This past month or so, I have been helping people deal with issues with their mortgage lenders. This isn’t entirely unusual, but it seems to be happening more often in this current market. Sometimes, the client leaves the lender and I “adopt” their transaction and other times, they are able to work it out with the other lender.
I think that part of the issue is that mortgage rates are so volatile right now… and have been for a few months. With mortgage rates in a higher range than what we’ve become accustomed to, more people are focused in on interest rates. Yes, the interest rate you pay on your mortgage IS important, but it’s not the only factor and, in the event a lender is not able to close on a mortgage, choosing a lender mainly because of interest rates can be an expensive decision.
Another factor is that, in Washington state, only about 60% of licensed mortgage loan officers opted to renew their license in 2023. A 40% reduction is pretty significant… this does not factor in the loan officers who work for banks or credit unions (that are not required to be licensed) and who have been laid off or chosen to find another field for employment. [Read more…]
The funding fee for VA mortgages for 2023 have been announced. Great news – the fees for 2023 have been reduced from 2022!
FINALLY!!! HUD just announced that the mortgage insurance on FHA mortgages will be reduced by 30 basis points on most mortgage loans.
I have just created 
Many Veterans who have served our country have earned the right to have a VA mortgage loan. It’s unfortunate that some sellers as well as real estate agents have a bad image of VA loans and often discourage them. Many years ago, VA loans were sometimes more challenging than conventional financing – this is rarely the case anymore. Some people may falsely assume that if a Veteran is using a VA loan, they must have poor credit or not enough funds for a down payment. A majority of the Veteran’s I have provided mortgages for have excellent credit and plenty of funds for down payment, they opt for the VA loan because they either don’t want to use all of their funds for down payment, or the VA mortgage loan could be providing a lower interest rate than what they would receive with conventional financing. 
I have been with 
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