Let's Celebrate the FREEDOM OF LIMITS! - 12/30/08 09:36 PM
It's really important to get a current review of your buyer's borrowing power before taking them out for a spin. 2009 guidelines are even tighter than we experienced in late 2008 so that September '08 letter is worthless.  Buyers can be a bit like teenagers with no curfew if we don't help them set appropriate limits!
So what can you do to help improve your buyer's chances of getting funded? Besides referring them to a broker you know has fantastic work ethic, track record and resources (hint hint) you can help them best by instilling some self responsibility back into our world. 
Enter The Household Budget:  It should be basic math to sit down decide what you can afford to live on. … (6 comments)

The Greatest GIFT! - 12/23/08 06:17 PM
GIVING OF ONESELF: I realized I could actually MAKE my own Christmas presents this year -- so while I'm sorry some retailers may miss out on my dollars -- I am not sorry that the gifts I give will have that homey touch of a person who cares enough about them to dedicate my time to create something that expresses a feeling of gratitude. I am thankful for my loyal clients and colleagues. I care that some of you have kindly expressed your concern and support for the many in our industry affected by our economic debacle. Care is the gift we most need and … (2 comments)

SEIZE THE DAY! - 12/12/08 08:06 PM
Rates Fell to Earth Today! If EVER you wanted to buy or refinance a home today the time has come! The mixed financial news hitting Wall Street has resulted in amazingly low rates and lenders eager to fund! A flight to Bonds has this effect. Today we are quoting Conventional 30 year fixed terms from 4.875-5.0% for purchases or rate and term refinances with 680 FICO scores.
Lower Rate Promises? Refinances are very unlikely to be on the low rate priority list the Fed is promising in the new year. We 'hear' that the lower rates will apply to distressed borrowers in modification mode and first time … (3 comments)

MAGIC Letters of Explanation! - 12/11/08 10:01 PM
Does your bank offer you a copy of your credit report when you apply for a loan? Most don't! So what if they deny your application based on information in your report? Sure you can write for a copy and find out later. By contrast, let's say you come to my office for prequalfication. I pull your report, I give you a copy and we discuss the report in detail. What happens if you find some surprising news that is not very flattering on your report? It could be old news you had forgotten about or inaccurate information. Together we assess what measures may be required to get you in better shape. While your … (6 comments)

When Rates are the RAGE! - 12/11/08 01:24 AM
When is it good to quote a Rate? Without fail, "What is today's rate?" is the first thing we are asked on a daily basis. Naturally mortgage professionals don't want to disappoint folks, so rates are usually the last thing we can offer. Your interest rate really depends on what you want to accomplish, how quickly, for how long and so many other factors not the least of which include some complicated price adjustments for risk factors.
OK...We Do Have Some Amazing Pre-Christmas  Mortgage Rates!  Below is a loan comparison for 5.0% Purchase and 5.25% Refinance Rates, Based on classic 680 FICO, Full Documentation, 80% Loan to Value.  Not everyone will qualify for these terms of course. Jumbos, … (7 comments)

OPTIMISM for a Change! - 12/11/08 12:48 AM
December 1 Front Page Article from local Bellingham Herald.
This true story demonstrates how a young couple did not fall for the 'qualifying loan' they were offered that felt way beyond their means. Instead they used their own budget and reason!http://www.bellinghamherald.com/102/story/696686.html   
Credit is due to Realtors, Anne Inman and Maryann Angus for helping realize this couple's home purchase within their reach. And we can't forget our unsung lenders, appraisers, processors, escrow and title agents working overtime to help fund deserving folks like this.  
Good News! Many great properties are available for smart buyers who have been biding their time at today's amazing interest rates! We can still lock 97% for FHA purchases (until January 2009--after … (1 comments)