Avoid Delays with your Home Purchase

mortgage-porter-sold-homeHere are a few suggestions for when you are preparing a purchase and sales agreement to help avoid delays. NOTE: I’m NOT an attorney and this is NOT legal advice. I’m simply a Licensed Loan Officer offering suggestions based on my observations.  🙂

Let’s start with your name. It’s very helpful if you have your name  on the purchase and sales agreement, as the buyer, reflect how you want your name to appear on title. You should also let your Loan Officer know how you want your name(s) to appear on title as well so that the loan application matches the purchase and sales agreement.

If you are using a VA mortgage to purchase the home, the Veterans name much match the name as it appears on the Certificate of Eligibility.

It’s not a huge deal to correct or update how a name is appearing on the purchase and sale agreement. It may be as easy to fix with an addendum to the contract.

Get your home inspection done pronto and don’t delay getting the appraisal ordered. If your purchase is subject to a home inspection, you’ll want to get the inspection done as soon as possible. You may also want to check with your lender about not waiting for the inspection results for ordering the appraisal. Odds are, in this current market, the appraisal may not be scheduled by the time you have your inspection results. You will at least get your property in queue for when the appraisal will eventually be done. Worse case, you can cancel the appraisal should the inspection results cause you to not want to proceed with the property. If the appraiser has not yet been to the home, there should not be an appraisal fee due.

By the way, if you request a bunch of items for the seller to repair and then accept a counter of cash in lieu of the repairs, the lender may still require the items be repaired prior to closing (depending on the items).

Avoid changes to your loan application. This includes employment changes, changes to your credit profile as well as changes to your funds for closing. Moving funds around to one account just means you’ll have to document where all the funds came from. Lenders have to document where all funds for closing are coming from as well as large deposits to your accounts. Lenders also re-verify your employment and credit just prior to funding your purchase.

ATTENTION REAL ESTATE BROKERS: Please attend the appraisal. With how overloaded appraisers are, it’s not unusual to have them miss the CO detectors or earthquake straps on the hot water heater… missing either could result in the appraiser having to make another trip to the property and potentially delay the closing of the transaction.

Last but not least, let your Loan Officer know asap if you have any trips planned before closing. With the new disclosures that lenders are required to provide, it’s imperative that you respond as quickly as possible when documentation is sent to you or requested from you. Some documents may require “wet” signatures which may be more cumbersome when you’re away.

If you are buying or refinancing a home located anywhere in the state of Washington, where I’m licensed, I am happy to help you!


Appraisal #FAIL

A fisheye image of a mid-30's business woman pouting and looking angry.If you are buying, selling or refinancing a home right now, you might be quite surprised to learn about the current state of appraisals. It ain’t pretty…far from it. [Read more…]

Mortgage rates remain low following the Jobs Report

This morning the August Jobs Report came in with slightly weaker data than expected with only 151k non-farm payroll jobs added.

Yesterday, Freddie Mac released their PMMS report showing the 30 year fixed conventional rate still hanging around (just below) 3.500%.

2016 09 01 pmms

If you’ve been contemplating refinancing, it could be time to get off your duff! If your home is located anywhere in Washington state, I’m happy to help you. Click here for a no-hassle mortgage rate quote.

PS: Our office will be closed on Monday for Labor Day. I hope you have a wonderful holiday weekend!

Friday Flashback: Mortgage Rates from 15 years ago

My husband and I have been cleaning out the garage and I came across an old mortgage rate sheet from August 2001. Mortgage rates were a bit higher 15 years ago. If you paid a 1% discount point, your rate for a 30 year fixed would have been 6.500% on a 30 day lock.

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How to Buy a Home with your Roommate

Fannie Mae’s HomeReady mortgage allows a home buyer to qualify using “boarder income”.  What does this mean? Remember our favorite roommates Laverne and Shirley?

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How to reduce documentation for a refinance

iStock_000013548856SmallMany home owners in Washington state are looking into refinancing with how historically low mortgage interest rates currently are. The process of a refinance is very similar to that of when you obtained a mortgage to purchase your home…there is a lot of a paperwork and documentation required for the process. However…there are options you may have available to help reduce some of the documents that are typically required.

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Mortgage Rates poised to move higher with Jobs Data

Recruitment or Employment Issues Chalk Drawing

Mortgage rates have been bouncing at historic lows following Brexit. Rates could bump higher following the Jobs Report which is scheduled to be released tomorrow morning.

Today’s ADP Report came in with stronger than expected employment data and last month’s Jobs Report came in worse than expected.

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Mortgage interest rates near all time record lows

Yesterday Freddie Mac released their Prime Mortgage Market Survey revealing that mortgage interest rates are near all time record lows with the 30 year fixed rate mortgage averaging 3.48 with 0.5 points for the week ending June 30, 2016.

2016 06 30 freddie mac pmms

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