3 bedrooms, 2 baths, 2046 Sq. Ft., 0.33 acres

Call 954-727-5902. Espanol 954-727-5904. EZ Info: ID# BR110-649-474

Welcome to this Charming 3/2/2 corner lot house! It sits on an oversized lot (.33 acre). High Ceilings ( Vaulted/ Tray ceilings ).

Lots of upgrades. New Ac in 2019, New water heater in 2019, Interior was repainted in 2018, Exterior in 2019. Bluecastle Lending, Realty & Title sells real estate in Broward, Palm Beach, St. Lucie & Miami-Dade Counties, with headquarters in Broward. With our Closing Cost Assistance Program, you could buy this house with half of the funds you will normally need with other banks.

The Master bedroom floor was upgraded in 2018, the other rooms were done in 2019. Find your home with Bluecastle, and get exclusive notice to hot properties before they even enter into the market.

The roof was replaced in 2018 and the garage door in 2019. At Bluecastle, we are concerned with your needs, and we care to achieve your real estate goals. Find out if you can qualify to receive up to $15,000.00 with our Closing Cost Assistance Program.

Very well taken care of, lots of natural light and very clean and bright.
Lots of room for a barbecue party on the covered porch. Big backyard. Our one-stop-shop makes it very easy to get answers and solve issues that may come up, way before they become problems.

Get access to our exclusive proprietary software, and search the MLS live Know how much your monthly payment is, and how much is the cash you need to buy a house for every property you are interested in. Deliver your mortgage documents in seconds. Discover what real estate agents don’t want you to know by watching our documentary “Insider Secrets – Guide to Getting the Best Deal in the Market”, and much more!

Description:

You will have an inside sales position in a mortgage call-center setting. You have to call our leads, convert into loan applications, and obtain documents.  Additionally, take lead transfers from our Real Estate Agents and Telemarketers.

We offer a platform for your success that includes:

• PQ live leads from our real estate agents & telemarketers!
• More leads than you can handle!
• Highest quality leads in the market!
• Sr. Loan Officer and Processing handles all the headaches and closes the loans!
• Incredibly low rates let you easily beat your competitors!
• Closing Cost Assistant Program allows borrowers to purchase their home with half the funds they need with other banks!
• Proprietary real estate software allows our realtors to find our client’s homes the first day looking!
• Draws available!
• Cloud-based LOS & document management
• Proprietary mortgage software – LE’s done in seconds, Loan Master solves loan issues, easy document management, integrated with real estate tools!
• Small, ready to blowout company, with plenty of opportunity for growth, and the tools & resources for you to succeed beyond your dreams!
• Immediate onboarding!
• Multiple locations in Broward coming up in 2021

Requirements

• NMLS Florida Licensed Mortgage Loan Originator.
• Comfortable in a learning (not teaching) environment.
• Proficient with computers, paperless, digital.
• Comfortable and experienced in sales over-the-phone.

To apply, email your resume to alex@bluecastlelending.com

Hiring Organization: Bluecastle Lending LLC

Job Location: 12514 W. Atlantic Blvd. Coral Springs, FL 33071

Income: $60,000.00 to $105,000.00 /year

Employment Type: Full time, contractor, 1099

Date Posted: 2020-01-17  Valid through: 2020-12-31

Title: Senior Mortgage Loan Officer

Description:

You will have an inside sales position in a mortgage call-center setting. You have to pre-approve loan applications taken by our Jr. Loan Originators, and then close the loan once under contract. Additionally, take lead transfers from our Real Estate Agents and Telemarketers, convert them into loan applications, and close the loan. Lastly, increase the size of your Team (and income) by recruiting & hiring new Jr. MLOs that will be under your supervision.

We offer a platform for your success that includes:

• PQ live leads from our real estate agents & telemarketers!
• PQ applications taken by your Jr. MLO’s
• Cloud-based LOS & document management
• Proprietary mortgage software – LE’s done in seconds, Loan Master solves loan issues, easy document management, integrated with real estate tools!
• Incredibly low rates let you easily beat your competitors!
• Closing Cost Assistant Program allows borrowers to purchase their home with half the funds they need with other banks!
• Proprietary real estate software allows our realtors to find our client’s homes the first day looking!
• Draws available!
• Small, ready to blowout company, with plenty of opportunity for growth, and the tools & resources for you to succeed beyond your dreams!
• Immediate onboarding!

Requirements

• NMLS Florida Licensed Mortgage Loan Originator.
• Experienced, intelligent, goal-oriented.
• Troubleshoot loans solving front and back ratio issues when they arise (no loan denials)
• Research, find and correctly interpret mortgage guidelines.
• Effectively discuss underwriting guidelines with underwriters, and influence their decision.
• Meet Jr MLO and personal production quotas
• Independent and self-reliant.
• Comfortable in a learning (not teaching) environment.
• Proficient with computers, paperless, digital.
• Comfortable and experienced in sales over-the-phone.

To apply, email your resume to alex@bluecastlelending.com

Hiring Organization: Bluecastle Lending LLC

Job Location: 12514 W. Atlantic Blvd. Coral Springs, FL 33071

Income: $240,000.00 to $350,000.00 /year

Employment Type: Full time, contractor, 1099

Date Posted: 2020-01-17  Valid through: 2020-12-31

When you purchase a home, you are really purchasing the title to the property, which is the right to occupy and use the space. That title may be contested based upon past rights and claims asserted by others. These types of claims can cause you to lose money or even worse… lose your home.

The risk of a claim is diminished by our title search and examination. A title search is a detailed examination of the historical records concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of our search is to verify the seller’s right to transfer ownership and to discover any claims, defects and other rights or burdens on the property., which include (but not limited to) unpaid taxes, unsatisfied mortgages, judgments against the seller and restrictions limiting the use of the land. For instance, the previous owner could have incorrectly stated his or her marital status, resulting in a possible claim by a legal spouse.

A title insurance policy issued by a title insurer and signed by Bluecastle Title protects your right to ownership and is your policy of protection against loss if any of these problems (hidden or not) result in a claim against your ownership.

If a claim is made against your property, our owner’s title insurance will, in accordance with the terms of your policy, assure you of a legal defense, pay all court costs and related fees. But also, if the claim proves valid, you will be reimbursed for your actual loss up to the face amount of the policy.

Some examples of hidden hazards are forged deeds, mortgages, satisfactions or releases. A deed granted by a person who is insane or mentally incompetent, or by a minor. The deed from a corporation, unauthorized under corporate bylaws or given under falsified corporate resolution. The deed from a partnership, unauthorized under the partnership agreement, etc. The list goes on and on, and Bluecastle’s title policy will protect you if any of these problems end with a claim against you.

Call us at 954-866-0000 and ask to speak with Alex for more information.

Bluecastle Title & Escrow Lic # W578038

Agent in Charge: Martin A. Baglioni Lic # W022640

Buy Your Home Quickly & Easily, With a Payment You Can Afford, and Half the Cash Your Bank Wants.

Consider a new revolutionary way to find and buy the right house for you. Bluecastle’s proprietary patent-pending software Turboagent (R) allows you to identify more expensive properties and still have the same monthly payment than much lesser expensive properties. Furthermore, it allows you to find the best deal on the market, the first day looking.

In just seconds, Turboagent (R) filters properties whose payments are the same regardless of the purchase price. Hundreds of properties get scanned in seconds, yielding the best deals in the market for your taste and budget. That means you could potentially buy a $300,000.00 home and have the same mortgage payment of a $250,000.00 home. That makes a big difference in what you could buy!

How do you find your home on the first day?

When you use Bluecastle Realty, in addition to Bluecastle Lending and Bluecastle Title & Escrow, you could get up to $14,000.00 in credits. When you add our lender credit (up to 3.5% of the loan amount) with no origination fees (normally 1% of the loan amount) & no underwriting fee (usually $1,500.00), you can save up to $19,500.00 in cash out of pocket with a 400,000.00 FHA loan. This allows you to purchase your new home with half the funds you will need with most other mortgages & real estate companies.

Watch these three short videos that explain how you can earn a $14,000.00 commission credit by doing the loan with us.

Below find the chart that lets you know how much money most of our clients need TOTAL to purchase real estate based on their credit score, loan type, and purchase price. This is the total cash our clients will likely need, and it includes insurance, escrows, pre-paids, title fees, mortgage fees, etc. For example, a $150K buyer will need approximately $8,962.50 if the credit score is 580, or $6,369.00 if the credit is 720. A $300K FHA buyer will need $13,038.00 with a 680 score.

Find out if you qualify for the program by calling Bluecastle at 954-866-0000 or email info@bluecastleLending.com

FHA LOANS

VA Purchase – Regular Army – 1st Use

It gets better.

Starting at 9:00 am with every single property available for sale in the real estate market (about 43,000 properties in the tri-county market), your search gets narrowed down to the location, criteria, and price, usually around 500 properties. Next, we include only those homes whose mortgage payments and the cash you need to buy them, are affordable to you, and this brings the quantity down to about 150 properties (if what you want is in line with what it costs)

Then, you look at the overall location, the street view of the neighborhood, the schools, the crime for the community, the census data, the monthly payment, the total cash you need to buy that house, and of course, the pictures of each property. If you like all of it, we will show the house to you right then in there.

Between 1:00 pm and 8:00 pm you go visit all the properties you selected, one after the next. By process of elimination, without fail, you easily identify the best three to five properties on the market for your taste and your budget. These properties are the best deal on the market for you. You will achieve in one day, what most other people achieve in four months, and you will see twice the amount of properties that most people see in the same time frame.

Please note that Baglioni Real Estate is now Bluecastle Realty.

For information on this program contact Bluecastle Lending at 954-866- 0000 or email info@bluecastleLending.com . Bluecastle Lending is an Equal Opportunity Lender

Bluecastle Realty is a d/b/a for Baglioni & Associates Realty LLC Lic # CQ1038727. Broker of Record: Martin A Baglioni Lic# BK657296

* It is subject to credit and underwriting approval, only for government loans, and other restrictions apply.

Locating the best deal in the market for you can be quite a challenge, but not so much with Bluecastle Lending’s ® proprietary software – Turboagent ®. With it, you will be able to locate houses that have the same monthly payment for a $300,000.00 property or a $250,000.00 home.  Additionally, if you use a real estate agent in our network, we will cover most of your closing costs, and find the best deal in the market for you the first day looking.

Watch this two-minute video that explains what we do, and how we do it. Then give us a call to schedule the appointment.

Title: Mortgage Loan Originator

Description:

You will have an inside sales position in a mortgage call-center setting. You do not need to have relationships with realtors, nor pay to get your own leads. Call our leads, convert into loan applications, collect documents, and submit to processing!

We offer a platform for your success that includes:

• Get transfers from our real estate agents & telemarketer
• Underwriting support desk to ask scenario questions
• Underwriting support software to research scenario questions
• Low rates let you easily beat your competitors
• Work fully remote, or from our Coral Springs office
• One-stop-shop for real estate, mortgage & title
• Closing Cost Assistant Program allows borrowers to purchase their home with half the funds they need with other banks
• Cloud-based LOS
• Proprietary software allows our realtors to find our client’s homes right away
• Plenty of opportunity for growth.
• Immediate onboarding process with ongoing support

Requirements

• NMLS Florida Licensed Mortgage Loan Originator.
• Comfortable in a learning (not teaching) environment.
• Proficient with computers, paperless, digital.
• Comfortable and vastly experienced in sales over-the-phone.
• Independent thinker

Responsibilities

• Call leads & accept transfers
• Take loan applications
• Collect loan documents
• Submit to processing
• Troubleshoot loan conditions
• Close the loans

To apply, email your resume to alex@bluecastlelending.com

Hiring Organization: Bluecastle Lending LLC

Job Location:  Remote, or 12514 W. Atlantic Blvd. Coral Springs, FL 33071

Income: $80,000.00 to $300,000.00 /year

Employment Type: Full time, contractor, 1099

Date Posted: 2020-01-17  Valid through: 2020-12-31

We are looking for Florida licensed mortgage loan originators who want to be part of a growing company by changing people’s lives and better our world, one client at a time.

You will have to prove to you, to ourselves and to our clients that you have the necessary skills, integrity, and passion for the job. We have immediate Opening a Florida NMLS Licensed Loan Originator!

If you want an opportunity to prove you deserve a six-figure income, please email your resume to alex@bluecastlelending.com to begin the interview process.

Bluecastle Lending is looking to hire honest individuals who share the company culture and values.

We strive to be an exemplary institution with a noble, worthy and vital reason to be in business. We provide affordable, lower than most banks interest rates and closing costs (we offer value), we do so with the utmost integrity, without lying or trickery, and we do not give up when clients don’t easily qualify. We have a passion for what we do, and we take it to the heart.

We are changing people’s lives one loan at the time by figuring out a way to give them a mortgage, and by saving them money month after month for the next 30 years. Without us, several hundred homeowners would still be renting or paying substantially more money in their mortgage every month. It is our duty to serve them honorably by helping them understand we are the better choice, being grateful and reliable when they realize it, and being relentless when pursuing the funding of their loan.

We are looking for individuals who are trustworthy, energetic, goal-driven, optimistic, self-reliant, inspiring to others, and compelled by a desire to prove their worth. Do your actions reveal the personality traits described above? If so, we invite you to apply. Place your mouse on the Careers tab to see the different positions we have available.

Mortgage Rates Keep Edging Higher as Stocks Recover

October 31, 2018

Mortgage rates were higher by a fairly small margin once again today.  Interest rates in general (which are determined by the bond market) have been taking most of their cues from recent stock market volatility.  That’s not always the way it works, but it’s the way things have been in the wake of the big stock losses seen on several occasions in recent weeks.  Now, as stocks begin to stabilize and move higher, rates have felt some pressure to do the same.

Unfortunately, in relative terms, the recent drop in rates hasn’t even come close to matching the move in stocks.  Simply put, the bond market is reluctant to improve too much without more substantial justification.  Such justification could take the shape of even bigger stock losses, or more realistically, weaker economic data.  To that end, the last two days of the week bring the most important economic reports with Friday’s jobs report being the biggest ticket.

Mortgage Rates at 2-Week Lows

September 28, 2018

Mortgage rates were slightly lower again today, but there are some caveats.  First of all, the average lender wasn’t in substantially better shape compared to yesterday afternoon.  On top of that, bond markets (the underpinnings of mortgage rates) weakened throughout the day.  If lenders were beginning their day looking at current bond market pricing, we’d likely have seen rates edge slightly HIGHER.  As such, unless bonds manage to receive solid support from Asia and Europe on Monday morning, US lenders will likely be forced to bring rates a bit higher.

Despite those gray clouds on the horizon, the average lender was indeed able to offer their lowest rates in 2 weeks for the entirety of the day, providing a much-needed respite from the recent spike toward long-term highs.

Mortgage Rates End Week Near Best Levels

August 31, 2018

Mortgage rates caught a break to end a week that was otherwise spent moving higher.  Although we did see a bit of improvement in underlying bond markets yesterday, lenders were still getting rate sheets caught up with Wednesday afternoon’s bond market weakness.  As such, we were left with a decent trading day but no improvement in rates.

In order to see that improvement, we needed this morning to bring stronger trading levels and that’s exactly what it did.  Lenders were consequently able to offer token improvements in the upfront costs attached to the same old rate quotes that have prevailed for weeks.

In other words, bond markets aren’t moving enough for actual mortgage rates to change.  Instead, the movement is limited to the upfront costs (or credits) associated with any given loan–something that allows for finer tuning than the typical .125% gap between mortgage rate offerings.

Monday is a bank holiday.  Virtually every mortgage lender will be closed, and unable to process rate lock requests.  Lenders will not be updating rate sheets until Tuesday.

https://www2.optimalblue.com/OBMMI/widgetConfig.php

LOAN PROGRAM                                                     RATE                APR               POINTS      

30-year fixed FHA loan                                         4.625%             5.621%          0.00%

30-year fixed VA loan                                            4.75%                5.016%          0.00%

30-year fixed Conventional loan                      5.125%              5.148%          0.00%

30-year fixed Jumbo loan                                     5.375%              5.42%            0.00%

These mortgage rates are based upon a variety of assumptions and conditions which include a consumer credit score which may be higher or lower than your individual credit score. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing.

48 ft Luxury Trawler

• New hull paint 2015 ($11,500.00)
  New paint on deck, aft deck, flybridge, upper deck and outer deck 2016 ($24,000.00)
  New non-skid deck and paint 2018 ($2,000,00)
  New bottom paint 2018 ($1,800.00)
  New stainless steel rub rail 2015 ($2,000.00)
  New Bimini enclosure 2018 ($9,000.00)
  New stainless steel portlights for entire boat 2016 ($11,000.00)
  New paint on all three heads 2016 ($3,000.00)
  New granite counters on kitchen, aft deck and 3 heads 2016 ($4,000.00)
  New faucets on the kitchen, 3 heads and aft deck 2016 ($2,100.00)
  New water faucet on port gunwale 2016 ($500.00)
  New led light fixtures on aft deck 2016 ($400.00)
  New flybridge upholstery and cushions 2016 ($2,500.00)
  New saloon furniture 2017 ($1,500.00)
  New teak flooring throughout 2016 ($18,000.00)
  New aft deck furniture 2017 ($1,000.00)
  New kitchen backsplash 2017 ($2,200.00)
  New kitchen table teak sole glossy finish 2016 ($1,500.00)
  New stainless steel refrigerator 2017 ($1,200.00)
  New teak flooring throughout the interior 2016 ($21,000.00)
  New teak high gloss wall refinish throughout 2016 ($15,000.00)
  New teak on kitchenette wall 2016 ($3,500.00)
  New interior decoration 2017 (stays)
• New saloon a/c 2016
• New stern underwater lights 2016 ($1,600.00)
• New instrument gauges 2016 ($2,300.00)
• New gauge panels 2016 ($800.00)
• New autopilot 2015 ($5,500.00)
• New shafts 2015 ($4,500.00)
• New Garmin 12 inch touch screen 2015 ($7,000.00)
• New 130 gallon water tanks 2016 ($15,000.00)
• New back up camera 2016 (not functioning after Irma) ($800.00)
• New fuel gauge sensor on starboard tank 2016 ($1,200.00)
• New shaft packing units 2018 ($1,800.00)
• New bilge pump 2018 ($750.00)
• New water puppy 2018 ($750.00)
• New inverter 2016 (not functioning) ($2,500.00)
• New house and starter batteries 2017 ($1,800.00)
• New 1000 hour service done by Caterpillar dealer (Pantropic) and replacement of engine parts 2018 ($15,000.00)
• New a/c service on all three units 2018 ($1,500.00)
• New aft deck ceiling rod holders (4 rods) 2016
• New aft deck stainless steel rod holders ( 2 ) 2016
• New kayak holders (2) 2016 ($450.00)
• New kayaks (2) 2018 ($650.00 – included)
• New lines 2016 and 2018 ($1,700.00)
• New anchor 2016 ($1,800.00)
• New swimming boarding ladder 2016 ($450.00)
• New dinghy davit line and winch 2018 ($500.00)
• New 2015 Honda 9.9 engine for dinghy – less than 20 hours ($2,800.00)
• New 2018 West Marine Hypalon 10 ft double floor dinghy ($3,350.00)
• New battery charger 2019

July 31, 2018

Mortgage rates fell modestly today, bringing them back in line with last Friday’s levels.  Most of the inspiration for the improvement came from overnight developments in Japan, where the country’s central bank doubled down on its commitment to keep easy money policies flowing for an extended period of time.  In general, when large central banks commit to maintaining such policies, it’s good for interest rates.  Last night was no exception, but much of the benefit went to Japan’s bond market (unsurprisingly) with US markets just getting a small token of the gains.

It should be noted that by the time such news filters through to the world of mortgage rates, the improvements are barely detectable for the average borrower.  Many mortgage seekers will be seeing the exact same quote compared to yesterday.  Those who see better quotes will almost certainly still be seeing the same interest rate, but with marginally lower upfront costs (something around $100 for every $100k financed).

From here on out the rest of the week is busier in terms of scheduled events that could impact rates.  The potential for volatility is higher, culminating with Friday’s big jobs report.  Bottom line: rates are already near the highest levels in more than 2 months, but if the incoming economic data isn’t ‘rate-friendly,’ they could keep moving higher.

June 29, 2018

Mortgage rates haven’t moved for 3 straight days now.  In fact, if you’re not too concerned with minutia, there hasn’t been any major movement in weeks.  Unless something big happens in financial markets soon, we shouldn’t expect that to change next week

Rates are driven by bonds, and bonds are traded by humans (or algorithms written by humans).  Many of those humans are on vacation at the moment, having taken advantage of the lull in the market calendar between now and next week’s 4th of July holiday.  Markets will be closed on Wednesday and will close early on Tuesday.  Point being: there’s not an exceptionally vibrant marketplace underlying mortgage rate movement at the moment.

After the holiday, however, volatility potential increases.  Traders will be getting back to the office in greater numbers and the last part of the week brings several important economic reports.

May 30, 2018

Mortgage rates were somewhat higher today as politicians struck a more conciliatory tone in Italy.  To be clear, we are indeed talking about mortgage rates in the United States in relation to European politics.  It’s not the first time and it likely won’t be the last.

The European Union is massive in terms of the size of its economy and its impacts on the global financial system.  Threats to the stability of the EU cause shockwaves in financial markets.  Those shockwaves have an impact on everything from stock prices to mortgage rates.

The latest threat is Italy’s would-be government: a coalition between 2 parties that are both less than enthusiastic about Italy remaining in the EU.  They drafted a lawmaking gameplan 2 weeks ago, and while it didn’t include any specific goals regarding the country’s EU membership, one of their nominees is a vocal proponent of a Brexit-style departure for Italy.

Yesterday’s surge toward lower rates occurred because the Italian President vetoed that nomination.  At first glance, that might seem like good news because it keeps the guy who wants to leave the EU out of office.  The unintentional consequence is that new elections would have to be held and those elections would likely evolve into a referendum on Italy’s membership in the EU.

Today saw the political tone move in a more moderate direction, with key players on both sides expressing some willingness to sort things out and try to avoid snap elections.  This does more than anything defuse the sorts of risks that helped rates yesterday.  In short, that’s why rates moved higher today.  To whatever extent the conciliatory tone grows, rates could continue higher.

Buying a Home with Bluecastle Lending May Be More Affordable Than You Think

If you can’t come up with a 20 percent down payment, there’s an alternative that may save you money.

Mortgage insurance is required on any mortgage with less than 20 percent down (or 20 percent equity when refinancing). It covers the additional risk the lender assumes in accepting a smaller down payment. With Bluecastle Lending, a no mortgage insurance loan with just 5% down it’s an option that’s been growing in popularity and which can save you hundreds, even thousands, of dollars a year in mortgage costs. If you’ve got good credit or you are planning on a small down payment, we have this program available.

Let us help you realize your homeownership dreams the most economical way. Give us a call.

March 29, 2018

Mortgage rates were generally unchanged today, although a few lenders offered slight improvements.  This stands in contrast to the noticeable improvements in underlying bond markets.  As we discussed yesterday, Treasury yields are leading the charge toward lower rates, and while the bonds that underlie mortgages are definitely lagging that move, they’re improving nonetheless.  But again, you wouldn’t really know it based on today’s rate sheets.

The absence of lender improvements on days like today is unfortunately par for the course.  It was only a half day for bond markets and tomorrow is a full closure for the Good Friday holiday.  As such, there’s additional risk involved for lenders dropping mortgage rates for 2 reasons.  First, the counterparties required to trade the underlying bonds are harder to find on either side of a holiday weekend.  Also, an extra day and a half simply creates risk of additional market movement between now and the next time lenders can update rate sheets.  If they price too low today and rates jump higher next week, today’s commitments would have cost lenders more money than a typical market swing.

Today’s Best-Execution Rates

February 28, 2018

After moving back up to the highest levels in more than 4 years yesterday, mortgage rates fell slightly today.  Pessimists/realists would rightfully point out that today’s rates are still pretty close to those 4-year highs, and that one measly day isn’t much of a foundation for hope.  Optimists could counter that yesterday’s high rates merely MATCHED the recent highs from last week and that the past 2 weeks overall have seen the most sideways stability in 2018.

Long story short, rates are high relative to anything seen since early 2014, but there also continues to be a chance that they’ll try to avoid going much higher in the short term.  NOTE: a “chance” means strictly that.  We’re not talking about probabilities here.

The average lender continues quoting conventional 30yr fixed rates of 4.5-4.625% for well-qualified borrowers.  Todays’ NOTE rate would be the same as yesterdays with the modest improvement coming in the form of slightly lower closing costs.

Today’s Most Prevalent Rates

January 31, 2018

Mortgage rates managed to hold steady today, on average (some lenders were slightly better while others were slightly worse) despite a more upbeat economic assessment from The Federal Reserve.  The Fed releases a statement on monetary policy 8 times a year.  These statements let markets know what the Fed is thinking and how it is planning on approaching policy in the future.  They also serve as venues to announce changes in the Fed’s policy rate, the “Fed Funds Rate,” which has a bearing on almost all other rates (including mortgages).

The Fed wasn’t expected to hike rates with today’s statement, and this wasn’t one of the 4 meetings a year where they release updated forecasts.  That meant markets were left to glean any actionable info from the verbiage of the statement.  Despite some anxiety in the marketplace about the Fed potentially making bigger changes to its guidance, the actual statement was reasonably close to the previous version.  The only potential hang-ups were a few tweaks that gave more credit to recent economic strength and improvements in the inflation outlook.

A stronger inflation outlook is bad for bonds and interest rates, all other things being equal.  But today’s statement didn’t do any new damage to the already gloomy rate situation.  That’s because market participants didn’t hear anything from the Fed that wasn’t already clearly understood.  In other words, the Fed essentially re-stated what was already obvious.  Rates have been moving for other reasons recently, and those motivations supersede minor course corrections from the Fed.

The broader trend in rates remains negative.  It has been and will continue to be the case that we need to see a much bigger and longer-lasting bounce in rates before we can entertain anything else.  Needless to say, floating and hoping for a bounce is not the right strategy at the moment, even though it will end up looking like a good idea in hindsight one of these days.

Today’s Most Prevalent Rates

December 29, 2017

Mortgage rates were unchanged again today, keeping them at the same stronger levels achieved on Wednesday afternoon.  Wednesday’s gains were much-needed as they went a long way toward erasing the damage from a quick spike that took rates to the highest levels in months last week.

The caveat to the back-to-back weeks of volatility is that this is the end of December. Mortgage rates are driven primarily by trading in bond markets, and trading in bond markets becomes exceptionally sparse this time of year.  In market speak, the word is “illiquid.”  Imbalances between buyers and sellers always cause some movement, but illiquidity means that rates move much more than they otherwise would.

Thankfully, this week’s illiquidity worked in our favor, and rates returned to the dominant range of the third quarter of 2017.  We could be waiting for the 2nd full week of January before we get a clear sense of how traders are approaching the bond market in 2018.

Today’s Most Prevalent Rates

June 30, 2017

Mortgage rates moved higher for a 4th straight day to end the month of June.  In terms of upward movement, this has been the worst week for mortgage rates since early March, 2017.  Most borrowers are now seeing rates that are a full eighth of a point higher than Monday morning’s levels.  While that’s not even remotely close to the damage done during election week last year, an eighth of a point in 4 days is definitely on the abrupt side of historical averages.

Whereas 3.875% had been widely available on Monday morning, the most prevalently-quoted conventional 30yr fixed rate is now up to 4.0% for top tier scenarios, and 4.125% is rapidly gaining market share.

Whereas the lock/float outlook had been calm and steady heading into this week, it quickly turned defensive as losses mounted.  There are multiple justifications for the weakness ranging from European Central Bank “taper talk” to an overabundance of trading positions in favor of lower rates earlier in the week (which makes rates susceptible to the sort of correction we’re seeing now).  Assume rates can continue higher until we see a definitive ceiling take shape.  The earliest that could happen would be the end of next week.  The last corrective uptrend in rates lasted 3.5 weeks.

Today’s Most Prevalent Rates

December 30, 2016

Mortgage rates moved lower for a 3rd consecutive day to end 2016, bringing them to the lowest levels in more than 3 weeks for many lenders.  December 8th was the last time rates were lower.  As of yesterday, 4.25% regained the status of the “most prevalent” conventional 30yr fixed quote on top tier scenarios.  Quite a few lenders remain at 4.375% and a scant few are down to 4.125%.

While this is all good news in the context of the past few weeks, 2016 nonetheless ends with one of the worst 2-month losing streaks in the history of mortgage rates.  Specifically, the 5 weeks following the election were the worst 5 weeks on record, going back to the Spring of 1987.

For anyone considering locking or floating into the 3-day weekend (markets and mortgage lenders are closed on Monday, by the way), it’s important to remember that nothing about this week’s momentum is guaranteed to carry over into the new year.

To repeat yesterday’s thoughts, the  recent gains are largely a result of the year-end bond trading environment.  It’s not the same bond market that’s normally pulling the levers behind the scenes.  Volume is lower and participants are in shorter supply.  Trading considerations differ from other times of the year.  It can all add up to unexpectedly quick moves and the APPEARANCE of new momentum that is subsequently erased in the new year.

Again, that’s not to say a big bounce toward higher rates is guaranteed next week, but it’s at least an equal possibility.  Whatever the case, the past 2 days of gains can’t be viewed as the sign of a new trend.

Today’s Best-Execution Rates

October 31, 2016

Mortgage Rates moved sideways to slightly lower for the 2nd day in a row, after hitting the highest levels in 5 months on Thursday.  While the positive progress is better than a sharp stick in the eye, it nonetheless leaves us right in line with highs for all practical purposes.  In fact, virtually all lenders are putting out quotes today that are indistinguishable from Thursday’s for most prospective borrowers.  The most prevalently-quoted conventional 30yr fixed rate remains 3.625% on top tier scenarios, with a handful of the most aggressive lenders at 3.5%.

The remainder of the week brings several flashpoints for market volatility, with Wednesday’s Fed announcement being the center of attention.  The Fed is not expected to announce a rate hike this week (though it’s not impossible, by any means).  Rather, the baseline assumption is that the Fed will use this meeting much like they used the 2nd to last meeting of 2015 to telegraph a hike in the final meeting of the year in December.

When you see or hear a reference to the Fed hiking or cutting “rates,” it doesn’t refer to all interest rates–merely the Fed Funds Rate (the Fed’s desired, or “target” rate for overnight borrowing/lending among the largest banks, which it achieves by adjusting several policy variables).  In other words, mortgage lenders are by no means forced to instantly raise rates if the Fed declares that it will now be targeting a higher Fed Funds Rate.  Moreover, mortgage rates are more closely-related to longer-term rates, such as 10yr Treasury yields (i.e. mortgage rates tend to move in the same direction as 10yr Treasury yields, even if short term interest rates are moving in the opposite direction).

Now for the tricky part.  Even though mortgage rates don’t follow the Fed Funds Rate, they can absolutely follow the EXPECTATIONS that precede changes in the Fed Funds Rate.  As such, if the Fed were indeed to telegraph a December rate hike, mortgage rates could face additional upward pressure.  But if this Wednesday’s Fed announcement doesn’t contain the sort of clue that many investors expect, mortgage rates have some room to move slightly lower.

Perspective is important when discussing “lower vs higher” rates at the moment.  In general, lenders will hesitate to aggressively push rates lower with the looming possibility of a Fed rate hike in December (among other things).  That means there is decreased reward for the risk of floating.  If you’re OK with the smaller victory and accept the risk that rates continue to move higher, it wouldn’t be unreasonable to float.  If you do, make a gameplan with your originator and be ready to lock immediately if rates react unfavorably to Wednesday’s Fed.

Best-Execution Rates

To the surprise of many homebuyers, there is more than one way to obtain PMI. One of those PMI alternatives is called Lender Paid Mortgage Insurance, or LPMI, and Bluecastle Lending offers it.

What is Lender Paid Mortgage Insurance?

Lender Paid Mortgage Insurance is a form of PMI that is paid for by the lender via a one-time fee, rather than by the borrower monthly. Some form of PMI is required whenever a borrower puts less than 20% down on a conventional loan.

Quite often, LPMI borrowers are able to qualify for a higher purchase price than with regular PMI, since the monthly payments are usually lower even though the interest rate is a bit higher.

The disadvantage of LPMI is that you will have that interest rate for the life of the loan, vs a lower interest rate that will ultimately yield an even lower monthly payment than LPMI when you reach 78% Loan to Value (20% equity)

What is better, PMI or LPMI? It depends on what your credit score is, how much you are putting down, and how long you are planning on staying on the property. Give us a call and we will gladly go over it with you according to your financial situation.

For information on this program contact us at 954-866-0000 or email us at info@bluecastlelending.com. Bluecastle Lending is an Equal Opportunity Lender

Bluecastle Lending offers a wide variety of Commercial loan products, mostly designed for those business owners looking for an alternative to restrictive bank financing. Below are some highlights:

• Eligible Borrowers: U.S. Citizens, Permanent Resident Aliens, Legal Entities
• Loan Amount: $250K-$2MM
• Purpose: Purchase, Cash Out Refinance or Rate and Term Refinance
• Products: 5-Year and 7-Year Hybrid
• Rates: 6-9%
• Amortization: 20, 25, 30
• Min. Middle Credit Score: 650
• Eligible Markets: Top 200 MSAs
• Index: Wall Street Journal Prime Rate
• Property Types Tier 1: Multifamily and Mixed-Use (Residential)
• Property Types Tier 2: Mixed-Use (Commercial), Office, Retail, Light Industrial, Self-Storage, Warehouse, Automotive, Mobile Home Parks
• Prepayment Penalty: 5% For First 3 Years
• Credit-worthy investors or business owners looking for an alternative
  to restrictive bank financing can enjoy a max LTV for Tier1 of 80%, Tier 2 of 75%
• Investors who may not be able to disclose certain financial information or whose properties are more valuable than a tax return might show can enjoy a max LTV of 75%
• Owner-occupied transactions where the business owner has difficulty
  documenting their income for traditional lenders can enjoy a max LTV of 70% for Tier 2 properties.
• Borrower does not document income on tax returns, investor and owner occupied.
• Recently stabilized – we only need 75% economic occupancy for the preceding 90 days at a 1.2 DSCR.
• No seasoning on title and the ability to use appraised value vs cost basis
• Low liquidity – we only needs 3-6 months of P&I in reserves

Subject to credit approval. For more information, contact Bluecastle Lending at 954-866-0000 or info@bluecastlelending.com

April 13, 2018

Mortgage rates were slightly higher for most lenders today even though underlying bond markets suggested the opposite.  This is partly a timing issue.  Yesterday saw bond markets weaken throughout the day.  Weaker bonds imply higher rates.  After a certain amount of weakness, mortgage lenders will adjust rates and re-issue new rate sheets (aka a “negative reprice”).  Many lenders did this yesterday, but not all of them.  Even among the group that repriced, most of them did so earlier in the afternoon and bonds continued to weaken through the end of the day.

The net effect of all of the above is that most lenders had some catching up to do with bond market weakness that they hadn’t fully accounted for yesterday.  Those that didn’t merely kept rates roughly unchanged.

Intraday volatility was, once again, closely linked with the stock market.  This isn’t always the case, but bonds/rates are at a crossroads.  They’re not ready to decide on their next big move on their own.  As such, they’re willing to take cues from stocks for the time being.  Be aware, this correlation will come and go throughout the day on any given day.  It’s not safe to EXPECT that it will continue.

The good news is that they didn’t land too far from yesterday’s levels in the grand scheme of things, and are still technically closer to the bottom of their March/April range.

The saving grace for slightly higher rates is the fact that the range over the past 2 months has been exceptionally narrow.  Most borrowers haven’t seen their quoted NOTE rate change during that time (it’s only been the “EFFECTIVE rate” which takes upfront costs into consideration).

Today’s Best Execution Rates

Ongoing Lock/Float Considerations

• 2017 had proven to be a relatively good year for mortgage rates despite widespread expectations for a stronger push higher after the presidential election in late 2016.
• While rates remain low in absolute terms, they moved higher in a more threatening way heading into the beginning of 2018
• The scariest part of the move higher looks like it ended as of early February, and rates have been generally sideways since then
• Even so, the potential remains for more weakness (i.e. higher rates).  It makes more sense to remain defensive (i.e. more inclined to lock) until we’ve seen a more convincing shift lower.