Been turned down by a big bank for a mortgage? You’re not alone!

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.
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We’ve Moved!!

Our office, Mortgage Master Service Corporation recently moved to Center Point office park. As the name implies, it’s a very central location just south of Southcenter, off of West Valley Highway. Our new space is beautiful and includes a great conference room for home buyer classes, loan applications and mortgage consultations.

Mortgage Master

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What May Impact Mortgage Rates this Week: November 4, 2013

MortgagePorter-JobsReportMortgage rates continue to be at very low levels. Although they’re not at the lows from May, Freddie Mac’s Mortgage Market Survey reports that mortgage rates have been trending lower for the last four months. If you missed the refi-boat a few months ago, this may be your second chance. You may want to contact a local licensed mortgage professional for an updated mortgage rate quote (if your home is located anywhere in Washington state, I’m happy to help you).

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Seattle Real Estate Chat: FHA’s Back to Work

UPDATE: Please visit our FHA Guide featuring current FHA mortgage programs and loan limits.

In this week’s episode of Seattle Real Estate Chat we discuss FHA’s “Back to Work”. Back to Work is a newer extenuating circumstance that allows people who had a short sale or foreclosure to be able to buy again as long as the short sale or foreclosure happened because of a loss of income at no fault of their own (due to actions by their employer). You can read more about FHA’s Back to work program here.

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Don’t let these things HAUNT your Preapproval

mortgageporter skeletonI encourage anyone who is considering buying a home to start the preapproval process as soon as possible. Regardless of if you’re not planning on buying for a year or you think your credit, income and assets are prefect – you never know what underwriters may find lurking in your application.

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