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Tony’s Mortgage Minutes October 12th, 2015

Last Thursday, Federal Reserve Bank of Dallas economist Keith Phillips said the ripple effect of the drop of crude oil prices will have slowed Texas job growth to about 1 percent in 2015, marking the first time in 13 years that Texas’ growth was slower than the national average. Still, thanks to the state’s diversity of industries and relative immunity to mining sector woes in cities that include San Antonio, Austin, and Dallas, Texas has been weathering the storm better than other oil producing states according to Mr. Phillips.

Last Tuesday U.S. benchmark crude broke free of a month long sideways trading slumber, climbing nearly 5 percent after U.S. data showed domestic crude production has fallen sharply in the wake of cheap oil. “The tide has turned as far as U.S. oil production is concerned,“ said Neil Atkinson, an analyst at Lloyd’s List Intelligence in London. “The feeling is we’ve reached the bottom and prices should be going up—but very gradually.” Still, with gas prices as low as they are now, I expect more cash to be in consumer’s pockets for holiday shopping this year. I paid as low as $1.98 per gallon for gasoline just this past week. I just don’t want to see $3.50 per gallon gasoline again.

In an article last week in the S.A. Express News, Halloween was the topic. Did you know that an estimated 157 Americans are expected to celebrate the holiday this year? It is expected that Americans will spend $6.9 billion celebrating the holiday. Halloween is big business for retailers. Have you noticed that Walmart has Christmas decorations on display already. The holiday season has just begun a little earlier in my opinion and we haven’t even reached Halloween yet. Oh, Happy Columbus Day!

The first week of TRID (TILA-RESPA Integrated Disclosure) has almost come and gone and there have been no fatalities. I say that tongue-in-cheek because I personally do not think there will be a huge problem for Lenders to transform to the changes. Especially, for those Lenders that prepared early on for the changes such as SWBC Mortgage has done. Don’t get me wrong, there will be mistakes as I said last week. We just all need to remember to set realistic expectations up-front for borrowers.

Please remember me to anyone you know that may need a mortgage!
Tony Stevenson
Sr. Loan Officer | NMLS# 216213
“Your Local Loan Officer”

Direct: 210.376.6133
Toll-Free: 800.460.6990
Cell: 210.846.4666
Fax: 866.782.9318
www.swbcmortgage.com
Apply on-line to: www.swbcmortgage.com/stevenson
9311 San Pedro Avenue, Suite 100
San Antonio, Texas 78216

© 2015 SWBC. All rights reserved. This article is for informational purposes only and not intended for consumer distribution. Do not use it as financial and/or political advice. The opinions expressed in this article are not necessarily those of SWBC Mortgage, Century 21 The Hills Realty or any of their affiliates. Information for this article from but, not limited to, the Wall Street Journal, S.A. Business Journal, NAMB, Real Estate on-line magazine, S.A. Express News and MBA News Link. To be removed from this email reply “remove” in the subject line. For questions/comments contact Tony Stevenson at 1.800.460.6990 or email tstevenson@swbc.com. Loans are subject to credit and property approval. Other restrictions and conditions may apply. Programs and guidelines are subject to change without notice. Rates are subject to change daily. This email is an advertisement from SWBC Mortgage Corporation, NMLS #9741. Corporate office located at 9311 San Pedro Avenue, Suite 100, San Antonio, TX 78216. 8540-5937 NMLS#9741(www.nmlsconsumeraccess.org)