Appraisals are being scrutinized more than ever with our current mortgage climate. And I am seeing a few coming in lower than what the home owner anticipated. If you have plenty of equity, a lower appraisal may not impact you. However, mortgages are often priced based on loan to values and depending on the type of mortgage and property. Different scenarios have different pricing based on “risk”. A higher loan to value over a certain price point can increase the cost of the loan. [Read more…]
Seniors Facing Financial Whammy Should Consider a Reverse Mortgage
April 9, 2008 by Leave a Comment
From the front page of Monday’s Seattle PI: Seniors face financial ‘quadruple whammy’.
The article features a photo Seniors in line at the West Seattle Food Bank and begins with this sentence:
“Like many retirees, Wilma Johnson notices the price of everything in Seattle going up while the interest on her savings is flat to dropping.
“I told my cat she’s going to have to go out and catch her own food,” the 86-year-old Broadview homeowner said.
With a reverse mortgage, seniors qualify based on their home equity and their age (62 years
old is the youngest allowed on title) and can receive either monthly payments, a lump sum of cash or a home equity line of credit that they can draw on when needed. If a Senior owns their home and has enough equity, there is no reason for them to struggle financially during their golden years. Reverse mortgages do not require income or credit for qualifying. It’s definitely worth consideration when it can improve quality of life.
Dear Wilma, your cat doesn’t need to catch her own food–please consider a reverse mortgage.
If you or someone you know are considering a reverse mortgage, please contact me.
Fannie Mae Clarifies Conforming Jumbo Guideline for Refi’s
April 7, 2008 by Leave a Comment
Great news! I just received a memo from Fannie Mae clarifying that they will now allow purchase money second mortgages to be included in a conforming-jumbo refinance and to be treated as "limited cash out". Previously, purchase money second mortgages (piggy back mortgages used for financing when you purchased your home) were going to be considered "cash out" and not allowed with the temporary conforming jumbos.
In a nutshell, this means that if you have combined loan amounts up to $567,500 for King, Pierce or Snohomish counties, and the mortgages being paid off are from when you purchased your home, this is now a doable refinance utilizing a conforming jumbo mortgage (subject to credit scores, loan to value, documentation…etc.).
A little easing will help many home owners who were hoping to consolidate their mortgages.
Recently Listed Homes Cause Challenges for Refinancing
April 6, 2008 by Leave a Comment
UPDATE 5/2/17: Fannie Mae has changed guidelines for refinances of recently listed homes.
So you tried selling your home in this market and were not able to find a buyer. Now, you want to take advantage of our current low mortgage rates and refinance to reduce your payments or perhaps take some equity out to improve your home now that you’re not moving anywhere. Not so fast! Most lenders will not refinance a recently listed property. [Read more…]
April’s YOU Magazine is Now Available
April 5, 2008 by Leave a Comment
This month’s YOU Magazine is now available for your review. YOU Magazine is one of the many tools that I subscribe to for my clients. This month’s articles include:
Does The Fed Change Your Monthly Mortgage Payment?
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The Federal Reserve has cut interest rates six straight times since September 2007. Most analysts are predicting that the Fed will cut rates even further when it meets at the end of this month. And yet, despite a full 3% in interest rate cuts during this time, mortgage rates are significantly higher now than they were just three months ago. How is that possible? Don’t rate cuts equal lower mortgage rates? Read on as the team at YOU Magazine goes behind the headlines to show you how these Fed cuts do and don’t affect your mortgage.
Everything You Need to Know About 529 Plans
Accidental Landlords: A Great Unplanned Investment
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Lower house prices and higher rents have created a new breed of real estate investor: the accidental landlord. Some bought new homes and couldn’t sell their old ones while others chose to invest in the changing market. Either way, being a landlord is more than just sitting back and collecting the rent. This month YOU Magazine takes a closer look at how being a successful landlord is no accident.
Just to name a few…
Happy 80th Birthday, JP Patches!
April 3, 2008 by 2 Comments
How perfect that not only is it Good People Day, that it also JP Patches 80th birthday. If you’re a long time reader of Mortgage Porter, you know I’m a Patches Pal who has watched him since I was a tyke.
Today’s article in the Seattle PI also announced that the Statue will be complete and unveiled in Fremont on August 17, 2008! Donations are still needed and JP’s handsome mug will remain on my blog (right side of the page) until the fundraising is complete.
It looks like the statue has changed from what was previously unveiled…I wonder if it 
was the finger issue? During the unveiling at Fremont last year, the statue featured waving hands of the duo and someone (can’t remember if it was JP, Gertrude or from the crowd) said…"wonder how long until someone breaks off the fingers leaving just one?"
A tip of the hat to The Tim of Seattle Bubble.
April 3, 2008 is “Good People Day” Pass It On!
April 3, 2008 by Leave a Comment
I’m a big fan of Gary Vaynerchuck for many reasons:
- He’s hysterically funny.
- He reviews wine in common easy to understand terms.
- He’s mastered web marketing 2.0
- He just seems like a real nice guy. Here’s proof:
Gary has declared today as "Good People Day"…a day to recognize all the good in people instead of focusing on all the negative that often surrounds us.
I’m so fortunate to have so many wonderful people in my life and I thank you all from family, friends, clients, my blog readers, fellow bloggers, the many people who help us in our business transactions and daily life…I can go on and on and on. The world is a great place and I thank Gary for reminding us of this and a big tip of the hat to Morgan Brown of Blown Mortgage–both Good People! My heartfelt thanks to all of you.
Share the love and spread the word: today is Good People Day.
A Useful Tip from Our Home to Yours
April 2, 2008 by Leave a Comment
Here’s a tip from my husband: don’t scratch your back using the wrong side (or should I say write side) of a ball point pen.
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