President John Legris opened the meeting with a prayer and the pledges. He welcomed our guest, Ken Black of Kens Insurance Agency and guest speaker Chris Boyd of Gold Financial.
President Legris continues to keep the tradition of announcing National Days and This Day in History
National Days
National Package Protection Day
National Mutt Day
National Special Education Day – first celebrated in 2005 which was the 30th anniversary of the Individuals with Disabilities Education Act. President Gerald Ford signed the law on November 29, 1975.
National Fritters Day
This Day in History
1804 Napoleon Bonaparte was crowned emperor of France
1923 Monroe Doctrine announced by President Monroe - interestingly, John Quincy Adams developed while Secretary of State
Calling All Volunteers!
We are in need of volunteers for book donations and prayer/pledge for the remainder of the Rotary Year.
Mary Denton has offered to donate books for the month of December.
Thank you Bil Trodlier for stepping up to donate books for the month of January!
Don't have time? If you want Allyson Hamlin or Mary Denton to do the shopping for books for you please let them know! We'll make it easy for you!!!
John’s Humor
A local newscaster stood in a crowd welcoming Santa Claus.
Someone asked a 4 year old girl if she had given Santa her gift list.
“No.” she responded
“Why not?” he asked
“Because the real Santa is at the mall.”
John quoted David Letterman as saying "Halloween is beginning of the holiday shopping season for women.
The beginning for men is Christmas eve."
Club Luncheon and Business Program
Bil Trodlier introduced Chris Boyd. At Gold Financial for 20 years. Rates are still at historic lows.
Uncertainty in the market like the pandemic affects interest rates. Volume was up in May due to low interest rates. Banks no longer putting caps
30 yr fixed rates – high 2%
Gives people opportunity to improve their financial situation. Refinancing for lower interest rates. Helps people restructure their debt using equity in their home to pay off other loans. Rates are predicted to stay low for a while longer. Good news for the economy is bad news for interest rates and vice versa. Since pandemic lost 20 million jobs and since have gained back 10 million jobs. Rates are predicted to stay low for a while longer. Good news for the economy is bad news for interest rates and vice versa. Since pandemic lost 20 million jobs and since have gained back 10 million jobs. Unsure how the election results affect interest rates. May see a lot of money leaving the US and going to other countries.
Q&A
Interest rates for investors? Much higher risk vs owner occupied property. Interest rates low 4% or high 3%. More opportunity for cash flow for investors. Still big boom for housing industry.
How long to close a loan these days? Closing times have a trickle down effect. Min of 3 weeks to get appraisal back. Still difficult to close less than 30 days.
Will there be more foreclosures next year? Haven’t heard about too many foreclosures this year.
C.A.R.E.S. forbearance on mortgages isn't a good thing – will affect the market.
Lack of inventory will offset foreclosures and prices will continue to go up.
Thank you Chris for speaking to our club today! A book will be donated in your honor to Locke Hills Elementary School Library.
30 yr fixed rates – high 2%
Gives people opportunity to improve their financial situation. Refinancing for lower interest rates. Helps people restructure their debt using equity in their home to pay off other loans. Rates are predicted to stay low for a while longer. Good news for the economy is bad news for interest rates and vice versa. Since pandemic lost 20 million jobs and since have gained back 10 million jobs. Rates are predicted to stay low for a while longer. Good news for the economy is bad news for interest rates and vice versa. Since pandemic lost 20 million jobs and since have gained back 10 million jobs. Unsure how the election results affect interest rates. May see a lot of money leaving the US and going to other countries.
Q&A
Interest rates for investors? Much higher risk vs owner occupied property. Interest rates low 4% or high 3%. More opportunity for cash flow for investors. Still big boom for housing industry.
How long to close a loan these days? Closing times have a trickle down effect. Min of 3 weeks to get appraisal back. Still difficult to close less than 30 days.
Will there be more foreclosures next year? Haven’t heard about too many foreclosures this year.
C.A.R.E.S. forbearance on mortgages isn't a good thing – will affect the market.
Lack of inventory will offset foreclosures and prices will continue to go up.
Thank you Chris for speaking to our club today! A book will be donated in your honor to Locke Hills Elementary School Library.