Helping Washington State homeowners learn more about their mortgage options.
I have never purchased an orchid before. They appear as if they would be high maintenance. I’ve been assured that they’re pretty easy as long as you put them in a spot where they’re happy. The previous owner of our home told us he kept orchids in a window which has a radiator underneath it constant providing moist heat to the flowers.
Of course I don’t start slow with one plant. I find three that I have to take home! We’ve had them for just shy of a month and they seem to be doing well.
Larry Cragun, ever dedicated to promoting consumer oriented writings found on web- blogs has posted the first nominees of 2008 for the Magnificent 7 at Real Estate Undressed.
Check out January’s articles that are worthy of Larry’s nod of approval.
I just read a great post by S-Crow at Seattle Bubble about his frustrations over the rates he sees when he’s signing clients at his escrow company. I relate since before April Fools 2000, I was in the title and escrow industry for 14 years and often times, at signing, borrowers ask something along the lines of “How is my rate?”
Today marks the 50th Anniversary of when the JP Patches Show first aired in Seattle. I began to watch JP and Gertrude as a tyke many years ago and still adore them to this day. There is a public celebration to be held on Wednesday, February 13, 2008 in Des Moines. Read the Highlines Times for more information about JP (Chris Wedes) and the event.
2008 is a banner year for JP and Joanie as they celebrate 50-years of J.P. Patches in Seattle on Feb. 10, his 80th birthday in April and their 52nd wedding anniversary in May.
Physically challenged by a controllable blood cancer condition that requires dialysis three times a week, Wedes’ keen sense of humor and love of life remain the same.
And if he had it to do all over again, "would you be J.P. Patches one more time?" "Absolutely!"
What is also still taking place is fundraising to complete their statue. If you’re a local Patches Pal, please consider donating to this great cause. You can buy a Patches Pal Paver or simply send cash (they are both tax deductable). Excess funds will benefit Childrens Hospital and I believe the JP’s statue will actually function as a piggy-bank where the contributions will also be donated to Childrens. You just can’t go wrong!
If you love JP like I do, click his clown face on the right side of this blog and donate. Don’t be a Boris S. Wort be a Patches Pal! Photo from my 40th Birthday.
A Tip of the Hat to my MOM for giving me the heads up on the celebration for JP in Des Moines.
Last Saturday, my husband and I went to the 2008 Chinese New Year Gala Auction. This was a benefit for cancer research at Children’s Hospital, Fred Hutchinson Cancer Research Center and UW Medicine. It’s an amazing event which includes a Luly Yang run-way fashion show, live dancing, great food and wonderful people.
I’ve had the opportunity to see Phil Smart Sr. speak at many charitable events, including the New Teacher’s Breakfast I used to help organize when I volunteered for the Greater Renton Chamber of Commerce Community Development Committee. He seems very genuine. Back to my story…
The event was over and everyone was going for their coats and I noticed Phil Smart walking towards his wife and I pointed him out whispering to my friend, Julie, asking if she knew who he was. His friend noticed I was watching and asked if we would like to meet Phil. I was very honored to do so and to tell him how much I appreciate all he has done for our community. He humbly replied that he’s lucky he receives all the attention he does, many others are just as charitable and do not receive the recognition. I was thrilled. Then when my husband and I were walking out of the Sheraton, we saw Mr. Smart and he gestured to us. He told my husband, "I’m not a fisherman, however, she’s a keeper!" Why yes I am!
Being a Certified Mortgage Planning Specialist has it’s advantages. On being up to the minute updates on legislative changes that impact the mortgage industry. I just received this email from CMPS which is speculating that the new conforming loan limit in the Seattle-Bellevue-Everett area may be $531,377. HUD has 30 days to publish what will be used for median home prices. Here is the memo from CMPS:
CMPS Legislative Update – Determining "High Cost" Areas
As we reported to you yesterday, the US Senate passed an expanded version of HR 5140 – an economic stimulus package that includes a temporary increase in the conforming loan limits from $417,000 to as high as $729,750 in high cost areas. The two things you must know in order to determine if you are in a high cost area:
1. You must know the formula. If 125% of the local area median home price exceeds $417,000, the temporary loan limit would be that 125% of the median home price with a cap of $729,750.
2. According to HR 5140, the Secretary of Housing and Urban Development will publish the median house prices within 30 days. We contacted the Public Affairs office of HUD directly to ask if there is anything definitive to reference in the interim, and they said, "no." The Wall Street Journal published median house prices recently, and you may want to reference this information to get an idea of which areas will exceed the $417,000 limit. The median housing prices can be found in the second graphic on this web page.
This will be great news for those with "jumbo mortgages" or piggy backs that need to refinance. Once I have more "firm" information, you can bet I’ll let you know!
The Senate Banking, Housing and Urban Affairs Committee is now hearing testimony including the very hot topic of temporarily raising the conforming loan limit and Fannie/Freddie reform.
Click here to watch live. (Requires Real Player…and it’s not working for me).
OFHEO’s testimony: Download http_www.ofheo.gov media te… 2708LockharttestimonyWeb.pdf
Stay tuned…
Update February 7, 2008 2:00 p.m.: The Senate has passed the stimulus package. The Bill is expect to be quickly signed off by The House and then President Bush…possibly by this weekend.
Last Sunday’s Seattle Times featured an article by David Ranii: Seniors move forward on reverse mortgages. Reverse mortgages provide tax free income by accessing the equity in the Senior’s home. There are no credit or income qualifications, the youngest on title must be at least 62 years old. Seniors can either receive monthly equity payments, a lump sum of cash or set up an equity line to draw on without mortgage payments. Loan amounts are factored by how much equity is available in the property and the Seniors age.
Many do not save enough for retirement and a reverse mortgage could be a great resource to help a senior enjoy their golden years. In the Seattle Time’s story, 86 year old Trudy
took $2,000 in cash up front and established a line of credit that enabled her to withdraw an additional $3,000 last year — money she used to fix her roof, among other things.
Trudy’s son suggested the reverse mortgage which has allowed her to stay in her home. Trudy says
“The reverse mortgage is a big help”.
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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