My Initial Thoughts on the Middle Housing Class


Wow!
Thursday, our classroom was packed with real estate agents wanting to learn the latest on the new zoning laws impacting neighborhoods in Washington. Richard Hagar did an amazing job covering this complicated subject. If you are a real estate agent, appraiser or city planner, I highly recommend attending one of his classes. The class focuses on the impacts of state regulations HB1110 and HB1337. [Read more…]

Help! Help Me, Rhonda!

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…]

You may not want to wait too long on home prices coming down

If you’re waiting for home prices to come down or interest rates to improve a bit more; I hope you’ll read an article recently penned by David Stevens: A Reminder: Home Prices Always Rise Over Time | LinkedIn

David has an extensive background in the mortgage industry, including serving as the Assistant Secretary of Housing and Federal Housing Commissioner for the United States Department of Housing and Urban Development (HUD). [Read more…]

A Hopeful Sign for Homebuyers

This has been one of the most challenging markets for homebuyers that I have seen in my 20+ years as a mortgage professional in the greater Seattle area. The lack of inventory has created a frenzy allowing sellers to name their extraordinary price with bidding wars leaving many buyers exhausted and warn out from this highly competitive market. [Read more…]

How Does Dave Ramsey’s Advice on Mortgages Pencil Out?

Last month I wrote about advice I’ve been seeing popping up in my Facebook feed from Dave Ramsey on mortgages. There are several points that I just don’t find realistic for the average person who wants to buy a home, such as only using a 15 year amortized mortgage with 20% down payment and limiting your mortgage payment to 25% of your take home pay. I promised that I would share a follow up post where I review different scenarios comparing his advise to real life scenarios. [Read more…]

Should You Follow Dave Ramsey’s Advice on Mortgages?

Dave Ramsey is someone a lot of people follow for financial advise. Lately he’s been showing up A LOT in my Facebook stream pushing his thoughts on mortgages, home ownership and credit. Some of his ideas, I don’t totally disagree with. In fact, I shared a post that came from his group encouraging people to continue to pay rent and make their mortgage payments during the pandemic if at all possible (ie nothing is for free). However, I don’t support what he instructs his followers who are considering buying a home and I also have an issue with anyone who pushes their “team of vetted real estate agents”…I would be really surprised if there is not some sort of financial relationship associated with this referral arrangement.

Let’s take a look at what he encourages his followers to do with regards to buying a home or getting a mortgage. [Read more…]

Boost Your Credit Score or Boost Your Spam?

Experian, one of the big 3 credit bureaus, has been actively promoting that consumers can “boost” their credit score using their services. Since I help people with their credit and mortgage needs for my profession, this naturally got my attention.

[Read more…]

RIP RainCityGuide

6a00d834522f5769e2010537042aad970c-600wiRain City Guide, back in the day, was a resource for people interested in all things about Seattle…especially real estate. I was beyond honored to join the RCG panel back in 2007 to represent the mortgage industry. [Read more…]