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1. Payment history 2. Amounts owed 3. Length of credit history... 4. New credit 5. Types of credit in use
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Dana Bain President Premiere Mortgage Services Inc. MA Lic. NMLS: 1498 NMLS ID # 18693
Justin Buck and Paige Nigh were on their third offer. They had put in two others for South Boston condos they liked, but no luck.
“[We] were outbid on both,’’ Buck said, so when it came time to make their third offer, their realtor suggested they include a personal letter.
“She just knew that we were in love with it. She was like ‘OK, you love this place, so this is what you need to do,’ ’’ Nye said.
She also had them include a photo of themselves (they chose a nice one of them dressed up at a wedding), and they kept their note short and sweet, talking a little bit about how they met, explaining that they had recently moved in together, and emphasizing that the place “would be ideal for the next chapter in our relationship.’’
It seemed to work.
“There were four final offers all above asking price but around the same price,’’ Buck said, “but we were the only ones to include this biography, and from what [our realtor] gathered, it was a deciding factor.’’
While the strategy seems enticing, the result does not appear to be typical.
There’s not much hard data about the effects of a personal letter, though in 2013, when the housing market was making its way back to prerecession levels, the home-buying website Redfin said the personal letter improved an offer’s success by 9 percent. (An all-cash offer, by comparison, increased the likelihood of acceptance to 28 percent.) So perhaps a letter could be one of the tools buyers use in seller’s markets as a way to make themselves stand out.
“I think it’s definitely helpful, depending on the seller,’’ said Buck and Nye’s realtor, Susan Doig.
“A lot of agents think it’s a waste of time, think it doesn’t work. I think that’s bad,’’ said Brendon DeSimone, brokerage manager for Houlihan Lawrence in Bedford, N.Y., and author of “Next Generation Real Estate: New Rules for Smarter Home Buying & Faster Selling.’’ “It’s a competitive market; if it gives you an edge, do it,’’ DeSimone said.
But not everyone feels that way.
“It could work against them,’’ said Christine Smith, a realtor with Haverhill-based Buyers Brokers Only and a lawyer. “Say they got their offer accepted and they wrote this lovely letter, and then they do a home inspection and find a couple things they want the seller to address. Not little things. The seller knows how much they want the house, and it kind of weakens [the buyers’] position.’’
Smith also posits that the exchange of personal information in the letter could be a violation of fair housing laws. Those laws prohibit discrimination against protected classes of people, discrimination based on race, color, religion, national origin, sex, disability, and familial status.
What if a couple without kids and a couple with them have similar offers and both write letters, she asked. If the sellers pick the buyers with children, are they discriminating against the couple without them?
This is a matter of debate among real estate agents, but Michael McDonagh, general counsel for the Massachusetts Association of Realtors, said he understands a buyer’s need to tell his or her story. “But I think there should be some caution there,’’ he said. “It’s not a good position to be in if you’re a seller. You don’t want anyone to accuse you of making your decision to sell to somebody based on their status in a protected class.’’
Matt Ramey, associate broker with Jacob Realty in Back Bay, doesn’t necessarily see anything wrong with writing a letter, but he isn’t wild about them. “I tell my buyers that the letter is a component, but it’s not a strategy. It certainly doesn’t hurt, but at the end of the day the dollars speak the most,’’ he said.
David Hollady, a former client of Ramey’s, agrees, but he also had a letter work out very much in his favor.
David and his wife, Nikki, bought homes in Boston and in Chicago a year and a half apart. (Nikki works in Chicago and David in Boston, so they split time between the cities.) They wrote letters for both. They had the highest offer on their Boston home and could close quickly, so the letter didn’t really seem like a factor. But when they were trying to acquire the Chicago property, Nikki wrote a letter to the elderly man who had raised his family in the home, telling him that she had grown up in that city and that they planned to raise a family there.
They beat out a cash offer. “There is no reason why we should have gotten that house, but it was because my wife wrote that letter,’’ David said.
Ramey said that’s the only time he’s heard of that happening.
Both Ramey and Doig said people with an emotional connection to their home, like an older seller who raised a family in a house, would be the rare kind of seller who would put sentiment ahead of cash.
Getting personal could also work against you.
If the seller is in the middle of a divorce or dealing with the recent death of a relative, he or she might not want to hear about your happy family. “It can backfire if the seller feels the buyer is trying to manipulate them,’’ said Lisa Steele, a realtor with Steele Associates Real Estate in East Dennis. Recently, a buyer submitted one with an offer, and although it was a lovely letter, Steele said, “the seller knew the offer was the only thing that mattered and brushed off the note completely.’’
And if it’s a bank-owned property, DeSimone said, don’t even bother writing a letter: “The bank isn’t a person. They don’t care.’’
And Ramey said: “There are more important things than a sentimental letter. Show your financial qualifications, show that you are serious about the house, then try and sprinkle a little emotion onto it with a letter if you want.’’
“You just really never know what [sellers] think of your life or what they think of their life that they’re moving on from.’’
If a buyer wants to write a letter, she encourages them to talk only about the house and the neighborhood, adding in a compliment or two. She will also pass on information about the buyers she represents at their request, but she said she tries not to let too much personal information get in the way of what is a business transaction. When she is representing the sellers, she paraphrases the buyers’ information so that she isn’t revealing anything about race or marital status.
But for someone for whom a letter worked, revealing personal details seems like a risk worth taking.
“I told [my wife] it was a crazy idea,’’ David Hollady said. “I told her that we shouldn’t even bother. We had an FHA loan, and who would even consider that?
“Not for the last time, I was wrong.’’
Mortgage bond prices finished the week higher which put downward pressure on rates. Trading was positive the first portion of the week with no data. Federal Reserve Chair Janet Yellen’s testimony to Congress held no surprises. She continued to state that inflation remains softer than the Fed would like, that the slack in the labor market continues to diminish and that future policy decisions (read rate hikes) are data dependent. The 247K weekly jobless claims were approximately as expected. Producer prices rose 0.1% versus the expected 0.1% decline. The core, which excludes volatile food and energy, rose 0.1% versus the expected 0.2% increase. Consumer prices were unchanged and the core rose 0.1%, which was near expectations. We ended the week better by approximately 1/4 of a discount point. LOOKING AHEAD
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Federal Reserve Banks were created to control the central banking system of the United States. The banks are divided into 12 districts and facilitate the monetary system by moving currency in and out of circulation in accordance with the policies set by the Federal Open Market Committee. The Reserve Banks handle check processing, hold cash reserves and make loans to depository institutions. Each Reserve Bank regulates commercial banks in their district. The twelve districts include Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.
The Philadelphia Fed report is a survey of manufacturing businesses in the Northeast region. The report is valuable due to the timing. It is released before the month is over and is the second regional report released. While there are many other regional reports throughout the month the Philadelphia Fed report is considered to be one of the most valuable. It has historically shown strong correlation with purchasing managers index data and therefore analysts give it considerable attention.
Be cautious heading into the economic data this week. Thin summer trading conditions often lead to lackluster days of trading with minimal rate movements. However, thin conditions also can result in some wild swings from time to time. Understand the event risk before making overnight float/lock decisions.
#DanaBain #BestMortgageRatesInMassachusetts #BainMortgage.com #PremiereMortgageServicesInc #RealEstate 978-422-2311
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95% of Realtors that have responded so far have said NAR isn't doing enough to protect them from Zillow.
On today's National Real Estate Post (http://thenationalrealestatepost.com/where-is-nar-with-respect-to-zillow/) hosts Frank Garay and Brian Stevens ask Realtors across the country - What is NAR (National Association of Realtors) doing to protect their interests when it comes to Zillow. So far NAR's lack of response or action to this speaks volumes. Meanwhile Zillow continues to gather all of the housing data from Realtors and their MLS then they turn around and use the information provided and sell that leads back to the realtors.
Then there is the NEW "Instant Offers" from Zillow. Instant offers allows sellers to list their homes on Zillow for FREE and sell directly to investors. Where does this leave the realtor? Eventually Zillow will sell this lead to one of their Premier advertising Realtors. The realtor will provide a CMA to the seller and IF the seller chooses to work with the Realtor - then and only then - will the sellers contact information be provided to the realtor. If the seller likes the CMA provided and feels like they can handle the transaction they will proceed WITHOUT A REALTOR. Or they can hire any Realtor they choose to help facilitate the transaction. So picture this, the seller has an agreed upon price based on a CMA from a realtor. They choose to hire a Realtor but the seller wants to pay the realtor a nominal fee ($500?) to facilitate the transaction, after all, the seller and the investor have already agreed upon price and there won't be any need for advertising or marketing services like a normal realtor transaction. How long will it be before this is mainstream? This is only the first step for Zillow. Maybe it's me but I think NAR should get off the sidelines and use some of the $200MM it receives annually from it's members and... I don't know..maybe...protect them? What say you?-----------------------------------------------------------------------------------------------------------------------
In select markets today, the competition isn’t just from other neighborhood brokerages. It’s also from companies like OpenDoor.com and OfferPad.com, with attractive online platforms that promise sellers a quick, hassle-free, cash sale. This week, Zillow joined the fray, introducing its “Instant Offers” platform in two test markets, Las Vegas and Orlando, Fla. The platform enables sellers to receive and compare cash offers from selected investors, as well as obtain a CMA from one of Zillow’s paying customers, a Zillow Premier Agent.
For many real estate agents, these online marketplaces feel like a threat to their role in the transaction and their livelihood. Zillow, which makes a significant share of its revenue providing tools and services to real estate agents, has moved to dispel that concern, saying it will encourage, but not require, sellers to connect with an agent to close the transaction.
It remains to be seen whether Zillow will be successful enough to expand Instant Offers to more markets. If it does, the promise of a quick sale may capture some consumers’ attention. But many professionals say they relish the opportunity to compete and communicate their value as a real estate professional.
Read more: Zillow Offers $1 Million to Improve Zestimate
What would you say to sellers who are considering the option of a direct, cash sale? Here are six talking points.
If past performance is any indicator of the future, sellers will continue to gravitate your way. The National Association of REALTORS®’ 2016 Profile of Home Buyers and Sellers showed that 89 percent of sellers worked with a real estate professional to sell their homes. Only 8 percent of home sales in 2016 were FSBOs, a form of which is direct sales.
Still, direct sales may pose other challenges to the industry.
In addition to competing for sellers’ attention, these online investor sales may exacerbate the already tight inventory situation many of your buyer clients are facing. Instant Offers, for example, connects sellers with a small group of investors who are partnering with Zillow. Sellers who go that route are taking their home out of the inventory for the average buyer.
Also, sellers who choose direct sales aren’t listing their property on the MLS. How will that affect the reliability of MLS data? Not just real estate professionals but also economists and governments use that data to spot market trends, determine fair market values, and make plans.
John Mosey, president of NorthstarMLS, which serves more than 16,000 real estate professionals in Minnesota and western Wisconsin, sees no cause for concern on that front. “We’ve dealt with things like the ‘coming soon’ phenomenon and off-MLS activity, and we’re seeing that these trends aren’t shifting FSBO numbers,” he says. “Our transaction volume in 2016 was $19 billion, and we’re in the Midwest, where market values don’t come close to the coasts. So you don’t need the off-market activity to get a true picture of what’s going on. I think the potential harm with these off-market listings is that a lot of them have never been market-tested, so it’s hard to get an accurate appraisal.”
If nothing else, Mosey adds, direct-sale platforms are yet another innovation that should make both MLSs and practitioners think more deeply about how to communicate their value.
Denee Evans, CEO of the Council of Multiple Listing Services, lives in Las Vegas where Instant Offers is being tested. She draws a correlation between real estate and her previous work in the financial industry. “Even when people began doing their own online trading, there was a healthy industry for financial planners. You need a professional to help you with that. There are too many little things to keep track of,” she says.
“Even with my real estate knowledge, I don’t buy and sell houses myself,” Evans says. “There’s no replacement for a professional who does this every day and knows the ins and outs of the market.”
Mortgage bond prices finished the week lower which put upward pressure on rates. Orders for durable goods, items lasting more than three years, fell 1.1%. That data was weaker than the 0.6% decline traders expected. Consumer confidence printed at 118.9, which was better than expected. Consumers may be feeling good because the value of their homes continues to rise. According to the S&P Case-Shiller report home prices rose 5.7% on an annualized basis. Rates were pressured all week as the heads of central banks in Europe, England and Canada all indicated that it may be time to begin reducing accommodations (read hike rates). The announcements from the ECB, BOE and BOC seemed coordinated. We ended the week worse by approximately 1/4 of a discount point. LOOKING AHEAD
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4.3%, Payrolls +138K
Factory orders data is a monthly report released by the US Census Bureau. The release is officially referred to as The Advance Report on Durable Goods Manufacturers’ Shipments, Inventories, and Orders.
The manufacturing sector is a major component of the economy. Investors use the factory orders report to attempt to determine the direction of the economy in the future. Orders are generally believed to be a precursor to activity in the manufacturing sector because manufacturing typically has an order before considering an increase in production. Conversely, a decrease in orders eventually causes production to scale back; otherwise, the manufacturer accumulates inventories, which must be financed.
Total factory orders break down to approximately 55% durable and 45% non-durable. Durable goods are items such as refrigerators, cars, and aircraft. Non-durables are items such as cigarettes, candy, and soap. The report is often dismissed due to the timing of the release. Durable goods orders are typically reported a week earlier making a portion of the factory orders data “old news.” While some analysts dismiss the value of the factory orders data others point out the fact that the report provides a more complete picture than the initial durable goods release. Revisions to initial data along with non-durable figures are factored in providing a more accurate look at the condition of the manufacturing sector.
#DanaBain #BestMortgageRatesInMassachusetts #BainMortgage.com 978-422-2311 #FirstTimeBuyer
The Federal Reserve Bank’s easing
interest rates upwards has had little impact on the local real estate and
mortgage industries, with rates continuing to remain at record lows. In our
office, business is brisk, with plenty of buyers.
to do all we can to make the mortgage brokering process as convenient as possible: our
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If you or
someone you know will be purchasing a home within the next 6 months now is the
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Dana Bain #DanaBain #BestMortgageRatesInMassachusetts 978-422-2311
The real estate market is moving more and more into a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.
However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the summer, supply is not keeping up.
Here are the thoughts of a few industry experts on the subject:
"Sellers are in the driver's seat this spring as the intense competition for the few homes for sale is forcing many buyers to be aggressive in their offers. Buyers are showing resiliency given the challenging conditions. However, at some point — and the sooner the better — price growth must ease to a healthier rate. Otherwise sales could slow if affordability conditions worsen."
“The lack of inventory is very real and could have a severe impact on home sales in the months to come. Traditionally, a balanced market would have an MRI (Months Remaining Inventory) between six and 10 months. This month, only eight metros we track have MRIs over 10, compared to 27 last year and 48 two years ago—illustrating that this lack of inventory is not being driven by traditionally ‘hot’ markets, but is rather a broad-based, national phenomenon.”
“The lack of inventory is very real and could have a severe impact on home sales in the months to come. Traditionally, a balanced market would have an MRI (Months Remaining Inventory) between six and 10 months.
This month, only eight metros we track have MRIs over 10, compared to 27 last year and 48 two years ago—illustrating that this lack of inventory is not being driven by traditionally ‘hot’ markets, but is rather a broad-based, national phenomenon.”
“Nationally, housing inventory dropped to its lowest level on record in 2017 Q1. The number of homes on the market dropped for the eighth consecutive quarter, falling 5.1% over the past year.”
“Tight housing inventory has been an important feature of the housing market at least since 2016. For-sale housing inventory, especially of starter homes, is currently at its lowest level in over ten years. If inventory continues to remain tight, home sales will likely decline from their 2016 levels. …all eyes are on housing inventory and whether or not it will meet the high demand.”
If you are thinking of selling, now may be the time. Demand for your house will be strongest at a time when there is very little competition. That could lead to a quick sale for a really good price.
Technology and Operation Transformation Leadership
February 10, 2017, Bharat was a client of Dana’s
Dana was a referral to us. We worked with him to refi our home. He was patient and detail oriented through out the process and helped answer all our questions. He allowed us the time we needed - due to my travel schedule - to put together the requested items. Once completed the process moved fast and he kept us appraised along the way. Thanks Dana.
Vice President, Commercial Loan Officer at Southbridge Savings Bank
February 8, 2017, Ron was a client of Dana’s
Dana went well beyond what any mortgage broker would normally do on our behalf to complete our application and approval. He and Robin were a pleasure to work with and so many people always look for rate when shopping for a mortgage, however, there is value for service and that comes with a price, so they may not be the lowest rate you will find out there, BUT they will provide you the very best service - give them a try. We are very glad we did!
Improving the Candidate Experience. Enhancing your organization's brand. Modernizing your recruiting strategies.
February 7, 2017, Charles was a client of Dana’s
I've had the pleasure of knowing Dana for over ten years now. He's both a professional and likable person. Whether you're working directly with him or simply seeking advice, he provides a wealth of intelligence and experience. This combination of knowledge and approachability is why many look to him for insight. He always keeps his clients best interests in mind and is a great resource, partner, and colleague.
Regional Vice President at Caliber Home Loans
January 30, 2017, Dana was a client of Brett’s
Dana is a great example of a true professional. He is passionate, knowledgeable and an expert at providing outstanding service and making sure his clients are in the best loan for their situation. Dana is very responsive to his clients and a man of the highest integrity and ethics.
Director, Marketing & Promotions at GateHouse Media New England
March 29, 2016, Brian was a client of Dana’s
I recently used Dana at Premiere Mortgage Services for a refinance, and he and Robin were outstanding to work with. They made the whole process as easy possible, and we’re very responsive to any questions we had. They got us a great rate, and I am planning to work with them again on my next refinance. I would highly recommend Premiere Mortgage Services to anyone in the market for the services they offer.
Vice President- Corporate Tax at United Natural Foods
January 18, 2016, Michael was a client of Dana’s
We have used Dana at Premiere Mortgage Services for 2 home purchases and numerous refinances. He and Robin have always been fantastic to deal with and have helped us through every step of the loan process. It's great to have someone you can trust and rely on when dealing with the stressful situations of home buying. I would highly recommend Premiere Mortgage Services based on the positive experiences we have had with them.
Network Administrator Team Lead at DFCI - Partners Healthcare System
January 15, 2016, Seth was a client of Dana’s
Dana and Premiere Mortgage have given me great service, and a great rate. I have worked with them on several refinances and Dana has always been friendly, responsive and delivered a truly excellent experience. I heartily recommend Dana and Premiere Mortgage.
?????Digital Marketer, Traffic and Conversion, Reputation Management and Marketing
August 13, 2015, Chik worked with Dana in different groups
Dana Bain is one of my favorite Mortgage Professionals. I've had the pleasure of working with him on some projects. I have found him to be very knowledgable about all things mortgage and is a great representative for the industry. It's pretty clear why he is so well liked by both his clients and peers. I cannot recommend Dana and his team highly enough!
Senior Systems Engineer
August 10, 2015, Dean was a client of Dana’s
Dana has helped me out with refinancing more than once and the process was very clean. I was always given the information I needed, as well as honest advice for cases when the timing was not right for my situation.
Process Engineer at James Monroe Wire & Cable Corp
April 22, 2015, Stephanie was a client of Dana’s
Dana was great to work with in our refinance process. Professional, detailed and ready to answer questions. Thanks Dana!
Principal at O'Connor & Drew, P.C.
November 5, 2014, Chris was a client of Dana’s
I have worked with a lot of business professionals and other mortgage brokers over the years. Dana is the best. He takes ownership of his client relationships and insures that the purchase and refinance process goes as smoothly as possible. The rates he is able to offer are very competitive and he is honest and trustworthy. I highly recommend anyone considering purchasing a home or refinancing who is exploring mortgage broker options to call Dana and see what he has to offer. I am sure you will be pleased with the service and professionalism he can offer to you.
REALTOR EXIT Realty Partners
October 28, 2014, Karen managed Dana directly
I highly recommend Dana as a Mortgage Lender. He is very professional and knowledgable with his business. He gets an A++ in my book!Karen DubovickDirector of Business Development RealtorEXIT Realty Partners Westford
Instrumental Music, Methuen Public Schools
August 1, 2014, Shaun was a client of Dana’s
My wife and I worked with Dana and Premiere Mortgage Services when purchasing both our homes. It was a breath of fresh air working with Premiere Mortgage! Dana and his team made my wife and I always feel we were at the top of his list of priorities. I highly recommend Dana and Premiere Mortgage for all your home-purchasing needs!
President, Ocean Spray International & SVP Global Business Development, Ocean Spray Cranberries, Inc
June 24, 2014, Peter was a client of Dana’s
I hired Dana and his wife Robin who provide an outstanding level Mortgage experience, attention to detail and service. They lived up to their name of "Premier" Mortgage Services Inc. I was purchasing a 2nd home and refinanced my 1st home in order to balance my equity and mortgage debt. Dana & Robin were instrumental providing options, ideas and making it all work in a challenging lending environment. It allowed my wife and I to fulfill a 25yr dream to own a 2nd home on Cape Cod. I would recommend and hire Premier Mortgage without hesitation. Peter WymanVP Global Business DevelopmentOcean Spray International Inc.
Director of Sales Consulting at State Street
May 7, 2014, Gary Francesco was a client of Dana’s
Dana has provided excellent refinance services to me on multiple occasions. I find him extremely competent, easy to work with and very customer friendly. His knowledge, reliability and expertise are unmatched in his industry.
President at MaierMetrics and Associates LLC
April 15, 2014, Gary worked with Dana but at different companies
I have worked with premier mortgage for over 10 years and found that they have provided a very reputable and detailed service. Dana and Robin Bain have a savvy understanding of the market and will leave no stone unturned to find the mortgage product that best suits an individual’s specific needs. Once a customer takes out a mortgage with premier mortgage their work is not done; they will constantly review your file to enhance their offering. Best of all when refinancing a no-cost option is available that is definitely a win-win.
Professor of Neurology at UMass Medical School
April 11, 2014, Lawrence was a client of Dana’s
Dana provides expert mortgage services at very reasonable costs. We have refinanced our mortgage through Premiere Mortgage Services several times over the past 10 years, and Dana and his team always have made the process straightforward and convenient.
CEO of LoanTek
April 1, 2014, Adam worked with Dana but at different companies
I have known Dana to be a consummate professional. With many years of experience Dana is able to deliver the most efficient of mortgage processes and communicate the best possible outcome to his clients.I give Dana my highest accolades as a mortgage professional.
Health & Diabetes Expert
March 27, 2014, Ann was a client of Dana’s
I have used Dana and his wife to obtain a mortgage and refinancing in the past 3 years.I had never met them in person but had many contacts via phone and on line.I found them to be highly responsive, true to their word and a great value.I definately would use again!
Loan Fund Director at Worcester Community Housing Resources, Inc.
March 26, 2014, Lora was a client of Dana’s
As a member of senior bank management, I was unable to obtain a mortgage loan at the institution that I worked at. I had Dana take my mortgage application. He did a fantastic job! Everything that he promised was true: rate, fees, etc. I recommended him to my family, co-workers, and did use his services more than once. I would still recommend him highly! Great job, Dana!
Owner at PrintWorks
March 26, 2014, Dana was a client of Thomas’
I have known and worked with Dana for over 20 years and know that he and his wife Robin are dedicated individuals who consider the best interest of their clients to be paramount. Being in business for over 27 years I have witnessed the rise and fall of many companies, Dana's and Robin's dedication is a tribute to their success and longevity. I would recommend Premier Mortgage Services, Inc. without reservation.
Business Manager, Alliance Business Systems
March 17, 2014, Jeff worked with Dana but at different companies
I've known Dana for several years. He's a true professional in every sense of the word. If your looking for an honest, straight-shooting type of professional to conduct business with that has the old school mentality of taking care of clients from start to finish and beyond Dana's your guy...
VP, Lead Systems Analyst, Information Security at Wellington Management
October 22, 2013, Jude was a client of Dana’s
We have refinanced with Dana and Robin Bain at Premiere Mortgage a number of times, and every time we are amazed at how painless they make what had previously seemed an often painful process to us. Thanks to their expert guidance and knowledge of the mortgage industry, their attention to detail in helping us gather all of the necessary documentation, and their efforts to make everything as convenient as possible for us, the customer, we would not hesitate to recommend Premiere Mortgage to anyone in need of their services.
Senior Program Coordinator at Boston Housintg Authority
March 14, 2013, John was a client of Dana’s
Dana and Robin were very professional and guided us through the mortgage finance with great expertise, answered our questions in a thoughtful and timely way, and were personable leading to a smooth process and a positive outcome.
President at Traina & Traina Insurance Agency, Inc.
March 1, 2012, Richard was a client of Dana’s
Dana not only fulfilled my expections for reliable and detailed implementation, his staff was also extrodinarily helpfull at each step of the process...thank you Dana and Robin.
Principal Engineer at Cavium Inc
February 10, 2012, Bruce was a client of Dana’s
I just completed my third refinance in seven years with Premiere Mortgage Services, and each time it's been a pleasure. Their rates are competitive, and their service is always top notch. Submitted the paperwork, and roughly 30 days later the attorney came to our house to do the closing - the process couldn't be easier. I highly recommend their services if you're in the market for a home loan!
CEO at Personal Remedies
January 14, 2012, Mory was a client of Dana’s
Dana has very deep knowledge of his business. He provided us with comprehensive explanation and guidance on options available to us, the process, the time frame and the criteria involved in refinancing options. He is responsive, personable and easy to talk to. He is there to help, not to oversell his services.
Hub Foundation Co., Inc.
May 11, 2011, Alan was a client of Dana’s
I have had two outstanding experiences with Premiere Mortgage Services. Dana Bain is a pleasant guy to do best with and is extremely knowledgeable in the mortgage process. One of the best services that his company provided in the mortgage process was that they filled out the application for me. All I had to do was supply the paperwork backup and sign. The process was relatively painless.
Designer-Sales at Pools by Andrews
March 8, 2011, Mark worked with Dana in different groups
Dana, I worked with Dana on his project at his house and found him to be proactive with making decisions and great follow up skills tying down the many details of his project. I felt comfortable referring him to a friend of mine and co-worker in regards to their personal refinances of their homes. Dana delivered to them giving them the best financial product for each. Dana is a professional with personal touch. I had a great experience with him and ongoing relationship for the past six (6) years. Mark O'Hearn
Vice President of Sales at Sefas
March 8, 2011, John was a client of Dana’s
Dana and Robin are both very easy to work with, highly personable and as a team they offer precisely what I'm looking for - very competitive rates and an effective process with a minimum of hassle and paperwork.
Sales/Finance/Banking/Marketing Professional and Entrepreneur
February 11, 2011, Joan worked with Dana but at different companies
I have known Dana Bain for well over 10 years. I had the privilege of working with Dana on a number of transactions when I was a Realtor in Massachusetts and he was a mortgage account executive and again when he was President of his own mortgage business. Dana has a thorough and comprehensive knowledge of the finance and mortgage industry. I found him to always be current on all the newest product offerings, procedures and laws associated with the industry. I would describe him as professional, knowledgeable, reliable, pleasant to deal with, and most of all totally devoted to providing the highest level of customer support/service.
Asst. VP at Clinton Savings Bank
February 10, 2011, John worked with Dana but at different companies
Dana, is an experienced mortgage loan officer. Vigilant to the changing market conditions and quick to recognize how these changes would effect his clients. More important, a nice person.
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Mortgage bond prices finished the week slightly lower which put a little upward pressure on rates. Rates were higher Monday as a Fed official primed the markets for future rate hikes. Philadelphia Fed President Harker stated that he is confident inflation will hit 2% by the end of the year. Rates were slightly better Tuesday as stocks struggled and China reported increasing their U.S. debt holdings. This reversed a little mid-week as stocks rebounded and growth estimates from the Eurozone where revised higher. There were few data releases. Factory orders fell 0.2% as expected. Weekly jobless claims were 245K versus the expected 240K. Most of the movement this week took place in the mornings with very quiet afternoon sessions. There were some seesaw discount point changes but we ended the week near neutral to worse by approximately 1/8 of a discount point.LOOKING AHEAD
Tuesday, June 13,8:30 am, et
Wednesday, June 14,8:30 am, et
Wednesday, June 14,8:30 am, et
Up 0.2%,Core up 0.1%
Wednesday, June 14,2:15 pm, et
Rate Hike Expected
Thursday, June 15,9:15 am, et
Thursday, June 15,10:00 am, et
Friday, June 16,10:00 am, et
Retail sales data is the first indication of weakness or strength in consumer spending released each month. The Bureau of the Census of the US Department of Commerce provides information on how much the consumer spends on the purchase of goods. This data provides the consumption part of the gross domestic product. Retail sales data represents merchandise sold for cash or credit by retailers. Durable goods, such as autos, make up 35% of the figure. The balance consists of non-durables such as gasoline, restaurants, and general merchandise. There are several drawbacks to the report. The data covers purchases of goods only, not services. It is also not adjusted for inflation and is extremely volatile. Economists are concerned that the current economic uncertainty will curtail consumer spending.
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Mortgage bond prices finished the week near unchanged which kept rates in check. There was a slight negative bias throughout most of the early part of the week despite wild stock swings. Fed speakers primed the financial markets for an announcement sometime this year regarding a reduction in their balance sheet. Weekly jobless claims were 236K versus the expected 245K. Producer prices rose 0.5% versus the expected 0.2% increase. The core, which excludes volatile food and energy, rose 0.4%. Analysts looked for a core reading of 0.2%. Tame consumer inflation readings Friday morning erased the earlier losses. CPI rose 0.2% as expected while the core rose 0.1% versus the expected 0.2% increase. Retail sales rose less than expected. Mortgage interest rates finished the week unchanged to better by approximately 1/8 of discount point. LOOKING AHEAD
Tuesday, May 16, 8:30 am, et
Tuesday, May 16, 9:15 am, et
Thursday, May 18, 8:30 am, et
Thursday, May 18, 10:00 am, et
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Housing starts data is a leading indicator of the state of our economy. This report, provided by the Bureau of the Census, takes into account data from both single-family homes and multi-family dwellings. Building permits are also released with the housing starts data. By knowing the number of permits issued monthly, analysts can attempt to estimate for the upcoming months. Normally, starts are 10% higher than permits since all locations are not required to have a building permit. Housing starts and permits give a warning of future economic activity. In effect, a rise in housing starts can lead to a fall in the bond market and vice versa. Consumers tend to hold off on the purchase of new homes, new cars, and other big-ticket items if they are worried about the future of the economy. Housing is an important part of our economy. Declines in housing starts can lead to economic slowdown. On the other hand, increases in housing starts can signal positives for the economy. From the opposite perspective, changes in interest rates often lead to changes in housing starts. Higher interest rates can cause a significant decline in home sales, which can lead to a drop in housing starts. Just the opposite happens when rates remain low. Low mortgage rates affect both home sales and housing starts..
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