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Jeff Baxter

Mortgage Banking at the Beach

 

Welcome to Mortgage Banking on the Beach

Jeff Baxter is Southern Delaware’s leading Mortgage Banker. With over 30 years experience in financial services, Jeff can skillfully assist you with the purchase or refinance of your vacation home, investment property and/or personal residence. If you’re looking for knowledgeable advice, pertinent information, and the best service in the mortgage business, you’ve come to the right place. Read about my thoughts on today’s market right here and review current news. I love to talk about the business, so contact me today and let’s discuss your needs.

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  • Mid-Day Recap: Labor Reports Send Markets into Freefall
    The pace of losses in the labor market had been moderating for four months but in June nearly half a million jobs vanished from the economy, in contract to widespread expectations. The Bureau of Labor Statistics said 467,000 jobs were lost, pushing the unemployment rate to 9.5%, the highest in 26 years. “The heavy loss of jobs in June is a warning that the road to recovery will be bumpy, but doesn't yet indicate that we have gone off the track” . . . ...(read more)
  • The Day Ahead: Markets Hesitant Ahead of Employment Data
    Markets are edging lower ahead of the 8:30 release of Nonfarm Payrolls. A lot is hanging on this report as many forecasts for the economy are dependent on the direction of the labor market. Many look for signs of stabilization after last month’s downside surprise, but signs of a recovery have been far from evident in the weekly Jobless Claims numbers or the ADP private employment report. The consensus looks for 325,000 jobs to have vanished this month, with forecasts ranging between 225,000 and 435,00...(read more)
  • HARP Guidelines Allow for 125% LTV. Originators Still Skeptical
    The Home Affordable Refinance Program was designed to assist borrowers who have demonstrated an acceptable payment history on their existing Fannie Mae or Freddie Mac owned mortgage loan. Unfortunately due to rising unemployment levels and increasing foreclosure rates, demand for housing has weakened and property values have continued to decline, which has blocked many borrowers from utilizing HARP....(read more)
Existing Home Sales in May PDF Print E-mail
Jeff's Blog - Jeff's Blog
Written by Jeff   
Tuesday, 23 June 2009 21:33

The NAR released May Existing Home Sales today and our summary report is here:  May Existing Home Sales 

Highlights:

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.4 percent to a seasonally adjusted annual rate of 4.77 million units in May from a downwardly revised level of 4.66 million units in April, but remained 3.6 percent below the 4.95 million-unit pace in May 2008.
...
Total housing inventory at the end of May fell 3.5 percent to 3.80 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.1-month supply in April.
...
Distressed properties, which declined to 33 percent of all sales in May from 45 percent in April ...
...

Analytics at the Calculated Risk Blog:  Existing Home Sales Graphs

 
HVCC - New Rules for Appraisals PDF Print E-mail
Jeff's Blog - Jeff's Blog
Written by Jeff   
Tuesday, 09 June 2009 21:36
There is a new regulation put into place called HVCC that affects the way appraisals are being done for mortgages. I wanted to get you some important information on the kinds of changes you will see as the consumer.

1. An increase in costs
2. Longer turn times (resulting in longer lock times)
3. Need to pre-pay for services

Click here for the new appraisal regulations and how they affect you

 
Concerns About Supply of Debt PDF Print E-mail
Jeff's Blog - Jeff's Blog
Written by Jeff   
Monday, 08 June 2009 05:55

Investors have been concerned for quite a while about the coming supply of new debt needed to pay for all the government stimulus programs. On top of that, the economic outlook has been improving sooner than expected. The combination of these two potentially inflationary developments pushed mortgage rates higher during the week.

The economic surprise this week came from the Employment report. Although the economy lost -345K jobs in May, it was far fewer than the consensus estimate for a loss of -525K jobs. The Unemployment Rate jumped to 9.4% from 8.9% in April. A surge in people entering the labor force was responsible for the unexpected increase in the Unemployment Rate. The labor market is typically one of the last areas to show improvement during an economic rebound, so signs of a turnaround are particularly significant.

Read more: Concerns About Supply of Debt
 
April New Home Sales Flat PDF Print E-mail
Jeff's Blog - Jeff's Blog
Written by Jeff   
Thursday, 28 May 2009 21:37

Our April New Home Sales Report is posted here:  April New Home Sales

My favorite housing economics commentator and blogger Calculated Risk has posted his commentary here - New Home Sales Flat in April - and here - Home Sales Gap.  Enjoy!

 
April Existing Home Sales PDF Print E-mail
Jeff's Blog - Jeff's Blog
Written by Jeff   
Wednesday, 27 May 2009 22:10

Existing home sales increased 2.9% in April to an annual rate of 4.68 million, a bit better than an expected rate of 4.66 million. See report here:  April Existing Sales

 
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Long and Foster with Prosperity Mortgage Company  Click here for directions to my Bethany Beach and Rehoboth Offices.

Testimonials

Our home mortgage consultant, Jeff Baxter, was excellent!  He made everything easy for us, returned our phone calls promptly, and explained everything in detail.  We would definitely use him again and or refer him to friends and family.

Client
Washington, DC

Jeff is always professional, knowledgeable & up to date with current changes in market rates, etc. Prospects have all had positive feedback, if even for a pre-approval or discussion with him.

Realtor
Bethany Beach, DE

Responds to calls anytime during the day, week-ends and even evenings. Very knowledgeable and is excellent with follow through. My clients have always been very satisfied. Jeff is a great asset to have in our office!

Realtor
Bethany Beach, DE

Thanks for all of your help with buying our house. You made the loan process painless. We appreciate all of your help.

Client
Glen Mills, PA

We were very pleased with the responsive, knowledgeable service provided by Jeff Baxter – very customer focused.  Based on our good experience with Jeff, we were (sic) looking forward to being customers of the company he is affiliated with.

Client
Hagerstown, MD

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