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interest rates: Super Conforming loan limits to expire Sept 30. - 05/27/11 06:31 PM
Over the last few years, the government has funded mortgages as large as $729,750 in high-cost areas throughout the country. Those loan limits were temporarily increased because the economy was struggling and many lenders would have refused to make those loans without the government covering the risk of default. But now those loan limits are due to expire in just a few short months, on September 30, 2011. So, why is this a big deal? Mortgage rates are typically much lower when they are supplied through Fannie Mae and Freddie Mac. When these loans are no longer allowed under Fannie Mae … (0 comments)
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interest rates: Five Tax Breaks Every Homeowner Should Know - 11/08/10 12:40 PM
Five Tax Breaks Every Homeowner Should Know
Benjamin Franklin once said, "In this world nothing can be said to be certain, except death and taxes." More than 200 years later, this certainly holds true. And while being a homeowner won't add years to your life, the modern tax code has a number of benefits certain to make your tax bill lower. The following are a few ways your CPA or Tax Preparer can help you save: Take an interest in your mortgage interest - Statistics show that only about half of homeowners claim this valuable deduction. Make sure you're one … (0 comments)
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interest rates: Tick Tock Tick Tock, It's time for a home loan checkup - 11/01/10 12:14 PM
They say that home is where the heart is. Yet do you know that a mortgage is the heart of every good financial plan? Making sure you've got the right one can save you a ton of money, along with creating wealth and financial health for your family. And with home loan rates near historic lows, now is the perfect time for a home loan check up.
When it comes to determining if your mortgage is still the right one for you, some important factors to consider include the type of loan (or loans) you currently have, your current loan balance, … (0 comments)
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interest rates: What Does the Federal Reserve Do Anyway? - 08/02/10 11:45 AM
With the economy in the news every day, more attention is being focused on the Federal Reserve than ever before. The Federal Reserve System is made up of twelve Federal Reserve Banks, overseen by the Board of Governors. The Board of Governors is located in Washington DC and is comprised of just seven members, who are appointed by the President and confirmed by the Senate. The main responsibilities of the Fed include:
Researching US national and regional economies Providing financial services to depository institutions, the US government, and foreign official institutions Supervising and regulating banking institutions to ensure the safety … (0 comments)
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interest rates: 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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interest rates: NEW GFE effective Jan 1 - 12/23/09 06:03 PM
Have you looked at the new Good Faith Estimate yet? Well I would encourage you to. Starting January 1st lenders are required to use a new GFE. It is a three page document now, not just one. It does spell out quite well what the closing costs are and what they are for. There will be some confusion with this document though. To start with there is nowhere to see what the total monthly payment is. It does show principle and interest, but not the total payment with the MI, Taxes or Insurance. It also does not show how much money … (1 comments)
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interest rates: Debt to income getting stronger - 12/08/09 12:40 PM
Effictive Saturday, December 12th the underwriting engine that is used to approve most loans is reducing its ratios to 45% with some flexibillity to 50%. In the past we could run DO and get approvals to 54% normally and in the low 60's with a stong buyer. What this means is the buyers debt to income ratio is lower. The figure means the amount of total debt ( new house payment and all consumer debt) can only be 45% of the gross salary of the buyer. So talk to your lenders if you have buyers shopping. If you run DO prior … (2 comments)
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interest rates: FHA and VA refinance - 11/23/09 02:07 PM
If you know of anyone in your data base that has a FHA or VA loan, now is the time to make a call to them. If their interest rate is at or above 6% then they should consider a refinance. With FHA and VA there is a "Streamline Refi" available. What this means for the custormer is that even if the home value has gone down there is no need for an appraisal and they could lower their monthly payments. I have saved many of my clients hundreds of dollars per month with these loans. Interest rates are close to historic … (0 comments)
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interest rates: Fed Funds - 11/04/09 01:40 PM
The fed funds were left unchanged today. On that news the mortgage bond have seen some pressure and are off aobut 19bp's. This should move rates up slightly in the afternoon and tomorrow morning. Applications rose in the last week by 8.2% though. The next big event will be the auctions on the 9th of $40B 3 yr bonds, $25B 10 yr bonds and $16B of 30 yr bonds.
Jerry Wright
Mortgage Advisor
… (0 comments)
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interest rates: Good news for short term rates. - 10/22/07 01:49 PM
The Federal Reserve will do whatever is necessary to prevent damage to the economy from the credit crunch that has gripped Wall Street, a Fed official said Monday, warning it will take time for financial markets to fully recover from the strains.
Fed Governor Randall Kroszner's remarks came as fears about the credit crunch and a painful housing slump have gripped investors in recent months, causing stocks to nosedive. Wall Street took another sharp plunge -- 366 points -- on Friday. The Dow Jones industrials was up in trading on Monday afternoon, after being down more than 100 points early in … (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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