whither jumbo mortgages? - 08/31/07 12:05 PM
Yesterday I started pricing a jumbo mortgage for a client of mine and found out the rates had increased 1/2-1% over pricing two weeks ago. The best price I found was 7.5% on a 30 year fixed mortgage. The rates on ARM's wasn't significantly better. My borrower has a 720+ credit … (4 comments)
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my take on the mortgage crisis - 08/31/07 09:40 AM
I read this morning that President Bush moved to ease our jitters by allowing people whose mortgages are resetting to refinance into an FHA loan. Further, the FHA loan limits would be increased to $417,000. Obviously, these are positive moves that may give our world some traction.
But the fine print states … (2 comments)
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nothing like getting back to the basics - 08/25/07 10:17 AM
Good morning: I was thinking about how we can sustain our business in what certainly have become interesting times. I think it boils down to good old fashioned hard work. Yesterday I left my office at 5:45. Most of my fellow co-workers left between 2:30-3:30. I've heard comments such as there's nothing … (4 comments)
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shopping for a loan-be sure to compare apples to apples - 08/21/07 09:47 PM
I write this evening a little perturbed with my borrower who is shopping me. I understand this is all part of our job but have to admit I'm not crazy about it. Especially since this particular borrower not only got my business in the first place but also the business of a … (4 comments)
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I love working with real estate agents-you can call me crazy - 08/15/07 06:11 PM
Hello all: It occurred to me today that I love working with real estate agents on deals. Here's why. It allows me to communicate throughout the process in order to get the transaction done. I like this. I often hear from realtors that they never hear from the lender until the deal … (2 comments)
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Pay Option ARM's-do they make sense - 08/14/07 06:22 PM
I was thinking today about Pay Option ARM's and wondering if they made sense for you, the borrower. I think I came to the conclusion that, most of the time, they really don't. The one exception might be if you're an investor who doesn't plan on holding your property that long or … (2 comments)
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We're still in business-an explanation - 08/13/07 06:04 PM
Hello all: I had the question posed to me twice today by consumers such as yourself. The question was are you going to survive? I said yes and here's why. Number one, Exact Financial Group is a mortgage broker and, therefore, has the ability to shop your loan to over 75 lenders in … (4 comments)
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licensing for loan officers - 08/08/07 12:24 PM
Hello all: In Washington State all loan originators were requred to be licensed as of the first of the year. We also have to pass a test by the end of the year in order to keep our license. I think this is a good thing. First and foremost, the conversations … (10 comments)
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Shopping around for the best lender - 08/08/07 12:12 PM
Good morning! I wanted to share with you some great information about how you can choose the best lender for your situation. Here goes.
1) It's important to work with a professional who knows what they're doing. They should be up-to-date on market conditions and ask the right questions in order to put you … (4 comments)
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mortgage week in review-what a wild one! - 08/04/07 08:59 AM
Wow! What an interesting week last week. On Thursday, the buzz in my office was palpable. I'm newer to the business so have decided not to be affected by what's going on. But the more experienced loan officers in my office were scratching their heads. They were watching deals fall through on … (10 comments)
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It's a volatile market today-hang on and enjoy the ride! - 08/02/07 04:23 PM
I've been getting several emails today about how topsy-turvy the market is today. There have been several lenders who have either worsened their pricing or stopped lending altogether. I even read an email from Washington Mutual that stated they will survive but several others probably won't. And I'm not sure it will … (2 comments)
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notes from Washington State-the state of the mortgage market here - 08/01/07 02:16 PM
Hello all: The mortgage market here has definitely tightened. Currently, there is as much as a 9 month inventory of houses for sale in most areas. Anything above a 6 month supply can be considered a buyer's market. A lot of my real estate agent friends are struggling right now. And … (4 comments)
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Staying motivated-what are your secrets? - 08/01/07 02:00 PM
Hello all: I'm curious what you do to stay on top of everything. I have a growing business that I find hard to take any time away from. I'm afraid I might miss out on a deal or something will go wrong because I'm not on top of the one I'm working on.
With … (2 comments)
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