Reminder: No Closings this Friday for King and Snohomish Counties

May 18, 2009 by Leave a Comment

Due to budget restraints in King and Snohomish Counties, the recorders office will be closed this Friday and will not reopen until Tuesday (due to Memorial Day).  This means that if you are buying, selling or refinancing a home; the Deed or new mortgage (Deed of Trust) cannot be recorded on these dates.  Pierce County's recorders office will remain open Friday, May 22, 2009.

The Talon Group has calendars available with recording schedules for King, Pierce and Snohomish Counties–click here.   Each county is doing their own thing to their respective budgets.   Just last month, Snohomish County announced that they are closing early on Friday's (if they are not on furlough).

If you have a transaction scheduled to close on property located in King or Snohomish Counties this Friday, May 22, you may want to check with your real estate and mortgage professionals.

Filed Under: Current Affairs, Economy, Title Insurance

Upside down in your home with good credit? March 4, 2009 may be an important date for you.

February 23, 2009 by Leave a Comment

Just received this email, which I'm sure echos the thoughts of many home owners:

"Been meaning to contact you to get your take on the recent wholesale changes that are coming hard and fast at the mortgage bankers out there and, of course, see if there can be any benefit to a re-fi given the new lending "rules" (for lack of a better term). We're horribly upside-down on our current loan balance vs. current home value, so we don't know what can happen for us, if anything. But if there's a way to get that rate down and send out less each month. we're listening! What do you think about all this?"

Last week, President Obama announced his plans to help stimulate the economy and help provide stability with America's housing.  With the Homeowner Affordibility and Stability Plan, home owners who are "credit worthy" may be able to refinance their home up to 105% loan to value. 

On March 4, 2009, more details are suppose to be announced.  Here's what we understand so far:

  • The program is limited to loans held or securitized by Fannie Mae or Freddie Mac.

  • First mortgage may not be more than 105% of the value of the property. 

  • Borrowers with a second mortgage may still be able to refinance if the second mortgage lien holder is willing to remain in second lien position and if the borrower still qualifies.

  • The program will offer 30 year or 15 year fixed interest rates based on market rates.

  • The program only applies to the home you live in.  It does not apply towards vacation or second homes or investment properties.

According the the Treasury, this program will not be available until March 4, 2009.  Lenders will become even more buried with refinance business once this happens.  It is to your advantage to be prepared.  By gathering the following information:

  • 2008 W2s (if self employed or paid commission, 2 years of complete tax returns)
  • Most recent paystubs covering 30 days of income.

  • Most recent mortgage statements.

  • Information on current monthly debts including amount paid monthly and amount owed.

  • Most recent bank statements/asset accounts (all pages).

If your home is located in Washington State, you can apply on line now by clicking the link under my photo.  However, I don't anticipate having more details until March 4, 2009.

More to follow.

Filed Under: Debt Restructuring, Economy, Fannie, Freddie and FHFA, Mortgage, Refinance

How to get your personal bailout

December 15, 2008 by Leave a Comment

Kenneth R. Harney had a great article syndicated in the Seattle Times this weekend “Be Ready for Your Own Little Bailout“.

Perhaps my favorite part:

“So what do you do if you’re already well along in your shopping, you’ve found a house at a great price, and you’re ready to apply for a mortgage at 5.5 percent but don’t want to miss out on potentially lower rates?

Ask your broker or loan officer whether you can lock in today’s rate but still have the ability to move down should cheaper money become available to you.

Not all lenders can accommodate such requests. Some brokers offer 60-day locks with that option; others may charge you.”

By the way, this applies to refinances too.  Do check with your loan originator before you commit to a lock what their lock policies are.

Another reason to lock in lower rates now with a lender who has the ablity to provide you a lower rate, should they drop further, is the plan that Obama’s team is considering.  From Bloomberg:

“While Paulson’s team is only exploring an initiative for new purchases, the incoming administration wants to go beyond that and address the record surge of foreclosures. Some industry lobbyists have urged the inclusion of refinancing for existing homeowners, up to one-fifth of whose loans are bigger than the value of their properties, estimates show….

“It’s a much more efficient use of the government’s balance sheet to do this as a purchase program” only, said Nicholas Strand, a mortgage analyst at Barclays Capital Inc. in New York. He estimated the cost of a plan to buy 4.5 percent loans for new purchases at about $300 to $400 billion. Adding the refinance option could cost up to $3 trillion, he said”.

If you benefit from restructuring your mortgage with today’s low rates, you may want to consider securing (locking) a rate now with a lender who has the ability of providing a lower rate should it become available prior to closing…if it happens.

 

Filed Under: Economy, Interest Rates

Hang On…It’s Going to be a Bumpy Ride

January 30, 2007 by Leave a Comment

 

180pxbette_davis_1This week, we’re in for a bumpy ride with mortgage interest rates.   Fueling the fire are several important economic indicators which will begin to hit us on Wednesday and continue through Friday.   

On Wednesday, not only does the FOMC (the Fed) meet, we also have several news releases including the Gross Domestic Product (GPD) and the Chicago PMI (the Business Barometer).   The drama continues on Thursday with the Core PCE (Personal Consumption Expenditure).   We finish Friday with the big daddy…the Jobs Report. 

These factors  help predict inflationary and economic trends and typically have a high impact on mortgage interest rates. 

I just read an excellent blog on The Mortgage Report, by fellow CMPS, Dan Green.  To find our why you should lock before Friday’s job report, click here…

Filed Under: Economy, Interest Rates
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