Daily Market Update – June 28, 2013

Consumer Sentiment rose in the final weeks of June to 84.1 and more than had been reported at the initial reading halfway through the month and nearly matched the six-year high of 84.5 registered in May. Optimism was seen in the higher-income families. A spokesperson for the survey said that consumers believe the economic recovery has achieved an upward momentum that will not easily be reversed. The Consumer Sentiment Index uses telephone surveys to gather information on consumer expectations regarding the overall economy.

The next big shoe to fall could be in the student loan sector. Interest rates on the loans are set to double on July 1 from 3.4% to 6.8%. Lawmakers on Capitol Hill will be on a recess this week for the 4th of July holiday and the feeling is that something will be done soon after the break. With the weak job market, student loan payments have been harder to keep up with and higher rates could spell more trouble.

The second quarter of the year comes to an end today and believe it or not, 2013 is already half over. Despite the extreme volatility in the markets, Stocks are looking to close out the quarter on a positive note. The closely watched S&P 500 Index rose 2.6% for the quarter, but is down 1.1% in June. Investors started to take profits at the end of May and in June after the Fed hinted that QE III will end sooner rather than later.


When you apply for a mortgage or refinancing, you will have to go through the process of getting your house, or the house you are wanting to purchase appraised.  An appraiser will visit the property and will evaluate the land, dwellings and all the included features.  This is called Field Work and their goal is to establish a market value.  This process generally can be done within a couple of days, but depending on the complexity of the order it can extend into weeks.

An appraiser will go onto a property and will evaluate the interior and exterior condition.  They will look at the quality of the construction and how many upgrades or modernizations there have been.  Then they will estimate the square footage by taking measurements of the exterior of the home and assess non-living areas such as covered porches, permanent sheds and garages.

Once the appraiser has all the information they need about the subject property, they will spend time looking at properties close by to further establish the market value of the home.  This includes looking at recent sales as well as foreclosures, assessing tax records, courthouse records and their own personal knowledge of the area.  This is one of the reasons Alpha Mortgage only uses local appraisers because we want our clients to have the most accurate and dependable source possible.  Once the field work is completed the appraiser will finish the report and then submit it to the loan officer.


Once our loan officer has the report they will set up an appointment with you to review the results in detail.  You are always welcome to have a copy of the report as well for your own records.  Once we have the information we can move forward with the mortgage process and get you one step closer to refinancing or owning a new home.  At Alpha Mortgage it is our goal to make the home buying process as simple and easy as possible and we want you educate you each step of the way.  Do not ever hesitate to give us a call when you have a question.  We’re here for you.


When you are ready to purchase a new home or you want to take advantage of the historically low rates and refinance, one of our loan officers is ready to work with you.  We have offices  in Wilmington 910-256-8999, Winston-Salem 336-760-3013, Fayetteville 910-484-7272, Asheville 828-552-0330, Jacksonville 910-347-7283, New Bern 252-634-3000, & Jacksonville 910-347-7283.  We look forward to hearing from you!