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fha: The Myth of The Freddie Mac Average Mortgage Rate - 11/16/11 03:08 PM
Each week Freddie Mac—one of the giant Government Sponsored Mortgage Enterprises—releases their “Primary Mortgage Market Survey” or “PMMS”. For the week ending November 10, 2011 the average 30-year fixed rate conventional mortgage was reported at 3.990%.
Almost invariably the mainstream media will spin this report as “Mortgage Rates Hit All-Time Lows” or “30-Year Mortgage Rates Drop Below 4%!”
You may be surprised to hear that this sort of media coverage causes our phones to ring off the hook. A typical conversation starts like this:
“I just heard that mortgage rates dropped below 4%. Why can’t you get me a lower rate?”
… (0 comments)
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fha: The Four Steps To Properly Setting Goals - 11/12/10 03:28 PM
First, set a positive goal for yourself. "I will save to buy a home" is a positive goal, while "I will not spend money" is a negative goal. By focusing on the positive, you'll quit spending money because you'll be so focused on your goal that you won't notice you've stopped spending money.Second, set a date for achieving your goal. A goal is not a goal until you set a date for it. So set a date for achieving your goal, and make sure your date is attainable. If it's not, you'll become discouraged and quit. But don't set a date … (2 comments)
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fha: FHA changing its mortgage insurance fee structure - 10/05/10 01:29 PM
FHA has announced that beginning with case number (application) assignments on or after Oct. 4. FHA monthly mortgage insurance premiums will rise to .90 basis points.
This change also includes a decrease in the upfront financed mortgage insurance premium to 100 basis points down from 2.25 basis points currently in place. If you are going to use the FHA to purchase or refinance a home you wanted to get your application in before Oct. 4 and have your case number pulled at that time.
How much more this will cost the borrower is described in the following scenario. With a base … (2 comments)
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fha: But what would another round of Quantitative Easing mean to Bonds and home loan rates? - 10/04/10 01:17 PM
Let's break it down into four important aspects: (1) When would it happen? (2) How much money would it involve? (3) Why is this being contemplated? (4) And what does it mean to home loan rates?
First, as stated above, whether QE2 happens will be dependent upon the upcoming data releases. Many experts agree that if the Fed does make a move, it will most likely happen at the next Fed meeting, which is scheduled for November 3rd.
Second, the question of "how much" is still up in the air. As stated above, New York Fed President William Dudley gave an … (0 comments)
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fha: Are You Working in the Informational Zone or in the Influential Zone? - 08/18/10 12:10 PM
Go from Relationships to Referrals!
Have you ever...
had a client go from sold to gone or sold to doubtful when you sent them the paperwork had a buyer who was hot to trot to write an offer but cooled off as soon as they got the paperwork had a networking partner who had shown all signs of referring you business but didn't had a past client who had a terrific experience, but didn't refer you business If you have, you probably got confused about which communication tool should be used to deliver what message. The Informational Zone includes Advertising, Direct … (1 comments)
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fha: Qualified Military Buyers - 07/20/10 01:19 PM
Qualified military buyers can also utilize this tax credit along with other available benefits from the Department of Veterans Affairs (VA), making this dollar-for-dollar tax credit extremely financially attractive with today's lower home prices and lower interest rates. That's because the VA allows qualified military borrowers to purchase certain homes in certain areas with no money down and no private mortgage insurance. To be a qualified first-time home buyer and receive a tax credit of up to $8,000, the buyer and his or her spouse cannot have owned a home in the last three years. Unlike the Home Buyer Tax Credit … (1 comments)
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fha: The 1 Force That Can Really Change A Mortgage Rate - 06/30/10 12:17 PM
All day, every day, conforming and FHA mortgage rates in Washington State are in flux. Rates move in response to hundreds of factors which exact varying levels of influence.
Among the biggest influences on mortgage rates is inflation. When inflation is unexpectedly high, mortgage rates tend to rise quickly. Conversely, when inflation is unexpectedly low, rates tend to fall quickly.
But what is inflation?
By definition, inflation is when a currency loses its value; when what used to cost $1.00 now costs $1.10.
As consumers, we recognize inflation by the items we buy on a daily basis becoming more expensive. … (0 comments)
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fha: New Credit Rules in Effect - 06/11/10 12:39 PM
New Credit Rules in Effect!
Effective June 1, Fannie Mae has instructed lenders that they should adopt a new policy that could involve a second review of an applicant's credit report just prior to closing. When reviewing defaulted loan files, they have determined that the credit profile of a borrower may have changed from the time of the initial review of the credit report and at the time of closing.
The potential impact to a borrower who has utilized credit to make significant purchases after the initial credit report could include a delay in closing, increase of closing costs and/or … (1 comments)
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fha: Save the Down Payment Assistance Programs - 08/26/08 09:57 PM
Congress has this bill on the floor when they return from the Summer Break. We all need to voice our opinion to keep the Down Payment Assistance programs alive.
Congress introduced bipartisan legislation, H.R. 6694 that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership opportunities for low and middle-income Americans. The legislation, sponsored by U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) reauthorizes and reforms charitable downpayment assistance funded in part by sellers, which has helped over one million families … (0 comments)
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fha: FHASecure could help many of your clients - 10/02/07 03:38 PM
WHAT IS FHASecure?
FHASecure is a refinancing option that gives credit-worthy homeowners, who were making timely mortgage payments before their loans reset but are now in default, a second chance with a FHA insured loan product.
WHO IS ELIGIBLE
Eligible homeowners must meet the following requirements:
•1. Have a non-FHA insured ARM that has reset;
•2. Sufficient income to make the mortgage payment; and
•3. A history of on-time mortgage payments before the loan reset.
By refinancing into a FHA insured mortgage, you can expect to pay lower monthly mortgage payments. FHASecure can improve the quality of life for many communities by helping … (1 comments)
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Jerry Wright MLO 181458
Marysville,
WA
More about me…
Absolute Mortgage
Address: 3503 188th ST SW, Lynnwood , WA, 98036
Office Phone: (425) 771-2349
Cell Phone: (425) 238-2095
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