The Mortgage Group provides home mortgage loans, refinancing, and home equity loans in Massachusetts.
| 3-year growth:
81% |
| 2009 Revenue:
$5.9 million |
| 2006 Revenue:
$3.2 million |
| Employees:
130 |
| Founded:
2004 |
| Industry:
■ Financial Services |
| Industry rank:
#139 |
Click on bubble for more details.
Legend| Rank:
4136 |
| 2008 Revenue:
$4,748,949 |
| Employees:
135 |
 Sean Wheelan TMG Mortgage, Ltd 1287 Post Rd Warwick, RI 02888 SWheelan@TMGLtd.biz 401-490-2700 www.myRImortgage.com
Did you know that The Mortgage Group, for the 2nd year in a row, was one of the fastest 5,000 growing companies in the US! In the August 2010 addition of INC. magazine we were up to #2,782 from 2009's ranking of 4,136!!! IMPORTANT! If you currently have a FHA mortgage and would like to lower your rate without an appraisal, call or email soon. If you have a loan that is serviced by Fannie Mae or Freddie Mac and are slightly under water, we may be able to help folks if their negative equity is 5% or less. This program is also available for investment properties. Call or email for details. If you are a homeowner over age 62, and would like more information on the merits of a Reverse mortgage, please contact me. Remember, your referrals are the lifeblood of my business. Thank you for remembering me. I Hope you enjoy this newsletter.
|
August 31, 2010
No, we are not talking about a depression here. We are talking about the more constant use of the word "deflation." Actually, deflation can be considered a depression of prices. We often say that one of the objectives of the Federal Reserve Board is to fight inflation. We can also say that another objective of the Fed is to protect us against deflation, however the threat of deflation comes up so rarely, there is little discussion of the issue. We all know why higher prices are bad for the economy. When consumers have to spend more of their income on staples, they have less money left over to spend and contribute to economic growth. Inflation is typically accompanied by higher rates which also depress the economy. If money will be worth less in future years, banks that lend money have to charge high rates in order to make a profit. So why would deflation be bad news? Deflation is not only a symptom of a poor economy, it would contribute to the lack of economic growth as well. Why would a manufacturer produce goods if those goods are likely to fall in price below the replacement value? We have such an example right now where builders have found in some areas that homes are selling for less than the replacement costs. Why build a home if you can’t sell it at a price that is equal to the cost of building? Here is the good news. Natural population growth in the world has put so much pressure on natural resources such as energy, it is not likely that deflation will become a problem. It is more likely that the slow economic growth we are experiencing will be accompanied by low rates of inflation and therefore low rates such as we are experiencing. And this is a good thing, because we need these low rates if we are going to continue to grow out of the slump. A little inflation right now is good news but increased rates of inflation while the economy is not growing would be bad news. Then we would be discussing another bad word: stagflation.
Current Indices For Adjustable Rate Mortgages
More than 48 percent of first-time buyers expect home prices to increase by this time next year, according to a survey by Century 21 Real Estate. The survey posed questions to people who had bought or sold a home in the last year. Sixty percent of first-time home buyers say they didn’t understand the process of buying a home, and more than 85 percent of both first-time buyers and sellers said that using a real estate professional was important. The top three skills valued in a real estate professional by both buyers and sellers were knowledge of the area, trustworthiness, and responsiveness. More than 80 percent of buyers believe now is a good time to buy a home. In choosing a home, 95 percent of first-time home buyers thought price was the most important consideration, but 90 percent were also very concerned about neighborhood safety. About 54 percent of first-time sellers think home prices are more affordable now than they were this time last year, and 50 percent were selling because they were purchasing a property they saw as more attractive and better suited to their needs. Source: Century 21 Real Estate LLC 2009 survey of home owners conducted by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development shows that most of them are satisfied with their residences. About 70 percent of respondents rated their homes an 8, 9, or 10 on a scale of 1 to 10, with 28 percent giving them the "best" rating of 10. Residents of new construction tend to rate their homes even more highly: 84 percent gave them between an 8 and 10, and 45 percent gave a perfect 10 rating. Likewise, more than 68 percent of residents rated their neighborhoods highly, with 25 percent giving it a "best" rating. People living in newly built homes rate their neighborhoods especially highly: 75 percent rated their neighborhoods highly and 35 percent said their neighborhoods were 10s. The nation’s home owners paid a median of $1,000 in monthly housing costs in 2009, compared with $808 for renters, according to the findings. The most common reasons recent movers had for choosing their neighborhoods were convenience to job (20 percent), convenience to friends or relatives (14 percent), look/design of neighborhood (10 percent), and the house itself (10 percent). Source: US Census Bureau Reis Inc. reports that the nation’s second-quarter apartment vacancy rate slipped 20 basis points to an average of 7.8 percent from the first three months of the year — the first drop in over two years. SNL Financial, meanwhile, notes that the average occupancy for apartments owned by REITs increased nearly 100 basis points from a year earlier to almost 95 percent as of the end of March. Falling homeownership, coupled with the young and employed leaving their parents’ homes or roommates to rent their own units at a rapid clip, suggest that demand for multifamily housing could climb at a modest clip for at least the next several months. Investor Business Daily |
Hello!
LiveWire, an unaffiliated Networking and Referral group, is looking to add a successful, ethical, community driven Realtor to the group.
If you are looking to generate warm referrals from a group of dedicated professionals, a group like this is a must. Please call or email me if you would like to attend one of our weekly breakfast meetings. We meet every Wednesday morning from 8:25 to about 9:45AM at The Cozy Grill, 440 Warwick Ave, Warwick, RI 02888 41.7643 -71.4048.
We have just enough structure to add to your bottom line and just enough flexibility to keep it fun. Bring plenty of business cards!
Best,
-Sean
PS: Will we see you at tomorrow's breakfast meeting? How 'bout next week? Don't wait, the opening will fill quickly!
Have a great day!
PS: While my business is good and growing steadily, it is important for you to know that I am always looking forward to helping those you refer to me: your family, friends, neighbors, and coworkers!
Sean Wheelan
Personal Mortgage Consultant
The Mortgage Group, Ltd
401-965-9384 Cell
SWheelan@TMGLtd.biz Email
www.TheFriendlyNeighborhoodMortgageGuy.com Web Site
508-276-0171 Fax
June 23, 2010
The Short-Run vs. the Long-Term Picture
Never did we see a more important dichotomy in the releases on the state of real estate in the past week. First, Standard and Poor’s released a report that stated it will take three years to clear the shadow inventory from the markets, though this number will vary widely based upon location. Three years of shadow inventory indicates that the real estate market will continue to be a drag upon the economy for the next few years. Second, an article was released by CNN/Money that indicates we are heading towards a long-term housing shortage (See Real Estate News Section For More Information). There is plenty of present excess inventory as the amount of shadow inventory has been estimated at anywhere from four to eight million homes, however, in the long-run we are not building or replacing enough units to keep up with the long-term demand of population growth. What does this say? It says that real estate is a great long-term investment, especially at today’s prices and rates. The problem always arises when we think about real estate in terms of the short-run. During the boom everyone was looking to make a killing. However, real estate is a long-term investment and anyone purchasing a home should be measuring its worth over decades, not months.
Meanwhile, there seems to be some life in the markets. In the past several weeks the stock market seemed to be taking every piece of news negatively while it adjusted to the fact that the economy was growing more slowly. The past week was not only the second positive week in a row for the markets, when negative news was released the markets seemed to bounce back more quickly. For example, the housing start and permit data was well below expectations on Wednesday and jobless claims rose more than expected Thursday. However, each day the markets ended the day recovered from early losses. Could this be the turn after a correction? Oil prices seem to be reacting pretty much the same way. Higher oil prices point to markets that are seeing brighter days ahead for the economy. Of course two weeks do not 
constitute a trend, but certainly the period provides fodder for optimists.
The Markets. Rates were stable at historically low levels in the past week, with fixed rates rising slightly and adjustables falling. Freddie Mac announced that for the week ending June 17, 30-year fixed rates averaged 4.75%, up from 4.72% the previous week. The average for 15-year fixed rose to 4.20%. Adjustables were down with the average for one-year adjustables falling to 3.82% and five-year adjustables decreasing to 3.89%. A year ago 30-year fixed rates were at 5.38%. “Rates were little changed this week amid preliminary signs that the expiration of the homebuyer tax credit in April may have led to a slowdown in new construction,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Starts on single-family homes fell 17 percent to an annualized pace of 468,000 units in May from April’s 20-month high. In addition, permits on one-unit homes fell to the slowest pace since May 2009. Nonetheless, household balance sheets have been improving over the past four quarters. In aggregate, households gained $6.3 trillion in net worth in the first quarter from a year ago, according to the Federal Reserve. In addition, homeowners have regained $1.1 trillion in home equity over the same time period. Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices For Adjustable Rate Mortgages
Updated June 18, 2010
| Daily Value | Monthly Value | |
| June 17 | May | |
| 6-month Treasury Security | 0.16% | 0.22% |
| 1-year Treasury Security | 0.28% | 0.37% |
| 3-year Treasury Security | 1.18% | 1.32% |
| 5-year Treasury Security | 2.01% | 2.18% |
| 10-year Treasury Security | 3.21% | 3.42% |
| 12-month LIBOR | 1.115% (May) | |
| 12-month MTA | 0.402% (May) | |
| 11th District Cost of Funds | 1.825% (April) | |
| Prime Rate | 3.25% |
The number of U.S. borrowers failing to pay their home loans has fallen significantly in the last few months, according to RBS Securities Inc. Of borrowers with subprime loans wrapped into bonds issued in 2007 who had never previously missed a payment, an average of 2.6 percent failed to pay at least once in March, April or May. That’s a drop from 3.7 percent in February and a 15 percent decline after seasonal adjustments, RBS calculates. “We believe that the last few months’ performance points to a fundamentally positive shift in borrower behavior,” Paul Jablansky, Desmond Macauley, and Ying Wang, analysts at the Royal Bank of Scotland, wrote in a June 8 report. Source: Bloomberg
As the nation struggles to shrug off the worst housing crash since the Great Depression, it may be hard to believe a housing shortage could be on its way. The nation is simply not building enough homes to keep up with potential demand. Just 672,000 new homes were started in April, less than half the long-term run rate needed to meet the nation’s natural population growth. "It is ironic, but there is a growing consensus that there may be a new housing shortage coming," said James Gaines, a real estate economist with Texas A&M. So far, the shortfall has been masked by a weak economy that has put a damper on homebuying. Once the job market rebounds, however, people will look to have their own homes again. This pent-up demand could get unleashed on unprepared markets, causing shortages and rising local prices. Household formation has been on hold during the past few years as young people, especially, have been unable to find jobs. In the past, an average of more than 1.3 million households were formed each year, causing demand for 1.5 million new homes. More homes than households are needed to replace those destroyed by fires, floods, teardowns and neglect. In 2009, only 398,000 new households were formed, according to the Census Bureau. That is much lower than average and a quarter of the number formed just two years earlier. "The decline in household formation is artificial," said Gaines. "The young are moving in with their parents. There’s even doubling up among working class people. There’s a pent-up demand coming if and when the economy recovers." Those doubting a new bubble is near point to a large inventory overhang. As many as 7 million homes are vacant but not for sale, according to the Census Bureau, which should provide cushion to offset increased demand. The inventory number, however, can be deceiving for two reasons: People may not want to live in hard-hit areas where the houses are or the homes may be beyond repair. "Many of these vacant homes may not be habitable or are in locations where nobody wants to live," Gaines said. Source: CNN/Money
If the demographics bode well for the for-sale sector of the housing market, the numbers look absolutely smashing for the rental side of the business, according to panelists at PCBC’s Multifamily Trends day. For every 1% decline in the ownership rate, there is a corresponding increase in renter households, said Clyde Holland, chief executive officer of the Holland Partner Group, a Vancouver, Wash.-based developer. So, if there is another 2% decline in the ownership rate to a long-term average of 64%-65%, there will be a need for 5.5 million to 5.7 million rental units, he told the conference. "Even if (the potential renters) double up, there will be demand for 2.5 million to 3 million apartments," Holland said. And that’s on top of the 3.4 million potential renters in the 18- to 34-year-old age bracket—"the largest cohort since the baby boom of the 1960s"—who will enter the market between now and 2015, Holland also pointed out. "This year alone, some 800,000 persons will enter the rental market, and an even larger number will enter the market next year," he said. Household formations, added Brian McAuliffe, managing director of acquisitions at RREEF, Chicago, "are just as critical as job growth, if not more so," to the apartment sector. Source: National Mortgage News
Have a great day!
PS: While my business is good and growing steadily, it is important for you to know that I am always looking forward to helping those you refer to me: your family, friends, neighbors, and coworkers!
Sean Wheelan
Personal Mortgage Consultant
The Mortgage Group, Ltd
401-965-9384 Cell
SWheelan@TMGLtd.biz Email
www.TheFriendlyNeighborhoodMortgageGuy.com Web Site
508-276-0171 Fax
WASHINGTON - Homebuyers may get an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.
Senate Majority Leader Harry Reid, D-Nev., said Thursday he wants to give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.
The proposal would only allow people who already have signed contracts to finish at the later date.
Reid introduced the proposal as an amendment to a bill that would extend jobless benefits through the end of November. Joining him were Sen. Johnny Isakson, R-Ga., and Christopher Dodd, D-Conn.
Reid, who faces perhaps the toughest re-election campaign of his political career, represents a state that has the nation's highest foreclosure rate.
The National Association of REALTORS® has been pushing hard in Congress for the extension. According to NAR, Mortgage lenders have been swamped with borrowers trying to get approved by the end of the month. Many potential borrowers are unlikely to make the deadline.
"Time is of the essence," said Lucian Salvant, a spokesman for NAR. "It's important for Congress to get this done, because there's whole bunch of loans that aren't going to close on time."
First-time buyers were eligible for a tax credit of up to $8,000. Current owners who bought and moved into another home could qualify for a credit of up to $6,500.
Written by:
Alan Zibel, Associated Press
Reposted from:
www.msnbc.com
Thanks to Germani Title for bringing this to my attention!
Specializing in saving you time & money! Purchasing, Rehabbing or refinancing? FHA,VA,USDA, We have it. Let's orchestrate a Personalized Mortgage Plan! Visit: www.myRImortgage.com or call 401-965-9384
As your Certified Mortgage Planning Specialist, and trusted advisor, my goal is to help you navigate the world of Residential financing. Simply put:
I work with clients who are looking for guidance in choosing a mortgage that will align with their immediate and future goals. As a Personal Mortgage Consultant, I analyze my client's current debt, current and potential income and look in to their future to determine how their Mortgage will be an intricate part of their financial well being.
As a Mortgage Professional for 11 years, my career has taken me down many paths, and given me the opportunity to help HUNDREDS of individuals and families buy or refinance their homes. I've also met many fine folks and service professionals that help me deliver a complete package to my clients. Because of my realtionship first approach, my network of service professionals is growing on a daily basis!
Allow me to be your first point of contact for virtually all of your residential mortgage needs.
-The Friendly Neighborhood Mortgage Guy
For more information, please vist my personal web site: www.TheFriendlyNeighborhoodMortgaeGuy.com
ps: I'm confident that if I can't get it done, I know who can!
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Inc. Magazine names
The Mortgage Group Ltd.
to their 2009 Top 5000 list
Fall River, MA—August 17, 2009--While many Massachusetts mortgage companies are closing their doors, The Mortgage Group Ltd. is growing at a pace recognized as extraordinary by Inc. Magazine. The company achieved the highest growth rate out of all the mortgage companies in Massachusetts. A mere two New England-based mortgage companies met the stringent requirements for the award, which highlights privately-held companies for their outstanding growth between 2005 and 2008.
The Mortgage Group Ltd., based in Fall River, MA, has offices in Massachusetts, Rhode Island, New Hampshire, and Vermont. This prestigious award proves that this provider of residential home loans for purchase and refinance is serious about assisting New England homeowners, no matter what it takes.
Don Lambert, CEO, and Division Manager, Sean Wheelan, see only opportunity in the climate created by the credit crisis and tightened banking regulations, bonding and compliance issues. Don and his team have created a new business model for the mortgage business.
Combining a teamwork culture that promotes tapping into the knowledge base of the group and utilizing the latest technology, Don Lambert created a system that truly supports his team of loan officers in doing what they do best-- assisting home owners.
Experience Makes The Difference
HOW TO CONTACT ME
"The Friendly Neighborhood Mortgage Guy"
BY CELL: 401-965-9384
BY FAX: 508-276-0171
EMAIL: SWheelan@TMGLtd.biz
1287 Post Rd
Warwick, RI 02888
If you would like to be part of my network at a more formal level, we have formed an EXCLUSIVE REFERRAL group called Live Wire. Call or email me, or even visit the web site: www.LiveWireRI.info . We are actively interviewing qualified Trusted Advisors in several professional categories. I'd love to hear from you! Become a Great Local Resource!!! Please Read:
Dear Clients and Friends,
I spend a significant amount of time networking, and below you will find some great personal referrals. They include folks I've known for decades and new associates with strong ethics and skills within their specific service industry. When you contact one of my "Great Resources!!!" be sure and let them know you found them on my site!
Do you have a service, skill, or career path that would mesh well with my Services as your Personal Mortgage Consultant? Lets talk! I'm currently interviewing like minded PROFESSIONALS that practice strong business ethics who are looking to expand their referral sources and referral partners. More specifically, are you interested in joining an exclusive Leads Referral Group? Call or email me for details. You could be in on the ground floor!!!
As the site grows, my various "Great Resources" will be categorized by the state(s) they do business in, and if necessary, regionalized by counyt within the state to create further exclusivity. Can we grow together? You know how to Contact Me.
If you are trying to build your own business, I've also provided some networking information. I hope you find this helpful. I know you will!
-Sean
Networking opportunities in RI!
Centarl RI Chamber of Commerce -Leverage the many aspects of what many consider to be RI's most member friendly and benefit laiden Chamber!
SK Chamber of Commerce Experience South County's premiere Chamber of Commerce. The dedicated staff provides a unique experience to it's members and community.
Active Rain Real Estate Network: A nation wide community of professionals associated with all facets of Real Estate. With approx. 70,000 members ActiveRain is a FREE site that has a significant amount of information provided by bothe local and national experts. Dozens of blogs are posted daily to help you gather information and make informed decisions!
Narragansett Chamber of Commerce
North Central Chamber of Commerce
Live Wire Like minded Professionals meet every Monday at noon to exchange business referrals and ideas that increase their respective bottom lines! In a tough market, stay ahead of the curve by networking with Top local Professionals! Our Chapter includes a Residential Realtor, Mortgage Consultant, Relationship Marketing Consultant, Real Estate Attorney, Promotional Product and Printer, General Practice Attorney, CPA and a CFP.
The Providence Chamber of Commerce
Friday Morning Conversation Meet us every Friday at 7:45AM (and until about 9:15AM) for coffee, conversation and the opportunity to show case your business and/or your skills. The "On The Go CFO", Jim Ganung leads this seasoned group. The cost for the buffet breakfast is $10.
Monday Night Networking
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