If there can be one positive tidbit from the government shutdown, it just may be lower mortgage rates. And by the way, we are still originating and closing mortgages during the government shut down. USDA has been reduced to essential functions only and therefore, loans that have not yet been approved USDA may not be closing during this time. However, conventional, FHA and VA loans are available. Not all lenders are able to operate during the shutdown because of not being able to obtain tax transcripts from the IRS, so please do confirm with your lender whether or not this is an issue for your mortgage scenario. Self employed borrowers may find it more challenging during these times.
Bad News equals Lower Mortgage Rates
October 4, 2013 by 1 Comment
Getting a Mortgage during the Government Shutdown
October 3, 2013 by 11 Comments
How much this government shut down impacts mortgage loans depends on several factors, including what stage your mortgage is in processing, what type of mortgage it is and who the investor is. It’s possible that it may not impact your transaction at all. The more time our government is shut down, it may become more difficult or require more time to process a mortgage loan. The shutdown in 1995 lasted for a very long 21 days – let’s hope our representatives can get this resolved soon!
Can You Get an FHA Mortgage during the Government Shutdown?
October 1, 2013 by 3 Comments
The simple answer to that question is YES! HUD drafted a 67 page contingency plan in the event of a government shutdown. The HUD 2013 Contingency Plan Draft 9/25/2013 states the Office of Single Family Housing will:
What May Impact Mortgage Rates this Week: September 30, 2013: Mortgage Rates Trending Lower
September 30, 2013 by 1 Comment
The debt ceiling is influencing the markets today with the potential threat of the government shutting down at midnight tonight. Did you know that Congress is exempt from furloughs and will still be paid if the government shuts down?
Seattle Real Estate Chat: When your Real Estate Agent or Mortgage Originator “wears two hats” [Video] #SeattleREchat
September 28, 2013 by 5 Comments
Our most recent episode of Seattle Real Estate Chat focused on real estate agents or lenders who wear two hats. Jim Reppond of Coldwell Banker Danforth and I discuss transactions where a buyers lender is also their real estate agent OR when the buyer works with the listing agent (listing agent is both sellers agent and buyers agent). Sometimes a buyer may believe the listing agent is working for them, when the listing agent may only be working for the seller. It can be a complicated situation.
Reader question: What can we do during the waiting period?
September 26, 2013 by 4 Comments
If you’ve had a bankruptcy, short sale or foreclosure, there is a waiting period that must take place before you can start the mortgage process. Wait periods vary depending on the type of derogatory event and the mortgage program. This reader’s excellent question is from an article I recently wrote about FHA’s “Back to Work” program.
We will reach our 1 year mark on January 30. Can we do anything before then to get the process started or do we have to wait until January 31?
What May Impact Mortgage Rates this Week: September 23, 2013
September 23, 2013 by Leave a Comment
Mortgage rates are improved after last week’s Fed Meeting with the indication the Fed will delay tapering off their purchase of mortgage backed securities. Watch for news regarding whether or not Congress is going to raise the debt ceiling to avoid a government shut down on October 1 as this may impact the direction of mortgage rates.
My response to Get Rich Slowly’s “Reader Story: Refinancing in the post financial crisis economy”
September 22, 2013 by Leave a Comment
A problem the mortgage industry has (one of them) is the perception that consumers have about the mortgage process.
- Reduced document loans are pretty much gone unless you want to go “hard money”. Even a “streamlined” FHA refinance is not very streamlined – it’s a “full doc” loan minus the appraisal.
- The lender offering the lowest rate does not mean your loan will close or close smoothly.
- Borrowers need to pay more attention to the knowledge, expertise and professionalism of the loan officer. This is at least equally as important as trying to find the “lowest mortgage rate” [Read more…]
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