It’s Monday and that means I’m sharing my weekly update on what may impact mortgage rates this week. Plus, I’m including solutions on what you can do if a seller is not wanting to pay your buyers agent’s commission, with the NAR Settlement.
Mortgage Rate Update for the Week of August 12, 2024
August 12, 2024 by Leave a Comment
What’s Happening with Real Estate Agent Commissions?
March 19, 2024 by Leave a Comment
Last Friday, NAR (the National Association of Realtors) announced a settlement which included a major change to real estate commissions. This settlement still needs court approval to be finalized.
Several media sources have been spreading misinformation about commissions with headlines including that buyers agents will no longer be compensated. This is far from accurate. [Read more…]
Super Fast Closings for Homebuyers
February 8, 2023 by Leave a Comment
I have been with New American Funding for three months now and have had the pleasure of helping clients with their home purchase and refinancing mortgages. I have been very impressed with how fast we are able to close without sacrificing service. [Read more…]
Our Veterans DESERVE to use a VA Mortgage Loan
November 13, 2018 by Leave a Comment
I’ve been trying to think about how to title this post without “shaming” real estate agents or home sellers… but I do feel that it’s really unfortunate that some still have a low view of VA mortgages. Men and women who have dedicated their lives to serve our country and protect our freedom have EARNED the privilege to have a VA mortgage loan. Those of us who have not committed to serve do not have this benefit… and it is a benefit. [Read more…]
Avoid Delays with your Home Purchase
September 19, 2016 by Leave a Comment
Here are a few suggestions for when you are preparing a purchase and sales agreement to help avoid delays. NOTE: I’m NOT an attorney and this is NOT legal advice. I’m simply a Licensed Loan Officer offering suggestions based on my observations. 🙂 [Read more…]
Updating your Preapproval Letter
June 1, 2013 by 2 Comments
I’m often asked by home buyers “does my preapproval letter expire” or “what happens if we don’t find a home in a few months”. Preapproval letters should include two dates: when the letter was prepared and when the preapproval expires. Fear not, most of the time, it should just take providing a couple documents to your loan officer so they can “dust off” your application and provide an updated pre-approval letter.
The Seattle – Bellevue – Everett area named as a Top 5 Place to Sell Your Home
February 26, 2013 by Leave a Comment
Wall Street Journal’s Market Watch has named the Seattle – Bellevue – Everett area as one top five markets in the nation for selling your home. From the article:
Homes are flying off the market in Seattle. Listed properties spent a median of 56 days on the market as of January, down 38% from a year ago, according to Realtor.com. That’s almost half the median time homes are listed nationally….
….buyers have been left with a smaller number of homes to bid on, which in turn encourages multiple offers on properties that can push the purchase price higher than the asking price, experts say. There were fewer than 4,000 homes for sale in the Seattle metro area as of January, down 44% from a year prior, according to Realtor.com. [Read more…]
More Listing Agents Performing “Sniff Test” on Mortgage Originators
May 21, 2012 by Leave a Comment
I’m noticing that more listing agents are performing, what I like to call, “sniff test” to check out the lender who has prepared the preapproval letter. By the way, I think this is an excellent idea. This is especially true if the listing agent is reviewing multiple offers, which is happening more in the greater Seattle area with non-distressed homes that are desirable and priced right.
The sniff test is typically a phone call by the listing agent so they can get an idea about the mortgage originator. The listing agent should not ask personal information about the potential home buyer (such as credit scores or available funds).
When a listing agent contacts me, I know they’re sizing up:
- how quickly I returned their phone call or email
- how experienced I am at closing my clients specific mortgage program (for example, Fannie Mae Homepath, Freddie Mac Homesteps or FHA transactions)
- how long I’ve been in the mortgage industry (over 12 years at Mortgage Master Service Corporation)
- how quickly we can close by
- to learn more about our company (family owned and operated since 1976)
I’ve heard from many local real estate agents that they need to make sure the loan can actually close. Often times, a preapproval letter may not be worth more than the paper it’s written on if the mortgage originator has not done their homework with the actual preapproval. NOTE: you are NOT preapproved unless you have provided your mortgage originator your income and asset documentation.
I wrote about “investigating your preapproval letter” many years ago at Rain City Guide. The issue with preapproval letters then was probably that anybody and their brother was a mortgage originator back in 2007. Now there are far less mortgage originators however, if the mortgage originator works at a bank or credit union, they may still lack experience (they’re not required to be licensed). A licensed mortgage originator may be new to the industry as well. Some large internet mortgage companies have been hiring LO’s who can pass the national exam but still lack experience. There’s a big difference between being a good a passing exams and successfully closing loans.
While the number of mortgage originators is dramatically down, it’s still important to make sure your mortgage originator has the capability to see your transaction to closing. It may be a consideration to make sure your mortgage originator can pass a sniff test.
