Memorial Day

May 31, 2010 by Leave a Comment

Freedom of speech and freedom of action are meaningless without freedom to think. And there is no freedom of thought without doubt. ~Bergen Evans

~

Spirit, that made those heroes dare
To die, and leave their children free,
Bid Time and Nature gently spare
The shaft we raise to them and thee.
~Ralph Waldo Emerson

~

Never in the field of human conflict was so much owed by so many to so few. ~Winston Churchill

~

Mortgage Master Service Corporation is closed today in observance of Memorial Day and to honor those who have made the ultimate sacriface for our country.  

Filed Under: Current Affairs

West Seattle Community Garage Sale Day is Today!

May 8, 2010 by Leave a Comment

WSgaragesale If you love rumaging through garage sales, you’re in for a treat.  The West Seattle Blog has organized the 6th annual West Seattle Community Garage Sale with about 200 homes participating.  Click the map for a updated printable version.

They couldn’t have picked a nicer day for the sale with sunny skies and temps in the upper 60s.

This event is today only, May 8, 2010, from 9:00 am to 3:00 pm.  Come on out to West Seattle, visit the garage sales and stick your toes in the Puget Sound along Alki.   Have a great day!

Filed Under: Current Affairs, Just for Fun, Seattle

15 Days Remaining for the Home Buyer Tax Credit

April 15, 2010 by Leave a Comment

NOTE: this is a post from 2010 and this tax credit is no longer available.

If you are planning on taking advantage of the home buyer tax credit, either as a first time home buyer or a "repeat" home buyer (aka "long time resident"), you have fifteen days to be in a binding sales contract with mutual acceptance.    This means that both you and the seller have ironed out the negotiations which can sometimes take a few days to agree on…so in reality, you probably have less than 15 days unless you submit the "perfect" offer to the seller and they decide to accept it with no counter offers.

If you are hoping to claim the home buyer tax credit, you should check in with your mortgage professional to make sure that your preapproval is still valid.  In the Seattle-Bellevue area, listing agents and sellers expect a preapproval letter to accompany the purchase and sale agreement before they will consider the offer. 

Preapproval letters may expire if your paystubs, bank statements or credit report are outdated.   The terms stated on the preapproval letter should match with the terms of the offer being presented to the seller.  Mortgage rates have been volatile and if your debt to income ratios were "pushed" to the limit, you may or may not be qualifed for what you once were.

If your offer is countered past April 30, 2010 because you didn't have all your ducks in a row with your lender, you may not qualify for the home buyer tax credit.

And before you try to get into a mutual contract before the deadline–it's a good idea to make sure that you actually qualify for the tax credit.  

You may be disqualified from the home buyer tax credit if:

  • the government has deemed you make too much money–modified adjusted gross incomes up to $125,000 for a single taxpayer, or $225,000 joint, qualify for the full credit.  Those with MAGI up to $145,000 for a single taxpayer   and $245,000 joint qualify for reduced credit.
  • if the purchase price is over $800,000 (better write that offer for $799,950 if your income qualifies).
  • if the home being purchased is not going to be your primary residence.
  • family members are not eligible (you cannot buy the home ancestors or dependents)
  • if the contract is accepted after April 30, 2010
  • if the transaction is closing after June 30, 2010

Remember, I'm your mortgage expert for homes located in Washington.  I am not a tax expert–please consult your CPA or tax advisor for more information.

Filed Under: Current Affairs, First Time Home Buyer, Legislation, Residential Purchase

Mortgage Master is closed today in honor of MLK Day

January 18, 2010 by Leave a Comment

In honor of Martin Luther King Day, Mortgage Master is closed and will reopen for business on Tuesday, January 19, 2010 at 9:00 a.m.

Filed Under: Current Affairs

T’was the Week Before Christmas

December 22, 2009 by 2 Comments

Editor's Note: We have some super talented people at Mortgage Master.  This poem was written by Shelli Nixon at our office and shared during our RESPA training today.   This is posted at Mortgage Porter with her permission to share with you!

 

T'was the week before Christmas

When all through the lands,

LO's and Closers were wringing their hands.

RESPA Changes are coming,

They all started to worry,

We'd better get trained, and trained in a hurry!

We all kept on hoping

There would be a delay.

But HUD said, "No Way," it's all here to stay.

"We love our new HUD

And our new GFE,

Don't fret, don't worry, it's as simple as can be."

We all shook our heads,

Threw our hands to the sky.

What were you smoking?  You must have been high!

You took a one page doc

And changed it to three.

Easier?  More simple?  How can that be?

The Regs don't match up,

So now what do we do?

HUD says, "No comment, It's all up to you."

No info on TILA,

HMDA, REG B.

We are totally screwed, why can't they see??

In a time when some borrowers

Think lenders are scary,

You've given 3 pages to make them more wary.

This doesn't make sense,

Not one little bit.

We are all trying hard to not throw a fit.

So we all do our best

To put borrowers at ease.

But make more reform, please, please, please!

Please bring someone in

Who knows what to do.

What is best for both borrowers AND lenders too.

We are all still waiting,

Though not holding our breath

And hoping the government doesn't "Reg" us to death.

So on this week before Christmas,

I'd like to wish you

Good luck with RESPA, I need it too!

~Shelli Nixon, Mortgage Master Service Corporation<

Filed Under: Current Affairs, Disclosure Forms, Just for Fun

Count Down to November 30th and the First Time Home Buyer Tax Credit

October 26, 2009 by Leave a Comment

You may be surprised to see how many days are available to close a transaction by November 30, 2009 in King County when you factor holidays and furloughs.  

Filed Under: Current Affairs, First Time Home Buyer

Mortgage Companies are Protecting Themselves from December 1, 2009 Closings

October 19, 2009 by Leave a Comment

I am seeing disclosures from wholesale lenders advising that they will not be held responsible for transactions that do not close in time for the first time home buyers tax credit which is currently set to expire on November 30, 2009.   Here’s an example from a memo I received this morning from one of the lenders we work with:

Currently, the American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.  For purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

“Wholesale Bank” is providing this notice to our Correspondents and Brokers that “Wholesale Bank” cannot guarantee that the mortgage closing will take place prior to December 1, 2009 and therefore it is possible that your Borrower(s) will not qualify for the first-time homebuyers tax credit because of the date of purchase deadline.

“Wholesale Bank” strongly recommends that you use the attached form, or any similar from that includes this information to inform your Borrower(s) of the tax credit guideline…

In anticipation of the deadline nearing and the recent increase in loan volume, please plan ahead and get your loans in underwriting, closing and funding in ample time to meet the above deadline.

“Wholesale Bank” will not be responsible or liable for the purchase of the home failing to meet the deadline requirements of the first-time home buyer’s tax credit program.

Mortgage Master has adopted a similar disclosure which is being provided on our purchase transactions. 

 

As I’ve mentioned several times here at Mortgage Porter, if you’re counting on receiving the $8,000 First Time Homebuyer Tax Credit, and if you’re buying a home in the Seattle/King County area, please try to close no later than mid-November due to the holidays and county closures due to the furlough dates (and the increased volumes of transactions). 

 

Don’t risk closing the day after November 30, 2009.

Filed Under: Current Affairs, First Time Home Buyer

Mortgage Porter is in the Pink

October 13, 2009 by Leave a Comment

Your eyes are not playing tricks on you.  My blog is pink and will be pink throughout the month of October for National Breast Cancer Awareness Month and in honor of Michelle Brown, my friend and co-worker who lost her life to this disease.

Filed Under: Current Affairs, People
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