Archives for September 2013

What May Impact Mortgage Rates this Week: September 30, 2013: Mortgage Rates Trending Lower

mortgageporter-economyThe debt ceiling is influencing the markets today with the potential threat of the government shutting down at midnight tonight. Did you know that Congress is exempt from furloughs and will still be paid if the government shuts down?

[Read more…]

Seattle Real Estate Chat: When your Real Estate Agent or Mortgage Originator “wears two hats” [Video] #SeattleREchat

Our most recent episode of Seattle Real Estate Chat focused on real estate agents or lenders who wear two hats. Jim Reppond of Coldwell Banker Danforth and I discuss transactions where a buyers lender is also their real estate agent OR when the buyer works with the listing agent (listing agent is both sellers agent and buyers agent). Sometimes a buyer may believe the listing agent is working for them, when the listing agent may only be working for the seller. It can be a complicated situation.

[Read more…]

Reader question: What can we do during the waiting period?

MortgagePorterHourGlassHouseIf you’ve had a bankruptcy, short sale or foreclosure, there is a waiting period that must take place before you can start the mortgage process. Wait periods vary depending on the type of derogatory event and the mortgage program. This reader’s excellent question is from an article I recently wrote about FHA’s “Back to Work” program.

We will reach our 1 year mark on January 30. Can we do anything before then to get the process started or do we have to wait until January 31?

[Read more…]

What May Impact Mortgage Rates this Week: September 23, 2013

mortgageporter-economyMortgage rates are improved after last week’s Fed Meeting with the indication the Fed will delay tapering off their purchase of mortgage backed securities. Watch for news regarding whether or not Congress is going to raise the debt ceiling to avoid a government shut down on October 1 as this may impact the direction of mortgage rates.

[Read more…]

My response to Get Rich Slowly’s “Reader Story: Refinancing in the post financial crisis economy”

A problem the mortgage industry has (one of them) is the perception that consumers have about the mortgage process.

  • Reduced document loans are pretty much gone unless you want to go “hard money”. Even a “streamlined” FHA refinance is not very streamlined – it’s a “full doc” loan minus the appraisal.
  • The lender offering the lowest rate does not mean your loan will close or close smoothly.
  • Borrowers need to pay more attention to the knowledge, expertise and professionalism of the loan officer. This is at least equally as important as trying to find the “lowest mortgage rate” [Read more…]

How to Leverage your Lender when Making an Offer [Video] #SeattleREchat

In our most recent Seattle Real Estate Chat, Jim Reppond and I discuss how to leverage our lender when making an offer.

Tune in for our next Seattle Real Estate Chat on Tuesday, 10:00 am Seattle time where we talk about lenders or agents who wear two hats – such as agents who represent both the buyer and seller (dual agency) or an agent who’s also the loan originator.

Seattle Real Estate Chat is a weekly show that Jim Reppond and I host on a Google/YouTube – join us!  We are also on Twitter @SeattleREchat or search #SeattleREchat.


NAR fighting to keep current boundaries for USDA Zero Down Loans

There’s just 10 days remaining before the boundaries determining eligible properties for USDA financing are set to change unless Congress takes action. I shared with you USDA had posted the “future” boundaries on their website back in April. 

[Read more…]

Fed to Keep Mortgage Rates Sweet and Low

iStock-000020911287XSmallThe Fed made no changes to the Fed Funds rate… no surprise there. However, the Fed did surprise the markets today announcing they are not tapering their purchasing of mortgage backed securities. From today’s press release:

…Taking into account the extent of federal fiscal retrenchment, the Committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program a year ago as consistent with growing underlying strength in the broader economy. However, the Committee decided to await more evidence that progress will be sustained before adjusting the pace of its purchases.  [Read more…]