Mike White, The Premier Mortgage Coach & Mortgage Guru, Nails The Brexit Vote

PALM BEACH GARDENS, Fla. - June 27, 2016 - PRLog -- Mike White, the founder of Improve My Tomorrow Coaching gave us key insight on interest rates and the effects of Brexit vote to the economy and the mortgage industry, days before the vote.


"Pay attention to key news"

Here we are, forced to share some thoughts about rates and key numbers. As you know, I don't spend a great deal of time talking about rates and trends. I would much rather talk about the business of our business. But when we are put in a position to see possible opportunities, we really need to take some time and share some information so you can be aware and make informed choices and prepare for potential opportunities.

First thing on the agenda is the important vote in the United Kingdom on June 23rd about leaving the European Union. A vote to stay would likely find us following the path we have been on, a slow push lower in rates as the economy struggles to find real traction and create meaningful jobs; full time, good paying jobs, not just the huge number of part time positions that some people have two, three, or more of trying to make ends meet. We also would like to see people entering the workforce at a higher rate than those leaving. While it is true we are seeing a good number of people retiring; all of those leaving the workforce aren't retiring, they just stopped looking!

The other side of the coin is that if the United Kingdom chooses to leave the European Union. This could really trigger some huge moves. With the German Bund already producing a negative return, our ten-year has broken through a key level of resistance and heading toward an all-time low. If the ten-year breaks below the 1.54 level, there is no telling how far down it might go? Again, you have to remember the negative German Bund makes any yield in U.S. dollars pretty attractive. If pressure is put on the Euro, we could see rate fall significantly as demand for dollar denominated securities gain popularity.

So what does this mean for the mortgage market? Well, if you are tracking the FNMA 3% 30 year bonds, you will see that they have broken above a key ceiling at 103. A move above 103.28 could rally the bond toward recent high-level mark of 103.46 and possibly higher. All because of the value play in dollar denominated securities if the Euro weakens and people flock to quality.

Now is the time to pay attention. Not every minute, but you do need to be prepared for a potential opportunity. Another drop in rates opens up another whole group of people who will find refinancing beneficial. A significant move could open up the entire mortgage market to a benefit of refinancing! So get yourself prepared. Go through your database and put together groups of twenty-five or so in order that it would make sense for them to refinance. Keep these groups of manageable size. An email followed by a quick phone call notifying your clients of a refinance opportunity so that you can quickly connect with your people. Avoid long drawn out conversations and stick to the points you have to make. Maybe a sample Mortgage Coach Total Cost Analysis® and a list of things you will need to proceed.

I know you are busy with purchase activity and with school out or soon to be out you are looking forward to a vacation. That's fine. But I would be remiss if I at least didn't make you aware of this opportunity and how to spend an hour or two each evening sending out information and converting some deals. What if rates do drop and you managed to convert five, ten, or twenty percent of your database into a refinance transaction? What would that look like? How would that improve your retirement, new home, new car, kid's college fund, or maybe all of the above?

The choice is yours. June 23rd is a week away. You can take a little time and get prepared, or you can just wait and see what happens and take it from there.

Questions or comments: Visit us online at http://imtcoaching.com