The HomeReady Mortgage is a mortgage program created by Fannie Mae intended to help low-to-moderate income borrowers with good credit buy or refinance a home.
Here are more details about the HomeReady Mortgage:
Fannie Mae’s HomeReady Mortgage
April 13, 2016 by 1 Comment
Steps in the Mortgage Process
July 25, 2014 by 46 Comments
EDITORS NOTE 10/23/2015: This post has been updated to include the new disclosures and wait periods required per the Dodd Frank Act effective on loan applications dated October 3, 2015 and later. Click here to read the updated post.
The process of getting a mortgage consists of several stages and typically takes anywhere from 20 – 40 days (or more) depending on how prepared you are, what mortgage program you have selected and if it’s a purchase, the closing date may dictate how long the process will take. The steps below may not take place in the exact order I have listed and some steps may happen simultaneously.
Going on vacation during the mortgage process
July 18, 2014 by Leave a Comment
‘Tis the season for going on a vacation. But what if you are buying a home or in the middle of refinancing your mortgage? Ideally, if you’re buying or refinancing a home, you won’t have any travel plans until after the transaction has closed…however, we know things aren’t always “ideal”… and vacation or business travel plans are sometimes a must.
Here are some pointers I hope you find useful should you find that you’re traveling while in the mortgage process.
Happy 2014
January 2, 2014 by Leave a Comment
Earlier this week I met with my team at Mortgage Master to review goals for this year. This past year at the company has been great. I added a Loan Officer Assistant, Crystal and our main office moved to a beautiful new office in a more central location. Mortgage Master has also added to their management team, which has been beneficial by providing extra support to our mortgage originators. I’ve added additional tools to what I offer clients as well and I’m eager to start better implementing them into our services. I am constantly reviewing and trying new programs with the goal of helping clients have better tools and information to help make informed decisions for their mortgage needs.
Been turned down by a big bank for a mortgage? You’re not alone!
November 9, 2013 by Leave a Comment
A recent report from the Federal Financial Institutions Examination Council revealed that big banks have a very high cancellation rate for home loan applicants.
In 2012, according to this data, Chase declined almost a third of their mortgage applicants with Bank of America denying 25.6% and Wells Fargo rejecting 21% of their mortgage applicants. Quicken Loans and U.S. Bank turned down 17% of their mortgage applicants.
[Read more…]
Mortgage Interest Rate Locks 101: UPDATED
July 18, 2013 by 2 Comments
EDITORS NOTE: One of the joys of writing a mortgage blog is that guidelines and procedures change…and change often. This gives me a great opportunity to provide you with an updated post. With HUD’s creation of the 2010 Good Faith Estimate, a lot of the information in the original post is no longer relevant (relating to the GFE) from the original article I wrote on locking back in 2007. With that said, here’s my updated post…we’ll see if we need to revise this again once CFPB issues their version of the Good Faith Estimate!
I love it when I’m asked an excellent question from a potential client. This person is still shopping for his next home and who the lender will be to provide financing. At this point, I have provided several good faith estimates and a total costs analysis to compare possible scenarios side by side along with how the mortgages may be working for him in 5 and 10 years.
Moving towards a Paperless Mortgage with e-sign
October 18, 2012 by Leave a Comment
This week our company, Mortgage Master Service Corporation, has been upgrading our “loan operating system”. This will allow our clients to have the option of reviewing their loan documents and acknowledge (sign) them electronically with “e-signatures”. Of course our clients can still print or receive hard copies of their loan documents.
This step forward is not only “green” by reducing waste (it’s estimated a typical file uses around 400 pieces of paper); it will also help streamline the mortgage process. For our clients, instead of having to sign their names over and over again with their initial loan application documents, they will simply use their personal computer to securely access their loan documents and “click” their autographs.
E-signatures are allowed with conventional and VA mortgage loans. Currently it is not yet available for FHA or USDA mortgages. Hopefully this will change soon!
You may notice that my on-line loan application has changed – this is to support our new system.
Here is more information on how our e-sign process works.
If you’re considering buying or refinancing a home anywhere in Washington, I’m happy to help you!
Comparing Closing Cost
October 11, 2012 by Leave a Comment
Sometimes I see quotes from competitors that befuddle me. This morning, a home owner in Maple Valley asked me to review their FHA streamlined refinance quote that they received from a big bank.
The great big bank not only has a much higher interest rate, their closing cost are more expensive too. In fact, when I review the closing cost, it makes me wonder if the loan officer has originated many FHA loans.
Here are the bank’s closing cost for an FHA streamline refi…
Big Bank’s Closing Costs
…and there’s only a $10 closing cost rebate with an interest rate that is 0.5% higher than mine!
Compare this to my closing cost (BELOW), which are covered with a rebate credit (which also pays for my clients prepaids and reserves).
My closing costs
I really don’t understand how our quotes could be so far apart…but you can see, they are. Many consumers would trust their bank would provide the most competitive rates and closing cost. The quotes I’m looking at today illustrate this isn’t always true. If this Maple Valley homeowner did not shop his rate quote and only trusted his big bank, he would be paying a much higher rate over the life of the loan and overpaying in fees.
Yet those in Congress feel that mortgage originators who work for banks can be held to lower standards per the SAFE Act. Remember, bank mortgage originators are not required to be licensed, they are only registered. I recently met a nice loan officer who works for a different big bank and who presented herself to be NMLS licensed, when I asked her directly if she was “registered” or “licensed” she did correct herself. Believe me, there is a difference.
If you are considering refinancing or buying a home anywhere in Washington state and have a rate quote from another lender or bank, I’m happy to review it to see if I can offer a better rate and/or lower closing cost. Send me an email with a pdf of the rate quote you would like me to review. Remember, I can only help with homes located in Washington state, where I’m Licensed to originate mortgages.
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