It's never dull in the mortgage business!
It seems as though so much is going on in the world today...earthquakes and hurricanes, the roller coaster ride of the markets, etc. The mortgage industry is no different...we've been through new laws, massive foreclosures, trying to foretell the market's movement like everyone else, the new Consumer Financial Protection Bureau (CFPB)...and the list goes on! One thing that is really shaking up the mortgage market...historically low rates!
So what's around the corner once fall arrives? Stay tuned! As always, we thank you for your business and the opportunity to serve you. |
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To Our Valued Customers | |
We are NOT Silverton Bank |
We have received several calls and emails from our clients and industry partners concerning the recent news reports about the lawsuit the FDIC recently brought against several former officers and directors of a bank named "Silverton Bank," which ultimately failed in 2009. Please be assured that Silverton Mortgage is not associated, affiliated, or related in any way with Silverton Bank.
We are very sorry for any confusion and hope that the news reports have not caused you any concern regarding the work we have done together or the services we perform. If you have any questions, please do not hesitate to contact us.
As always, we thank you for considering Silverton Mortgage, and we look forward to having the opportunity to help you with any of your mortgage needs. |
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Silverton One of the Top in the Nation! | |
Silverton Earns Spot in Inc.'s Fortune 5000 Companies
For the first time, Silverton has earned a spot in Inc. magazine's annual ranking of the top 5,000 fastest-growing private companies in America! We are positioned at #1,019 of the top 5,000 companies and ranked #49 in our industry.
Silverton is pleased to share this distinction with previous alumni such as Zappos, Intuit, Microsoft, Patagonia and others. We're very proud to have earned this recognition and plan on working our way up!
Of course, we don't earn awards to brag...but they are a great indication of the dedication and teamwork of all our staff. It is their hard work that allows us to be positioned at the top! Way to go Team Silverton! |
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From Our President | |
How Low Can They Go??!!
In case you hadn't heard lately, rates are very, very good. We have been near or at historic lows for a few weeks now. The most common question we have been getting is "Will they get much lower?!"
Well, if we knew for sure, we'd be retired by now, living on an island we owned, building our house made from stacked gold bars! All we can offer is opinion. Rates are at or near their historic low on any given day. They don't seem to be going up anytime soon as the Fed announced that they plan on keeping the overnight rates low. (Remember, the Fed doesn't control mortgage rates, but they can "help" them stay low by setting policies that will encourage it.)
HOWEVER, waiting for them to get much lower might be fruitless. One thing we have noticed during this wild ride we've had the last few weeks: when long-term rates hit a certain point, there seemed to be an indication that a floor had been reached. Meaning, regardless of what the Dow did day to day, rates would tick up, but wouldn't go below the established floor. In a traditional market, when the market pulled out of equities, investors would seek the safety of treasuries, which would improve long-term rates. This was certainly the case during the recent drop in the stock market, but only up to a point. Our thought is that long-term fixed financing stops making sense when it reaches these low levels. Bond holders don't want an asset that could/will be outpaced by inflation. What is the floor? Hindsight will be the only accurate view, but it certainly seems to be in the "low" 4's for 30-year fixed and "low" 3's for the 15-year fixed.
If we truly are at or near the floor, what it means is there might not be a better time to buy or refinance. It's certainly still a buyers' market out there for potential home owners--prices have reset to 1999 levels in a lot of markets, there is a ton of inventory to choose from and sellers are usually open to hear ideas and offers.
HOWEVER, don't be lulled into complacency if you are in the market. We are also seeing properties that are priced right in bidding wars! Once that price has been set, the floor has been reached.
Refinancing can also be a consideration (again for some). We are looking at 15-year fixed loans for a number of clients, and the interest savings over time are often dramatic with rates as low as they are. A new loan term, the "cash in" loan, is also something to consider. This references bringing money to closing to pay down your loan as part of the refinance, which is a way to guarantee a return on investment in a market in which it is hard to guarantee anything. (For example, if your rate is 4% and you pay down your mortgage $10,000, you are guaranteeing 4% on $10,000!)
Best advice I think we can give is to expect the unexpected and evaluate all your options! I saw a news piece the other day and it was in reference to the question, "What if rates go to 5 or 6%?" It struck me as a bit comical that a doomsday scenario was a 6% rate! Rates have been so good for so long (6% historically is still extremely low), I suppose it's hard to imagine anything different. Just remember, no one thought housing prices could ever drop a few years ago either.
As always, we remain steadfast in our dedication to excellence in service and products that we provide to you. Thank you for allowing Silverton to assist you with your mortgage needs.
Regards,
Josh Moffitt
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Team Silverton Volunteers | |
Silverton Team Gives Back to Their Communities |
Silverton is proud of our team members who take the time to give back to their communities. Here are just a few of the folks who are making a difference.
Marisela "Sammi" Sammis, Loan Originator,
Kingsland, GA
Sammi volunteers her time providing free credit counseling to Spanish speaking customers.
Patty Harris, Underwriter
Corporate Team, Atlanta, GA
You'll find Patty bringing joy to nursing and retirement home residents as part of a gospel singing group.
Renee Baum, HVCC Manager
Corporate Team, Atlanta, GA
Renee's kind-heartedness for our four-legged friends has led her to serve as a foster family for Mid-Atlantic Pug Rescue.
Team Silverton
We continue our commitment to Zaban Night Shelter, Atlanta's only couples' shelter, volunteering to serve meals to the residents. The shelter is open October through April and houses approximately 22 couples.
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Do you know? | |
Let's shake it up!
With the recent quake to rock the east coast, we thought we'd share a little earthquake trivia.
The recent August earthquake in Virginia, with a magnitude of 5.8, is the strongest to hit the Virginia area since 1897.
The largest earthquake to hit the east coast was in September, 1886 in Charleston, SC with a 7.3 magnitude.
The largest earthquake in Georgia was in March, 1914 with a magnitude of 4.5. No earthquake of a magnitude of 3.5 or greater, has occurred in Georgia for at least 30 years, according to the USGS (United States Geological Service).
Alaska is the most earthquake prone state; Florida and North Dakota have the fewest number of quakes.
The magnitude of an earthquake is a measured value of the earthquake size. The magnitude is the same no matter where you are, or how strong or weak the shaking was in various locations. The intensity of an earthquake is a measure of the shaking created by the earthquake, and this value does vary with location.
According to the USGS, there are an estimated 500,000 detectable earthquakes in the world each year. Of those, 100,000 of those can be felt, and 100 cause damage.
You may have heard of "earthquake weather." According to the USGS, there is no such thing. Statistical data proves there is equal distribution of earthquakes in cold, hot, rainy weather, etc. Besides, there is no physical way that the weather could affect the forces several miles beneath the earth's surface. The changes in barometric pressure in the atmosphere that may occur are very small compared to the forces in the crust. The effect of the barometric pressure doesn't reach beneath the soil. | |
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Focus on Giving Back |
We're proud to announce that a long-time vision of our company president, Josh Moffitt, is now coming to fruition. Plans are rolling along on schedule to kick off The Silverton Foundation in the first quarter of 2012! With our mission and vision clearly established, the first phase of planning is completed. MISSION The Silverton Foundation's mortgage and rent assistance program for families with hospitalized children helps families maintain their homes, and reduces financial and emotional burdens during times of crisis. VISION
Our vision is to focus the efforts of The Silverton Foundation on providing assistance, in the form of monthly mortgage or rent payments, to families with hospitalized children. We realize that "home" is an important center for families, a place to return after the crisis subsides, a place where continued care may be provided, a place where loved ones wait for a child's return. Our goal is that by providing housing financial assistance, families are under a lessened financial and emotional burden, allowing them to concentrate their efforts on their ill child.
Our next steps: Complete our Board of Director's appointments and file for tax-exempt status.
"We want all the monies that we raise to go directly to the families that we want to help," says Moffitt, "so Silverton will earmark monthly funds for operational expenses of The Foundation."
Updates: We'll send Foundation updates in our next newsletter. In the meantime, if you would like more information or want to find out how you can help, please contact sammoffitt@silvertonmortgage.com. |
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Silverton Welcomes |
Welcome our New Team Members
Staff
Juli Breed, Processor, Brunswick
Mortgage Loan Originators
Ashley Bartsch, Vinings
Bob Zartarian, Vinings
Cate Gooch-Coolidge, Brunswick
Jill Thompson, Alabama
Laura Shore, Marietta |
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Around the Neighborhood | |
Summer ends...
fall begins
Music Midtown Festival
The Honorable Mayor Kasim Reed, City of Atlanta and Live Nation's Peter Conlon are thrilled to announce the return of Music Midtown to the Meadow at Piedmont Park on Saturday, September 24th. The festival will host the best ensemble of talent on two stages featuring Coldplay, The Black Keys, Cage the Elephant, Manchester Orchestra, Young The Giant, Band of Skulls, Joy Formidable, The Constellations, Mona and The Postelles. | |
After a decade of bringing together the city's best restaurants for Atlanta's premier foodie event, Taste of Atlanta announces its return to Tech Square in Midtown on Saturday, October 22 and Sunday, October 23, 2011. Taste of Atlanta will continue to feature a diverse selection of the finest fare from the food capital of the South; and this year, in honor of its 10-year milestone, the festival will also serve up several new additions to its event line-up.
Throughout the weekend, guests of all ages and levels of culinary expertise will enjoy an extensive selection of the best offerings in food, wine, beer and cocktails - along with engaging chef demos, specialty food and beverage tents and other family-friendly activities. No one does it better than Taste of Atlanta's local chefs, our Georgia farmers and the city's food Atlanta has to offer.
Check out the Atlanta Botanical Garden Chef cooking on the Family Food Zone Stage on October 23 at 10 a.m. 
Scarecrows in the Garden
Atlanta Botanical Garden
Scarecrows in the Garden, Atlanta's favorite fall tradition, returns for another season of spooky, kooky fun. Every October the Garden is stuffed with more than 100 scarecrows handcrafted by businesses, individuals, schools and organizations. In addition to the Scarecrows, enjoy a variety of fall crafts and games in the Children's Garden every weekend, 10 a.m. - 4 p.m. Free with Garden admission.
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