The BIG catch to infinite 100% VA Loan Amounts in 2020!

In June of 2019, President Donald Trump signed a bill into law allowing the VA to guarantee loans that exceed the county loan limits.  Borrowing over the county limit has always been a thing, but there currently exists a formula calculating the maximum you can borrow.  With the new law, this will CHANGE!  

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Culture and Trust

The Elmendorf Chronicles, August 20, 2019

I’m on a plane. I’m sitting next to Jim the restructure guy. That’s all I know about him after trying to start up conversation. I normally keep to myself but thought I overheard the word "securitization" before he hung up on the conference call he was taking on the plane. He briefly told me that he “restructures businesses” and promptly went back to the 300-page paper manifesto he was reading. Paper, sheesh. But it got me thinking… I’m trying right now to restructure. Patch up, rebuild, improve, whatever you want to call it, I AM in restructure! I think all our businesses should be in a constant state of restructure. Constantly improvising, improving, innovating… growing better day by day.

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Why the Fed Cut may not improve mortgage rates

Don't shoot the messenger

One of the most widely misunderstood dynamics of my business is the belief that a Fed rate cut immediately lowers mortgage rates.  Well, I hate to break it to you, but the Fed doesn't touch mortgage rates; however they make monetary policy changes that shake our world and yes... interest rates.  So allow me to support my "click-bait" headline with some comments and fact. 

The main fact is that the Fed doesn't directly touch mortgage rates.  The Fed sets a target for the "fed funds rate" after reviewing mountains of current economic data. The rate that they tweak is the interest rate banks charge each other for overnight loans. Those loans are called fed funds, which lowers the as the Fed lowers interest rates.  This change, albeit small or great, has great impact on the markets.  But the way it moves mortgage rates is quite the conundrum.  I'll explain... 

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Explaining July 4th to your kids

Never taken for granted

The freedoms we have in this country are unmatched in any other country.  I found this really good video which I plan to share with my kids today.  I even got something from the simplicity of explanation.  Although I feel our country has gotten away from many of the values established by our founding fathers, it is still a wonderful God given gift to live here in the United States of America.  I appreciate every day the freedoms we enjoy.  Enjoy the video... and share the simple story with a young one today!

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China retaliates... mortgage rates drop

The Headline was pretty somber

China is raising tariffs on $60 billion of US goods starting June 1.  The markets are selling off.  As of 9:27am, the futures are down over 500 and the stock markets are set to slide again for the second week in a row.

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Are interest rates going up?

We may be in for an Interest Rate crash

Rates have been going in the right direction for quite a while and I don't see the air leaking out of the tires just yet; however as I'll explain, the charts make me nervous! 

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February Home Sales Jumped to an 11-Month High

It’s good to get data from all over. But somehow when you get it from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, it seems even more official.

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In new home neighborhoods when homebuyers are seeing moving vans around them with regularity, it’s not unusual for people to meet one another while emptying boxes or comparing notes on floor plans and upgrades. Everyone is new and has a lot in common right off the bat. But when you move into an established neighborhood, it’s more of a challenge to meet your neighbors.

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The real estate tide is turning, according to Fortune Magazine’s Chris Morris. What was once a seller's market, complete with frenzied offers and multiple bidding, is beginning to smooth a bit, becoming what Realtors refer to as a “balanced market” where homes stay on the market a tad longer, and buyers actually have a chance to negotiate.

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