The Markets in a Minute…

For the Week Ending September 2, 2016

Please enjoy this quick update on what happened this week in the housing and financial markets.



Consumers appear optimistic about the near term economic outlook, personal finance and jobs. Confidence readings rose to the highest level in nearly a year.
This week’s jobs report could be a factor in the Fed’s decision on when to raise policy rates. The Fed’s next meeting to discuss rates is September 20-21.
Fed Chair Janet Yellen made comments that the case for a rate increase has strengthened recently. It’s possible mortgage rates could react before Fed action.

Case-Shiller reported home price gains slowed a bit in June but were still above the 2-year average. The strongest gains of over 10% were in the Northwest.
Pending home sales continue to rise, despite tight inventory. Signed contracts to buy existing homes rose 1.3% to the second highest level in over a decade.
Private residential construction spending increased slightly in July. Also, June’s reported decline of 0.6% was revised to be an increase of 0.9%.



My boss made me go into the office on Labor Day. Halfway through the day, he came in to check up on me and caught me having a beer.
He said to me, “You can’t drink while you’re working.”
I said, “Oh, don’t worry – I’m not working.”


Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

Rich Bersani
Greentree Mortgage Company, L.P.
Vice President
NMLS #133243
(856) 889-8648


Unintended Consequences?

Sometimes the best intentions can create undesirable results, especially when it comes to paying off those old, derogatory debts on your credit report.  Click the box below for a quick quiz – you may be surprised by the answer!

When you’re ready to get PreApproved, call us or apply online.  We will guide you through the PreApproval process (including guidance on your credit) right through to the Processing, Underwriting and Closing of your mortgage.

unintended consequences



Home Buyers Put Trust In Real Estate Agents

Prospective home buyers face a lot of choices during the buying process. Unfortunately, a lot of them have nothing to do with what kind of house they’d like to live in, how big of a kitchen they want, or how many bedrooms they’ll need. That’s because, for most of us, buying a house requires the help of a number of services and professionals that we aren’t necessarily that familiar with or used to shopping for – including a home inspector, mortgage lender, real estate agent, appraiser, etc.

Understanding what each does and who to trust can cause confusion for many buyers. In fact, a recent survey from the National Association of Realtors, found that nearly 30 percent of future home buyers do not feel knowledgeable about real-estate transactions, while another 22 percent said they don’t understand the role played by various service providers. In other words, a lot of buyers know they’d like to own a house but aren’t quite sure how to proceed. According to the survey, most of these home shoppers will lean on a real-estate agent for advice, guidance, and help finding affiliated services – with large majorities of respondents expressing a preference for working with professionals already affiliated with their agent’s firm. Only family and friends ranked as highly as a source of real estate information.

Getting PreApproved is a great place to start when you decide that you may want to purchase a new home.  Call us today to see what you qualify for (or apply online here).  If you’re not already working with a Real Estate Agent, we can refer you to one who can help you find the home of your dreams!


Rich Bersani
Greentree Mortgage Company, L.P.
Vice President
NMLS #133243
(856) 889-8648

Have home values beat inflation?

Things are getting more expensive all the time, aren’t they? I recently read that a postage stamp cost only 6 cents in 1970, a loaf of bread was 24 cents, and a gallon of milk was $1.32. Wouldn’t you love to pay those prices again?

Can the same be said of home prices? The median price of a home in 1970 was $23,000. Granted, most homes are larger these days, but the median price in 2014 was up to $208,300. Take a look at the chart below, and you can see home values have actually outpaced the increasing cost of other basic needs (inflation).

The chart above illustrates the history of national median home values and where they would have been if increasing only at the rate of inflation. The chart is provided with rights for use by Estate of Mind, Inc.

What does that mean for you?

If you own, you have a place to call your own and maybe even some protection against inflation. A home is far more expensive than a gallon of milk, and even a small percentage increase in value can mean many thousands when you sell or tap into equity.

If you’re in the market to buy, a look at history can help to illustrate long-term potential. In addition, with today’s low interest rates, your dream home may be surprisingly affordable.

If you or your family, friends, and co-workers are ever in need of assistance with purchasing or refinancing, please know that I am always happy to help. Simply reach out at your convenience or pass along my contact information below.


Rich Bersani
Greentree Mortgage Company, L.P.
Vice President
NMLS #133243
(856) 889-8648

Why should you get Pre-Approved?

It’s always been a good idea to get pre-approved for your mortgage loan,

but lately, it’s become even more important.

Why should I be pre-approved for a mortgage loan?

In recent years, mortgage guidelines have been tightened. Documentation requirements have been expanded and followed more closely. A pre-approval gets you through the process and uncovers potential pitfalls long before you become obligated by a contract to purchase.

What advantages will I have once pre-approved?
You’ll be certain about the price range that’s best for you. You’ll know how much cash you’ll need to close, and you’ll know your maximum monthly payment. Understanding your limits will help you negotiate with confidence. Plus, since sellers like a sure thing, you’ll have an advantage over buyers who may not have been through the process.

How long is the pre-approval valid?
Your pre-approval is typically good for the “shelf life” of the documents used. These will include a credit report, pay stubs, bank statements, W2s, tax returns, etc. The usable life of these documents will vary, yet it’s usually safe to say that your approval is good for up to three or four months. During this time, it pays to file all important financial documents so they’re readily available for future updates.

What if I change my mind?
That’s perfectly fine. There’s no obligation to purchase a home or use a particular loan program once you’ve been pre-approved. In fact, pre-approval simply helps to assure you know exactly what’s involved, that you are comfortable in a particular price range and that you are truly ready to make your move.

The process of purchasing a home is easier when you have financing in place before you make an offer. We’re here to help get you started, and it’s never too early to do exactly that. Give us a call when you’re ready or apply online by clicking here.

Rich Bersani
Greentree Mortgage Company, L.P.
Vice President
NMLS #133243
(856) 889-8648
PreQualify button

New USDA Maps are Effective February 2, 2015

On December 16, 2014, President Barack Obama signed into law H.R. 83, the Consolidated and Further Continuing Appropriations Act, 2015 (Act), which provides fiscal year 2015 full-year appropriations through September 30, 2015, for all agencies except the Department of Homeland Security. With the signing of this Act, Rural Development will implement the eligibility maps in accordance with the Agricultural Act of 2014, Pub. L. 113-79 (“Farm Bill”) on February 2, 2015.

The ineligible area maps will be effective on February 2, 2015. The changes will be those already published on the “Future Eligible Area” maps posted on the Eligibility Website which can be found by click here.

A list of local communities that will be removed on February 2, 2015 are listed below:

Community                                                          County

Berkeley Township                                              Ocean

Egg Harbor Township                                          Atlantic

Evesham Township                                             Burlington

Franklin Township                                               Somerset

Freehold Township                                              Monmouth

Galloway Township (portions are eligible)           Atlantic

Hillsborough Township                                        Somerset

Howell Township                                                 Monmouth

Jackson Township                                              Ocean

Lakewood Township                                           Ocean

Manalapan Township                                         Monmouth

Manchester Township                                        Ocean

Marlboro Township                                            Monmouth

Monroe Township                                              Gloucester

Toms River Township                                        Ocean

Monroe Township                                              Middlesex

Mt. Laurel Township                                          Burlington

Old Bridge Township                                         Middlesex

South Brunswick Township                                Middlesex

Winslow Township                                             Camden