Wells Fargo has been in the media quite a bit recently for terrible things the bank has done to their consumer clients and employees. It will be interesting to see how this all plays out…this is another example of how a powerful large bank has taken total advantage of consumers. [Read more…]
I recently received this question from one of my readers:
I am looking for information about the general way loans are done related to primary residence or second home.
I currently own 2 duplexes. My wife and I are renting and working in a location that is around 130 miles away from the location the home we want to buy is located. My wife has no loans in her name and was able to qualify due to good credit and job at current location 130 miles from home we want to buy. We are trying to buy a place that is far from our work with the plans of moving to this location. [Read more…]
If you are buying your next home, you may be considering converting your existing home into a rental or second home. The lender on your new home will have different requirements depending on what type of financing you’re obtaining. [Read more…]
VA manages how much a Veteran can pay for an appraisal and sets time lines on how long a VA appraisal can take. The fee for Washington state has been $500 for an appraisal with up to 10 days for the appraisal to be delivered. Before the appraisal crisis, many would often complain about how long it took to get a VA appraisal…however, 10 days to receive an appraisal for $500 would now be a dream come true. [Read more…]
Today Freddie Mac released their Prime Mortgage Market Survey which reports average conforming mortgage rates from last week.
“Investors flocked to the safety of government bonds causing the 10-year Treasury yield to continue its descent following the FOMC’s decision to leave rates unchanged. The 30-year fixed-rate mortgage responded by dropping 6 basis points before landing at 3.42 percent — a ten-week low. The course of the economy is uncertain, yet consumers continue to be a bright spot. The September consumer confidence index is up 3 percent to 104.1, exceeding forecasts and reaching a new cycle high.”
So if you’ve been sitting on the fence, contemplating a refinance – there’s no time like right now.
If your home is located anywhere in Washington state, where I’m licensed, I’m happy to help you. 🙂
Here 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. 🙂 [Read more…]