JPMorgan Chase plans 8,000 layoffs in 2014 on reports of double-digit declines in their mortgage and retail banking business. That’s in addition to 16,500 layoffs in those divisions last year. Other banks expected to make similar announcements soon.What does that mean to you? 1. Rising Interest Rates. JPMorgan and other big-box banks expect interest rates to continue to rise in 2014. With higher rates, fewer Americans are walking through their doors seeking to refinance their mortgage. They expect that trend to continue.
2. Service. Fewer loan officers in the branches means home buyers will be directed to a sales clerk at an 800#. Purchase or Refinance…borrowers will not be able to talk face-to-face with some about the most significant transaction in their financial lives.
3. Products. As the level of service declines, the range and complexity of the product line has to decrease also to adapt to the experience of the sales force. So I ask …Do you want to be a faceless #, Or…do you want to work with a Mortgage Broker who will continue to meet up close and personal with his clients? I will bring 40 years of financial services experience to the table along with direct relationships with over a dozen trusted lenders who offer a wide range of mortgage options.
I have the keys to help families live comfortably and financially secure in their own home; and I will uphold my promise to ‘”Do my best to provide the right mortgage solution at the right rate to meet a family’s unique situation.”
“Thank you Rick for taking the time to sort out all the info we found on the internet. Your patience in helping us sort out the pieces of our puzzle got us into our First Home. We’re very happy. Count on us to refer you to our friends.” Mike and Beth. 7/29/2016
“Mr. Rick was very professional and helpful through the process of signing my mortgage. I recommended him as an excellent mortgage broker.” Nancy Salgado. Program Manager, Supportive Housing for Families. 1/16/2014
“I had a great experience with Rick on my last refinance. He knows his business, is very personable, and good followup. He explained everything up front so there were no surprises. I will definitely be using Rick again in the future!” Julie Vardal. PartyLite. 1/15/2014
“I highly recommend using Rick Cignoli as your mortgage broker. Being a First Time Home Buyer I had no clue where to start. Rick took the time to explain to me everything I needed to know on numerous occasions. He got me a great interest rate and I plan on using him to buy my second home very soon. Thanks Rick for all your hard work and time explaining everything.” James C. Construction Supervisor. 1/14/2014
“Tenacious, hard working and courteous. But most of all friendly and respectful. Thanks Rick for helping us refinance our home and for helping Dad with the purchase of his retirement home.” Benjamin M. 1/5/2014
“Rick and I have been working together since 2006. I came to know Rick through the recruitment and eventual enrollment of his son. I continue to remain loyal to Rick because of his comprehensive knowledge of his business, his professionalism, and his rare ability to combine specific technical strategies with how they relate to my own personal situation. He is a true “people person”, an excellent listener and an established practitioner in his field. I trust him fully to provide sound, usable advice and to deliver these pertinent communications in a timely manner.” Matt McCaffrey, Dean of Admissions, Bryn Athyn College. 10/5/2013
I have known Rick, my husband, for close to 33 years. Today is our 31st wedding anniversary. I believe that living with someone that long really opens you eyes to see what type of person they are. I can tell you he is kind, considerate, trustworthy, knowledgeable, informative, understanding and patient. He is devoted to his family and his work. I know how hard he works, but I also know that he is willing to work harder to help you find the right mortgage that fits your needs.” Debbie Cignoli. 9/25/2013
“Good morning Rick. I just wanted to say thank you for committing to a specified date that my loan will close. You made that promise and you came through with it. I am very happy with all of the hard work that you did for me. If hear of anyone who is looking to purchase a home and needs a mortgage professional, you will be the one I tell them to use.” Sue-Ann Cimminello, Director of Operations, Kick Start to Learning, LLC. December 20, 2012
“I’ve known Rick for over 10 years as a business man and friend. He is an honest and pleasant professional who applies himself and his talents to help his clients better their position and make their life more pleasant.” Augustus “Gus” Hampson – Financial Advisor at Northwestern Mutual. May 2012
“I can recommend Rick Cignoli as a person with great skills and deep expertise of solutions. Rick Cignoli is an experienced, creative, wise and strong mortgage professional. His knowledge is vast and thorough. Thanks to interpersonal skills he has great relations with both company clients and potential customers.” Peter Andreotto – Asst. Vice President, Business Development Sales Manager at TD Bank (f/President, Elite Lending Services)February 2012
“As a mortgage professional, Rick was not simply looking for a commission. He took the time to learn and understand my objectives and develop the best possible plan to accomplish those objectives. Rick has gone above and beyond to assist me in what has been become a challenging refinace however his committment and support has never wavered. I recommend Rick to anyone that is looking for solutions to their current mortgage product(s).” Top qualities: Great Results, Expert, High Integrity. Rob Makowski, Director of Relationship Management-Higher One. January 2012
“I recommend Rick as a very professional and knowledgeable Mortgage Officer. He knows the industry and will work hard to satisfy his clients’ mortgage needs.” Hector Avila , Mortgage Banker, Envoy Mortgage. December 2011.
“There are not many folks in the mortgage industry that has been in the business as long as I have. I started my career in 1979. Rick has been in the business longer than me. Longevity in this industry for these kinds of years is the exception rather than the rule. I can speak from experience, if you are not good at what your do, you won’t last. When I interviewed him, it was immediately clear the kind of individual he was. His commitment to helping his clients and impacting their lives in a positive manner was very clear. When I asked others about him, the same theme came through “true professional”. Welcome to Right Trac Financial Group, Inc. We are proud to have you part of the family.” Joe Petrowsky, Owner, Right Trac Financial Group. July 2011
“I have referred several of my real estate clients to Rick for their mortgage needs. Rick was very professional, honest and has many years experience in the business. Anytime I called him with any questions, he was readily available or returned my calls the same day, I never had to wait for a response. He also provided the time and attention to my clients and answered any questions they had. I will definitely use Rick in the future.” Christine Stewart, Realtor and Rental Specialist, William Raveis Real Estate. July 2011.
Hello Rick. Congratulations on your business move! I would be more than happy to provide buyers with your “new” contact information. I find your mannerism to be completely professional and am very happy to refer my clients to you for direction. Bethany Lydem. Owner/Broker. Stonecrest Realty.July 2011.
“Rick did a fantastic job handling the mortgage on my first home. He made me feel comfortable, kept me informed and was extremely personable. I’m glad I had him by my side the whole way. I’d recommend him highly.” Top Qualities: Great Results, Personable, Expert. Rochelle Fainstein, Digital Marketing Manager, Writer. July 2011.
“I hired Rick as our Mortgage Advisor back in 2009. Rick has extensive knowledge on the different types of mortgages available based on our credit scores. He met the tight turnaround times we needed in order to move into your new home on time. I recommend him highly.” Top qualities: Personable, Expert, On Time. Hope Sidote(client). June 2011
“It was a pleasure working with Rick Cignoli as a First Time Home Buyer back 2007. He was very knowledgeable and clearly explained the details of the entire home buying process and what should be expected since this was all new to me. I came to Rick prepared with several questions. He was patient as well as personable in addressing all of my mortgage concerns. I was pleased with the rate that I received and how seamless the entire process was. I would be happy to work with him again in the future when I am ready to purchase my next home.” Top qualities: Personable, Good Value, High Integrity. Natala Chambers. June 2011
“Rick Cignoli runs his Mortgage business the way I my real estate business, He stays on top of everything so I can better manage the real estate side of the transaction. With Rick, nothing falls through the cracks. We can look out for our client’s best interest. That’s why I recommend Rick Cignoli.” Top qualities: Great Results, Expert, On Time. Tim Clark, Realtor, Stonecrest Realty. June 2011.
“I have known and worked personally with Rick on numerous real estate closings through Envoy Mortgage. I have always found Rick to be well informed as to mortgage matters and very professional as well as easy to work with. My real estate paralegal can always rely on Rick to help with any issues and to work closely with our clients to ensure that the closing process goes smoothly. I would recommend Rick to anyone seeking financing on real estate.”Joe Mazzaccarro, Attorney. Sheffy-Mazzaccaro, LLP. June 2011
“Rick is an experienced and highly ethical businessman who enjoys an excellent reputation in the community he has served for many years. I endorse him wholeheartedly.” Gary OBrien, CPCU, Sales Director, O’Brien Russo Quint Insurance. June 2011.
“Rick and I are members of several organizations and cross path regarding business several times a month. I have found Rick to be very knowledgeable and professional in dealing with all his clients. He is a person who I have recommended many people his way because of the way he serves his clients and will continue to do so in the future. On a personal level, I find Rick a wealth of information and knowledge as well as a great person to speak with.” Kevin O’Driscoll, Owner and Business Coach, RIY Business Group. June 2011.
Hi Judy; I just want to thank you and Achieve Credit Union again for referring us to Rick Cignoli about a year and a half ago. He was able to help us at that time and that allowed us to place ourselves in a better place financially. Things have been going well since then and now he has been able to help us by getting us an even lower interest rate. We are in the final stages of the refinancing. All that is left is to schedule a closing. Rick has been very helpful. Thanks again. Greg Falla. March, 2009.
Rick … Thank you so much for all your help closing my listing on Magnolia Street.YOU DID A GREAT JOB!!!! And, thank you so much for the First Home Buyer lead.I look forward to working with you more in the future. I will certainly tell other clients and agents know how great you and your programs are!!!!! Paula Basso, Realtor. Realty Executives Vision. April 2008.
Rick: It was my pleasure to work with you on Shirley’s refinance. Your discrete service and attention to detail is appreciated and respected. I have another client who is looking are looking for guidance with the refinance of the condo here in town. I will give them your card and look forward to doing some more business together. Attorney Kevin McSherry. 9/8/2008
Here are some January Home Maintenance Tips you should consider:
I Know … It’s January, it’s cold and you’ve got the winter blahs. You’d like nothing better than to curl up in a warm blanket perhaps with some hot cocoa; watch a football game or read the good book you received for Christmas.
Sorry my friends… January is the month for the greatest vigilance in your Home Maintenance routine.
The most important January Home Maintenance Tip is to head off damage to your home from frozen and bursting water pipes:
1. Particularly vulnerable pipes are those exposed to the cold including hose bibs, pipes in outside walls and pipes in unheated attics, basements and garages
• If practical, insulate any pipes exposed to the cold.
• Check out these State Farm Insurance Videoson how to insulate your pipes and shut off your water in case of an emergency
2. Seal any leaks that are letting cold air in, especially around dryer vents and pipes and where electrical wiring enters the house.
3. Search for uninsulated water supply lines in the attic, garage, basement and crawl spaces and in bathroom and kitchen cabinets adjacent to outside walls.
4. During a cold spell, open cupboard doors in the kitchen and bathroom so the home’s heat can reach them.
• Reminder: Put harmful household cleaners out of the reach of children
• Keep garage and other outside doors shut tight during freezing weather.
5. Locate your home’s water shut-off valve; learn how to turn off the water quickly in case a pipe bursts.
6. Keep temperatures inside the house at 55 degrees Fahrenheit or above, night and day, even when you’re gone.
7. Don’t close vents to crawl spaces. If you live where pipes can freeze and the floor becomes very cold, insulate pipes and under the floor. Vents play an important role in controlling condensation beneath a house.
8. Promise yourself that when the weather improves you will add to the installation in the basement or crawl space and attic.
It’s not over yet … You want to protect your investment don’t you? Here are some other January Home Maintenance Tips to work on:
1. Cold weather drives mice and chipmunks into the walls of your home, even those unheated parts of the house.
• Mice can get in through a dime-sized hole; so seal any cracks where these pests can enter.
• Empty compost and garbage frequently.
• Keep food covered and put away; keep counters clean.
• Check basement, attic, crawl spaces and the back of cupboards and cabinets for mice droppings or holes. If you find evidence, install traps immediately or call a pest-control service.
Keep going, here’s a few more January Home Maintenance Tips to tackle:
2. Organize your home improvement files. Review product warranties and manuals. Check on recommended maintenance for furnaces, equipment, appliances and tools. Mark your calendar to track scheduled upkeep and service.
3. Inspect furniture, cabinets and vanities for loose knobs, pulls and hinges.
• Tighten or repair as necessary.
• Lubricate squeaky door hinges with lightweight machine oil.
• Free sticky doors by trimming edges or shimming hinges with thin pieces of cardboard.
• Make a list repairs to tackle later.
4. Make a room-by-room inventory of everything in your house. In the event of fire, flood or other disaster, it will be important in filing an insurance claim.
• Save receipts for valuable home purchases and for work you have done to upgrade the interior or exterior of your home.
• Back-up your inventory on a CD so you can get it even if your computer is destroyed. Photographs or video of your possessions can also be helpful.
5. Check the labels on the switches in your electrical circuit-breaker panel and make new labels if necessary.
6. Check your furnace filter monthly in the winter to see if it needs replacing.
7. Use a vacuum-cleaner tool or a long-handled brush to clean under and behind the refrigerator, including the coils.
8. Clean lint from under laundry appliances, especially the dryer, carefully work the cleaning tool down into the lint filter; outdoors, clean the dryer vent outlet, reaching as far as possible into the pipe.
OKAY …Now you’re done! Now you can relax knowing that you’ve done what you can to protect your home with these January Home Maintenance Tips.
OH, Just One More Thing! I rely on clients like you for your heartfelt endorsements to family, friends, and those within your sphere of influence who will benefit from the same experience, service and advice I have extended to you. So I ask . . .Please Don’t Keep me a Secret! Who do you know that could benefit from working with a Mortgage Professional like Me?
Homeownership is a big step and it is important to make sure that you approach it wisely. The first step is to be Pre-Approved by a mortgage professional you trust to give you the best advice on your mortgage qualifications and your mortgage options,
Then, when you do find the home that you are looking for, there is often the opportunity to negotiate a price that is lower than the list price.
You need to know what you are doing, because negotiating poorly can cause you to lose the home that you truly want. Work closely with a Realtor you trust. He/She is on your side and has been through the process many times. In addition to their experience, here are 5 Important Negotiating Tips First Home Buyersshould consider: 1. Try not to get emotional. It can be extremely tempting to bid top dollar for a place that has everything you have ever wanted, but you could end up setting the negotiating standard so high that you can’t afford the house.
You need to set your limits before you put in an offer and don’t compromise. If you become too emotionally attached to a particular property, you might feel unwilling to pass on an offer that might be unreasonable or simply too much for your budget. Many First Home Buyers are scared to end negotiations and move on when they probably should. Be as objective as possible, and don’t compromise your standards just to jump into a home.
2. Get a Comparable Market Analyses (CMA). Here’s where your Realtor can be a big help. Experienced agents can easily supply you with a CMA, which is basically an average price range for recently sold home within the same neighborhood with the same features.
Ask your real estate agent about comparables before you place your offer. It is important to know whether or not the asking price for the home is reasonable, overpriced or underpriced when compared to others that have just been sold.
If you are home shopping on your own, you can still contact an agent in your area to get a free CMA. You might be able to find them online. 3. Access the seller’s motivation level. There are many reasons why people sell their homes. Sometimes people are relocating for job purposes, divorce, moving up, downsizing, or the owner passes away. If the seller is in a situation where they need to be rid of the property quickly, you may be able to bring them down in the asking price. Sellers who seem more relaxed or are not in a hurry to sell may not be willing to negotiate at all.
Whatever you do, gather as much information as you can about who the seller is and why they are selling. The information you find can be positive or negative in terms of getting the price you want; knowing the facts will benefit you either way. 4. Make a firm and reasonable offer.People who are new to the real estate market assume that in order to get the price they truly want, they should start out very low with their offer. This may not be the best tactic as it could insult the seller and make them want to hold firm to their asking price.
Use what you know about the CMA, the condition of the property, and the down payment that you can afford to present a fair number. It is perfectly fine to make an offer that is slightly lower if you know the seller is motivated, however, don’t go insultingly low. It is also wise not to add a long list of conditions or requests. 5. Put everything in writing. Verbal offers are difficult to enforce. Once you and the seller have agreed upon a price and terms; make sure that everything gets printed out and signed by both parties.
With a verbal agreement, you might remember the agreement a certain way and the seller might disagree with you. You can avoid this problem all together with some ink and paper. Here’s where your agent and attorney can help. Purchase agreements are required to be in writing. Putting everything down on paper will keep confusion out of the picture.
SUMMARY. Overall, the best way to approach negotiations when you find a property that you like is to proceed with caution. Understand that perhaps it may not work out in your favor and you will need to move on.
You should not see this as a negative possibility, because the next house might suit your needs better, even if you don’t “fall in love” with it right away.
Do your homework, be realistic, and be reasonable. When the seller comes to the table with the same rationale, you just might come out of the negotiations as a homeowner. If I can answer any questions you may have about how changes in the mortgage market affects you, do not hesitate to give me a call. I appreciate your business and the opportunity to help.