"We misread how bad the economy was"
This is the comment made by VP Biden this weekend as he tried to explain why the administration first declared that unemployment
would go to around 8% this year and last week we saw much higher numbers... and many folks are saying that the unemployment numbers are actually worse than reported, because so many more American's are parttime employees!
I'm not being a "Debbie Downer" here, I'm merely pointing out that Paul Krughman and Gordon Brown (who meets with Obama this week at the G8) both said that we need MORE / ADDITIONAL Stimulus based upon the abysmal unemployment numbers (and overall minimal response to the current stimulus package).
The CNBC "Stars" this morning put it this way...
"If we don't get long term interest rates significantly lower, we have no hope of getting home prices stablized. This is a MUST for any recovery."
NOW we're talkin'! From their mouth to Bernanke's EARS!
The way to get mortgage rates in the mid 4's?? Get the government BUYING Mortgage Backed Securities! Last winter, the FED announced that they would purchase MBS, and rates fell like a rock... last month, the FED said ( in effect) that their buying spree might be put on hold, and in one Wednesday afternoon we went from 4.75% to 5.5%!
IMHO, we don't need an ADDITIONAL Stimulus package - but we sure could use MORE of the program that is already approved so that mortgage rates can move LOWER!
If you are borrowing $200,000 at 5.5%, then your P&I payment (30 year fixed rate) is 1136. If you can borrow that same money with an interest rate of 4.5%, your P&I Payment is 1013! I think that's an incentive that First Time Homebuyers are looking for!
Considering a home purchase, or refinance loan in NC and want the BEST mortgage interest rate? Please contact us, click here.
At the end of July, 2009 the Government will be IMPROVING the way consumer's receive documentation and disclosures for their mortgage loan... and in the short run, while everyone is getting use to it...it's not going to be pretty!
MDIA is the new Mortgage Disclosure Improvement Act, and here's what it will probably mean to you...
Delayed Closings.
The lender is required to disclose a new Truth In Lending to the Borrower if the TIL has changed by as much as .125%. That's not the difficult part - it must be done 3 days before you can close.
No More Last Minute Closings.
We will no longer be able to get a loan approved, and then close RIGHT away - because the "Final TIL" must be disclosed to the borrower.
Yes - there are other important items, like you can no longer close within a week of making loan application, but we don't run into that very often. the biggest change (while we are all getting use to this) will be, IMHO, Delayed Closings...
Your Title Company / Attorney Office needs to understand this PRONTO, as many times it will be the way those fees are reflected that could cause the TIL to change. After all, the loan officer gives the borrower an ESTIMATED TIL at application based upon what they THINK the fees will be... we're all going to have to communicate more, and make certain we know exactly what those fees are.
If you have questions about closing a mortgage loan in NC, please call Steve and Eleanor Thorne,Senior Loan Originators, 919-649-5058
USDA Home Loans have "special" qualifying guidelines that prohibit folks from purchasing if you make "too much" money!
In the past, that means that if you make more than the median income for your area - you might not qualify... but some recent "tweaks" to the system will allow more folks to qualify!!
Effective Immediately, USDA is looking at income "brackets." This means that if there are 1-4 people in the household, the maximum household income for Wake County, Johnston County is $88,400! To find out more about income rquirements for YOUR area, click here.
It's important to remember that USDA mortgages also have property location requirements. There are MANY places in the Triangle that qualify for USDA 100% financing - for more information on WHERE you can purchase a home and take advantage of this type of financing, click here!
FIRST TIME HOMEBUYERS! REMEMBER!! You might qualify for a $8000 credit!!
If you are interested in purchasing a home in the Triangle, and you want to learn more about qualifying for a USDA home loan, please call Steve and Eleanor Thorne, Mortgage Loan Officers 919-694-5058
With all the "Hoop Madness" going on - you might think of BASKETBALL!! And we love our basketball here in NC!!
But recently we were named the FASTEST growing area in the COUNTRY! "Raleigh, and its Cary suburb (where I live) make up the fastest growing metropolitan area in the country, according to federal statistics released last Thursday!"
The FASTEST GROWING! WOW!
My mom was an agent - and as kids, we routinely listened to her "speech." Today, we might call it the "elevator" speech, but my mom is also from the south - and there's NO WAY you could've heard the whole thing on an elevator ride in three floors! The essence of her speech to those considering moving to this area was this:
"We are in the middle of the State's Government. We are also in the center of one of the largest group of PHD's in the Country- since they teach at the more than 20 colleges and Universities that lie within 45 minutes of my house. There are 2 major teaching hospitals (UNC and Duke) that bring in people from all over the world for complex 
proceedures - and just with that base of employment alone - we are almost recession proof... In addition to that, my house is about 15 minutes away from the Research Triangle Park.
The Park was chartered to do RESEARCH, and draws off of the brightest minds at the Universites that surround it. Interenational and US based Companies love to base their Research Units here - because of the "Brain Trust"... but more importantly because of the TAX advantages!
We then have the manufacturing facilites for those research projects dotted all around the Triangle -and because we are not just focused on IBM, or telecom, and we're not just focused on "drugs" (pharmaceutical companies) ... we're pretty well recession proof. It's kinda' boring economics - and we haven't had the 10% to 15% annual appreciation in housing values, but it's a great place to live, work and grow a family. That's why people like to be HERE!"
Plus, I might add, we're 2 hours from the beach and 2 hours from our mountains. It's truly a wonderful area! It certainly explains why we have not had the same problems most of the country has!
So Ya'll Come On Down!! We're happy to make new friends!
There is a silver lining to all of this Bailout Business (thank goodness!) and it applies all First Time Homebuyers! In the recent stimulus package, Congress, and President Obama wrote in a $8000 Tax Credit for First Time Homebuyer's who purchase a home between January 1, 2009 and December 1, 2009 (that's right, the actual law says DECEMBER ONE, so you need to close by November 30, 2009!)
The actual Credit is $8,000 or 10% of the purchase price, whichever is less. It is a CREDIT. This is much different than a Tax Deduction. If your total tax liability came to $6,000, but you had $7,000 withheld from your payroll, you would normally receive a $1,000 refund. With this credit, your refund would total $8,000!! Now that's a DEAL!
The definition of being a "first time home buyer" means that you have not owned a home in the past 3 years. You have to stay in the home for at least 3 years, or you have to pay this money back! This is an important difference from the $7500 credit offered by Congress last year. The $7500 credit had to be paid back over 15 years with no interest - the 2009 version, does not. It does state, however, that you must live in the property for 3 years.
Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)
You can apply for this credit using ANY mortgage loan program! If you are a Veteran, use your 100% VA benefits! You can purchase using FHA, maybe you would like to purchase a foreclosed property and "fix it up" with a FHA 203K loan... or maybe you want to live in a more rural area of NC? Then get a USDA 100% home loan!
The point is this - The Government is G-I-V-I-N-G you $8000! Don't waste this once in a lifetime opportunity to buy a home at ALL TIME LOW PRICES, get a loan with REALLY LOW interest rates and a $8000 gift back from the Government! The alignment of all of this is like Halley's Comet! Wow!
UPDATE! There might be an extension of the program - see more here!
If you are considering a purchase in NC, please call Steve and Eleanor Thorne, in Cary, NC 919-649-5058
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I see myself differently than most loan officers in the Cary/Raleigh market. As a rare Cary native, I see myself as an expert on the area, on mortgage industry changes and factors that affect rates!
Who We Are
I am privileged to work with my husband, Steve, in an area we both love. When my family moved to Cary in1968 the population was around 7600. Today, we are the seventh largest metropolitan area in the state with a population of over 125,000! Steve and I met at Cary High School, and we remember when Kildaire Farm Road had a couple of FARMS on it and the Cary Parkway was just a good idea.
I'm second generation "mortgage." As I grew up in a home where everyone spoke about the economy and the mortgage and real estate business... I'm an Economic News Junkie and often write about events moving mortgage interest rates. It's important to me that folks understand that I'm not writing about the "gloom" and "ruin" of the mortgage industry - I'm simply looking for lower mortgage interest rates. Typically, bad news in the economy spells good news for mortgage interest rates.
Steve and I were named one of the top Origination Teams in the State (by the NC Association of Mortgage Professionals) and Mortgage Originators Magazine. As entrepreneurs, one of our companies received the coveted Triangle Fast 50 Awards by our Business Journal three years in a row.
Our Commitment
We've been involved in Mortgage Lending since the early 1980's. There is a vision that drives us to do what we do. Simply put, we want to help you create the financial strategy that allows you to live life to the fullest. That requires that together we establish goals, define priorities and determine what's most important to you.
On any given hour of a day, mortgage lending experiences subtle shifts that can create huge forces of change for our customers. We are dedicated to a life of continually educating ourselves in the broad areas of economics, politics and financial planning... and of course we stay on top of the Mortgage Industry News too!
Our Family, Our Community
As active members of the Cary Chamber of Commerce, the YMCA and our church, we have become friends and mentors to local businesses and charities. We've worked hard to raise money and awareness for the "We Build People Campaign" at the YMCA and the American Cancer Society "Relay for Life."
Our unique family dynamic includes a middle school daughter, a son who is at Western Carolina University, a small Japanese Chin (named Lucky) .
I'VE BEEN HACKED!
hi. my name is Savannah Leigh Thorne. i am Steve and Eleanor's daughter, and i feel very strongly that my mom hasn't truly explained our family. so here it is. we are a simi-normal family getting by comfortably in soccer mom territory, also known as the suburbs(not my first choice. but its ok, i still have plenty of fun). we love to do allot of things as a family. my dad and I like to go to the YMCA (conveniently located up the street from us) and play plenty of sports like tennis and swimming and on the occasion even jogging(once again, not my first choice). My older brother is one of my heros, we are 12 years apart and have way too much fun together. my mother often looks at us with a very confused face and asks us why are acting like brothers and sisters.. of course we all start laughing and say "i guess someone didn't get the memo!". speaking of my mom. something you might not know about her is that she is possibly the most creative person i have ever met. she is constantly finding new ways to make something in (or on) our house look amazing. i like to think that's where i get my creativeness from. So anyway. the last thing you should know about our happy little family is that we are very musically inclined. My dad and i will stay up all night playing guitar and piano and singing, of course my mom and brother will join in on the singing too, but its what we do. we may be embarrassing, and we do have our "un-happy" moments. but for the most part were just like ever other typically untypical family. :)
LOVE,
SAVANNAH LEIGH THORNE
Our Company
First Financial Services is a NC owned mortgage banker / broker. We are authorized to handle FHA, NC Housing, VA, USDA... and represent an array of conforming, conventional lenders. We have offices in NC, SC, Virginia and DC. Our team is built upon the same foundation we built our business relationships on. We constantly strive to build a team that embraces and adheres to the values we consider most important... as one of our clients you can be assured that everyone on our team to look out for your best interests!
In most cases we are able to allow our clients to lock into an interest rate and float down if the market improves. We educate our customers on market conditions, and the events that might change those conditions, as we help find the BEST solutions for your situtaton!
We are fortunate to have expertise in helping folks make minor changes to their credit files - as those minor changes to improve a score can make thousands of dollars worth of difference over the life of the loan.
For a more information about Cary check this out or CLICK HERE!
We are helping host RE BARCAMP for the Raleigh Area on November 6 from 10 until 4. This is an interactive meeting aimed at Raising The Bar on Social Media Marketing in the Real Estate World! Follow us #REBCRDU
If you are an agent, or a lender looking for an interesting way to get more people interacting with you, click here.
In addition to the information we post on Activerain, you might find what you are looking for at another of our websites! For instance, we have hundreds of properties (each with their own websites) at STEVE THORNE ONLINE. We also post maps, and qualifying information about ALL Government Loans at NC FHA EXPERT. We've met dozens of people this year who are struggling with ways to improve their credit - and maximize their FICO so that they can get the best rates. Because of this, we created a site dedicated to the question, 'HOW TO IMPROVE MY SCORE." We also have local housing trend information, quirky insights, and networking information about this area at this site. Triangle Area Recognition: Recent "Best Of" Awards
Men's Health
Magazine ranked Raleigh the most politically engaged city in America.
The rankings were based on percentages of active registered voters, ballots counted, percentage of income donated in the current presidential election, campaign spending, votes cast in the 2008 primary and votes cast in recent elections for governor and senate - Men's Health magazine, September 2008
Milken Institute: A Best Performing City
The Raleigh-Cary metropolitan area is ranked number two in the nation's "Top 100Best Performing Cities" in an annual economic performance index released by Milken Institute/Greenstreet Real Estate partners. The annual study ranks
metropolitan areas by how well they are creating and sustaining jobs and Economic growth. The Raleigh-Cary area rose from number 10 in 2007 - September 2008
MSNBC: America's Best City
MSNBC.com ranks Raleigh America's best city! "Raleigh, N.C., it seems, is the best place to be in the U.S. right now. It ranks No. 1 in Forbes' 2008 list and was also top in 2007 - consistent placement among these lists is truly rare. It ranks No. 2 in Kiplinger's list this year. The city is also Fortune Small Business magazine's No. 20 place to live and launch." -- June 2008
Kiplinger's: A Top Urban Area
Kiplinger's Personal Finance names the Triangle the second best urban area in the U.S. It highlighted undeniable date: population growth since 2000 of 19.9 percent; percentage of the work force in the creative class, 36.1 percent; cost of living index, 99 with 100 being the national average; median household income of $56,150; and income growth of 10.3 percent since 200. This ranking dubbed Houston the best in America and Omaha, Neb., the third best. -- July 2008
Forbes: Recession-Proof Local Economy
Forbes magazine ranks the Triangle's economy as fifth on a list of 10 recession-proof local economies. -- May 2008
Best Place For Young Adults
A study conducted by American City Business Journals ranked the Raleigh-Durham
market as the best in the nation for young adults, defined as ages 20 to 34. The
study examined 10 factors, including growth rates of employment and per capita
income, unemployment, percentage of people holding bachelor's degrees and
median rent in the nation's 67 largest metropolitan areas. Austin was ranked
second, Washington, D.C., third. Charlotte placed seventh. -- May 2008
Fortune: A Best Place To Live And Launch
Raleigh's growing tech industry, support of entrepreneurs and the $2.5 billion
renaissance downtown place the Capital City at No. 20 in Fortune's "Best Places to
Live and Launch." -- May 2008
Rachel Ray: Best CityFor Singles
Raleigh is named The Best American City for Singles" in Every Day with Rachel Ray
magazine. - - January 2008
"If we study the lives of great men and women carefully and unemotionally we find that, invariably, greatness was developed, tested and revealed through the darker periods of their lives. One of the largest tributaries of the river of greatness is always the stream of adversity."
Cavett Robert
"This day is all that is good and fair. It is too dear, with its hopes and invitations, to waste a moment on the yesterdays."
Ralph Waldo Emerson
"Any mans life will be filled with constant and unexpected encouragement if he makes up his mind to do his level best each day." Booker T. Washington
"It is impossible to get the measure of what an individual can accomplish, unless the responsibility is placed on him."
Alfred Sloan
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"Of course there is no formula for success except perhaps an unconditional acceptance of life and what it brings."
Arthur Rubinstein
"I can accept failure. Everyone fails at something. But, I can't accept not trying."
Michael Jordan
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