Rate Lock Advisory - Wednesday 11/25/09

Wednesday's bond market has opened has opened in negative territory following the release of stronger than expected economic data. The stock markets are showing minor gains with the Dow up 22 points and the Nasdaq up 6 points. The bond market is currently down 8/32, but we still should see an improvement of approximately .250 of a discount point in this morning's mortgage rates due to strength in bonds late yesterday.

The first of today's four relevant reports was October's Durable Goods Orders that showed a 0.6% decline in new orders for big-ticket items. This was much lower than the 0.5% that was expected, but this particular report is known to show quite a bit of volatility from month-to-month. So a wide variance does not necessarily mean a big change to mortgage rates, but this morning's news can be considered favorable for bonds and mortgage pricing.

The second report of the day was October's Personal Income and Outlays data. It revealed a 0.2% rise in income that was expected, but a 0.7% increase in spending that exceeded forecasts. That means consumers spent more than many had thought, increasing the possibility of economic growth. This is bad news for bonds and mortgage rates because an expanding economy usually raises inflation concerns and makes mortgage-related bonds less attractive to investors.

Church Financing Information

COMMERICAL LOAN: CHURCH FINANCING AVAILABLE

Current Church Financing Offerings:

• 5 year fixed rate, 20 year amortization = 5.85%
• 5 year fixed rate, 25 year amortization =6.00%
• 20 year fixed loan with no balloon = 6.50%
• We offer 30 year amortizations on some loans.
• We do not need personal guarantees on church loans.
  Disclaimer***These rates are not available in all areas. Not every church will qualify for a loan. Minimum loan amount of $75,000 maximum loan amount of $15,000,000Rates and terms subject to change without notice.
  

OUR PROCESS

We offer loans on most property types for churches including:Sanctuary, parsonage, fellowship halls, and almost any other property type for a church. We offer financing for the purchase, refinance, renovation and construction of church properties. Our process is simple and quick. Complete our one page application (Down Load Here). Send it back via email to Rnail@residentialgroup.net or fax it to 1-866-551-3963 to the attention of Randy Nail. Please include the last 3 years financial statements for the church plus year to date financial statements if available.

Joke of the Month
At the end of the age when all the believers were standing in line waiting to get into heaven, God appeared and said, "I want all the men to form two lines. One line will be for the men who were the true heads of their households. The other will be for the men who were dominated by their wives."God continued, "I want all the women to report to St. Peter."The women left and the men formed two lines. The line of men who were dominated by their wives was seemingly unending. The line of men who were the true head of their household had one man in it.God said to the first line, "You men ought to be ashamed or yourselves. I appointed you to be the heads of your households and you were disobedient and have not fulfilled your purpose. Of all of you, there is only one man who obeyed me. Learn from him."Then God turned to the lone man and asked, "How did you come to be in this line?"The man replied, "My wife told me to stand here."