Just a reminder to spring forward before you go to bed tonight or if you’re very proper, set your alarm for 2 a.m. on Sunday, March 9, 2008 to turn your clock forward.
Ah, Spring…I can’t wait!
New Conforming Loan Limits
March 6, 2008 by Leave a Comment
OFHEO just released the temporary conforming loan limits (through 2008). It does not appear as though that every county that received an increase in FHA limits received one with conforming. Here is what I show for Washington State:
King, Pierce and Snohomish Counties
1 Family – $567,500
2 Family – $726,500
3 Family – $878,150
4 Family – $1,091,350
Kitsap County
1 Family – $475,000
2 Family – $608,100
3 Family – $735,050
4 Family – $913,450
Clark and Skamania Counties
1 Family – $418,750
2 Family – $536,050
3 Family – $648,000
4 Family – $805,300
San Juan County
1 Family – $593,750
2 Family – $760,100
3 Family – $918,800
4 Family – $1,141,850
Jefferson County
1 Family – $437,500
2 Family – $560,050
3 Family – $677,000
4 Family – $841,350
This data is still very new and I’m just making it available to you as soon as I receive it. More information will follow.
New FHA Loan Limits are here!
March 6, 2008 by 3 Comments
UPDATE: Please visit our FHA Guide for current FHA loan limits for homes in Washington state. [Read more…]
Whoo hoo…It’s Like Deja Vu All Over Again!
March 5, 2008 by Leave a Comment
If you’re not from the Seattle area, you may not know that Deja Vu is a strip gentlemens club…check out where WaMU placed their billboard. I understand it’s now down.
A huge hat tip to Citizen Rain for making me smile. Whoo hoo!
A Welcome Diversion: Larry Cragun’s Magnificent 7
March 5, 2008 by Leave a Comment
With all the turmoil and continued tightening in the mortgage industry…some days can seem a little dreary. I especially welcome Larry Cragun’s Magnificent 7 articles for a nice diversion. Truth be told, I always look forward to seeing what article’s Larry is recommending at Real Estate Undressed (it’s too bad he doesn’t include HIS incredible consumer 
articles). He’s crawls the web and finds excellent blogs that are new to me…and maybe new to you too!
For February 2008, I’m honored to have been recognized with my post: Bait and Switch Mortgage Advertisements
In addition to my post, Larry is recommending the following consumer focused articles:
Carol Williams of Carol’s Wenatchee – Not All Home Inspections are Created Equal
Dan Melson of Searchlight Crusade – How to Get Out of Prepayment Penalties
Dan Rafter of Property Crossroads – The worst of the predators: Going After the Elderly
Jennifer Kirby of Minneapolis Real Estate Blog – Home Owners Want to be Lied To
Jeremy Hart of NRVLiving – Real Estate. Simplified. – There is Blood in the Streets – What are You Going to Do?
Nigel Swaby of Salt Lake Real Estate Blog – FHA Wants to Help You Refinance
Take a break, check out these posts and be sure to thank Larry for his time and efforts in bringing these articles and blogs to our attention.
New Mortgage Porter Poll: Do You Care Who Your Mortgage Company Is?
March 1, 2008 by 7 Comments
As a Correspondent Lender, we work with just about ever bank and some lenders you may not have heard from. Every so often, I’ll have a client request a specific bank. The conversation may go something along the lines of:
Client: Can you please lock my loan at Wells Fargo (or Washington Mutual, Countrywide, etc.)?
Me: We work with many banks. However, I usually select by who is offering the best rate or best product for your scenario.
Usually the client is fine with getting the best rate or product. Sometimes, they may request to not be locked with a certain lender due to a bad previous experience. I’ll advise the client that I won’t lock them at that specific bank; however, I cannot guarantee they won’t wind up at that bank since mortgages are often transfered. The request to be with a specific bank has really dwindled lately. I’m assuming clients are happy to have qualified for a mortgage with today’s tightened guidelines and to have secured a low rate.
I have been wondering…does a potential borrower care if they found out their mortgage was locked in (brokered) with a specific lender?
Would it matter to you if I lock your mortgage with Countrywide, WaMU, IndyMac, Wells Fargo, Chase, Flagstar, Wachovia or DiTech? (Note: these banks are mentioned in no specific order and does not represent a complete list of lenders we work with). How about a bank you’ve never heard of before? Or if the bank was a "subprime lender" yet they offered a lower rate than a prime lender?
Voila, we have our first poll at Mortgage Porter on the right side of this page. Please vote!
Update: I will keep this poll available until March 8, 2008.
Pole Results:
- Yes. There are banks I don’t want to support. (8)
- No. I don’t care. I just want the lowest rate. (8)
- It doesn’t matter (4)
New Feature: On-Line Loan Application
March 1, 2008 by Leave a Comment
I am so pleased to announce that I have now have a secure on-line loan application on Mortgage Porter. You can find it at "Favorite Links" (right under my big head).
So if you would like me to assist you with a mortgage for your property located in Washington State and you are interested in financing for purchase, refinance or second mortgage, you can complete the application and I will be promptly notified.
Of course, I still welcome email, phone call interviews, web-conference and an old fashioned face to face consultation. There are times in our busy schedules when we need flexibility and so I’m very happy to have this resource available to you.
Should you elect to complete an on-line loan application, you will be prompted to enter your email address and to create a password. The secure site will walk you through the rest.
I look forward to adding more new features to Mortgage Porter. Any ideas?
I can’t wait!
February 29, 2008 by Leave a Comment
For spring and our cherry blossoms…open! open! open!
We have three cherry trees in our front yard. I’ll have to post an "after" photo once they finally blossom. Meanwhile, I’ll try to be patient.
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