Archives for February 2008

Tomorrow Morning I’ll Either Look Like a Hero or a Zero

February 6, 2008 by 3 Comments

Hero

Just before 5 tonight I provided a Good Faith Estimate along with a Total Cost Analysis comparing four price points for a 30 year fixed rate purchase closing at the end of March.   You see most lenders are not allowing locks to take place “after hours”; you have to wait until the markets re-open in the morning.  This home buyer is still shopping rates with various lenders and so when she calls them tomorrow, my estimate is either going to look outstanding because rates have increased (and I won’t be able honor it since it’s not locked tonight) or I’m going to look like a mooch with higher rates because the market has improved.  Unless rates are unchanged, the rate on my good faith estimate is worthless.

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Filed Under: Interest Rates, Mortgage, Residential Purchase

New Mortgage Porter Feature: Weekly Tips

February 6, 2008 by Leave a Comment

Are you considering buying a home or refinancing in the future?  You can now sign up to receive weekly email tips on home buying, preparing to refinance and credit scoring.  Simply click on the links I’ve provided on the left side of Mortgage Porter under the green Mortgage Weekly box at Favorite Links. 

It’s simple, free and I won’t hound you (unless you want me to)!   

Filed Under: Credit Scores and Reporting, Refinance, Residential Purchase, Tech/Tools of the Trade

Something Smells Phishy

February 5, 2008 by 3 Comments

I just received two emails from "the IRS" that appears official with an IRS logo stating:Moreof1_2

After the last annual calculations of your fiscal activity we have determined that you are eligible to receive a tax refund of $134.80.

Please submit the tax refund request and allow us 6-9 days in order to process it.

This is a scam.  With tax time approaching, scummy people are hoping that you and others will fall for their nasty trap.  The IRS will not contact you via email.  If you receive this email, please forward it to phishing@irs.gov.

I also receive phishy emails appearing to be ebay, various banks…you get it.  Always verify directly with your bank and not to the email that is being sent to you.  Be sure to forward these messages to the appropriate company’s internet security department so these criminals can be tracked down and stopped.

The IRS has more information about phishing scams here.

Filed Under: Rant

My Interview with Seattle Sweet Digs

February 4, 2008 by 2 Comments

Earlier this week, Katrina Munsell of Redfin’s Blog, Seattle Sweet Digs interviewed me regarding whether or not it’s time to refinance your home.   Her questions are quite timely as we’re waiting for the Senate to vote on the stimulus package which includes raising the conforming loan limits and many folks are not totally certain of when refinancing makes sense.   You can read the interview by clicking here.

Filed Under: Real Estate Agents, Refinance, Seattle, Weblogs Tagged With: ,

Larry Cragun’s Magnificent 7 Consumer Articles for 2007

February 4, 2008 by 2 Comments

Mag7winner_5

I’m truly honored that two of my posts have been declared magnificent by Larry Cragun  of Real Estate Undressed.    Over the past year, 7 consumer focused articles are nominated each month and at the end of the year the top seven are recognized.   Here are the 2007 Magnificent 7 Winners in alphabetical order:

The Flip Side of the Sub-Prime Story by ARDELL DellaLoggia

Seventeen Reasons to have New Construction Homes Inspected by Kelly Koehler

The Ten Commandments for Mortgage Applicants by Mark Flanders

Real Estate Myths Home Buyers Fall in Love With by Steve Leung

Putting the cart before the Horse:  Making a Contingent Offer by Rich Jacobsen

Picking Your Next Mortgage by Rate Shopping?  You Might as Well Be Playing Liars Poker by Rhonda Porter

Mortgage Interest Rate Locks 101 by Rhonda Porter

Larry, thanks again.  I’m absolutely honored to have my posts included.

Filed Under: Weblogs

Steller’s Jay in my garden

February 3, 2008 by Leave a Comment

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We have a pair of Steller’s Jays that squawk almost every morning for peanuts.   

Filed Under: Just for Fun

Join the Mortgage Porter Rate Watch

February 2, 2008 by 2 Comments

UPDATE:  Sadly the service that I used to provide this (Mortgage Coach) no longer offers this program. HOWEVER, Mortgage Master Service Corporation has added a new program which watch mortgage rates and email an alert once we have reached your target rate.  I still adopt mortgages and help Washington home owners with refinances…I’m just not able to provide the report. 

A few months ago, I wrote about adopting mortgages for borrowers who have adjustable rate mortgages and who do not have a Mortgage Professional to assist them.  If you have not heard from your Loan Originator since your transaction closed, or even within the last few months, they either

  1. Are no longer in the mortgage industry originating mortgages, or
  2. Do not have a “post closing” system designed to help home owners stay informed about their mortgage, and
  3. Only care about originating and not what happens to borrowers afterwards.

Perhaps your Loan Originator has you on their mailing and email list and you’re just not that impressed with the level of service they offered you…you want to make a move.

Consider having your mortgage adopted by a Mortgage Professional you trust.  I personally enjoy adopting mortgages for Washington State families.   It’s a FREE service and more often than not, the current rate is fine for the family (no refinance is required).   At least the home owner knows that they have a Mortgage Professional who is watching out for them.   Refinancing a mortgage, when it makes sense, can save hundreds of dollars each month that can either be invested into savings, used to pay off debts or applied towards the principal of the new mortgage to shorten the term and reduce interest.  Bottom line, it saves home owners money and if the home owner is going to retain the mortgage long enough to break even, it’s almost crazy not to do it.   (It’s also crazy to refinance when their is no financial benefit).

I can tell many home owners do not have relationships with their loan originators because of the amount of rate quote request I receive from all over the country.  Currently, I can only help people with mortgages in Washington State (if you’re outside of Washington, I’m happy to refer you to fellow Mortgage Professionals).   

If you would like me to adopt your mortgage and add you to my rate watch, send me the following information:

  • Your Full Legal Name(s)
  • Property address
  • Estimated value of the property
  • Current mortgage balance(s)
  • Estimated credit score
  • Your email address/phone number (email is an excellent way for me to send a rate alert should mortgage interest rates drop)
  • How long you plan on keeping the property
  • Do you have taxes and insurance included in your mortgage payment

I will review your mortgage and send you a Personalized Mortgage Plan includGetthumbnailcak0vwpfing a  Total Cost Analysis which compares your existing mortgage to 3 other mortgage scenarios.   I just emailed one to a homeowner in Snoqualmie this morning showing him that he should not refinance at this time.

Again, there is no cost to you and no refinance required.  I’m happy to adopt your mortgage!

Filed Under: Financial Planning, Interest Rates, Mortgage, Refinance
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