!!

Bill Nickerson

Vice President Mortgage Network

179 Great Road Suite 214, Acton MA 01720

978-399-1313

Providing Mortgages Since 1991

NMLS # 4194

Commercial Residential Reverse FHA/VA

Did you flush?

2011-04-29T13:26:00.001-07:00

I am not a real estate broker but I have been around this business long enough to know, the last thing you do prior to a closing is the Walk-Through. The dreaded Walk-Through…. I have heard stories of the new home not being “broom clean”, food left behind in the refrigerator or even a stack of firewood that was not removed. With emotions running at high alert during the final stages of the buying process, the last thing the buyer wants or expects is to find problems during the Walk-Through.

Well…today a new one. On this “Royal” day, a very good and thorough Agent did the walk-through with his clients and proceeded to flush all the toilets one by one. Yes, you guessed it. In the process, the main sewer pipe in the basement let go. YUP, it let go and it let go of everything inside. With emotions already running high, you can imagine what the buyers were thinking and their reaction to the events that just took place.

Many years ago an agent told me the Walk-Through should almost be like a mini home inspection. Turn on everything in the home…crank up the heat, run the water, and…flush all the toilets! Luckily all will end well. The selling agent has informed the buyers that this will be resolved today which is a huge relief for everyone involved in the transaction. So the moral of the story, don’t let this “Royal” flush cause problems for your next closing. Make a checklist of to do’s for your next walk-through.

Do you have a standard check list of things you do

when performing a Walk-Through?

Please share your stories with us …. the Good, the Bad and the Ugly.

Bill Nickerson

Vice President Mortgage Network

179 Great Road Suite 214, Acton MA 01720

978-399-1313

Providing Mortgages Since 1991

NMLS # 4194

Commercial Residential Reverse FHA/VA

Homebuyer Turnoffs: 6 Mistakes Sellers Must Avoid

2011-04-27T09:27:00.001-07:00

Now more than ever with so many homes on the market for sale, the seller must take action to ensure their house stands out from all the rest. Avoid these six mistakes that are potential turn-offs for buyers which could lead to losing a sale.

Turnoff mistake #1 - No listing photos

Many buyers browse listings online before deciding to view a home in person. Great photos showing your home will draw more showings to your home. Hire a professional photographer if possible.

Turnoff mistake #2 - Unrealistic Pricing

It’s very tempting to list your property at the highest price possible with the intention of lowering it if there’s no buyer interest in the home. By pricing your home competitively from the start, you will get the most traffic and the quick sale close to your asking price.

Turnoff mistake #3 - Misleading Listing Info

Describing your home accurately allows the right type buyer to look at your home. Say it’s a ready to move in home when in reality it’s a fixer up sends the message to home buyer that you aren’t trustworthy leading to loss of sale.

Turnoff mistake #4 - Botched Home Improvements

Think a fresh coat of paint will be great to sell your home? Before investing in presale remodeling or painting, find out from your Realtor what type improvements/colors will give you a better chance at a sale. The wrong choices could be a disaster to your hopes for a quick sale.

Turnoff mistake #5 - Dirty or Cluttered Interiors

Removing clutter and keeping the house clean sends the buyer a strong message; this home has regular necessary maintenance done to it. It also makes the home look more spacious, giving the buyer the chance to visualize the home with their own furnishings.

Turnoff mistake #6 - Hovering Homeowners

A fast way to send buyers running is for the homeowner to be present during a showing. Buyers want to be left alone to view your home. And the longer a buyer stays, the better chance of a sale.

Bill Nickerson

Vice President Mortgage Network

179 Great Road Suite 214, Acton MA 01720

978-399-1313

Providing Mortgages Since 1991

NMLS # 4194

Commercial Residential Reverse FHA/VA

What I am Hearing in Markets

2011-04-18T14:11:00.001-07:00

This Week; is Holy Week. Trade likely will be quiet with the religious holiday. Most all of the data points this week are centered on the housing sector; starts and permits for Mar, new and existing home sales, the NAHB housing market index Monday and the FHFA housing price index on Thursday. The only other releases are weekly claims on Thursday and the and the April Philadelphia Fed business index also on Friday. That's it for the week. Markets closed on Friday.

Until a week ago the overwhelming consensus in the markets was that the US economy would have a strong Q1 and optimism for the rest of the year was being touted as continued improvement. Over the past week investors were beginning to re-think the economic outlook and lowering expectations. It started with the IMF saying it is revising lower GDP Q1 growth from 2.0% to 1.5%; markets had accepted growth in Q1 at +3.0%. The Fed's Beige Book out last week, while remaining optimistic, showed indications that growth isn't as powerful as markets were thinking. The National Federation of Independent Business overall index fell in April, taking the optimism that had improved since last Oct totally away. Small businesses account for the majority of jobs. This is also earnings season with companies reporting Q1; so far earnings have been a little disappointing.

Consumer spending declining, until recently, have been ignored by investors. Even with gasoline and food prices increasing markets generally didn't pay much attention----until last week. $4.00+ gasoline and rapidly increasing food prices will, as we have continued to mention, slow consumer spending. Bernanke out there saying the increase in energy and commodity prices are "transitory" may not be; markets beginning to understand that. With consumer spending less than expected and the housing markets still showing no signs of stabilizing, let alone improving, investors are getting a little nervous.

These fluctuations in the market place, will push mortgage rates down a little for the moment. At some point as we have been saying right along, this economy has to turn to the positive side. When it does, mortgage rates will edge up over 5 and may never look back.

If you have any questions, feel free to call or email me anytime!!

Bill Nickerson

Vice President Mortgage Network

179 Great Road Suite 214, Acton MA 01720

978-399-1313

Providing Mortgages Since 1991

NMLS # 4194

Commercial Residential Reverse FHA/VA

How To Kill The Economy

2011-04-15T14:17:00.001-07:00

The proposed regulations governing the Qualified Residential Mortgage (QRM) exemption from risk retention rules constitute a "devastating, unnecessary and very expensive wrench (thrown) into the American dream" according to a white paper released Wednesday by a consortium of housing industry groups.

The paper was published in advance of a scheduled hearing of the House Subcommittee on Capital Markets and Government Sponsored Enterprises on "Understanding the Implications and Consequences of the Proposed Rule on Risk Retention". Two of the groups in the consortium, the Mortgage Bankers Association and the Center for Responsible Lending addressed the committee along with other trade groups and a panel of representatives of the regulatory agencies which drafted the regulations.

Under Dodd-Frank lenders must retain five percent of the credit risk on loans packaged and sold as mortgage securities. However, certain qualifying mortgages will be exempt from risk retention, making loans with the QRM designation highly sought after assets by lenders. Last month federal agencies including FDIC, the Federal Reserve, Securities and Exchange Commission and Federal Housing Finance Administration proposed QRM rules which will qualify FHA, Fannie Mae and Freddie Mac loans by definition and require non-agency loans to have down payments of 20% or more and Debt to Income (DTI) ratios of 28% / 36% or less. QRM may not include products or terms that add complexity and risk to mortgage loans such as negative amortization or interest-only payments or present significant payment shock potential. While FHA and the GSEs currently dominate the lending landscape, they are expected to reduce their market share in the years ahead. The argument presented in this White Paper is QRM rules will limit the ability of Non-Agency lenders to compete with the GSEs and FHA in the future, therefore limiting the incentive for private investors to enter the sector; making it harder for the government to reduce its footprint in the mortgage market in the process.

The White Paper takes particular exception to the 20 percent down payment requirement. Based on 2009 home price and income data it says it would take 15 years for an average family to save the $43,000 down payment on a median priced home compared to only six years to save 5 percent to put down on the same house. This requirement, it says, would deny millions of responsible borrowers any access to the lowest rate loans with the safest loan features.

The down payment requirement will also present a sizeable bar to homeowners hoping to refinance. Based on data from CoreLogic, the paper estimates that nearly 25 million existing homeowners lack sufficient equity in their home to meet the 80 percent loan-to-value requirement. Even at 90 percent LTV, 34 percent or over 16 million homeowners could not refinance into qualifying mortgages.

Analysis of CoreLogic data on loans originated between 2002 and 2008, a period which includes the loans that recently defaulted at record rates, shows that raising down payments in 5 percent increments had only a negligible impact on default rates but significantly reduced the pool of borrowers that would be eligible for QRM loans. For example, where borrowers already met strong underwriting and product standards, moving from a 5 percent to a 10 percent down payment reduced the default rate by only 0.2 to 0.3 percent but reduced the pool of eligible borrowers by 7 to 15 percent. Jumping the down payment from 5 to 20 percent changed the default rate by 8/10ths of a percent while knocking out 17 to 28 percent of borrowers depending on the year of the loan.

Removing so many potential buyers from the pool of borrowers eligible for qualified mortgages "could frustrate efforts to stabilize the housing market," the report says, and to date the regulators have not put a price on the cost of risk retention to the consumer. "This should be done before finalizing a rule that imposes 5 percent risk retention across such a broad segment of the market." A JP Morgan Securities Inc. estimate put the cost of 5 percent risk retention at a three-percentage point rise in interest rates for loans funded through securitization. While that estimate may be high, the report says, even a one percentage point increase in interest rates could be devastating to a fragile housing market. The National Association of Home Builders (NAHB), another member of the consortium, estimates that every percentage point increase in interest rates means that 4 million households would no longer qualify for a median priced home. Any QRM-related costs, the report points out, would be in addition to a general interest rate increase anticipated over the next 12 to 18 months.

Any of these effects will carry greater impact in those states that have already been hardest hit by the housing downturn. For example, in the five states that have seen the most foreclosures and greatest price decreases (Nevada, Arizona, Georgia, Florida, Michigan) between 59 and 80 percent of homeowners do not have 20 percent equity in their homes. Six out of ten homeowners would not be able to move and put 20 percent down on their next home.

These borrowers, the paper says, have already put significant "skin in the game" through down payments and years of timely mortgage payments, "but the proposed QRM definition tells them they are not 'gold standard' borrowers and they will have to pay more."

With major regional housing markets ineligible for lower cost QRMs many states and metro areas that have seen the biggest price declines will now face higher interest rates, reduced investor liquidity, and fewer originators able or willing to compete for their business. "These areas face long-term consignment to the non-QRM segment of the market."

The paper concludes that the proposed rules will also negatively impact the private lending market. The vast majority of loans will be non-QRMs subject to the higher costs of risk retention and without regulations that mandate sound underwriting standards. The statutory exemption for FHA and VA loans will give them a significant market advantage over fully private loans. This will delay or even halt the return of private capital into the market.

While the inclusion of GSE loans mitigates the immediate adverse impact of the rule on the housing market, it is not a viable long-term solution and does little to establish the certainty the secondary market needs. "Rather than rely solely on a short-term fix the regulators should follow Congressional intent and establish a broadly available QRM that will create incentives for responsible liquidity that will flow to a broad and deep market for creditworthy borrowers."

Risk-retention is not a viable option for smaller institutions and will reduce the ability of community-based lenders to compete in the mortgage market. The top three-FDIC insured banks already control 55 percent of the single-family mortgage market and this consolidation will only intensify. "In short, the proposal creates real systemic risk while doing little to relieve it."

Congress intended QRM to provide creditworthy borrowers access to well underwritten products, provide a framework for responsible private capital to support housing recovery and to shrink government presence in the market while restoring competition and mitigate the potential for further consolidation. Instead the proposed rule is so narrow that it will force a majority of both homebuyers and homeowners to either forego purchasing/refinancing or pay higher rates, and will hamper competition and accelerate consolidation in the market.

In addition to MBA, NAHB, and the Center for Responsible Lending, the members of the consortium are Community Mortgage Banking Project, the Mortgage Insurance Companies of America, and the National Association of Realtors®.

Bill Nickerson

978-264-4803 office

866-741-2548 fax

978-273-3227 cell

NMLS # 4194

Providing Residential Mortgages Since 1991

Is now a great time to buy a house.....YES!!

2011-04-06T13:49:00.001-07:00

If your friends said you need to wear shorts and flip flops in the snow to be cool, would you be “foolish” enough to believe them? What I find puzzling in my travels is the amount of people that listen and are guided by what they hear in the news media. This past Friday was April fool’s Day and New Englanders were blessed with a snow storm. Yes, blessed, for it was not a tsunami, a tornado or hurricane. I feel as though we must always look for the silver lining in any situation we come across. While surfing the internet one can plainly see that the housing markets are being halted by what is being reported these days with the doom and gloom of whether it is time to buy or not.

As a mortgage professional, as well as an investor in real estate, the goal is always a buy and hold. In the case of buying a home to raise your family, you would purchase your home with the intent to own it for a period greater than 7 to 10 years which would shield you from the month to month movement of the markets and you could focus on the long terms gains. We all know that in some areas of the country we are going to see a decrease in home values, while in other areas we will see an increase. Here’s the catch, if you think you can catch lightening in a bottle…take the chance a home will drop 5, 10 or even 20% over the next year and hope that mortgage rates stay below 5%. This is highly unlikely as the economy begins to build steam and move forward. If rates move 1% higher, which is very likely, this will cost you $50,000 or greater in buying power. For a home that is priced at $450,000 at a rate of 4.875%, is equal to a home priced at $400,000 at a rate of 5.875%. So by waiting, you have lost time in the market place. We do know rates will climb, that is certain, home prices in this immediate area will stay relatively flat over the next year and will. In general, the economy is based on speculation on what economist think might happen. Across the country, the average home price will drop. Buyer Beware; there are always deals to be had, and now is a time where you are getting both low rates as well as low house prices. If your intent is to buy and invest for the future, now is the time. If you believe you can time the market and make a quick buck by flipping, you are in the wrong place.

Bottom line…if rates go up by 1.00%, which they will, it will do no good to wait to see if house prices drop in order to get a better deal.

Don’t be an “April” fool…now is the time to buy!

Bill Nickerson

Vice President Mortgage Network

179 Great Road Suite 214, Acton MA 01720

978-399-1313

Providing Mortgages Since 1991

NMLS # 4194

Commercial Residential Reverse FHA/VA

This Week in the Markets

2011-03-21T07:03:00.001-07:00

This Week; existing and new home sales are the main focus but unlikely to show any change in the trend of weak sales that has been the situation for two years. Japan's problems with their nuclear reactors remain but the latest reports imply some progress on a couple of reactors while another reactor is weakening. In Libya the UN forces clobbered Libyan positions with heavy use of missiles but Qaddafi remains defiant. Treasuries and mortgage rates are likely to stay within a tight range as long as there is no change in the situations in Japan and in the Mideast.

The stock market, after the strong selling on panic moves is likely to rebound and recover most of the losses on the indexes. Gold and crude oil likely to increase in price after a volatile last week. Through the week as long as investors return to equity markets the bond and mortgage markets will see prices fall and yields increase. The week is very likely to be volatile from day to day with unfolding news out of Japan and the Mideast. We do not expect interest rates to increase a lot, but we also don't see any major decline this week. Still suggest using the recent rate decline to get deals done and not get enthused about lower rates. Interest rates are not likely to fall much while the wider perspective is still bearish as the US economy improves and the ECB likely to raise rates.

What does all this mean??

Buckle Up!!!!!

The month of March is coming in like a Lion….and it may leave that way too….

Courtesy: Sigma Research

Bill Nickerson has been providing mortgages since 1991 in New England. If you ever have any questions about mortgages or the process of buying a home, feel free to call or email anytime.

Bill Nickerson

Vice President Mortgage Network

179 Great Road Suite 214, Acton MA 01720

978-399-1313

Providing Mortgages Since 1991

NMLS # 4194

Commercial Residential Reverse FHA/VA

5 Mortgage Myths, by Trulia.com

2011-03-12T08:10:00.001-08:00

Valuable Information brought to you by Trulia.com

In a mortgage market that changes as quickly as this one, today’s fact is tomorrow’s fiction. For buyers, misinformation can be the difference between qualifying for a home loan or not. Sellers and owners, knowledge is foreclosure-preventing, smart decision-making power! Without further ado, let’s correct some common mortgage misconceptions.

1. Myth: Buyers with bad credit can’t qualify for home loans. Obviously, mortgage guidelines have tightened up, big time, since the housing bubble burst, and they seem likely to tighten even further over the long-term. But just this moment, they have relaxed a bit. In the last couple of weeks, two of the nation’s largest lenders of FHA loans announced that they’ve dropped the minimum FICO score guideline from 620 (which allows for some credit imperfections) to 580, which is actually a fairly low score.

At a FICO score of 620, buyers can qualify for FHA loans at many lenders with only 3.5 percent down. With a score of 580, the lenders are looking for more like 5 to 10 percent down – they want to see you put more of your own skin in the game, and the higher down payment lowers the risk that you’ll default. However, if your credit has taken a recessionary hit, like that of so many Americans, this might create a glimmer of hope that you’ll be able to take advantage of low prices and interest rates without needing years of credit repair.

2. Myth: The Mortgage Interest Deduction isn’t long for this world. Homeowners saved over $85 billion in 2008 by deducting their mortgage interest on their income tax returns. A few months ago, the National Commission on Fiscal Responsibility and Reform caused a massive wave of fear to ripple throughout the world of real estate consumers and professionals when they recommended Mortgage Interest Deduction (MID) reform, which would dramatically reduce the size of the deduction.

Fact is, the Commission made a sweeping set of deficit-busting recommendations to Congress, a few of which are likely to be adopted. Fortunately for buyers and sellers, MID reform is not one of them. Very powerful industry groups and economists have been working with Congress to plead the case that MID reform any time in the near future would only handicap the housing recovery. Congress-folk aren’t interested in stopping the stabilization of the real estate market. As such, the MID is nearly universally thought of as safe – even by those who disagree that it should be.

3. Myth: It’s just a matter of time before loan guidelines loosen up. The US Treasury Department recently recommended the elimination of mortgage industry giants Fannie Mae and Freddie Mac. I won’t get into the eye-glazing details of it here, but the long and the short is that (a) this is highly likely to happen, and (b) it will make mortgage loans much harder and costlier to get, for both buyers and homeowners. It’s possible that loans are as easy to get as they’re going to get. So don’t expect that if you hold out, zero-down mortgages will come back into vogue anytime soon. Fortunately, Fannie and Freddie aren't likely to disappear for another 5-7 years, so you have a little time to pull your down payment and credit together. If you want to get into the market, the time to get yourself ready is now!

4. Myth: If you don’t have equity, you can’t refi. Much ado is being made about how stuck so many people are in their bad loans, because they don’t have the equity to refinance their way out of them. If you’re severely upside down (meaning you own much, much more than your home is worth), stuck may be the situation. But there are actually a couple of ways homeowners can refi their underwater home loans. If your loan is held by Fannie or Freddie (which you can find out, here), they will actually refinance it up to 125% of its current value, assuming you otherwise qualify for the loan. That means, if your home is worth $100,000, you could refinance a loan up to $125,000, despite the fact that your home can’t secure the full amount of the loan.

If your loan is not owned by Fannie or Freddie, you might be a candidate for the FHA “Short Refi” program. While most mortgage workout plans are only available to people who are behind on their loans, the Short Refi program is only available to homeowners who are current on their mortgages and need to refinance up to 115 percent of their homes’ value. So, if you owe $250,000 on your home, you can refinance via an FHA Short Refi even if your home’s value is as low as $217,000. If you think you’re a good candidate for a short refi, contact your mortgage broker, stat – there are some in Congress who think that this program is so underutilized (only 245 applications have been submitted since it rolled out in September – no typo!) that its funding should be diverted to other needy programs.

5. Myth: If you’ve lost your job and can’t make your mortgage payment, you might as well mail your keys in. Until recently, this was essentially true – virtually every loan modification and refinancing opportunity required that your economic hardship be over before you could qualify. And documenting income has always been high on the requirements checklist. But there are some new funds available in the states with the hardest hit housing and job markets, which have been designated specifically for out-of-work homeowners.

The US Treasury Department’s Hardest Hit Fund allocated $7.6 billion to the states listed below – all of which are now using some portion of these funds to offer up to $3,000 per month for up to 36 months in mortgage payment assistance to help unemployed homeowners avoid foreclosure. Contact the state agency listed below if you need this sort of help:

•Alabama: http://www.hardesthitalabama.com/

•Arizona: https://www.savemyhomeaz.gov/

•California: https://www.keepyourhomecalifornia.org/

•Florida: https://www.flhardesthithelp.org/

•Georgia: http://www.dca.state.ga.us/housing/homeownership/programs/hardesthitfund.asp

•Illinois:http://www.ihda.org/

•Indiana: http://www.877gethope.org/

•Kentucky: http://www.kyhousing.org/

•Michigan: http://www.michigan.gov/mshda/buyers/save_the_dream/helping+hardest+hit+homeo...

•Mississippi: http://www.mshomecorp.com/firstpage.htm

•Nevada: http://www.nahac.org/

•New Jersey: http://www.state.nj.us/dca/hmfa/home/foreclosure/homekeepers.html

•North Carolina: http://www.ncforeclosureprevention.gov/

•Ohio: http://www.savethedream.ohio.gov/

•Oregon: http://www.oregonhomeownerhelp.org/

•Rhode Island: http://www.hhfri.org/

•South Carolina: http://www.scmortgagehelp.com/

•Tennessee: http://www.thda.org/

•Washington D.C.: http://www.dchfa.org/

Bill Nickerson

Vice President

Mortgage Network

978-264-4803 o

978-268-5023 f

NMLS# 4194

See the full gallery on Posterous

The Do's and Don'ts When Applying for a Mortgage

2011-03-02T06:18:00.001-08:00

Bill Nickerson Mortgage Network

What's Going On With Rates?

2011-02-26T07:41:00.001-08:00

The 10 Year Note had its biggest weekly gain since May as unrest in Libya drove investors to the safety of the US Government Debt and raised concern that surging oil prices may stall the recovery in the United States. This reflects mortgage rates…which also had its biggest rally in months dropping 100 basis points in pricing (about a .25% to the actual rate). Crude Oil on the other hand increased $8.00 this week to the largest weekly gain in over 2 years due to Libya’s Muammar el-Qaddafi’s politics and fears of the Oil Production in the Middle East.

In general, investors around the world will want to put their money somewhere safe in the coming hours, days and weeks until things settle. Billions of dollars will leave the riskier markets and come back to the safe haven of the Bond markets of the United States. This is good for some reasons as it will bring down mortgages rates just in time for the spring markets, a much needed boost to the housing economy is long overdue and will spark home sales. The flip side, this will hurt consumers at the Pumps, but it will also have an effect on the manufacturing markets, you know the ones, those that are directly related to the housing markets, Lumber Yards, Builders and so on, which could push new construction prices higher. Just the fear alone of the economy stalling, will bring down mortgage rates, it also promotes fear in the consumers ability to spend.

Now is one of the best times to purchase a new home. Mortgage Rates are still posting in the mid to hi 4’s and are trending downward, these rates are still in a range that we have not seen since the 1960’s and before. Home values are teetering near the bottom depending upon the location and in some areas are starting to increase in value.

For more information on Mortgages, Rates and other Housing Questions, feel free to call or email anytime.

Bill Nickerson

Vice President Mortgage Network

978-264-4803 o 978-268-5023 f

NMLS# 4194

www.billnickerson.net

Scan Me

What The Mortgage Rate Yo-Yo of 2010 Means to the Homebuyer in 2011

2010-12-28T11:14:00.000-08:00

Mortgage interest rates have never -- seriously never -- been lower than they were this year. Right around the second week of November, interest rates on a 30-year-fixed rate loan dropped to 4.17%, according to Fannie Mae -- by all accounts, the lowest they've ever been in the 40 years or so that industry organizations have been keeping track. That was the 5th consecutive week of record low rates -- rates that were so low, people with "good" rates started refinancing because that week's 3.57% on 15-year loans meant the payment was barely higher than the payment they'd had on their 6%, 30-year fixed mortgage.

But I digress. That November rate-drop to end all rate drops was so extreme, no one really expected it to be sustainable over the long term. Rates had puttered up and down from around 4.2% to around 4.45% for months. The job market was lagging, and the housing market had never sobered all the way up from its post-tax credit hangover, so the Fed said it would do what it could to keep rates low for the foreseeable future, so the banks would pass those low rates on to consumers.

Then, the Obama administration cut a deal to extend the Bush era tax cuts. That adds a projected $900 billion to the deficit over those two years. And that toppled the first domino: T-bill rates, many of which back federally-insured mortgages, were pushed up. As the deficit increases, so does the risk associated with investing in Treasury bills, so they need higher rates for people to buy them. When the rates on T-bills go up, so do mortgage interest rates.

And, after that uber-low week in November, mortgage rates went up faster than the numbers on my scale over the last six weeks: well over a half point since the second week of November, hitting their highest point in six months. The last Fannie Mae data reports rates at over 4.8%, which Bankrate's overnight report pegs them at 4.97%. And it's been a spiky ride, with rates jumping around from 5% to 5.19% at one point, overnight, the second week of December, before cooling to just below 5% Christmas week. Infinity Home Mortgage manager Jeffrey Belonger told Bankrate that rates are "getting worse for two days, getting better for one day, getting worse the next day." Belonger says that mortgage rates right now are on a "daily yo-yo."

The knee-jerk reaction so many homeowners have is that even 5% is still so low, relative to the rates of years past, that the difference between 4.17% and 5% should not stop anyone from buying a home, and it probably won't. But it will put a new, lower cap on how much they can spend, which will likely translate into greater price pressures on sellers. Even a half-point increase from 4.5% to 5% on a 30-year fixed rate loan adds an additional $120 per month to the mortgage payment on a $400,000 home. Today's lenders impose very firm, clear budget constraints on buyers as to how much they can afford to spend for housing, so the extra interest cost will force many buyers to downsize their home price budget.

A spiky, upward trajectory is in the cards for 2011, too -- until the deficit truly gets under control, Treasury rates will likely continue to be volatile; the Fed just bought a bunch of T-bills in November to do its part at keeping rates low, so it's unlikely it will do more in the very near future. If the deficit keeps growing and, counterintuitively, consumer spending and confidence keep on their upward paths, mortgage rates will continue to rise.

So, what's a homebuyer or owner to do? Well, homebuyers who are in contract and looking for the time to lock their rates should consult with their mortgage professionals about doing it during the holiday lull in rates, before the volatility returns as expected after New Year's Day.

Fifteen-year loans are still offering below 4% rates, as another alternative for both buyers and homeowners looking to refinance at the lowest possible rates; and the daily interest rate yo-yo means that those looking to lock loan rates should be in touch with their mortgage brokers every day to catch them when they're relatively low.

Those still house-hunting should consider negotiating for the seller to pay a discount point and reduce their interest rates, especially if they are in a situation where they have stronger bargaining power vis-a-vis the seller. The slow holiday season for home sales puts wanna-be buyers in good position to do this, particularly for homes located in cold weather states, where very few buyers are active this time of this already-slow year.

Article written by Tara-Nicholle Nelson, click here for articles by Tara.

Hold on Tight!!

2010-12-03T07:35:00.001-08:00

What a ride! we talked about market volatility yesterday remaining extreme over the next week or so; today's November employment report set it up. A huge miss on estimates from analysts and economists; as we always note, trying to predict employment is difficult if not impossible. The November unemployment rates was widely expected to be unchanged, it jumped 0.2% to 9.8% the highest in months. Mortgage back securities have already been down 41 basis points…then up 62 basis points and now have retracted to only being up 32 basis points. We lost well over 100 basis points in the mortgage markets…which is a ton!!! You will see the Stock market suffer with these reports as well.

No matter how its sliced, the employment report has thrown a wet blanket over all the recent more positive economic data that had sent equity markets exploding this week and interest rates up. With job markets still soft the US economy isn't likely to sustain any substantial growth. Looking for anything positive from the data this morning, the upward revisions in October and September is about it.

Hold on tight! If you are in the market for a new mortgage, be patient, we will get a little improvement over the coming weeks, but do not get greedy as this will hurt you in the end.

If you have any questions, feel free to email me anytime, click on my name to contact me.

Thank you very much and have a great day!!!!!

Bill Nickerson

Vice President

Mortgage Network

Acton MA 01720

Do you know where rates are headed?

2010-12-02T18:15:00.001-08:00

Mortgage rates moved more this week then they have the entire year, and of course they moved the wrong way…UP. Signs of the economy are improving, China is having a banner year, October housing numbers were far better than expected are just some of the reasons. Tomorrow the Bureau of Labor Statistics will release the Employment Situation Report. This is the single most influential monthly dataset shared with the market. It carries the potential to shift investment perspectives and realign outlooks.

It could be way better than expected and 30 year fixed mortgage rates could go into the 5's by the end of the day. It could be way worse than expected and rates might take reasonable steps back toward 4.25%. It could do either of those things and rates could be relatively unchanged. Or it could do either of those things and paradoxical opposite reactions could occur. The point here is that tomorrow is definitely NOT about how NFP prints compared to how economists expect it to print. It is all about how the market receives it and whether or not there are any other major news events being digested at the time (Europe is a continuing theme that comes to mind). What does all this mean?? It means, we will wait to see if all the economists out there speculated correctly and then we see how Wall Streets deciphers the news. Be prepared for a VOLITILE day in the markets, whether you are watching mortgage rates, the stock markets or even to see the Unemployment number of 9.6% changes one way or the other.

Remember, Good news in the economy…mortgage rates go up! Bad news in the economy, mortgage rates go down!

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Drama and The Economy

2010-11-05T06:56:00.001-07:00

Here we go again…In the US, we tend to be a little dramatic. Whether you get you news from the morning gossip shows on NBC, CBS or ABC or you go to the other extreme to WSJ or Bloomberg. None the less, they all say the same thing. After today’s employment figures showed the US finding 151,000 new jobs, we are back on track to a big and healthy economy..Right? Unemployment still remains at 9.6% which it has been for over a year now. Over 80 economists that were surveyed about the jobs report, were wrong! That’s right, they were wrong, it’s like being a meteorologist in New England, I think we will have a 50% chance of Sun or Rain today. Today we will see a short lived rally in the Stock Markets and we will see securities suffer (bonds, treasuries and mortgage rates). This will be a false rally today we will see on Wall Street, and yet the news media will run with this and again, the real consumers on Main Street will be affected!

The piece we tend to overlook is that 14.8 million people are still out of work today. It’s almost if ALL news media is not allowed to print or say the economy is bad or still suffering. Here is the number to think about…It will take over 6 years at a rate of 200,000 new jobs per month (which is aggressive) for the unemployment numbers to back to down to a place where we can sustain positive growth.

The most important part of the economy is the housing market, it is also one of the largest parts of the economy that creates employment, without it, we cannot move forward. Until consumers start buying homes or the banking guidelines relax enough to allow those to refinance their current mortgage, we will not be able to create new jobs or free up cash. With house prices at an all time low, mortgages rates at a level we have not seen since the 1950’s…It’s time to buy a home. Come on America, you can do it. Go buy house today!!!

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

http://www.forbes.com/2010/08/10/marketing-internet-hypertargeting-technology-facebook.html?partner=email

How Facebook Changes Marketing And Sales

2010-09-03T12:14:00.001-07:00

How Facebook Changes Marketing And Sales
Author of ''The Facebook Era'' on the glories of hypertargeting customers.
By David F. Carr

Home Sales in Record Plunge

2010-08-24T12:29:00.001-07:00

Aug. 24 (Bloomberg.com) -- Sales of existing houses plunged by a record 27 percent in July as the effects of a government tax credit waned, showing a lack of jobs threatens to undermine the U.S. economic recovery. Stocks tumbled and Treasury securities rallied, sending yields on 10-year notes to the lowest in 17 months, on concern the industry at the heart of the financial crisis will lead the nation back into a recession. Recent reports on jobless claims and manufacturing point to a slowdown in growth that may prompt the Federal Reserve to consider additional moves to boost the economy.

The Standard & Poor’s 500 Index fell 1.2 percent to 1,054.54 at 1:10 p.m. p.m. in New York. The yield on the benchmark 10-year Treasury note dropped to 2.51 percent and those on two-year notes touched a record-low 0.4542 percent.

What Does This Mean To You?

Mortgage rates will stay low and could possibly drop even more. Is it the right time to buy? YES, there has not been a better time to purchase a home, mortgage rates are at a 40 plus year low and home prices have stabilized to the point that there are deals everywhere. GO BUY A HOME!

Have any questions, feel free to email me anytime. Bill@billnickerson.com

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Mortgage Rates Rebound~Stocks Plummet

2010-08-21T16:19:00.001-07:00

U.S. jobless benefits jumped to the highest level since November and Philadelphia-area manufacturing shrank for the first time in a year, indicating the economy may be slowing faster than forecasted. The number of unemployment claims unexpectedly shot up by 12,000 to 500,000 in the week ended Aug. 14, Labor Department figures showed today in Washington. Because of this news, the Stock Market dropped, led by declines in the largest U.S. companies including 3M Co., General Electric Co. and Boeing Co. that would be hurt by a slowdown in the recovery from the worst recession since the 1930s. A lack of jobs will raise the risk that consumer spending will weaken further than it already has. Investors traded in stocks for bonds today from this news causing Mortgage Rates to improve by the close of business today. Mortgage rates were on the rise this week due to the heavy volume in mortgage refinances…banks has artificially raised rates this week to control the markets.

For more information on the economy and the effects of the markets, feel free to email me anytime.

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Why Are Rates Going Up???

2010-08-19T04:54:00.001-07:00

Because mortgage rates are at all-time lows, more and more consumers (not as many as last year) are coming down off their fences and applying for a refinance. This week the Refinance Index hit its highest mark since the week ending May 15, 2009. Refinance demand is driving activity in the mortgage market and lenders are operating near full-capacity. When this happens, lenders generally let loan pricing worsen to control the pace of new loan production and protect their pipeline from fallout risk. This is playing out right now in the primary mortgage market AT THE LARGE RETAIL LENDERS SPECIFICALLY. Besides potentially higher borrowing costs, consumers and loan officers should also notice longer "turn times" at lenders, which is basically the amount of time it takes to go from application to closing.

What does this mean to you, you need to apply with a Correspondent Lender. This is a Lender that offers many different banks. So if one bank is “Busy” and they artificially raise rates, we can place you with another lender so that you can obtain that low mortgage rate.

For more information on market conditions and where rates are going, feel free to email me anytime.

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

bill@billnickerson.com

Mortgage markets took a real hit

2010-08-13T07:26:00.001-07:00

Based on the uncertainty over what politicians are doing to help underwater mortgagors. The government is adding another plan to lend money to those that are underwater but still are current. Treasury markets had become technically overbought after the sizeable decline in rates over the previous few days; yesterday the 10 yr rate increased 6 basis points on profit-taking as traders worked on overbought momentum oscillators. This morning the bond market started better with weaker equity market outlook, mortgage prices a little better but still look vulnerable in the short run but the longer look remains positive for mortgage rates.

Want more information, email me at Bill@billnickerson.com If you are getting your mortgage information from the nightly news, you are too late.

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Read the Fine Print

2010-07-02T07:19:00.001-07:00

So often the local media will spin a story for the Drama…here are the good facts about the unemployment rate. Buckle UP!

The headline this evening in the newspapers will be that the unemployment rate declined from 9.7% in May to 9.5% in June; the sub-text however isn't that cheery, the labor force decreased by 652K. Non-farm jobs declined 125K about what was expected, 225K jobs were cut from the census workers while private jobs increased less than estimates--up 83K against estimates of +112K. Revisions in May and June added an additional 25K non-farm jobs. Manufacturing jobs increased 9K but were expected up 25K; it has been all manufacturing that has driven earnings recently, now that sector is showing signs of weakening. Yesterday's June ISM manufacturing index declined to the lowest in months. The cuts in census workers still leaves 339K temps working on the census. Most of the increases in jobs came in education and health services, transportation and leisure and hospitality. June average hourly earnings declined 0.1%, the first decline in months implying continued weakness in the job sector. The report showed that 14.6 mil are unemployed.

"Since January, 2008, the seasonally adjusted average change in employment per firm has been negative in every month, with a seasonally adjusted loss of 0.3 workers per firm reported in June for the prior three month period. Most firms did not change employment, 5% (down 3 points from May) increased average employment by 3.4 employees, but 15% (down 5 points) reduced their workforces by an average of 3.3. “Job creation” still hasn’t crossed the 0 line in the small business sector. Government (including health care and education) and manufacturing (a large firm activity) has been providing what few jobs are created, weak given the magnitude of employment loss during the recession. And now the elimination of temporary Census jobs will make the picture look more bleak, although more accurate. A few more private sector jobs is not enough, we need 225,000 every month for 3 years to re-employ 8 million workers who lost their jobs and another 125,000 a month to keep up with population growth." frm National Federation of Independent Business June Survey

One hour after the release of the June employment data the markets were still trying to get their collective hands around it. The stock indexes and the treasury and mortgage markets were churning back and forth. The employment report overall was not good in terms of handicapping the economic recovery. Employment isn't likely to pick up to the pace necessary to expand the recovery in any significant way. The unemployment rate is not likely to decline, but to increase as the discouraged workers that left the job search to sit and collect unemployment will have to find some work with unemployment compensation ending for thousands every month.

How much of the weak employment report was already discounted in the decline in stocks and decline in interest rates? The initial reaction to the employment data rallied the bond and mortgage markets with index selling in equities; but by 9:30 when the stock market opened +10, the 10 yr note -6/32 at 2.97% +2 bp and mortgage prices -6/32 (.15 bp). The holiday weekend will influence markets today. As we have mentioned, the bond and mortgage markets are overbought technically and the stock market is oversold momentarily. The trends are well in tact but we expect a pause in both markets' direction. We call your attention that the FNMA 4.0 coupon has not closed below its 20 day moving average since April 15th; to test the average mortgage prices would have to decline .69 bp frm present levels.

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

[MND NewsWire] - Homebuilder Confidence Falls. Same Problems Persists After Tax Credit Expiration

2010-06-16T07:28:00.001-07:00

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Homebuilder Confidence Falls. Same Problems Persists After Tax Credit Expiration

Posted to: MND NewsWire
Tuesday, June 15, 2010 11:08 AM

Forward this email: Send a copy of this story to someone you know that may want to read it.

The National Association of Home Builders released the monthly Housing Market Index today.

Derived from a monthly survey that NAHB has been conducting for more than 20 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

After recording month over month improvements in April and May, home builder confidence declined in June. The Housing Market Index dropped five points to 17...

[Image or graph removed from email. View full article with images]

This modest move lower is small in the grand scheme of things but still the largest month over month drop since November 2009 . The NAHB Housing Market Index is only 9 points above the record low print of 8.

[Image or graph removed from email. View full article with images]

Excerpts from the release...

Each of the HMI’s component indexes recorded declines in June.

The component gauging current sales conditions fell five points to 17.
The component gauging sales expectations for the next six months declined four points to 23 (from a one-point downward revised index level of 27 in May)
The component gauging traffic of prospective buyers fell two points to 14.

The HMI also posted losses in every region in June. The Northeast, which has the smallest survey sample and is therefore subject to greater month-to-month volatility, fell 17 points to 18 following a 14-point jump in May. The Midwest posted a three-point loss to 14, while the South also registered a three-point decline to 19 and the West fell four points to 15 from a revised May level of 19.

NAHB Chairman Bob Jones, a home builder from Bloomfield Hills, Michigan says:

“The home buyer tax credit did its job in stoking spring sales and we expected a temporary pull back in the builders’ outlook after the credit expired at the end of April...However, the reduction in consumer activity may have been more dramatic than some builders had anticipated, which resulted in their lower confidence levels.”

NAHB Chief Economist David Crowe says:

“We expected some softening in the market following the expiration of the home buyer tax credit and this report seems to verify this assumption....In the coming months, an improving economy, rising employment, low mortgage rates and stabilizing home values should help the housing market move forward. But as today’s HMI data shows, builders still remain very cautious and are aware that several factors could impede the nascent housing recovery, including serious problems in obtaining financing for the production of housing, faulty appraisal practices and competition from short sales and foreclosed properties.”

This is the same thing the NAHB was saying in January.

HERE is some content about the above mentioned appraisal issues

HERE is some content about short sales, foreclosed properties, and shadow inventory

HERE are some of the "incentives" being pushed by Realtors and homebuilders

(View More)

More from MND:

MBS Commentary: Data Flash: Housing Starts and Producer Level Inflation Worse Than Forecast
MND NewsWire: HUD Releases Mortgagee Letter Detailing Net Worth Requirements and Approval Process
Voice of Housing: Gimme Shelter: Homelessness Rate Climbing. Low Income Rental Units Needed
MND NewsWire: Homebuilder Confidence Falls. Same Problems Persists After Tax Credit Expiration
Pipeline Press: Monoline Insurer Primer; SIFMA Study for Risk Hedgers; Fannie Mae Servicer Reimbursements; Flood Insurance Reminder From GMAC; BoA Bulletin

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The Direction of Mortgage Rates.

2010-06-03T18:50:00.001-07:00

The Direction of Mortgage Rates…

Mortgage rates are governed by several leading indicators and of course are not held to just one. The lending world generally will follow mortgage back securities for the most up to the moment price of an interest rate as well as track the bond markets. These are the 2 most important indexes to follow that allow us to watch the pattern or course of an interest rate.

In recent months, the government had a plan to invest 1.25 Trillion dollars into buying mortgage back securities in order to keep rates low over a period of 14 months. This worked, and rates were on average around 5.00% during this time. As the funds were coming to an end in March, the fear set in the rates would sky rocket. As we soon realized, it is not just these indexes that govern mortgage rates, the entire Global economy comes into play.

As the economy remains flat or stable, rates have done the same. Each time we see weak economic news globally, it causes a little rally in mortgage rates, overall in the last 18 months, rates have been at 5.00% plus or minus a quarter on any given day. Once the economy takes a turn for the good and all components are moving upward, we will see mortgage rates start the climb back up. Experts and Economists alike can only guess at where they will land, but we do know it is only a matter of time before we see 6 percent. As recent as July 2008, the 30 year fixed rate was at 6.75% for a few weeks.

What is new this time around is the Global picture. As we see the employment rate slightly improve, consumer confidence on the rise, homes sales doing better than expected, these are all indicators that the US Economy is back on track or at least moving in the right direction. All of these items are great for the stock market and bad for mortgage rates and can fluctuate every day and can be very volatile. Something the news media reported on yesterday about rates, was exactly that, news from yesterday. Rates had a dip the prior week based on world news, and by the time the news media gets this, the rates have already moved again.

It’s when we see a conflict as we did a few weeks ago with North Korea and South Korea, or Greece falling apart and even the oil spill in the Gulf, these all hurt the US Stock Market, which indirectly caused mortgage rates to drop. It is not quite as simple as this, but whenever or whatever causes the stock market to drop, mortgage rates will generally improve. Investors will pull funds from the Stock Markets and shift funds to the Bond markets and Mortgage Back Securities as they are less risky and far more stable and will do this until things settle in the Stock Market. Mortgage rates will get a very quick rally and improve on these shifts in the markets.

In general, the US and World Economy will at least remain stable and continue its slow and steady improvement. This in return will start to drive mortgage rates upward over the next 12 months. Over the last 10 years, mortgage rates have settled in around 6 to 6.5% for the 30 year fixed mortgage. It will move like a roller coaster, but in this case will only continue to climb with slight dips from time to time.

If you have any questions about mortgage rates or mortgage programs, feel free to email me or call me anytime. I can be reached at 978-264-4803 or via email at bill@billnickerson.com

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

http://www.pmc.org/mypmc/profiles.asp?eGiftID=BN0024

Will you help raise money for my Cancer Ride????

2010-03-27T19:14:00.001-07:00

Dear Friends and Family,

I hope this letter finds you and your family well! As you may know, I ride in the Pan Mass Challenge every year. Can you believe this will be my 6th year? The ride takes me from Sturbridge to Provincetown on a 2 day ride for a total of 192 miles. Each year the PMC presents us with a goal to raise money for the event and this year I am looking to raise $6000. This money goes right to the Dana Farber Cancer Institute and to the Jimmy Fund, this is one of the biggest fund raisers they will have this year.

Last year the riders raised over $35,000,000. Our team, Lick Cancer, alone raised $170,000, we were interviewed by NECN at last years event. This year, we are riding for our Pedal Partner, Charlotte O’Shea of Harvard Mass. Charlotte will be 6 years old this April and has been battling a rare, aggressive brain tumor known as atypical teratoid rhabdoid tumer (AT/RT), which doctors feared had spread to her spine. Charlotte has been battling this form of cancer for the last 4 years.

I have a few links at the bottom of this page, you can check out my PMC web page, photos albums of the last few years and of course my donation page.

This ride is very important to me, as I joke about my build and how it takes 3 Lance Armstrong's to equal one of me. I am very serious about this ride. Cancer has become a common word in many of our homes and it seems all too often I learn of someone who is diagnosed with this disease.

Help me raise money for Charlotte, The Dana Farber and Jimmy Fund and together let's help find a cure for Cancer!

donate to my ride photos of the ride the pmc story

this is our team in 2008, taking our final break in wellfleet ma. nearing the end of our ride

Thank You Very Much for Your Support!

Sincerely,

Bill Nickerson

and

Team Lick Cancer

Failed Title V Inspection?

2010-03-22T19:49:00.001-07:00

Did you know that FHA rehab loans will allow you finance in the costs of a new septic system. You can actually purchase a home that has failed the Title V report. The FHA 203k loan allows for the costs of repair or the installation of an entirely new septic system through this special rehab loan. The loan will allow you to borrow up to $35,000 above the cost of the home for repairs, renovations, new energy efficient doors and windows, siding and even a new septic system. Need more details, call or email me anytime!

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Fed Leaves Rates Unchanged Today... :)

2010-03-16T11:26:00.001-07:00

The Federal Reserve kept its benchmark interest rate at a record low today, even better used the language “Likely to warrant exceptionally low levels of the Federal Funds Rate for an extended period of time”. What does this mean to you???? The Feds have now left the door open as they say for continued talks about purchasing more mortgage back securities even after the money runs out this month. Although employment seems to be recovering, the housing markets still remain weak and will take some time to recover. The government had a plan to purchase 1.25 Trillion of mortgage backs over the last 14 months, the money runs out in just a few weeks. Guess again, there goes the deficit….

Good News: Mortgage rates may stay low for several more weeks!

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Housing Starts in US Declined 5.9% in February...Mortgage Rates Improve!

2010-03-16T07:03:00.001-07:00

Housing Starts fell in February as record snowfall in parts of the country hampered new construction; these numbers are down from the previous month. The south was hit the hardest as they are down 16 percent, New England down 9.6 percent and the West is actually up 7.9 percent. Although the numbers down, weather had a big part in the delay on the Spring Market. Foreclosures are also getting in the way of new inventory, a harsh way to put it, but until the housing market is back on track, mortgage rates should stay low.

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

What if Mortgage Rates were to go UP?

2010-03-08T20:03:00.001-08:00

If you were to hold off on that home because you thought home prices were going to drop, well consider this. If mortgage rates increase by 1 percent as predicted by economist in the next six months, what do you think that does to your buying power? A one percent increase on a $400,000 mortgage would reduce your borrowing power by $50,000. That is a drop of more than 10% of the loan amount in order to keep your mortgage payment the same. Instead of being able to afford the $400,000 loan amount, you would now only be able to afford $350,000. Today’s underwriting guidelines have tightened up even more than just a few months ago. Take away the $8,000 tax credit after April 30, this puts you at even a less advantage then someone buying today.

It is time to make some real decisions. This will be one time in our lives where it is the perfect time to purchase a home.

Helping the economy one home at a time….

Bill Nickerson

Vice President Mortgage Network, INC

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Mortgage Rates Continue to day low

2010-03-07T04:56:00.001-08:00

Mortgage rates remain below 5.00% this past week for the 30 year fixed rates. This is for mortgages up to $417,000 and for consumers with credit scores over 740. If this doesn’t work for you and your credit scores are below this amount, you should look at the FHA mortgages. FHA does not punish clients like that of Fannie Mae and Freddie Mac. Today’s FHA rate is at 4.875% with 0 points and your credit score can be as low as 620. The FHA mortgage has become the standard in lending and has become a very easy mortgage to work with. Have questions??? Email me anytime at bill@billnickerson.com.

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Money Saving Idea! Are you looking to save thousands off your mortgage without having to refinance?

2010-03-02T07:20:00.001-08:00

Do you have a mortgage? Want to save $20,000, $30,000 or even a lot more. Here are the steps…. Take your monthly mortgage payment, divide it by 12. Now take that 12^th of your payment and add into your mortgage payment each month. This will be considered extra principal that you are adding in each month and will reduce the term of your mortgage by at least 6 plus years. 6 Years off the life of your loan on a $200,000 mortgage would save you $32,000.00.

Example: Your principal and interest payment is $1200 per month, divide this by 12 and you come up with $100. Take the $100 and add this to your monthly payment and this will save you over 6 years of inertest off your loan. This will save well into the thousands of dollars for you and your family.

For money saving ideas on your mortgage, feel free to contact me anytime.

Bill Nickerson

Mortgage Lender

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

The Weekly Commentary

2010-02-28T14:43:00.001-08:00

Last Week; wasn't a good one for the economic bulls, and particularly those that think the housing markets are making a turn. Jan existing home sales were expected to have increased about 1.0%, they tanked to a decline of 7.7% with the inventory of unsold homes increasing to 7.8 month from 7.2 months in Dec. New home sales in Jan really fell, with the forecast of an increase of 3.7% over a weak month in Dec, sales plunged 11.2%. Bernanke testified in Congress last week, it went OK and markets only took out of it that once again Bernanke reiterated interest rates would stay low for a lot longer. We are hearing that it will likely be four more meetings before the FF rate is increased, that takes to out to the latter part of this year. It all depends on the economy; we still think the foundations of the present optimism are too optimistic are too excessive, but that is that famous wall of worry it takes. Not only housing data; consumer confidence in Feb declined substantially; the Conference Board's index of confidence dropped over 10 points (20%) from Jan to Feb to a low read of 46.0; the U. of Michigan consumer index didn't slide at all and remained unchanged on the month------more to be confused about. Although the week was punctuated with very soft economic data, the equity markets held well with very little change in the key indexes. The interest rate markets improved; the 10 yr note yield fell 16 basis points to 3.62% and 30 yr mortgage rates declined about 8 to 10 basis points.

This Week; we believe will be one of the most important weeks in the last few months for the financial markets. Very key economic data this week; but none more important than Friday's Feb employment data. The key data points this week are personal income and spending for Jan, both ISM manufacturing and services reports, Feb auto and truck sales, and the Fed's Beige Book release. What will make this somewhat of a watershed week, and the relevance of the data releases, is what occurred last week with the very deep decline in consumer confidence. Markets are translating the collapse in confidence to more job losses and no improvement in wealth. We will add that many consumers that have managed to hold on, and hoped to wait the recession out, are now beginning to retreat as the end is slipping farther out for many that so far have "weathered" the economic recession. The early estimates for the Feb jobs report are for just 20K jobs lost and the unemployment rate to increase to 9.8% from 9.7% in Jan. Early this week we are not expecting any additional improvement in the bond market, and equity markets to be relatively quiet. Based on the early estimates for the non-farm jobs, we believe the decline in jobs will be more than that, and the unemployment rate will be closing back toward 10%. The decline in interest rates last week had two legs; the continued increase in sovereign debt caused by debt problems in Greece, and safe haven moves by investors into treasuries that are taking some money off the table. Look for the week to become increasingly volatile at mid-week as players make adjustments for employment data.

Thank you very much,

Bill Nickerson

Vice President

Mortgage Network

978-264-4803 office

978-268-5023 fax

978-273-3227 cell

Providing Mortgages Since 1991

Mortgages Rates Improve Again!

2010-02-25T05:51:00.001-08:00

Today it was announced that Jobless claims were up yet again for the 6^th week out of 8 in 2010. This is just confirming that the economy is not growing or expanding as they thought it would. What does this mean to you? It bring mortgage rates down just a little bit more, mortgage rates move very slowly on the way down and will usually always require negative news to do so. If you are looking to lock in your mortgage rate on your new purchase or your refinance, this may be the day to do it. Not to rush, we want to see how this plays out and we will be watching the mortgage back securities very closely for more improvement as we lead into Friday.

Any questions???? Email me anytime at bill@billnickerson.com

Bill Nickerson

Vice President Mortgage Network, INC

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Consumer Confidence?????

2010-02-23T07:49:00.001-08:00

Consumer confidence suffers unexpectedly! What does this mean for mortgages??? Mortgage rates will improve today based on this news. Not that I am happy to report this, (okay, a little happy) because this means the economy is still not n full recovery mode. The stock market and several other areas of finance will suffer today. In doing so, traders will withdraw from the stock market and shift funds over the safer investments such as treasuries and mortgage back securities, in doing so, this is will bring mortgage rates down a little.

For more information, feel free to email me anytime with questions you may have about mortgage rates, buying a home or possible refinancing your current mortgage.

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Bill' Ski Video

2010-02-20T07:59:00.001-08:00

Just makin some nice turns

Download now or watch on posterous

IMG_0398.MOV (3621 KB)

Sent from Bill's iPhone

Great House for Sale!!!

2010-02-19T09:58:00.001-08:00

Just went to this great open house that my friend Heather Plate is listing, You should check it out, it’s in Littleton and on a lake!!!!!

Click on the house for details

Bill Nickerson

Vice President Mortgage Network, INC

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

What Does This Mean To You??????

2010-02-19T08:10:00.001-08:00

The Feds raised rates yesterday on the rate that it charges banks to borrow money over night. A rate and a service that really does not get used and really has no affect on the other rates that you and I focus on. Mortgage Rates, Prime Rate, Car Loan Rates and the list goes on. For in depth article from Fortune, click this link to read more.

FORTUNE ARTICLE

Bill Nickerson

Vice President Mortgage Network, INC

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Mortgage Rates on the Rise?

2010-02-15T10:24:00.001-08:00

As the Federal Government winds down its plan to keep mortgages rates down, we can expect these rates to begin to rise. The government set aside 1.25 Trillion dollars a little over a year ago and was able to “buy” mortgage rates down by a full percent from their current levels at that time. The 30 year fixed rate has been at 5.00% for the last 14 months plus or minus a .25 on any given day depending upon economic news. With this purchase plan coming to an end, we can expect rates to increase to the levels they were at prior to the plan. The 30 year fixed rate was at 6.00% in October 2008, and reached a high of 6.625% that summer.

Have you refinanced? Are you purchasing a new Home? If rates rise as they are expecting, the tax credit will be worth pennies on the dollar.

Do want to know more about the direction of mortgage rates? Feel free to email or call me anytime.

Bill Nickerson

Vice President Mortgage Network, INC

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Tax Credit Information Here

Time is running out!

2010-02-13T10:30:00.001-08:00

The Tax Credit is extended through April 30, an $8,000 first-time homebuyer tax credit and for second time buyers a credit in the amount of $6,500. The combination of the credit expiring soon and the Governments plan to keep mortgage rates low is coming to an end. The Government has been purchasing mortgage back securities for over a year now and pledged 1.25 Trillion dollars. These funds will be exhausted the middle of March and mortgage are expected to rise back to their normal levels.

Take away the $8,000 tax credit, mortgages rates on the rise, and this will hurt your buying power. Need more information, feel free to call or email me anytime. Have questions, we have the answers.

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I work with many of these professionals many times in a month, over and over and over again. Call me for a great referral!

Working For You Every Day!

Bill Nickerson

Vice President Mortgage Network, INC

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

What if Mortgage Rates Rise????

2010-02-09T19:48:00.001-08:00

If you were to hold off on that home because you thought home prices were going to drop, well consider this. If mortgage rates increase by 1 percent as predicted by economist in the next six months, what do you think that does to your buying power? A one percent increase on a $400,000 mortgage would reduce your borrowing power by $50,000. That is a drop of more than 10% of the loan amount in order to keep your mortgage payment the same. Take away the $8,000 tax credit after April 30, this puts you at even a less advantage then someone buying today.

It is time to make some real decisions. Are you looking for advice, financial consulting or just some good information from someone who has prepared over 3000 mortgages for homebuyers in New England. Don’t wait, email me now.

Helping the economy one home at a time….

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Closing Costs ~ Buyer Beware

2010-02-07T13:13:00.001-08:00

When shopping for a mortgage these days, be sure that your loan officer discloses all fees up front prior to you signing anything. Even better…have the loan officer sign his or her name to the fee sheet. Hold them accountable for the cost of your mortgage. You would be surprised by how many people chase a mortgage rate down only to find out that it cost them thousands of dollars to secure. Looking for the right answers, call me anytime.

Bill Nickerson

Vice President Mortgage Network, INC

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Mortgage Rates Improve Again!

2010-02-04T10:44:00.001-08:00

The biggest rally in mortgage back securities since mid December, caused by the fears of the fiscal stability of Spain and Portugal. No matter how well things are going in your own back yard, we live in a Global Economy!

Sincerly,

Bill Nickerson

Vice President

Mortgage Network

978-264-4803 office

978-268-5023 fax

978-273-3227 cell

bill@billnickerson.com

Mortgage Rates Near Best Levels of the Year

2010-02-02T17:17:00.001-08:00

Mortgage rates fell below 5.00% again for well qualified borrowers. This comes prior to the unemployment figures that are due out later this week. Watch for a very volatile rate market in the coming weeks, as the Government winds down the mortgage back security program. They started with 1.25 Trillion and they are down to less than 80 billion….when this is gone, rate are going up!

Bill Nickerson

Vice President Mortgage Network, INC

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Untitled

2010-01-31T21:46:00.001-08:00

Mortgage Rates hold steady, busy week with economic news in regards to Jobs. This will tell us which way the markets will rally!

via Ping.fm

Untitled

2010-01-29T22:59:00.001-08:00

Mortgage Rates End Choppy Week Near Best Levels. Dip below 5.00% Agian! Email me with questions.... bill@billnickerson.com

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Untitled

2010-01-25T11:14:00.001-08:00

Barney Frank is at it again.... http://ping.fm/BR2Wu

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Untitled

2010-01-24T08:51:00.001-08:00

Mortgage rates drop 1/4 percent in the last week. The sell off on Wall Street could create even more improvements.

via Ping.fm

Untitled

2010-01-21T07:22:00.001-08:00

Jobless claims up higher than expected. Mortgage rates should improve again today!

via Ping.fm