The Weekly Rap! Friday Oct 25th, 2013

The National Debt is currently: $17,067,618,735,583.00

The Dow last traded at 15,535.  The S&P 500 is trading at 1,756.  Gold is trading at $1,351 an ounce, while oil futures at $97.82 a barrel.  Gas prices, (Regular in El Dorado Hills, Costco, AM/PM), are at $3.45/Gal.

Yields on 10-year Treasury notes, which move inversely to prices, last traded at 2.50%.  30-year Treasury Bond yields last traded at 3.59%.  Rates on 30-year fixed-rate mortgages are a hair above 4.25% this week. MBS yields are interest rates at which banks sell their loans into Fannie Mae and Freddie Mac bond programs. Rising yields mean higher consumer-mortgage rates.

The FNMA 30-year fixed 3.5% coupon, containing 3.75% – 4.125% mortgages, pretty much the benchmark or how rate sheets are priced these days  is currently trading at 102.68 about a .68 point (fee) better in price than where we were last Friday at this time.  We were able to break out of the recent trading range we’ve been in for the last few months meaning we are seeing lower rates with the potential to go even lower.  Basically each percent change in the price of the security translates to the price (or points paid or credited) of the mortgage rate.  The higher the number (price), the better the rate.

In economic news this week; the reader’s digest version is the Governments shutdown is over but we are still feeling the effects.  Growth is still anemic at best and employment is staggering, but according to our President the economy is growing and we are putting people to work.  If this growth is ok with the current administration, I can’t wait until the next election.  Is this what he won the Nobel Prize for?

A snapback in contracts for Boeing jets boosted orders for durable goods in September, but business investment softened again and underscored the inability of the economy to jump onto a faster-growth plane (sorry couldn’t resist that one). Orders for durable goods advanced 3.7% in September, led by a 57.5% increase in aircraft orders.  Taking out the volatile transportation sector, new orders dipped 0.1% in September to mark the third straight decline, perhaps a sign that manufacturers grew cautious in anticipation of the government shutdown.

Business equipment spending should be driving economic growth with interest rates being the lowest in more than a half-century and banks showing a willingness to expand lending to business. What is missing is the confidence that economic growth will accelerate and that there will be profitable business opportunities in this country.

A gauge of consumer sentiment, the University of Michigan/Thomson Reuters consumer-sentiment index, fell to a final October reading of 73.2 the lowest since December from September’s reading of 77.5. Sentiment levels are watched closely to get a feeling for the direction of consumer spending. Separate data about home builders showed their confidence recently fell to the lowest level in four months.

On the Real Estate front:  The National Association of Realtors reported sales of previously owned homes fell 1.9% in September because of higher prices and rising mortgage rates. July/August reflected a four-year high in existing home sales.  The median sales price of existing homes was up 11.7% at $199,200 compared to a year ago.  The number of months it would take to sell all the homes now on the market was little changed at 5.0 months.  Locally here in the El Dorado Hills/Cameron Park areas as of Sept 13th we have about 3.4 months of inventory based on closed sales and 2.8 months based on pending sales.  The average days-on-market is about 30.  In the last month list prices have risen by 2.0% while sales price has dropped by 10.8%.  The median home price is $445,000.

On the Employment front:  The U.S. created a modest 148,000 jobs in September but the number of people hired in August was higher than previously reported, indicating an economy on a zigzag course heading into the government shutdown.  The nation’s unemployment rate, meanwhile, fell a tick to a five-year low of 7.2%, as more people found work.  It may take several months to learn the extent of the damage done by the Government shutdown.  In 2011, the last time our politicians kicked the can down the road, hiring sprang back quickly after a drawn-out fight in Washington over how much the government spends and the level of the national debt.

We have added an average of 177,000 jobs through the first nine months of 2013, but the pace of hiring has slowed to a 143,000 rate in the third quarter.  That also has to worry the Fed putting the thought of tapering their bond purchases much further down the road.  We are not seeing any acceleration in the underlying pace of economic growth and it shows the job market is actually weaker than they expected. The Fed wants to see the jobless rate fall to 6.5%, but won’t consider a lower rate a sign of progress if the decline is largely the result of people dropping out of the labor force. What’s more, the Fed will probably be reluctant to taper its stimulus until Democrats and Republicans agree to a long-term solution on budget matters that ends of threat of another major conflict harmful to the economy. The temporary truce that ended the shutdown expires in a few months.

If you know anyone who can benefit from my services, please call me.  My greatest goal is to see clients and friends happy.  I guess that’s why I love providing mortgage financing.  It’s an immediate gratification when you can help someone purchase a home, or lower their payment on their existing home.

Please visit my website at: http://bill.bartok.stanfordloans.com

Sincerely,

Bill Bartok

Mortgage AdvisorMLO# 445991

The nicest compliment I can receive is the referral of your family, friends and co-workers.

Thank you!

The Weekly Rap! Friday Oct 18th, 2013

Happy Friday!

The National Debt is currently: $16,965,304,856,824.00

The Dow last traded at 15,374.  The S&P 500 is trading at 1,740.  Gold is trading at $1,313 an ounce, while oil futures at $101.01 a barrel.  Gas prices, (Regular in El Dorado Hills, Costco, AM/PM), are at $3.49/Gal.

Yields on 10-year Treasury notes, which move inversely to prices, last traded at 2.59%.  30-year Treasury Bond yields last traded at 3.64%.  Rates on 30-year fixed-rate mortgages are a hair above 4.5% this week. MBS yields are interest rates at which banks sell their loans into Fannie Mae and Freddie Mac bond programs. Rising yields mean higher consumer-mortgage rates.

The FNMA 30-year fixed 3.5% coupon, containing 3.75% – 4.125% mortgages, pretty much the benchmark or how rate sheets are priced these days  is currently trading at 102.00 about a ¾ point (fee) better in price than where we were last Friday at this time.  We are currently trading at the top of the trading range meaning it will take a lot to break through and send rates any lower.  It will be easy to drop to the lower end of the range and see higher rates though.  If you can lock your rate today I would do that.  Basically each percent change in the price of the security translates to the price (or points paid or credited) of the mortgage rate.  The higher the number (price), the better the rate.

In economic news this week; the reader’s digest version is the Governments shutdown is over but most economic news during that time now has to be released including the following:

  • The Employment report which is due to be released on Tuesday.
  • Trade deficit
  • Job openings
  • Wholesale inventories
  • Import price index
  • Federal budget  (Don’t get me started, or read my rant)
  • Retail sales
  • Producer price index
  • Consumer price index
  • University of Michigan consumer sentiment index
  • Business inventories

So the Government is open again (notice I didn’t say working).  I wrote a blog on the Governments shutdown as well as a continuance last week titled “The Government Shutdown Pt 2, how/when will we get out of this mess.”  You can read it at BartoksBlog.com  Not surprisingly my predictions were spot on.

They did it again just as predicted and following their track record.  This is no different than what our politicians (Democrat and Republican) have done since Obama has been in office.  Well I should say more since the Democrats lost control of all three government positions (President, Senate, and House of Representatives).  Now on the agenda: Avoiding another shutdown in three months.  The agreement that the Senate and House approved funds the government only through Jan. 15. In the interim, Obama’s team and Congress will try to negotiate a longer-term spending plan.  Yeah right!  If you believe that one I got some beach front property for sale.

I’ve mentioned Charisma before but when I heard Obama speak while reopening the Government I was amazed.  He pretty much blamed the Republicans and stated that we’ve grown the economy in the last four years (he failed to mention though that it grew at a paltry 2.0%) and he stated that he had cut the deficit in half (but he failed to mention though that it had gotten to almost 1.4 trillion/year).  He also stated that he had created new jobs, but failed to mention at the slowest rate in many years.  You really have to read between the lines.  Any fact can be skewed if you word it correctly.

At the end of Obama’s speech at the White House he said: “Hopefully, next time, it won’t be in the 11th hour, One of the things that I said throughout this process is we’ve got to get out of the habit of governing by crisis.”  As the president exited the White House press room, a reporter asked: “Isn’t this going to happen all over again in a few months?”  Obama turned and replied: “No.”  We’ll see, I’m going to refer to this in January.

Of the reports that were issued this past week, the Federal Reserve Bank of New York reported that their “Empire State” general business conditions index edged down to 1.5 in October from 6.3 in September which is the slowest pace in five months. Readings greater than zero signal expansion.

On the Real Estate front:  The National Association of Home Builders/Wells Fargo housing-market index fell to 55 in October from 57 in September.  A prior September estimate pegged the level at 58, which matched the highest reading since 2005.  Results above 50 signal that builders, generally, are optimistic about sales trends. The government was slated to report its most recent data on home construction this week, but won’t because of the shutdown. NAHB created its own estimate, and forecast that the annual rate of housing starts in September reached between 875,000 and 900,000 units, which translates to growth about 2% to 5% from the year-earlier period.

On the Employment front:  New applications for U.S. unemployment benefits fell 15,000 in the second week of October, but jobless claims remained elevated because of processing delays in California and layoffs related to the government shutdown.

If you know anyone who can benefit from my services, please call me.  My greatest goal is to see clients and friends happy.  I guess that’s why I love providing mortgage financing.  It’s an immediate gratification when you can help someone purchase a home, or lower their payment on their existing home.

Please visit my website at: http://bill.bartok.stanfordloans.com

Sincerely,

Bill Bartok

Mortgage AdvisorMLO# 445991

The nicest compliment I can receive is the referral of your family, friends and co-workers.

Thank you!

The Government Shutdown Part 2, Where do we go from here?

OK, so many have asked the question; What will it take to solve this debate and how do we get out of this mess?  I will attempt to answer this question in Part 2 of my blog on the current Government shutdown.

I won’t tell you which political party I am “associated” with, but suffice it to say there are parts of the Republican “Agenda” that I agree with and parts that I do not.  And the same for the Democratic agenda, I don’t know why we have to fall into these two parties and go along with everything they stand for.  Can’t we choose what we believe in?  I do agree that our politicians should have to balance a budget and must do whatever is necessary to achieve that.  I also believe that many philosophys that work on a small scale do not necessarily work on a large scale.

In my last article I mentioned that I’ve seen very little change in the last five years and the economy has grown by an anemic 2.0% during this time.  What is the current administration doing to rebuild the economy and create jobs other than throw money at it and hope?  You’ve no doubt heard the saying; “The definition of Insanity is doing the same thing over and over hoping for a different result.”  Well by this definition our politicians are insane.  When will it end?  Maybe the next election?

Yes, I think it will take until the next Presidential election before we see any major changes.  This is based on a few factors which I will elaborate upon.  It amazes me that the power of charisma can have such an affect.   Charisma is defined as a compelling attractiveness or charm that can inspire devotion in others.  Basically this means we will blindly follow someone with charisma pretty much without question.  Kennedy, Reagan, Clinton had it, and now Obama.   This is the only rational explanation I can come up with because the current presidential administration has been so hypocritical from day 1 (see Part 1), saying one thing and acting another.  And they are not questioned, and got re-elected.  Are you better off than you were FIVE years ago?  Are we as an economy better off that we were five years ago (other than the Stock Market but more on this later).  I’ve been writing an economic commentary during this time and I haven’t seen any changes.  Oh, my mistake, we have a nationalized “affordable” health care plan (that’s another rant).

In the first four years of his presidency the president said he keeps a check list of promises he made during the campaign in his pocket. He must have very large pockets.  Obama said his administration had accomplished 70% of the things he said he was going to do.  The watchdog organization Politifact.com has been keeping track and puts Obama’s list of promises at a staggering 506, of those they say the president has kept 122, or 24 %. Coincidentally, of the 25 selected as the most significant promises, politifact.com says Obama has followed through on six, for a ‘promise-kept percentage’ of 24%.

I realize that each politician is out to get a little “something” for their donors, I mean voters.  But we have to stop spending more than we’re bringing in.  It IS really that simple.  If we borrow money as a nation we should have a direct plan for how it will be paid back.  In the last 12 years we have almost tripled the national debt through deficit spending or spending more than you bring in in revenue.  Something that took over 250 years to build, we tripled in just 12 years.  So how long are we going to let this go on?  My prediction is that our current politicians will continue to exhibit the same behavior and let’s face it, if we haven’t questioned it over the last five years (actually much longer that that) why would we question it now.  That will put the national debt, or what our children will be faced with, at over 20 Trillion dollars.  Oh, how did Mr. Obama put it in 2009, “That is ‘trillion’ with a ‘T”?  And THIS is what the next President will inherit.

We also have an aging population and the biggest percent of spenders, or the drivers of growth in the economy are the baby boomers and they are way past their peak earning/spending years.  In fact they are entering retirement age and spending less.  I say age because many (most) cannot retire when they planned because they do not have the income to overcome their expenses.  So where is the growth going to come from?  And what happens when the Stock Market wakes up from its dream and realizes that is has nearly doubled on false pretenses and we don’t have the growth to sustain values at current levels?  I’m not trying to be a doomsayer here but this bothers me.  One thing that should save interest rates from rising will be the correction in the stock market.  When money flows out of stocks it typically flows into bonds raising prices and lowering yields.

OK so, it’s Oct. 17, the government is still shut down and now Congress is about to default on its loans because Republicans and Democrats are still playing chicken with the country’s money. Now what?  We’re at the point that everything’s connected, government funding, the debt ceiling and spending, and so the best way out, I believe, and the only way for everybody to find an acceptable long-term solution is to lock all politicians in a conference room at say a Holiday Inn (nothing fancy after all they work for the people right) until they can balance the Country’s budget.  Now THAT would be sequestering!  And if there is a deficit, a plan will be in place to bring it in balance.  If you don’t have the money… you can’t purchase anything.  How difficult is that?

But of course this won’t happen and they will raise the debt ceiling and open/fund the government and continue raising the debt because that’s what they’ve done for the last five years and it doesn’t seem to bother anyone enough to do anything about it.  And they can’t come to an agreement on how to get us out of the predicament we’re in.  Unless… we elect different politicians in the next election.  And Hope…

Sincerely,

Bill Bartok

Mortgage Advisor MLO# 445991

The nicest compliment I can receive is the referral of your family, friends and co-workers.

The Weekly Rap! Friday Oct 11th, 2013

The National Debt is currently: $16,963,015,587,583.00

The Dow last traded at 15,212.  The S&P 500 is trading at 1,702.  Gold is trading at $1,267 an ounce, while oil futures at $101.61 a barrel.  Gas prices, (Regular in El Dorado Hills, Costco, AM/PM), are at $3.57/Gal.

Yields on 10-year Treasury notes, which move inversely to prices, last traded at 2.67%.  30-year Treasury Bond yields last traded at 3.72%.  Rates on 30-year fixed-rate mortgages are a hair above 4.5% this week. MBS yields are interest rates at which banks sell their loans into Fannie Mae and Freddie Mac bond programs. Rising yields mean higher consumer-mortgage rates.

The FNMA 30-year fixed 3.5% coupon, containing 3.75% – 4.125% mortgages, pretty much the benchmark or how rate sheets are priced these days  is currently trading at 101.25 about a ½ point (fee) from where we were last Friday at this time.  Basically each percent change in the price of the security translates to the price (or points paid or credited) of the mortgage rate.  The higher the number (price), the better the rate.

In economic news this week; the reader’s digest version is that due to the Governments shutdown has most economic news on hold including the following:

  • The Employment report which was due out last Friday.
  • Trade deficit
  • Job openings
  • Wholesale inventories
  • Import price index
  • Federal budget  (Don’t get me started, or read my rant)
  • Retail sales
  • Producer price index
  • University of Michigan consumer sentiment index
  • Business inventories

I wrote a blog on the Governments shutdown last week which is not surprisingly appropriate for this week as well.  You can read it at BartoksBlog.com  I will be posing a follow-up to this blog later today titled “The Government Shutdown Pt 2, how/when will we get out of this mess”

Of the reports that were issued this past week the Federal Reserve meeting’s minutes were released allowing us to see what was said behind closed doors. Most members of the Fed still thought that it would be appropriate to scale back its stimulus program this year, even as the central bankers decided to hold off moving in mid-September.  I wonder… are they concerned about running out of money?

A majority of Fed officials arrived at the meeting still thinking that it would be appropriate to begin tapering the $85 billion bond purchase program this year and end it completely by the middle of 2014, the minutes showed.  But no decisions were reached and the minutes indicated that it might not make sense to enhance the guidance due to uncertainties over who would be the next Fed chair.  The Fed policy committee is scheduled to hold its next meeting Oct. 29 – 30.

The expectation is pretty much for the Fed not to scale back the stimulus in October because Bernanke is not scheduled to hold a press conference and because of the government shutdown.  They think that a taper in December is more likely if at all.  Obama nominated Fed vice chairman Janet Yellen to the top Fed post, replacing Bernanke.  Yellen may shed more light on Fed policy deliberations during her confirmation hearings expected in coming weeks.

The National Federation of Independent Business (NFIB) Small-business sentiment edged lower in September on a big drop in the percentage who expects the economy to improve. The NFIB small-business optimism index fell to 93.9 from a corrected 94.1 in August.  The pessimism on the economy helped to offset rising percentages expecting higher sales.  While the change in this month’s index was minimal, the drop in outlook for future economic conditions is evidence that many owners are keeping an eye on Washington.

On the Real Estate front:  Since January or year-to-date, homes for sale (listings) in El Dorado Hills, Ca have increased at 145% (82 in Jan, 201 currently).  Since last month listings have increased 7%.  Pending sales YTD have decreased 8%, and since last month they are down 4.3%.  Sales (Sold) have dropped from 86 last month to 51 this month 40%.  Listings in the area are staying on the market longer.  Where we had multiple offers and too many buyers and not enough sellers a few months ago, it has flipped and now we need more buyers. Did you know that someone paying $1,700/month rent would equate to a $325,000 loan at 4.75% (not including impounds)?

On the Employment front:  The number of people who filed new applications for U.S. unemployment benefits surged in the first week of October to the highest level in six months because of ongoing processing miscues in California as well as layoffs related to the government shutdown.  Initial claims leaped by 66,000 to 374,000 last week, marking the biggest one-week spike since last November.  The average of new claims over the past month usually a more reliable gauge, also jumped by 20,000 to 325,000.  The monthly number usually moves in much smaller increments.  The real scary reality of this is that the stock market RALLIED 200 pts on the news.  This should normally trigger a sell off as weakening employment is usually detrimental to stocks.

If you know anyone who can benefit from my services, please call me.  My greatest goal is to see clients and friends happy.  I guess that’s why I love providing mortgage financing.  It’s an immediate gratification when you can help someone purchase a home, or lower their payment on their existing home.

Please visit my website at: http://bill.bartok.stanfordloans.com

Sincerely,

Bill Bartok

Mortgage AdvisorMLO# 445991

The nicest compliment I can receive is the referral of your family, friends and co-workers.

The Government Shutdown

OK, so I’ve tried to remain neutral thus far because I realize that many of you are from “both sides of the isle.”  I will still attempt to remain in the middle so I can see both sides, and I welcome your comments.  After all, that’s what compromise is all about.  Right?

My wife Gina and I were in the kitchen the other morning and she was making Crêpes because well, that’s what our daughter wanted for breakfast (she’s 13 and a freshman in High School).  What does this have to do with the Government’s issues you ask?  Well it has to do with compromise and being willing to learn something new.  And also being willing to see the others side, or understanding their point of view.

You see, from my point of view, I am a trained Chef (bet you didn’t know that) and have run a restaurant, and made Crêpes from scratch so I know how to make them.  I asked her if she would like my advice and she promptly replied NO!   I naturally got upset.  How could someone not want to learn something new if it was possible?  Why wouldn’t you take a chance that someone else might have a better way.  After all that’s how I learned how to make Crêpes in Culinary school.

So I thought about it for a while and realized that she just wanted to make it “her” way without anyone telling her it was wrong.  This is totally her right (while I may still not understand the resistance to learn) she is entitled to it.  She made the Crêpes and they turned out great (a bit thick for Crêpes) but the bottom line was we enjoyed them and had a wonderful breakfast.  But I digress…  Now back to the story.

The basic reason our Government is currently shut down is because our politicians cannot agree on a balanced budget and we are spending way more than we’re taking in.  The republicans want some effort towards balancing the budget (deficit reduction through spending cuts) and President Obama says he will not negotiate just pass the budget anyway.

A balanced budget, (particularly that of a government), is a budget with revenues equal to expenditures, and neither a budget deficit nor a budget surplus.  This seems fairly obvious right?  To be fair, Dwight Eisenhower was the last Republican President to preside over a balanced budget.  He had a balanced budget in 1956 and 1957. Since then, there have been two presidents to preside over balanced budgets, LBJ in 1969 and Clinton in 1998 through 2001. During the last 40 years there have been five budget surpluses, all five were under Democratic Presidents: 1969, 1998, 1999, 2000, and 2001.  The National Debt in 2001 was approximately 5.7 Trillion Dollars and the budget was balanced?

In the last 12 years we have almost tripled the national debt through deficit spending.  Something that took over 250 years to build, we tripled in just 12 years.  So how long are we going to let this go on?  We are passing a debt on to our future generations that they cannot possibly repay.  What bothers me, and again please correct me if I’m wrong, is that we’ve seen this repeatedly over the past five years with no signs of change.  Our politicians can’t agree so the deficit keeps growing and they have to continually raise the debt ceiling (the maximum allowable government debt).  Every year President Obama has been in office, there have been deficits of $1 trillion — adding $7 TRILLION DOLLARS to the debt.  I just want to know what the plan is for paying it down/off (as in our credit cards).

Interestingly enough, in a February 23, 2009 blog post, after he was in office, President Obama promised that by the end of his first term, he would cut in half the massive federal deficit “we’ve inherited.”  And he said “we’ll do it in a new way: honestly and candidly.”  Obama did make that promise that day, saying, “Today I’m pledging to cut the deficit we inherited in half by the end of my first term in office. This will not be easy. It will require us to make difficult decisions and face challenges we’ve long neglected.  But I refuse to leave our children with a debt that they cannot repay, and that means taking responsibility right now, in this administration, for getting our spending under control.”

Being fair to the current Obama administration the president in 2009 inherited a $1.3 trillion deficit.  My question…  What happened?  I would question any President who made this promise and five years later not only didn’t fulfill the promise but made the situation worse.  And why are we not questioning this?  Where’s the Media on this one?

OK so back to the current shutdown; I understand the Republican point which is we need to cut spending and at least get back “on track” to balancing the budget.  But how do we do that?  It’s an interesting ploy… If you’re a Republican and you want to repeal “Obamacare” (which can’t be done under the current administration, another story) you delay its implementation for a year at which time we have a new election and possibly elect a Republican President who can the repeal the national healthcare law.  Also if you’re looking for a budget cut, you look for the biggest expense first right?

On the Democratic side we have a President who is standing by his belief that he “will not negotiate” and blames the Republicans for the whole mess.  While I understand his stance (after all they’re trying to derail his “legacy”), NOT willing to compromise not only goes against every campaign promise he made, but it simply is not politics. The Obama administration is betting that at some point, the GOP will understand that its position is futile. And while that’s a fairly big bet, the aides believe that all other options are flawed.

We also have another issue looming on the short term horizon; The National Debt has reached its limit and unless Congress votes to raise it again the Government will not be able to pay its bills namely interest payments on its Treasury Bonds effectively defaulting on debt.  The republicans are attempting to use this to get the democrats to reduce spending.  In fact, the Democrats of the 1980s repeatedly used the debt ceiling issue to force President Reagan not to increase defense spending.  And Obama himself used the issue of the debt ceiling in his battle against President George W. Bush’s tax cuts.  In 2006, then-Sen. Obama stated in a floor speech in the senate; “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. government can’t pay its own bills. … I therefore intend to oppose the effort to increase America’s debt limit.” “Over the past five years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is  ‘trillion’ with a ‘T.’ That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers.”

If we’re going to raise the debt limit, we need to deal with the drivers of our debt and deficits.  According to the Congressional Research Service, Congress voted 53 times from 1978 to 2013 to change the debt ceiling. The debt ceiling has increased to almost $17 trillion from $752 billion. Of these 53 votes, 29 occurred in a Congress run by Democrats, 17 in a split Congress, and seven in a Republican-controlled Congress.

I’m not against Obama just to be against him.  I would feel this way if it were Republican or Democrat and they had mad promises and statements and then completely went the other way.  I have seen very little change in the last five years and the economy has grown by an anemic 2.0% during this time.  What is the current administration doing to rebuild the economy and create jobs other than throw money at it and hope?  You’ve no doubt heard the saying; “The definition of Insanity is doing the same thing over and over hoping for a different result.”  Well by this definition our politicians are insane.  When will it end?  Maybe the next election?

Sincerely,

Bill Bartok

Mortgage Advisor

NMLS# 445991