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mortgage: The USDA Rural loan is making a come-back! - 04/23/10 03:38 PM
Just when we were waiting any day for the announcement that the USDA Rural program was out of funds... the Legistlature goes to work to get them back in there!
We still need an official vote but the Financial Services Committee approved it unanimously.
If you are not familiar with the USDA Rural loan, it is a zero-down loan program with no mortgage insurance primary for first time, low-to-moderate-income home buyers buying homes in rural/outlying areas. It's a great program for those who qualify and the income caps have been raised recently to make it available to more home buyers (which … (2 comments)
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mortgage: Home Buyer Tax Credit: T-8 days and counting... - 04/22/10 09:12 PM
We have 8 days left for home buyers to reach mutual acceptance on a contract to purchase a home.
This is the final stretch folks! There was A LOT of buzz at the end of last year when they extended the previous tax credit; so far it seems very clear this one will expire at the end of this month.
We then have until June 30th 2010 to close on the home.
The National Associaton of Home Builders has maintained a site with additional details: http://www.federalhousingtaxcredit.com
Some of the general terms are also available on this previous post of mine.
… (0 comments)
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mortgage: FHA loans really won't cost that much more! - 02/04/10 09:14 PM
FHA loans really won't cost that much more!
Lots of buzz this week about the Federal Housing Administration raising the costs of FHA loans, how they're raising the "up front" mortgage insurance premium; the annual premium, the down payment requirement for the scores and scores AND SCORES of people who are financing through FHA with <580 credit score, and reducing the max seller concession from 6% to 3%, and apparently these changes are apparently going to catapult us back in to recession.
Wow. Will you allow me to clarify a few things?
On a $250,000 purchase price, here's how these changes … (2 comments)
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mortgage: FHA to DELAY restrictive changes to condo financing - 10/22/09 12:55 AM
NEWS FLASH: the Department of Housing and Urban Developed announced today that they will delay changes to the FHA Condo policy. This is good news to anyone involved in the low to mid range condo market. The changes have been delayed until December 7th (after initially being delayed from last year until this month, and then were pushed back again until November).
They have also announced additional leniencies to address the difficult market conditions and augment some portions of the Mortgagee Letter 2009-19, providing additional information.
So "Spot Loan Approvals" are still on for another month!
Here's where you can find the FHA … (0 comments)
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mortgage: Marketing Tip/Idea: Coffee on you! (MTOTD) - 08/24/09 05:02 PM
For those who are acronym-challenged, MTOTD stands for "Marketing Tip of the Day." Yes I made the acronym up and really didn't expect anyone to get it, but thought it might at least get someone's attention...
Marketing Tip of the Day: Coffee on you!
Pair-up with a business partner (Title Rep, Escrow Rep, your favorite Mortgage Loan Originator hint hint, nudge nudge), meet at your preferred walk-in coffee spot and each of you put $20 onto a gift card from that location. Then hand the gift card to the cashier and ask them to pass the word -- that you would like … (12 comments)
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mortgage: Mortgage Rate Update -- THE FLOOR IS CLIMBING! THE FLOOR IS CLIMBING! - 05/21/09 05:41 PM
Mortgage Rates have gotten a little squirrelly of late, and are up about .25% from my last posting, here (yes, you must read my previous post -- it's the ol' bait-and-switch).
Many Economists (whoever that guy is, he sure is mysterious) say that rates are likely going to climb to 6% by the end of the year.
THIS COULD BE IT PEOPLE!
Ok, that may be slightly dramatic, but rates always go up faster than they go down, so if you're getting close to buying or refinancing...
"Hello, this is James Wirth with your red carpet room service. It's now time … (4 comments)
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mortgage: Mortgage Rate Update -- Let's give 'em somethin' to talk about! - 05/13/09 07:11 PM
Interest rates today remind me of my 1 1/2 year-old... I turn my back for ONE SECOND and he falls down! Based on a number of factors including unemployment numbers coming in worse than expected, mortgage rates went down today, closing at the recent low:
4.5% Rate / 4.673% APRP & I payment: $2,112.88Loan amount: $417,000Down payment/equity: 20%Loan Program: 30 Year Fixed
Rates are as of 5/13/09. Subject to change without notice and most likely they will, but I will be ready in the morning in case they open where they closed! Anyone care to lock a rate? Anyone? Bueller? Bueller?
… (0 comments)
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mortgage: Mortgage Rate Update -- 'she canno' hold on much longah' cap'n! - 04/17/09 06:32 PM
Yes yes, another trek reference. Not that anyone's counting *sigh*
The week started lower, held at the hump and lost momentum in the last couple of days. Here's where we wound up:
4.875% Rate / 5.026% APRLoan amount: $417,000Down payment/equity: 20%Loan program: 30 Year FixedMinimum credit score: 720
Everything points to this being the bottom for rates -- well, except that ONE Bank of America announcement that said they expected 4.125% rates. Hey BofA, here's an idea -- take that TARP money and MAKE NEW LOANS!
Ok, I apologize. My usual diplomacy is nowhere to be found.
Thanks for reading!
… (2 comments)
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mortgage: Should "Stated" loans be disqualified from the Making Home Affordable Program? - 04/16/09 10:05 PM
In a blog on the subject of the Making Home Affordable program, I have received a number of questions from ActiveRain'ers looking for clarification, expressing their frustration or generally commenting on the program. I have also received a number of private messages from individuals who had specific questions they wanted to be kept out of the blog.
You can view and comment on the blog post here.
In both of these scenarios I have done my best to provide clarification as I understand it. Unfortunately the program is still very new and I don't believe it's really up and running yet; I'm … (3 comments)
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mortgage: Donald Trump, YOU'RE FIRED! - 04/15/09 03:15 PM
An article was released today quoting The Donald in a phone interview on CNBC's "Squawk Box."
The article quotes Mr. Trump as saying:
"The banks are not lending money, there's no money out there, no matter how strong you are, no matter how good your deal is, if you go to a bank today they virtually laugh at you if you're asking for money. They don't have money or they're hoarding money,"
OUCH.
Here's the full article, and it had a pretty catchy title: Banks 'Virtually Laughing' at Loan Seekers: Trump
But if you take the time to watch/listen to the interview -- which most of us don't … (0 comments)
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mortgage: Mortgage Rate Update -- Holding Steady - 03/31/09 09:26 PM
Mortgage rates held on to improvements made over the previous sessions today. Little Mr. Doubting Thomas here was sure they were going to climb back up.
DARN YOU MAGIC 8-BALL!!!!!!
Lucky for you fence-sitters out there, you got to weigh the pros and... well, they're really all pros... for another day.
I leave you with one of my favorite quotes:
"Good things may come to those who wait, but only the things left behind by those who hustle." Abraham Lincoln.
Let's show some hustle people! Pick up those knees! MOVE! MOVE! MOVE!
:)
Thanks for reading! --James Wirth
… (0 comments)
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mortgage: Mortgage Rate Update -- 'little less conversation, 'little more action! - 03/30/09 09:20 PM
The last couple of bond market cycles have produced a nice little drop in rates. Although it's impossible to predict any bottom (stock market, gold market, real estate market, rates), all factors point to rates being as near to the bottom as we can really hope to guess:
4.625% Rate / 4.773% APRP&I payment: $2,143.96Loan amount: $417,000Down payment/equity: 20%Loan Program: 30 Year FixedMinimum Credit Score: 720
The only sure way to see the bottom? In the rear-view mirror.
For every 1 person who times the bottom just perfectly, there are 100 who missed it; maybe even more than that.
Call or … (0 comments)
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mortgage: Making Home Affordable -- Part II - 03/30/09 08:44 PM
In my blog at the beginning of March I outlined my understanding of that portion of ARRA (the American Recovery and Reinvestment Act of 2009), designed to curtail foreclosures and assist homeowners in taking advantage of the historically low mortgage rates currently available. My original blog entry can be found here.
A couple of asides:
There's a site that has been published containing interactives, information releases et al regarding ARRA, which can be found at www.recovery.gov.
The foreclosure mitigation plan, now somewhat officially coined the "Making Home Affordable" program, can be found at www.makinghomeaffordable.gov.
Ok: Here's an UPDATE on the … (0 comments)
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mortgage: Mortgage Rate Update -- the waves gently lap at the warm sanded shores... - 02/18/09 06:05 PM
It was a day at the beach for interest rates today after a modest improvement yesterday afternoon. Here's what we're seeing for a minimum credit score of 720:
4.875% Rate / 5.026% APRLoan amount: $417,000Down payment/equity: 20%Loan Program: 30 Year Fixed
The past couple of days have brought consecutive price improvements landing us back under 5% after a few weeks of climbing rates. Those who continued to float when we were at 4.5%, this is a second chance to lock-in a rate with a 4 in it.
There is certainly no lack of news to comment on and yet I have remained relatively … (0 comments)
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mortgage: Cheaper Jumbo Loans?!? SWEET! (or... not so much really...) - 01/20/09 12:57 PM
A close family member of mine (whose identity will remain undisclosed for their own protection) has jokingly proclaimed that it's acceptable to say something, let's say, non-positive, about someone as long as you follow it up with "bless their hearts" (thus canceling out any potentially inflammatory nature of the preceding remark).
Over time this concept has been expounded upon to indicate that any time an individual or party is referenced and the comment followed up with "bless their heart(s)" that the listeners would be aware of the inferred inflammation, even if it was left unspoken.
I received numerous calls and emails yesterday in reference to an article posted over the weekend by … (3 comments)
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mortgage: Mortgage Rate Update: All the King's Horses and All the King's Men - 01/20/09 11:21 AM
Not exactly the way I wanted to come back from a holiday.
As much as I'd love to take the day off and watch the proceedings, I'm really just ready for everybody to get to work! Oh -- speaking of which --
On Friday mortgage rates worsened, but that was somewhat expected because historically when the market closes early in advance of a holiday, rates often worsen and then recover after the holiday.
NOT TODAY! Boy, they really showed me! Take that James! Ha!
5.125% Rate / 5.279% APR
P&I payment: $2,270.51
Loan amount: $417,000Down payment/equity: 20%Loan Program: 30 Year Fixed
… (0 comments)
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mortgage: Rate Update -- I'm Baaaaaaaaaacccccckkkkk!!!! - 01/05/09 02:57 PM
I received a number of requests for additional updates and I'm feelin' the love! Glad I'm catching your eye out there and providing some value to you and yours. Now that we're through the holidays I will resume my (almost) daily posts on mortgage rate movement.
Last week we saw a bit of a climb in mortgage rates but I'm happy to report we're back under 5% WAHOO!!!
4.75% Rate / 4.899% APR
P&I payment: $2,175.27Loan amount: $417,000Down payment/equity: 20%Loan Program: 30 Year Fixed
Rates as of 01/05/09, subject to change without notice.
Now that the gov't is turning the heat … (4 comments)
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mortgage: 3 Important Questions to Ask When Applying for a Mortgage - 12/31/08 10:50 AM
This post may not boost my peer popularity but it's great information for consumers, and I challenge those who are focused on their clients' best interests to forward this post to their prospective clients.
What is the actual loan program you're quoting?
I won't mention any names but we've all heard the ads promising a 'low fixed rate of x.xx%;' notice however that it doesn't say that it's a '30-year fixed rate loan.' It's a subtle marketing ploy that is often used to get people in the door before disclosing that it is actually a 5/1 ARM for example, which is an adjustable … (0 comments)
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mortgage: Home Sales Rise -- That's BAD News?!? - 12/23/08 09:35 PM
A contributor to MSN Money and I are not on the same, well, page. Here's the full article, it's written by Mark Gimein, The Big Money. Sadly, Mr. Gimein is not a member of ActiveRain; however, his comments have been posted here before, by AR's very own Jonathan Logan. You can read that post here.
The premise for the article in question is that a jump in home sales isn't necessarily a good thing if it's not for the right reason. The article heading reads, "Yes, a few bargain hunters have stepped up and put a dent in the housing glut. But the slow cycle of … (0 comments)
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mortgage: Mortgage Rate Update -- Unchanged from Friday - 12/22/08 12:06 PM
Today's one of those days where the mortgage market wakes up slowly, doesn't get right in the shower, leafs through the paper while sipping some decaf coffee, and slowly gets around to work. Not unlike many of us this morning after seeing the traffic reports and seeing all of the snow here in the Greater Seattle Area.
There are no economic releases of note today, and a treasury auction this week, so bond traders are aware of that and despite the stock market generally in negative territory there's not really any reason for rates to do anything but, well, hang out.
… (0 comments)
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James Wirth
Everett,
WA
More about me…
Address: Everett, WA, 98208
Cell Phone: (425) 298-7883
Email Me
James Wirth here, and T-H-A-N-K--Y-O-U for visiting my blog! Here I hope to inspire, educate, and coach those affiliated with the Real Estate industry on how they can better market themselves online & connect with past, present and future clients/customers/contacts
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