This has been one of the most challenging markets for homebuyers that I have seen in my 20+ years as a mortgage professional in the greater Seattle area. The lack of inventory has created a frenzy allowing sellers to name their extraordinary price with bidding wars leaving many buyers exhausted and warn out from this highly competitive market. [Read more…]
Home Equity Loans and Second Mortgages
March 25, 2022 by 2 Comments
You can use a home equity loan (aka HELOC) or fixed-rate second mortgage to access home equity without doing a cash-out refinance of your first mortgage. This may be really desirable considering the appreciation of homes and recent low mortgage rate environment.
Here are some of the features: [Read more…]
Refinancing to Cash Out your Ex-Spouse
January 14, 2022 by Leave a Comment
If you’re a homeowner who is going through a divorce or a dissolution of domestic partnership, there are some things to know about using the equity from your home to “cash out” your ex-spouse.
When someone uses a refinance to take equity out of home to provide to ex-spouse, lenders will make an exception and treat the transaction as a “limited cash-out” refinance instead of “cash out” refinance. This provides slightly better pricing with the interest rate and may allow for a higher loan amount, if needed. [Read more…]
Mortgage Rates for Second Homes and High Balance Mortgages are Going UP
January 5, 2022 by Leave a Comment
The FHFA announced today that the pricing of mortgage interest rates for second homes or high balance mortgages will be more expensive. This impacts conventional mortgages (Fannie Mae and Freddie Mac) and is effective for loans that are delivered on or after April 1, 2022 – i.e. I expect to see the price increases to start happening soon. [Read more…]
Happy 15th Bloggoversary to The Mortgage Porter
December 1, 2021 by 4 Comments
It’s hard to believe that 15 years ago, I began “blogging” with The Mortgage Porter. When I started this blog late November 2006, I would have never imagined that it would become such an important part of my mortgage career.
I’ve met some wonderful people and have had amazing experiences that would have not happened had I not started typing out my first post about the beginning of mortgage originators being licensed (or just registered if they work for a bank or credit union). I would have never imagined that I would be interviewed, be asked to speak at events and that I would wind up attracting clients I really enjoy working with all from blogging. It’s truly been a gift that I’m thankful for! [Read more…]
