Ricky Gilbert

NMLS# 294775

Senior Loan Officer

Ricky Gilbert
Senior Loan Officer

NMLS# 294775
State Lic: WA # MLO-294775; OR # 294775;
8412 Myers Rd. E
Suite 205
Bonney Lake, WA 98391
Direct: (253) 292-3375
Mobile: (253) 318-1400
Fax: (800) 601-9519
ricky.gilbert@academymortgage.com

Academy's My Mortgage App

Welcome!

Thank you for taking a few minutes to learn more about me! I have been in the mortgage field for just over 20 years and I have seen it go through many of its changes.

I pride myself on doing my absolute best for every client, in every situation, every time. I know that this is most likely one of your largest investments and has a direct impact on your daily life, which is why I am fully committed to finding the right lending product for your needs.

Academy Mortgage aligns well with the best mortgage traits: honesty, diversity, transparency, flexibility, and a “Customer-first” mentality. Academy uses the latest technologies and its broad portfolio of mortgage solutions and tools to ensure your experience is as smooth as possible. With a mission and vision to do what is best for the client, Academy also has some of the lowest closing costs and most competitive rates in any given market anywhere.

It’s all about service at Academy Mortgage, and our company has been meeting the needs of homebuyers across the United States since 1988.....We strive to be "Your 1st Choice Home Lender!"

My business model relies on my clients being happy, and cheerfully referring me to their friends and family. I handle your transaction as if it was my own! I am a home-grown boy, born in raised in the Bonney Lake/ Sumner/Puyallup area and graduated from Sumner High School class of 1979. I am here to assist the best way I know how to achieve your goals related to your Real Estate.

First Time home buyer?, Seasoned Investor?, Consolidating debt? Rehabbing a home? Or are you simply trying to improve your monthly overhead with a better rate? I’ve done it all! Please feel free to call me any time (253) 292-3375 or (253)-318-1400 (you could text me as well) or shoot me an email at ricky.gilbert@academymortgage.com!

I invite you to put us to the test. Let me show you how simple and easy securing a mortgage can be.

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Ricky and Krista were wonderful to work with and always got back to me with answers to my questions.Melody Kelly

NMLS# 294775

State Lic: WA: MLO-294775; OR: 294775;

Corp Lic: WA: CL-3113; OR: ML-2421;

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Mortgage rates rise for the first time in 2017

For the first time in 2017, mortgage rates edged higher during the week ending Jan. 26, according to Freddie Mac's Primary Mortgage Market Survey. But while the closely watched fixed-rate mortgages rose, adjustable-rate mortgages fell slightly.

According to Freddie Mac:

A similar pattern was reflected by Bankrate's data, with a slight variation in the direction of adjustable-rate mortgages:

Economic indicators

Like Freddie Mac's 30-year mortgage, Treasury yields also rose 10 basis points during the week ending Jan. 26. Reuters reported it reached 2.555% Jan. 26, its highest peak in several weeks. However, it decreased to 2.508% later on. Many industry experts are looking to President Donald Trump's transition to the White House for clues on how the economy will fare in the coming months.

"Stock increases usually pushTreasury yields up."

"The new administration is a big change from the previous one," Boris Rjavinski, senior rate strategist at Wells Fargo Securities, told Reuters. "Political risks have pushed yields up and down."

Some of Trump's moves during his first few days in the White House have influenced investors' views of the economy. The stances he's taken on immigration and trade caused some to speculate that inflation will increase. Meanwhile, Trump's efforts to bolster business investments at home prompted some investors to decrease their Treasury holdings.

These factors likely contributed to the historic benchmark the Dow reached Wednesday, Jan. 25, when it rose to 20,000 for the first time. CNN Money reported this mark points to just how much the economy has improved over the past eight years. The Dow fell to its lowest point in March 2009, when it descended to 6,440.

How residential mortgages are affected

When stocks like the Dow Jones increase, bond prices generally fall. Dropping bond prices usually push Treasury yields up. And when Treasury yields increase, conventional mortgage rates typically follow suit.

In the week ahead, half of the industry professionals who contributed to Bankrate's Rate Trend Index said mortgages will likely go up. Several pointed to the soaring stock market as fuel for mortgage rates.

Freddie Mac pointed out that mortgage rates aren't the only determining factor in a home's affordability. It also comes down to supply and demand; fewer homes or more people hoping to make a purchase can both push home prices higher.

The most recent existing-home sales update from the National Association of Realtors reported housing inventory dropped more than 10% in December. The 1.65 million existing homes represent the lowest inventory level the NAR has seen since it began keeping tabs on this market in 1999.

Freddie Mac's Chief Economist Sean Becketti commented that this is "a factor that should support higher house prices regardless of the oscillations of the mortgage rate."

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2015 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.

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Dodd-Frank rollback legislation approved by House committee

Changes to the Dodd-Frank Act have been approved by the House Financial Services Committee, in the form of legislation titled the Financial Choice Act, The New York Times reported.

What Dodd-Frank did

Dodd-Frank was enacted in large part as a response to the 2008 financial crisis, created in conjunction with the Consumer Finance Protection Bureau. Passed in 2010, Dodd-Frank aimed to protect consumers by ensuring that residential mortgage lenders and other financial institutions follow best practices. CNBC explained there are about 16 major areas of regulation that the legislation put into place, but the four major ones are generally considered to be:

1. Regulating banks that are "too big to fail"

Dodd-Frank created the Financial Stability Oversight Council, which keeps an eye out for situations that could put the financial industry at risk. If a bank grows larger than is typical, the Federal Reserve has the ability to increase its reserve requirement, or the amount of money it has on hand not used for lending or business costs.

2. Insolvency plans

It is possible that banks could run out of money, and when they do, they need to keep their consumers protected. Dodd-Frank requires that all banks have a plan of action should they reach this point.

3. The Volcker Rule

While investing and trading are clearly important for a financial institution's success, it is possible for banks to conduct such activities to the detriment of their consumers or even the institutions themselves. The Volcker Rule prohibits banks from engaging in any trading operations, such as owning or sponsoring hedge funds or private equity funds, for their own profit.

4. The Durbin Amendment

Retailers are charged fees when consumers pay using their debit cards. The Durbin Amendment caps these fees with the idea of protecting the business's financial health.

Opponents speak out

Like many pieces of legislation, especially those altering the course of business in the financial industry, Dodd-Frank had some opponents when it was passed, and continues to receive criticism. One long-time opponent of the act is Congressman Jeb Hensarling (R-Texas), who is also the chairman of the House Financial Services Committee. Hensarling is the sponsor of the Financial Choice Act, stating that he doesn't believe Dodd-Frank has benefited America since its creation.

"Dodd-Frank was in large part a response to the 2008 financial crisis."

"It has been six years since the passage of Dodd-Frank," Hensarling noted, according to the New York Times. "We were told it would lift our economy, but instead we are stuck in the slowest, weakest, most tepid recovery in the history of the Republic. The economy does not work for working people."

The Financial Choice Act would do several things to reverse Dodd-Frank's rules, including circumstantially nixing some of the regulatory standards banks have been subjected to since 2010. These standards wouldn't apply to a bank if its ratio of capital to total assets remains at 10 percent or more.

Additionally, the Financial Choice Act would take out the Volcker Act and the Durbin Amendment.

The future of Financial Choice

Though the Financial Choice Act was unveiled in June and has already been approved by a House committee, it is not expected to have an effect just yet. Writing for Bloomberg's Corporate Transactions Blog, Kristyn Hyland noted that some analysts doubt the bill's ability to be passed by Congress. However, that doesn't mean it isn't important. If it doesn't get passed, it will still likely affect the way opponents of Dodd-Frank propose changes in the future.

The New York Times agreed, stating that though the Financial Choice Act won't go into effect this year, it will make people think hard about financial reform and what they believe is best for the American economy.

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2015 CoreLogic Marketrac Report. Visit www.academymortgage.com Contact me to find a loan, get a rate, or calculate your payment today.

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Why you should close on a house before spring

Though finding the right neighborhood carries great weight in this decision, don't forget about another major purchasing consideration: timing. A study from Attom showed that February is the best time to close on a home, thanks to prices 6.1% below the annual average, with a median price of $103.90 per square foot.

The next three best months during which to buy a home were:

One factor contributing to these discounts is the typical character of a winter homeseller - this is someone who knows that summer is "home-shopping season" but is choosing to list his or her home during the winter anyway, The New York Times reported.

"It's a buyer's market during the colder winter months," Mr. Brown said. "When sellers list in the winter, they know it's slower, so they're more motivated and more willing to negotiate."

Drawbacks to the summertime selling season

Most people know summertime to be homebuying season. The weather is nice and warm - perfect for a weekend of open houses. More sellers are putting their homes on the market to cater to buyers, meaning there's greater selection. Plus, school has been let out for the year, and parents are hoping to make the move quickly so they can get settled in before the next session begins.

However, there's a price to pay for all of these benefits. The colder months see far fewer homebuyers, and with less demand - and fewer bidding wars - prices begin to drop.

Home prices increase

Though it's common for warmer weather to push home prices upward, there are more factors at play in 2017 than in recent years. Residential mortgage prices steadily increased throughout 2016 and are poised to continue this trend in the coming months.

Plus, as NerdWallet pointed out, last fall wasn't exactly a typical season in terms of real estate sales. Usually, homebuyers leave the market at the beginning of September just as quickly as they entered it in May. But sales held strong through October and November.

"[Home] prices are likely to increase even more than you typically see in spring because of low levels of inventory and because we didn't see the normal weakness we see in fall," Jonathon Smoke, chief economist at Realtor.com, explained to NerdWallet.

Inventory challenges

One obstacle many winter buyers might encounter is a lack of available homes. Many sellers wait until spring to put their homes on the market, so it's common for fewer houses to be ready for viewers. But this year in particular has seen many buyers struggling to find a home.

According to the National Association of Realtors, 2016 ended with the lowest inventory levels over the 18-year history of NAR's survey. Just 1.65 million homes were available at the end of December, 10.8% fewer than in November. This level represents a 3.6-month supply.

Between typical seasonal price falls, the prospect of soaring home prices this spring and low inventory, prospective homebuyers who find a house they love because it meets their needs should move quickly - not just to beat their competition, but also to close before prices swing higher.

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2015 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.

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