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wenatchee mortgage: How Greek pensions affect your house payment - 05/12/10 02:36 AM
Last week's stock market jitters proved once again that the financial markets are not back to normal by any means. So what is happening to interest rates? Well, since we are in a global economy, what you pay per month for your house is affected by the government pensions being paid out in Greece.
The short answer is that when we really are in an economic recovery, mortgage rates will rise; but for the short term, while things are shaky, we have these great low rates, with 30 year mortgages in the 4.75%- 4.875% range. If someone is on the fence … (3 comments)
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wenatchee mortgage: Land Finanancing continues in Eastern Washington - 06/17/09 12:39 AM
I was at a meeting with Realtors from Western Washington, and they were amazed that we were still doing lot and land financing. Actually in our market areas of Wenatchee, Chelan, Winthrop, and Leavenworth (plus surrounding Counties), there are actually several community lenders that will lend on land. Each bank has different programs and terms, so it is worth calling around to compare programs before making a decision.
I have seen some great deals out there; your dollar really goes a lot farther than it did a few years ago.
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wenatchee mortgage: Construction Financing Continues - 03/03/09 01:37 PM
I cringe whenever people ask, "Are you still lending money?"; but I suppose it is a fair question these days. In my markets of Wenatchee, Leavenworth, Chelan, Winthrop and Okanogan County, most of the banks that used to do a lot of construction lending have severely cut back their programs. Some of the things that other lenders have dropped but we still do are:
Owner-Builder Construction Loans
Lot Loans, Land Loans
Modular Home Loans (those delivered in sections)
Kit Home Construction Loans, or panelized home Loans such as Lindal, Viceroy, etc.
Loans for homes where construction has already started
SIP Construction loans, or … (0 comments)
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wenatchee mortgage: Financing an As-Is Home in Wenatchee - 12/02/08 01:05 AM
One fallout from the current market is the increase in homes being sold As-Is. Either a builder was unable to finish, or maybe the house went back to the bank in less than perfect condition. Either way, you end up with Sellers who don't want to put more cash into the house, they just want to sell it. While there are many more in other parts of the country, we in Wenatchee and all over Eastern Washington are seeing more and more of these.
These are huge opportunities; you will see homes for $150,000 that with $30,000 worth of work would be worth $250,000. Instant … (0 comments)
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wenatchee mortgage: You Can Still Buy a Home For Zero Down - 10/16/08 12:25 AM
The subtitle of this message should be the paraphrase of Mark Twain: Bank Liquidity-"The reports of my death have been greatly exaggerated."
The media coverage of the financial and Real Estate news has created a lot of confusion amongst the general public. I have had Realtors tell me that some clients think that all financing for homes has dried up. I have had others shocked when I tell them their client can still get zero down 30 year fixed financing on a home.
I can only speak of what is happening in Washington State and specifically my market area which … (4 comments)
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wenatchee mortgage: Good Time to Buy in Wenatchee - 10/03/08 12:32 PM
For those people who have been looking at homes and are on the fence, I would encourage you to act now and get your mortgage rate locked in, as I think some of today's events will lead to higher rates in the next few weeks, and possibly even today.
The early warning sign was the fact that the stock market rallied on negative news. This morning's payroll report showed a loss of over 150,000 jobs in September. While this is a negative sign for the economy (these people won't be shopping), the stock market went for the reverse psychology and decided … (0 comments)
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wenatchee mortgage: Against the Bailout - 09/24/08 02:04 AM
Now I know I am not as smart as FED Chief Ben Bernanke and all his advisors, but I have to voice my opinion that this $700Billion bailout is a bad deal for the economy and the country.
First, it will result in a raising of interest rates and a slowing of the economy. This is because the Government will need to finance this plan by issuing more debt (Treasury Bonds, Notes and Bills). Half of these are already owned by Foreign investors, with China and the Oil-producing countries near the top of the list (the others are Great Britain,Japan, Brazil and … (7 comments)
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wenatchee mortgage: Wenatchee Market Primed for a Rebound - 09/18/08 01:44 AM
It looks like the pieces have fallen into place for home sales to start to pick back up in Wenatchee. The two main factors are lower financing rates and available affordable homes.
A year ago you couldn't find any homes under $200,000 in Wenatchee, but currently there are 70 homes on the Wenatchee/East Wenatchee area MLS for under $200,000. And these are just the Single Family Homes; this does not include condo conversions etc.
The recent Wall Street problems have had a positive impact on mortgage rates; we have seen FHA Mortgage rates in the mid 5% range, which makes these homes … (0 comments)
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wenatchee mortgage: Mortgage Rates Headed Down- But Not Everyone Qualifies - 09/05/08 01:02 AM
Just an update on the economy and mortgage rates- I had mentioned previously that rates are volatile because the inflation news raises rates and recession or slowdown news lowers rates. Mortgage rates have been moving up and down with every news headline.
Here is my best guess from what I read - most of the runup in prices in food and fuel have already happened, so I see inflation cooling off. Plus, because people have been shelling out all their money this year for gas, they don't have much left to buy other things; this is going to drop consumer … (0 comments)
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wenatchee mortgage: Market support for Wenatchee Homes - 07/17/08 01:18 AM
In the Wenatchee Real Estate market, you have to be careful about too many statistics. I actually took a statistics class or two back at UW many years ago, and we learned about something called sample size. Basically, if you don't have a lot of pieces to measure and slice and dice, it is hard to come up with statistics that mean anything. In Seattle, you can study trends; in Wenatchee, one good weekend of home sales can skew the numbers. It is best to look at the overall picture to see what is happening in Wenatchee Real Estate.
In Wenatchee, we have … (0 comments)
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wenatchee mortgage: Winthrop and Methow Valley Construction - 06/10/08 12:10 AM
One of the things I love about my job is that I have to inspect home construction projects every month throughout North Central Washington, which allows me time to enjoy the beauty and wildlife of our area. I recently made my monthly trip up to Winthrop and Mazama in the Methow Valley, and (I apologize to our Puget Sound area readers), it was nothing like my old commute on 405 and I-5 in my past life.
For those that want to escape the rat race and can tele-commute, you ought to check out the Methow or other parts of Okanogan County. I have been … (1 comments)
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wenatchee mortgage: Owner-Builder Financing in Eastern Washington - 04/23/08 12:36 AM
I wrote last time that this was a great year for building your own home, and I have had lots of requests for financing. One thing I want to point out to people, is that at this point in time, if you want someone to finance you as an owner builder, you will need some equity in your land or have some cash. This is a t least true in my market of Eastern Washington.
In the past, some lenders would finance 100% of your entire land acquisition and construction, but those programs are gone, and you should plan on having 10-20% … (0 comments)
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wenatchee mortgage: Wenatchee Owner Builder Financing - 03/17/08 12:10 AM
2008 seems to be a great year to build your own home in the Wenatchee area. I have seen a large increase in the number of clients requesting owner-builder mortgages. Some bought land a few years ago and others are buying their lots now. It looks like people will save some money building their homes this year versus 2007. The reason for this is that every subcontractor and supplier was scrambling last year to keep up with all the projects from their regular builders; this year, fewer builders are starting new speculative projects, which means the subs are a little hungrier … (1 comments)
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wenatchee mortgage: Chelan Land Financing - 02/05/08 01:37 AM
Lot and land sales at Lake Chelan seem to be brisk right now; as I am getting inquiries every week from people wanting to finance a building lot or some land. Most people have not financed land before so I hope to remove some confusion with a little explanation. This would also apply to people financing Leavenworth land or a building lot in Wenatchee.
The first thing you will find is most lenders don't want to finance land; especially now. Land is harder to liquidate if the bank ends up taking the property back, and the national lenders who are trying to improve … (0 comments)
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wenatchee mortgage: Wenatchee Mortgage Market Update - 02/02/08 02:13 AM
In our markets of Wenatchee, Leavenworth and Chelan, we are benefitting from the drop in mortgage rates while not participating in the housing market declines that are hitting some parts of the country. But, as we have local media that just re-prints what the national Press is saying, we have some people sitting on the fence not sure if they should buy right now. The local mountains,lakes, skiing and sunshine with a close proximity to Seattle keeps a steady flow of second home and retirement buyers coming to Wenatchee, Leavenworth and Chelan. The majority of my business is land and construction … (3 comments)
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wenatchee mortgage: Wenatchee Real Estate benefits from Cooling Economy - 01/28/08 11:44 PM
We are very fortunate in the markets of Wenatchee, Leavenworth and Chelan in Eastern Washington. We are able to take advantage of the low mortgage rates driven by the cooling national economy, all without actually having to participate in the cooling economy. Last week was crazy, and it looks like mortgage rates are poised for another wild ride this week.
Last week they plunged briefly on Tuesday to some recent record lows, then they rose late that afternoon and later in the week were back up to almost the December levels. Mortgage rates respond to economic news (see below if you want more … (2 comments)
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wenatchee mortgage: Is Mortgage Qualifying Getting Easier? - 10/30/07 12:50 AM
In the last week, it appears that Fannie Mae is loosening the reigns and making mortgage qualifying easier. I won't try to completely explain Automated Underwriting here, but basically, when we as lenders take an application for a loan that will be sold to Fannie Mae or other investor, we gather all the details of the home purchase and all the buyers personal and financial information. We enter the information into our origination software and then send it off to Fannie Mae's Desktop Underwriter (DU) or other similar approval system. What we get back in seconds, is a list of what needs to be … (4 comments)
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wenatchee mortgage: Great news for Veterans and First Time Homebuyers - 10/04/07 01:29 AM
In the State of Washington, the HouseKey program has resumed it's funding. This means Veterans and anyone who has not owned a primary residence in the last 3 years can get 100% financing for their home purchase, including manufactured homes and condos. The program is offered through specific loan officers who have been certified by the Washington State Housing Finance Commission (WSHFC).
The rates are below market, and have some income and purchase price limitations, but you can still find a few homes to fit the parameters in our part of the state (Eastern Washington).
Here are the current rates as set by the … (4 comments)
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wenatchee mortgage: Refinance Boom in Wenatchee - 10/03/07 01:54 AM
With the extraordinary increase in home values over the past 2-3 years, most people gained a lot of equity in their homes and land. I am now seeing a lot of people coming in to refinance; some to take equity out, others to eliminate PMI (Private Mortgage Insurance). I closed loans recently for two separate clients who wanted to pull some cash out of Chelan building lots, each of which had more than doubled in value. (Yes, you can refinance a building lot).
More commonly, people are pulling modest amounts of cash out their primary or investment homes for remodeling or to … (2 comments)
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wenatchee mortgage: Wenatchee Tour of Homes - This Week - 09/12/07 02:29 PM
If you have read about the great Real Estate market in Wenatchee and want to check it out, this week provides a perfect opportunity. High temps will be in the 80's and the Tour of homes runs Thursday through Sunday.
Thirteen homes will be on display, all from local builders. Plus while you are in town, peaches, apples and pears are all coming out of the orchards right now, so take home some fresh picked fruit.
You can get your Tour tickets and get more info including maps online.
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Darel Ansley
Wenatchee,
WA
More about me…
Peoples Bank
Office Phone: (509) 664-5324
Cell Phone: (509) 860-3301
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