Dick's Blog

But, do we really need a $15,000 tax credit? Or do we just need something that works?

Dick Todhunter (Sound Realty Northwest) — Mon, 15 Jun 2009 00:20:59 -0500

Now is the future of yesterday, what will today's future hold?

What is the goal of this first time home buyer tax credit or that $15,000 "everybody" home buyer tax credit?

(See Hey Seattle, I'm an optomist maybe a $15,000 home buyer tax credit is closer! )

Face it $8,000 didn't make the market take off sufficiently, so let's try $15,000 and let almost everyone qualify! I know, let's throw money at the problem!

Let's get back to the problem, the housing industry was at the center of a horrible mess which turned out affecting not only us(A) but the entire world. Enough said, we have heard all about it. Preserve neighborhoods, prevent foreclosure, short sales, Federal bailouts of toxic mortgages, blah, blah, blah.

Jump starting Seattle's first time home buyer is a great place to start, it creates a ripple up the housing pyramid. The first time home buyer tax credit and possible general tax credit under discussion sounds like it could do wonders. Yippie! Yahoo! for everyone!

Here is my real issue with any tax credit at all... Is it really going to be as effective as it could be? Could have been? Will Be?

First time home buyers will feel great getting an $8,000 tax credit, let alone a $15,000 tax credit. Move up buyers will be the recipient of a bonanza, not needed and unjustifiably.

Let's use a first time home buyer scenario of a $300,000 purchase with a required FHA 3.5% down payment. That would require the buyer to save a minimum of $10,500 (plus lender requirements). That is a lot of money for a lot of people. How nice it would be to have to save $8,000 less and still be a home buyer! That would be cool!

Unfortunately the tax credit money is not being made available for down payment purposes. After all that would be getting us back to the point of creating junk mortgages, toxic assets and put unqualified buyers into homes that they can't afford. After all they don't even have habits sufficient to save enough for a minimal down payment.

Here's a problem with kick starting a first time home buyer boom. Tell Joe Average home buyer to "Quick, save up $10,500 (and more) and you can take advantage of low interest rates and low home prices!" Like that will happen overnight!

All of the issues with allowing the tax credit to apply to the down payment would be better overcome by increasing qualifying standards, lower the ratios of income to expenses, increase credit scores, raise the insurance premium. Basically penalize the borrowers (who don't have enough saved and need to rely on a $8,000 gift) and make them buy less home. There are other ways to get people with low savings into homes while decreasing the risk of default and allowing those with poor savings habits to participate in the home ownership dream.

Alternatively the government could take the $15,000 that they would make available to a larger pool of home buyers and create an insurance pool against defaults for those first time home buyers above. Why in the world would you provide move up buyers or first time home buyers with all of this money? Especially when your goal is to get the housing market moving. Plenty of people will be rewarded, for what? It seems ill thought out and a bit crazy to me. Especially when the simple solution may be.....

First time home buyers are buying more home for a lower price and can therefore enjoy more than they thought possible just a few years ago. They will be happy.
Get the IRS to allow some accommodation for the credit to be used as an advance payable for the deposit.
Provide the $8,000 tax credit to first time home buyers only.
Do get rid of income limits.
Use some of the proposed largess ($15,000) to buy down the interest rates on first time home buyers. Again, lowering the risk of default.
Or, maybe move up buyers deserve something from us also.
More people buying homes, furniture, carpet, upgrades, appliances, roofs, etc. Sounds like employment to me. Something else that we have a dire need for.

I am sure that you can think of other logical, positive, implications or thoughts, of doing things different than coming up with $15,000 for everybody!

Finally, an action which may help the ailing housing industry. Contact your Congressional representatives NOW!

Hey Seattle, I'm an optomist maybe a $15,000 home buyer tax credit is closer!

Dick Todhunter (Sound Realty Northwest) — Sat, 13 Jun 2009 02:50:51 -0500

Finally, an action which may help the ailing housing industry. Contact your Congressional representatives NOW!

Now is the time for all good men (ladies also) to come to the aid of their country! Is that too dramatic? I don't think so. I can still remember May 1977 when my Internet leads dropped by 90% from the previous month. Well, that was just over two years ago. This whole thing has been horrible for America, horrible for all of us.

This is a clarion call for home buyers, home sellers, real estate agents and anyone who wants action NOW. Everyone is being hurt because we are all affected by the crisis in housing. I feel bad, don't you?

Congress has taken baby steps (I know, some of you may think that they shouldn't even have taken these steps) to rejuvenate our industry via a $7,500 First Time Home Buyer credit (repayment required), then an $8,000 first time home buyer tax credit (no repayment required).

Then there was the hope of providing the tax credit and allowing it to be used as part of the required down payment. States and private parties were trying to get into the act of providing the $8,000 in advance. Then the IRS killed the whole thing with their requirements that the rebate only go to the actual person due the rebate.

WHAT A ROLLER COASTER RIDE! Disneyland in a Haunted House!

So, here's the latest, by the way $15,000 was the originally proposed tax credit which fell apart into a $8,000 tax credit. Read the details Will the $8,000 First-Time Home Buyer Tax Credit Expand to $15,000?

Senator Johnny Isaacson (GA) introduced a bill to increase the first time home buyer tax credit from $8,000 to $15,000 on Wednesday, June 10th. And the $15,000 tax credit would not be limited to first time home buyers, but could be taken by anyone who buys a primary residence, instead of only by first-time home buyers. The bill would also remove income limits.

This means that, not only first time home buyers, but any home buyer will be able to take advantage of this $15,000 tax credit. How many buyers do you know who have fears of home values continuing to drop, so they continue to wait for the bottom in the housing market? Move up buyers feel poorer when they sell their homes.

Until now I have looked at the $8,000 first time home buyer tax credit as a benefit to help cut the cost of getting into a home. Now I am looking at the $8,000 or $15,000 tax credit as a payment for a decline in home values over the next year. The Government is taking that loss out of play! Imagine what would happen if a year of home buyers didn't lose value in their new homes because they joined a movement in home buying which created faith and optimism in the future! Could that help turn things around?

Sadly, there are obstacles to getting this home buyer tax credit passed into law. More roller coaster.

Yes I make a living in the real estate industry, but that is just how I make a living. That has nothing to do with my opinions on this matter (well, a little more business would feel good and help pay the bills!).

We truly need to contact our Congressional members about passing this bill because it is in America's best interest to take action to preserve our housing stocks value- yours, mine and theirs. Don't leave it up to NAR, NAHB or any other lobby group. Take an action yourself! Contact your elected officials today!

We will feel richer and be in a better mood once the fear of the future is diminished. It is about time that we take control.

Interesting thing is that this didn't start out as a call to action. But that is what we need to do!

Contact your Congressional representatives

Home buyer note:

One last thought... I wonder if buyers will hold off buying, for the extra cash? I hope not, especially since this may never come to fruition given the governments track record. Will you be able to close by the Cinderella date? Will interest rates continue to climb?

Rising rates are like a thief, they steal from you every month, month in month out. On a $300,000 mortgage a 1% rise in interest rates will cost you $183 per month more ($11,000 over 5 years).

Washington States $8,000 First Time Home Buyer Advance Officially DEAD!!!

Dick Todhunter (Sound Realty Northwest) — Thu, 11 Jun 2009 16:53:33 -0500

What a roller coaster ride this has been. Hopes rise and are dashed, maybe, leaving a trail of questions in everyone's mind.

Below is a quote from the Washington Housing Finance Commission website. Posted on 06/11/2009.And it is terminal, as regards a cash advance from the State and possibly any third party who may have been putting together programs to advance the tax credit to the first time home buyer (I did come across one entrepreneur who had devised such a plan).

The latest status report on the $8,000 looks like this, today. FHA still requires 3.5% down payment. If you can get an advance it cannot be used to defray the need for 3.5% down. It can of course be used as an additional down payment or to pay closing costs (possibly even to buy down your interest rate). Freddie and Fannie will undoubtedly follow FHA's position.

Just an opinion..... I can certainly understand the issues of many people about requiring a minimum down payment and not using the $8,000 as an advance applicable to the required down payment. Don't want to step into that NO MONEY DOWN pile again. The real problem would seem, to me, how do we solve the housing crisis. How long does it take most of Seattle's first time home buyers to save the 3.5% for a down payment? It takes me some time, how about you?

Minimum down payments can be factored into the qualification criteria and mortgage interest rate. There are ways to account for the risk involved with a minimum down payment and delinquency rates.

While DC fiddles, the country burns. Have you seen what is happening to interest rates lately? Up significantly. This means an additional hardship on Seattle's first time home buyers and buyers in general. So you have down payment issues slowing the market and affordability (which is actually at a all time low, I hear, Seattle Housing affordability, $8,000 first time homebuyer tax credit, low interest rates- The perfect storm? coming together in an untimely scenario.

In my mind, it seems an odd way to solve the biggest crisis we have ever seen.

"Information regarding the $8,000 First-Time Homebuyer Tax Credit

Thank you for visiting the WSHFC website for information regarding the $8,000 First-Time Homebuyer Tax Credit.

The Commission previously noted it was involved in discussions with the IRS and other interested parties concerning the development of a Tax Credit bridge loan program.

To guarantee repayment of a Tax Credit bridge loan the Commission requested the IRS approve an advance assignment of the tax credit refund. If approved, the homebuyers $8,000 tax credit refund would be directly deposited into a state-owned account or mailed directly to the loan servicer for immediate payoff of the Tax Credit bridge loan.

On June 2, 2009 the IRS formally declined this request citing long-standing regulations that require refunds be paid only to the person or persons filing the tax return. Due to financial risks associated with the Tax Credit bridge loan program and because the Commission already offers numerous down payment assistance programs, the Commission has discontinued the development of an additional Tax Credit Bridge Loan program.

The Commission offers statewide down payment assistance programs for first-time homebuyers needing assistance with a down payment and/or closing costs. For information about House Key Plus down payment assistance (up to $10,000 in assistance) and the Commission’s other programs, please visit the Commission’s down payment assistance page or contact a Commission-trained loan officer to ask about getting pre-approved for the House Key First mortgage loan with down payment assistance."

Real Estate Agents - Home of the 110% office... NOT a profit share

Dick Todhunter (Sound Realty Northwest) — Thu, 08 Jan 2009 09:53:17 -0600

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Seattle WA home prices increase, prepare to be a buyer!

Dick Todhunter (Sound Realty Northwest) — Mon, 07 Apr 2008 23:43:14 -0500

Where did I leave off, oh yeah.....

It had something to do with "Think Local". Our Seattle WA and surrounding communities markets never did take off with the same exuberance as did many other markets. And our landing will not be anywhere near what is happening in many other cities.

So why are so many would be buyers waiting for prices to drop?

It is really about buying a home, a place to live, the community and schools. It is about getting on with life. We have been focusing too much on a home as a piggy bank, rellying too much on price increases to fund our consumer needs. When is the last time you heard of a mortgage burning party? Probably the younger buyers are saying "a what?". Yes people did really pay off their mortgages and party.

Did you hear, home prices in Seattle WA are beginning to rise!

You may have heard recently that prices dropped a whopping 1.3-1.7%~ last year. For those of you who held off buying that represents about $6,158 drop in the median Seattle WA home price. That is a monthly savings of $37, about 10 Starbucks coffee drinks. About 2.5 coffe drinks per week or almost one movie ticket per week (no popcorn though). Or about 1.75 gallons of gas per week. Stop me when this begins to sound like a silly reason to hold out on your home buying dreams.

And a whole industry held it's breath with you.

I have heard that something like 25-30% of real estate agents have dropped out of the business. That's actually great for the rest of us and for you. They say that about 72% of buyers and sellers choose the first agent they come across. Imagine, you could have had a one in three or four chance of selecting an agent who probably shouldn't have been in the business anyhow. Hmmmm..... maybe you will give me a call now!

Here are the most recent numbers:

The median price for a single family home that sold in King County last month was $439,900. That's down about 3.3 percent from a year ago, but up $10,000 (2.3 percent) from February! Have we turned a corner? Are we about to? February 2007 to February 2008 is down in volume by 35%. Must be the latee saving people stopped buying real estate. Oh, come on. Play with me!

And peak home buying season is hitting the Seattle WA market!

The current market offers great opportunity for homebuyers. Prices are holding up and there is less competition, at this time. As spring progresses the market typically picks up and with interest rates at today's low rates there should be a real rush in the offing.

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Rev up your engines! Refinance Jumbo mortgages soon!

Dick Todhunter (Sound Realty Northwest) — Fri, 14 Mar 2008 01:46:14 -0500

What anticipation and angst!

Waiting for the next shoe to drop has been interesting. First it was announced that changes were in the wind, but of course the had to be approved by both houses and signed into law by Presidential approval. That was done. Various announcements were made public and Conventional loan amounts were increased. U.S. regulators removed limits on the combined $1.5 trillion mortgage portfolios of Fannie Mae and Freddie Mac, enabling the companies to increase financing for the slumping housing market.

Who knew that all of this was going on in the background, who cared? We just want to get on with life as soon as possible. Tired of holding our breath on the upcoming refinance. When? When?

Well, we are actually getting closer. It appears that the issue may be that lenders are interpreting the mortgage guidelines and I have heard that there is some sort of meeting, within Wells Fargo, set for March 17th and it sounds like this is to discuss these new program requirements.

Keeping in mind that the legislation is set to be only a short term increase, expiring at the end of 2008 and was put together to resolve liquidity issues in the mortgage and real estate markets. Yes the clock is ticking and we need to get our refinance and purchase activities set into high gear. It sounds like there is still a cap of $417,000, and a charge for anything up to the new limit.

For King, Pierce and Snohomish Counties the maximum mortgage amount will now be $567,500! That's wonderful for you borrowers who have been paying Jumbo mortgage prices in King County WA! Your rates can now drop down to the new conforming loan limits.

I will post the results of the March 17th meeting as soon as I understand what comes next.

Contact me at 206-898-3776 in order to get set for participating in a stampede of Jumbo mortgage refinances. I also work with homebuyers who can buy a home through me and get a reduction on their mortgage costs.

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Building long-term wealth through home ownership

Dick Todhunter (Sound Realty Northwest) — Mon, 05 Nov 2007 09:15:11 -0600

Why do I keep talking about sound financial decisions- when you are thinking of a home buying decision!

If you notice the tone of many of my articles you will note that I am a firm believer in viewing your home purchase or investment in rental real estate as one of the most significant financial decisions you will ever make. Yes, your home is your castle. Yes, it can turn into the family home of childhood memories. And yes, it can end up as one of the biggest assets in your retirement portfolio...... Read the article at www.realtyandamortgage/blog

Buying a home, or investment property, is a great way to build long-term wealth.

But there are some other important dividends, too.

Procrastinating Buyers may loose …. Procrastinated Sellers may have lost something.

Homes are, in fact a great investment today. On average, the value of a home, your home or investment property, nearly doubles every 10 years.

So, this is the first of about five articles. Stay tuned….Next on the agenda is:

The average home owner has 36 times the wealth of the average renter!
The facts of the Seattle real estate market.
1. Increased inventory benefits YOU, TODAY!
2. Mortgage interest rates
3. Increased mortgage restrictions and what does it mean to you?
4. What’s happening with vacancy rates and how can you benefit?
5. The impact of increased foreclosures can benefit you! Find out how!

Read the article at www.realtyandamortgage/blog

So, here’s the crass commercial plug:

Visit www.realtyandamortgage.com today to learn how we can work together to help YOU create you future wealth, while receiving thousands of dollars in savings on your purchase AND potentially an interest rate 3/4% below current market rates!
Visit www.dicktodhunter.com to view current listings. This is a great site which will email you listing updates based on your search criteria.
Call me today at 206-898-3776 or email at dick@thesoundteam.com

Serving South King county WA, South Seattle Washington, Renton WA, Kent WA, West Seattle WA, Rainier Valley WA, Burien WA, Federal Way WA, Bellevue WA

Commercial and Multifamily Investing

Dick Todhunter (Sound Realty Northwest) — Thu, 25 Oct 2007 08:15:52 -0500

Commercial real estate in the Seattle Washington real estate market represents a tremendous opportunity.Let's start with a bit of background information:

What is happening in the Seattle real estate market. A September 20, 2007 article in Reuters titled "No housing woes in booming Washington State" states....
Seattle makes news Excerpted from a Seattle PI article. "The Seattle area has the second-hottest commercial real estate market in the United States.....
Seattle is also a standout market for investors, receiving top or near top "buy" ratings for all property sectors.....
Seattle, it has a highly diversified economy. Seattle is also the highest-rated metro area for home building.....

I provide my clients with an excellent financial report and analysis of their future investments. With these analysis you can:

clearly understand the financial impact of your investment decisions
and help structure a logical offer which can be used to demonstrate the validity of your purchase offer or
if selling, demonstrate clearly the value of your property

I particularly enjoy working with multi-family properties (to any size).

All of my experience in management, rehabilitating properties, investing in real estate, real estate investment analysis and understanding the results and financing are available to you, my client. Let's make better investment decisions!

Please read the entire article MORE......

Renton Video Tour

Dick Todhunter (Sound Realty Northwest) — Tue, 23 Oct 2007 08:45:14 -0500

The areas surrounding Seattle, Washington are a special place. This area has won numerous "best places to live" awards.

As a service, RentonVideoTour.com has put together this web site filled with valuable information to help answer questions for both home-buyers and sellers. You can view Renton's largest area photo gallery. You can watch Renton Video Tour or view area videos that include neighboring communities. You can also search for homes.

For more information on Kent, or surrounding communities visit The Sound Team of Keller Williams website and RealtyAndAMortgage.com and for a bit of my personality, experience and capabilities visit RealtyAndAMortgage.com/blog.

Kent Video Tour

Dick Todhunter (Sound Realty Northwest) — Tue, 23 Oct 2007 08:20:10 -0500

The areas surrounding Seattle, Washington are a special place. This area has won numerous "best places to live" awards.

As a service, KentVideoTour.com has put together this web site filled with valuable information to help answer questions for both home-buyers and sellers. You can view Kent's largest area photo gallery. For a Kent video tour, click here....You can watch area videos that include neighboring communities. You can also search for homes.

Investors? The time to strike may be upon us!

Dick Todhunter (Sound Realty Northwest) — Sun, 21 Oct 2007 09:59:38 -0500

Now may be the best time to invest in the Seattle Washington real estate market! They say that there is a Chinese proverb where “problem” represents both opportunity as well as a bad situation.

Are you a real estate investor who wants more rentals, in better neighborhoods with a better quality tenant?
Have you been waiting on the sidelines while property values have gone up 18% per year more recently in the neighborhood of 8-9%.
Why real estate? Those of you who own a home know the answer- appreciation on a much larger asset value than your limited down payment.
Tenants actually pay you $24,000 to $30,000 for your property, while you make $30,000 per year appreciation! Don’t own a home? Make your first investment NOW! I will find another tenant. And you are in the game!

There is a real problem in the mortgage market, but not for you, if your credit score and debt to income ratio fall in line with what lenders are looking for in a borrower. That credit is there, for instance the 30 year fixed rate mortgage is sitting at 6.125% (available through my programs as described in realtyandamortgage.com) and the national average per Freddiemac.com is 6.4% (at .5% cost). Investors an expect to pay 1.5% - 2.0% as a risk premium, depending on the ultimate lender guidelines and your down payment.

More.....

Part ONE....Mortgage Honesty

Dick Todhunter (Sound Realty Northwest) — Sat, 20 Oct 2007 11:40:24 -0500

Let’s start our conversation by establishing a little credibility.

It’s scary, I am an entrepreneur with an MBA in Finance.

We have an intelligent team of professionals working at The Sound Team - Keller Williams. Read our articles, we are a full disclosure group. And visit our full disclosure website at RealtyAndAMortgage.com . Then fire your questions our way and become comfortable with us.

I got into the mortgage industry in 1988 doing hard money mortgages at a time when the only lenders were American General, Household Finance and the ilk. They were the only lenders in the field, besides really hard private money. More....

Shopping for your mortgage 101

Dick Todhunter (Sound Realty Northwest) — Sat, 20 Oct 2007 11:14:55 -0500

Most people find the mortgage process confusing, interestingly enough most loan officers (LO’s) found the process confusing too. They had to go through a learning curve just in order to talk quasi intelligently to you! Do you know how to shop for a mortgage? Sadly enough the rules of comparison shopping are on the cloudy side and may only be discovered by hours on the phone grilling LO’s and you may not even be aware that there are rules by the end of the process. After all you are in the process of being “sold” the whole time. Your “informed” decision could cost you thousands of dollars on closing and tens of thousands of dollars over the life of your new loan. Mortgages are not like consumer goods, where prices are the same day after day. Mortgage interest rates are subject to the same forces as the stock markets and more specifically the bond market.

This article continues... More....

Let's baffle Borrowers with BS!

Dick Todhunter (Sound Realty Northwest) — Fri, 19 Oct 2007 08:27:07 -0500

Lies, damned lies and statistics

Wake up any day, turn on the radio, TV or read a newspaper and there they are- hawkers of incredible mortgage opportunities! Everyone damning everyone else. Everyone offering a better mortgage than anyone else. Mortgages that have no costs! Unbelievably low interest rates on 30 year fixed rate mortgages, interest rates that go up almost immediately on your new FIXED RATE 30 year mortgage! And on and on and on. All with the highest degree of sincerity, or is it snake oil? Sometimes hard to tell. If it sounds too good to be true, it is.

It's a numbers game

Here's the deal. All mortgages cost money to originate. There are closing costs, about $3,000 on a $300,000 mortgage, not including pre-paids and reserves (property taxes, insurance, etc.). These costs all go to compensate service providers (Loan Officers, appraisers, title, escrow, etc.) who would not provide their services- which are required in order to obtain a mortgage- without such compensation. Just as you wouldn't work for free. Most of these costs come directly off of a cost schedule and will have a bill submitted for payment at time of closing. More.....

Real estate agents New and Old behold!

Dick Todhunter (Sound Realty Northwest) — Sun, 30 Sep 2007 11:43:43 -0500

A brief history of realtyandamortgage.com (RAAM) goes back to 1999. RAAM was designed to be an intermediary between real estate agents, loan officers and home buyers and sellers. The intent was that we would have negotiated discounts between the various parties to the real estate transaction. Got sidetracked by life for a number of years.

My current fight with colon cancer has given me an unexpected period of free time, in which I have been able to implement RAAM, finally.

My first real estate agents, to be involved with RAAM, turn out to be our own The Sound Team of Keller Williams. Logical choice.

Here is my offer to you. Investigate RAAM and see if our core philosophy might meet your needs in this competitive environment. As you check out RAAM, can you see yourself being able to make more money, have happier clients and a great referral source?

Take a moment and read my bio on AR. We are more than capable of providing you with all of the mortgage expertise needed. This program may not appear viable for you at this time. But, keep it in mind for the transaction where your Buyers could use a little extra money at closing.

By the way, we are not going to be using a Seller paid towards closing costs contrivance to get the money being given up. We operate under an up front full disclosure policy, as elaborated on our website.

New agent? You really need to be contacting us about how this program will help jump start your career. You will be creating a strong referral source with each closing and for years into your future.

Thanks for your consideration.

Dick Todhunter

Buying a home requires knowledge of your credit score

Dick Todhunter (Sound Realty Northwest) — Fri, 21 Sep 2007 10:05:39 -0500

Thinking of becoming a home owner? Do you know your credit score?

One of the determining factors of the types of mortgages and interest rates available is your three digit credit score. Can you even get a mortgage? Find out before you begin getting your hopes up about home ownership.

Typically you should begin your home buying odyssey by being Pre-Approved by a Lender. As part of the Pre-Approval process you will provide your personal information, including Social Security Number(s). Your lender will then be able to pull your credit report, submit your information to "Automated Underwriting" and receive an approval in minutes. One of the major factors of this Pre-Approval is your credit score.

There are three credit reporting bureaus and each one has their own proprietary formulas for determining your credit score. That is why you have three credit scores. At the time of application a short-sited Loan Officer may only pull one credit score because they are paying for the credit report. The LO selects a bureau and gets a score, which could be the lowest of the three. Decisions can be made based upon the lowest score, whereas a good LO will simply pull all bureaus. The Lender needs all three scores in order to process the Pre-Approval and typically uses the mid-score in that process. Now you can talk about a mortgage you actually qualify for. Don't expect that the LO will give you a copy of your credit report, until after the loan closes. They are not an authorized issuer of credit reports and could loose their companies ability to pull credit reports if they don't follow the rules

The credit scale runs from 300 to 850. The vast majority of people will have scores between 600 and 800. A score of 720 or higher will get you the most favorable interest rates on a mortgage.

Do you have credit issues? Bad Credit? Room for improvement?

If you have credit issues your LO will be able to review your credit report and recommend actions which could improve your credit score if needed. BUT, some actions, like paying off an old judgment (the right thing to do under most circumstances) could impact you score detrimentally! The lender may not require it and the LO just cost you money! Take care when making changes at the time of application. Some pre-planning with a competent LO can help get your score up in a short period of time. You may not like it, but bad habits or principals be damned. If they say it is owed and you can't get it changed- you owe it and need to resolve it! The sooner you pay the outstanding obligation, the sooner your credit scores will begin to rise.

Know your credit score. You are entitled to a free credit report once a year. You might try http://www.freecreditreport.com/

What is a Down Payment anyway?

Dick Todhunter (Sound Realty Northwest) — Thu, 20 Sep 2007 22:05:06 -0500

Purchasing a home is a major financial investment for most people.

Your major investment would include not only acquisition of a home, but at what initial cost to you, the home-buyer? Here is an interesting question…. Should you REALLY expect to be able to purchase a major asset, a home worth hundreds of thousands of dollars, with NOTHING down? You can really do that, what do you think of mortgage companies who would allow this to happen? Don’t mind the bluntness of this blog, it is simply intended to make a point.

Well, give or take the current mortgage market meltdown (a subject for another blog) that is exactly what mortgage lenders are doing. But they do try to hedge their bets by limiting their exposure through third parties (Private Mortgage Insurance, 2nd mortgages, Loan to Value limitations).

It’s really hard for most people to save up any significant down payment, especially first time home buyers.
And that’s what a down payment is! It is the fact that you took from current income and set aside a savings pool money for your future needs. You demonstrated an ability and desire to create a down payment. Well, reality is that too many of us live on the edge for much of our lives and saving significant sums of money is very difficult. Fortunately the government has fostered alternatives and the market has responded by creating vehicles which facilitate the American dream of home ownership.

Great news for you! There is a ready made solution to our poor savings habits!

If, like to many of us, a large down payment isn’t in your home buying plan, not to worry. Mortgage lenders have created programs that typically have higher interest rates to compensate for the risk of our saving habits. This is actually great news for home buyers. Mortgage lenders have created a forced, future, down payment program for you!

You didn’t save money and take advantage of the compounding effect of savings rates to help save a down payment. But you have a home, today! Really these devices amount to giving you money for your down payment and charging you significant interest rates for that privilege. Imaging it this way. You are beginning your down payment savings, upon the purchase and for years into the future, and paying interest rather than receiving interest on your savings. An interesting way of looking at a forced savings plan.

Lenders have a limit to their exposure of 80% Loan to Value, this cuts the risk of default for their investors. This means that you must come up with a 20% down payment. And you probably can’t do that. Mortgage lenders allow you to save money for your down payment into the future, rather in your past. Either way, you create your own down payment!

So, here are the devices designed to help you with your down payment.

The old standby, which went out of favor but is now coming back, is Private Mortgage Insurance, PMI. This amounts to a percentage ranging from .35% to 1% or more, depending on your actual cash down payment. The ugly part is that this is being paid on your entire mortgage amount! You are basically buying an insurance policy and paying an insurance premium, like life insurance premiums, which basically pools all of the people like you and pays out on the foreclosed properties. You may petition to have PMI removed after a couple of years of payment and whenever your mortgage balance reaches 80% of the original purchase price. Ask your lender for their policy on PMI removal.
Second mortgages are another source of providing a down payment behind your first mortgage. They amount to the difference between your actual down payment and the 80% first mortgage requirement. Typically they are called 80-15-5, 80-10-10 and 80-20-0 seconds- that is 100% financing (where the 80% comes from the first mortgage) the last figure is your actual cash down payment. In the current (recent if you are reading this when the market has settled down) environment seconds have virtually disappeared in favor of PMI. One of the benefits of these seconds is that you don’t have an issue with continuing to pay a premium on your entire mortgage, just higher interest rates on the amount over 80%.
Special programs like FHA, long neglected due to the rise of the second mortgage alternative, is now in the process of making a comeback. It has lower down payment requirements of 3%. The problem is that in a place like Seattle Washington FHA loan limits may not provide much assistance due to high median home values.

So there it is. You either pay now or you pay later. The good news about paying later is that you now own an asset appreciating at 9% (in King County Washington).

This means that your $300,000 home purchase would create a down payment of $101,467
five years into the future, at 6% appreciation.
And that is how you are going to be able to afford your dream home!

At your current saving rate, could you really save that amount of money over the next five years? Probably not. There is no better reason to become a homeowner today. It is a great feeling of accomplishment and fulfillment of your homeownership goals.

Home buyers need to get pre-approved before they begin their home search?

Dick Todhunter (Sound Realty Northwest) — Thu, 20 Sep 2007 22:03:16 -0500

Why don’t people get pre-approved before they begin their home search?

Just thinking about being a homebuyer can be a terrifying experience for the first time homebuyer.
They don’t really know where to begin the process of homeownership.
They don’t have the information needed to approach the process in a logical stepwise fashion.
They are scared to death at the prospect of making such a great commitment to the American dream of home ownership.
Because, once they talk to an actual Loan Officer, they will be harassed to actually go out and buy a home!
Probably because they just want to see what is out there before making the decision to take the next step, which should be the first step of getting Pre-Approved for a mortgage.
They think that the Realtor is just being pushy about getting them Pre-Approved.

It’s all about educating the first time homeowner. Just like helping you find the right neighborhood where you can afford to get the home you want, getting you Pre-Approved is an exploratory affair.

What does being Pre-Approved actually accomplish? What does it mean anyhow?

But first, let’s disqualify another term you may have heard of, being Pre-Qualified to buy a home. Pre-Qualification basically isn’t worth the paper it is written on, although many loan officers will provide a letter of Pre-Qualification. It really amounts to a LO saying “Duh, I think that you can buy a home with of about $350,000, go forth and waste everyones time, including your own.”

That’s not what you want and it most certainly is not what a home seller wants to see. Remember, they have been where you are now and have gone through the experience of having to get their ducks in a row in order to become an actual homebuyer.

Being Pre-Approved for a home purchase means that an actual lender has received a complete application and has passed judgment on your qualifications to purchaser your new home! They have actually issued a finding of requirements needed to complete your application. You are now armed and dangerous! Ready to be a home buyer!

Do you really need to be Pre-Approved?

By getting Pre-Approved you are submitting all of the relevant information for a lender to be able to make a definitive decision in your favor. You may or may not like what you find out, but the really important thing is that you now know how to structure one of the most significant financial decisions you will ever make.

Benefits of being Pre-Approved include:

Congratulations you have been APPROVED!
You can now go out and buy your new home!

It takes much of the fear and trepidation out of the process of becoming a homeowner! You can do it! You can afford to do it! Let’s do it!
You will know how much home you can afford to buy! Maybe more, maybe less home than you had anticipated. Think about it, you could live in a better neighborhood because of financing options you didn’t even know about!
You will know how much money:
1. You need to put down as a down payment.
1. You need to cover Closing Costs.
2. You need to cover Pre-Paids and Reserves.
3. You will find out that you also may need to have at least a couple of months of reserves after closing on your mortgage.
4. A good loan officer can help you find qualifying sources, in your current assets, or outside assistance (seller, Realtor or Loan Officer contributions). See Realtyandamortgage.com for details on this offer.
5. In short, do you have enough resources to be a home-buyer?
Knowing your mortgage qualification allows you to set a time horizon on home-ownership. Most likely it is now.
You will understand that there are a large variety of programs out their which may help you meet your dream home needs.
You know your options and that is very comforting.
Are there obstacles in your situation that prevent you from achieving your goals?
What do you need to do in order to overcome those obstacles? And how much time is it going to take to get everything in order? Time to start solving any problems is TODAY.
Better Realtors are available to show you homes. Why is that? Better Realtors will require that you have a Pre-Approval letter to submit with your offer, something sellers expect to be included in any offer that they will seriously look at. Newbie real estate agents waste their time running unqualified people all over town. Approach home buying as prepared as possible.
Getting Pre-Approved demonstrates the sincerity of your desire for home ownership. It puts a halt to your wasting everyone’s time, including your own.
You have just made the task of searching for a home, finding a home and making an acceptable offer ever so much easier. AND, more importantly, you stand a much better chance of having your offer accepted!
Besides, everyone is doing it! This is one of those situations where you do want to be like everyone!

First time homebuyers need to know.

Dick Todhunter (Sound Realty Northwest) — Thu, 20 Sep 2007 22:00:56 -0500

Isn’t it strange? Twenty years ago I worked out of the Seward Park, Washington office of Kamas Real Estate (acquired by John L Scott). If I received a client who was interested in a home in Renton, Washington, I would refer them off to an office in Renton, Washington.

For many years now, with the advent of technology, the Internet and access to enormous amounts of housing information Realtors can effectively, knowingly work large geographic areas, communities and neighborhoods. And that’s a good thing.

Today many first time home buyers have limited choices of where they can afford to live. They know where they want to live based on friends, relatives, and places of employment, convenience, and schools or maybe that’s just where they grew up.

Housing affordability is the issue. Where are you going to find the home that you want to live in? With the median price of homes in King County, Washington sitting around $409,000 and rising at 9.1% per year where is your new home going to be?

First time Home buyers start the process by having the real estate agent show them homes in the areas where they want to live and frequently wind up in areas where the affordable home lives. It is a process of discovery and the mere act of seeing that their dream home (the three bedroom, two bathroom, 1,500 sq. ft.) is a ramshackle affair, which doesn’t fit their concept of livability. And even then, those homes may not exist. This is the beginning of an educational process.

For example Bothell, Washington might seem proximal to where you would want to live, except that the median priced home there turns out to be $387,000 and the price is rising at 15.5% over last year! And that’s because prices are lower there! But that is also not a first time home buyer property. What to do?

Now it is time to go where the good real estate agent knows that you can afford to buy. There are parts of Kent, Washington where median homes are more affordable. The median home price may be as low as $289,959 and that area is growing at 11.5% per year. Homes are being snapped up fast. Can you afford to continue to wait?

Here is a point to remember… as a first time home buyer you are not likely to wind up with your dream home. I didn’t, nobody I know did, in all likelihood the seller of your new home didn’t either. Odds are that your home purchase won’t meet dream home goals either. It is simply important that you jump in and join the fray, receive the benefits of home ownership and grow into your next home over time. Create equity in your new home, beginning now.
Interestingly, most home buyers actually begin their search by looking at homes, by contacting a real estate agent and running all over when they actually should contact a competent loan originator and find out what they are qualified to buy. I can certainly understand the urge to go looking, but if you find the perfect home, at the perfect price and the time is actually right for you- wouldn’t you rather be prepared to pull the trigger? Or is that home going to be purchased by someone who approached the project of homeownership in a logical way, by being pre-approved for his or her mortgage?

Fed comes in on a White Horse 9/20/2007

Dick Todhunter (Sound Realty Northwest) — Thu, 20 Sep 2007 21:25:17 -0500

Fed Chairman Bernanke today recommended that any limits on increasing the value of mortgage, for Freddie and Fannie portfolios be temporary, perhaps for two years.

He said many market participants see Fannie and Freddie,securitization and investment companies, as fully government-backed entities, and allowing the companies to buy higher-priced mortgages would extend an 'implied guarantee to another portion of the mortgage market'.

Barnie Frank, House Financial Services Committee chairman, said he thinks the portfolio caps for Fannie and Freddie need to be expanded in order to buy sub-prime mortgages and bring liquidity to that troubled sector of the market.

Bernanke also pledged the Fed would do what it can to mitigate the ongoing crisis in the mortgage market.

However, Bernanke said in his letter this week that Fannie and Freddie 'probably could accommodate some sub-prime borrowers within the conditions of their charter and (consequently) without increasing their overall credit risk'.

Well that's all great. Say what! Fannie & Freddie are looking at expanding their portfolio's by 2% per year. Question is what are they going to do with that capability?

First, it looks like they are going to raise the loan limits to take pressure off of the Jumbo mortgage market mess. That will probably give the housing industry a needed boost. Typically Jumbo rates are about .25% above conforming rates, with all of the recent uncertainty in the secondary mortgage market those rates have risen to at least a full 1% above conforming rates!

In May, the House passed a bill that would let Fannie and Freddie purchase and securitize bigger mortgages in high-cost areas within the continental United States. In areas where the median price exceeds $417,000, Fannie and Freddie could purchase loans up to that region's median price or $625,500, whichever is lower. The limit is already 50% higher - $625,500- in Hawaii, Alaska, Guam and the Virgin Islands because years ago, those outlying areas were considered high cost.
Why not make these guidelines apply everywhere there are high cost areas? Let's get it going.

Second, they appear to be looking at bringing on some sub-prime mortgages. This will help people whose mortgages will be adjusting (about 2 million) in the fourth quarter of 2007 and beyond. These borrowers should still have to meet more rigorous requirements of this market.

The federal regulator for Fannie and Freddie today slightly expanded the portfolio caps in order to allow the purchase of more sub-prime mortgage.

Let's see how quickly this can all be implemented, with adequate controls which will help until the pig works it's way through the snake of the deepening mortgage crisis.

Ever hear of too big to fail? Continental Illinois National Bank and Trust Company?

Fed's Bernanke Speaks and possible impact on you

Dick Todhunter (Sound Realty Northwest) — Thu, 20 Sep 2007 21:20:43 -0500

The Federal Reserve to the rescue! September 18, 2007

The Federal Reserve slashed 50 basis points off both the federal funds rate -- the rate banks charge each other for overnight loans, down to 4.75% -- and the discount rate, the rate the Fed charges for direct loans to banks was reduced to 5.25%. This marked the first time the Fed had cut the overnight rate since June 25, 2003.

What does this mean? Inflation appears to be less of a factor and the focus now appears to be aimed at limiting the prospects of a recession. Lowering these key interest rates will encourage economic activity by making funds more available, thus encouraging economic growth.

The size of the cut was anticipated to be .25%, however a .5% cut was considered to be drastic as it indicates the Feds concerns about potential adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and to promote moderate growth over time.

What does this mean for the mortgage market and you?

That being said, what is the effect on mortgage rates? The market has been anticipating a .25% drop and priced it into mortgage interest rates recently. An interesting point here is that lenders wake up, look at what is happening on the East Coast bond market opening and provide rate sheets based upon where the market is going. During the day good or bad news affects the bond market, sometimes drastically. During the day, whenever changes in the market dictate a change in interest rates there is a mid-day correction.

Today’s unexpectedly large rate cuts translated into about .125% lower interest rates from where the market opened to after the Fed’s announcement.

That is an improvement of .447% in cost of your mortgage, or $447 per $100,000. On our $300,000 loan that is $1,341 less expensive for the borrower. Bad news on the bond market will cost you these amounts rather than benefit you.

Expect a Bernanke bounce in stock markets around the world tomorrow. It is like the world is holding its breath to see what the Fed did today, and they will like it. The next question will be did the Fed do the right thing?

Over time, what we will be looking at will be the cumulative effect. More rate cuts will eventually translate into lower interest rates. Lower interest rates mean that buyers will begin to feel confident again and demand on housing will increase.

NEWS FLASH: Fannie Mae (Freddie Mac already has this mandate in place) has just been authorized to increase it’s portfolio by 2% per year. Since both own or guarantee 40% of US home loans, does this mean that, in order to increase their portfolio you should expect an increase in loan limits? I think that is in the offing, question is when. More later.

Now might be a great time to be a home buyer as prices may have softened and will allow for instant profits
based upon seller requirements to sell in order to get on with their lives.

Billions in sub prime ARM's will be subject to higher payments.

It’s sad, a buyer in 2005 with poor credit and limited means might have signed on for a $200,000 2/28 hybrid ARM, locking in a fixed rate of 4 percent for two years. After paying $955 a month, the bill would now be set to spike to $1,331, a 39 percent increase. Mortgage Meltdown

How did RealtyAndAMortgage come about?

Dick Todhunter (Sound Realty Northwest) — Tue, 11 Sep 2007 22:51:02 -0500

Seattle Cancer patient gives thousands of dollars to local home buyers.

What? Why? Blogs are supposed to be able to humanize us, help you know whom you are dealing with. This is about as close to being familiar as we can get.

I was diagnosed with colorectal cancer days before going on vacation to Cabo. Had fun in the sun anyhow. Finished two rounds of chemo and 5-6 weeks of radiation therapy on my birthday, July 26th. Happy Birthday to me! Now I am preparing for surgery on the 21st of September. I’ll let you know how that goes.

What in the world does any of this have to do with my blog, my story, my offer to pay thousands in closing costs to each and every home buyer who comes my way?

It has to do with chemo brain, chemo fog. When undergoing treatment patients think that they are handling things quite well, I did. The reality is you lose focus, some hair and sleep a lot.

This actually gave me time for introspection, time to think about how I could use my combination of understanding the Seattle real estate market and utilize my mortgage origination skills to finalize my realtyandamortgage.com project.

Out of that experience came the basis for a viable offer to our clients, which results in YOU saving thousands of dollars on your home purchase and mortgage! Why not just give you a ZERO loan origination fee! Why not? While we are at it, why not pay allowable closing costs for you too! That's $6,000 in savings on a $300,000 mortgage!

The Seattle Times has validated our business model in a Sept. 3, 2007 article! You have to read our details page to see how we work along the lines of this article.

While in a state of chemo brain, I activated a program I had initially started in 1999. Time had now come for realtyandamortgage.com (sung to the tune of “shave and a haircut, two bits”, try it) to come back. In it’s new incarnation each and every home buyer The Sound Team, and our loan officers with Washington Financial Group, work with shall receive a significant benefit, one worth thousands of dollars on closing to tens of thousands of dollars over time.

Visit our site at realtyandamortgage.com for details; don’t mind the appearance of the site as it is under construction. You either like our offer or think, his brain must have been on drugs!

I challenge you to take us up on our offer of working with the real estate professionals at The Sound Team and benefit from a True - NO Cost Home Loan where you will truly save thousands on your next home purchase, home sale or real estate investment and home mortgage.

Cancer will not beat me, and chemo brain has started a great vehicle for providing you, your family, friends and co-workers the opportunity to save thousands on your next home sale, home purchase and mortgage.

I will be providing details, on my blog, on dollar volume of charitable contribution as we go along. There is no requirement or pressure for you to contribute. The contribution must be made at closing. Check with your tax consultant.

Thanks,

Dick Todhunter

Private Mortgage Insurance makes high LTV loans available

Dick Todhunter (Sound Realty Northwest) — Sun, 09 Sep 2007 02:14:04 -0500

My blogs will tend toward educational. Hopefully not boring. I would love to provide an interesting introspective on how we got to where we are in the sub-prime mortgage debacle. But that is history. Your concerns of how do you become a home buyer, or if you are a home seller- how do you make your home more saleable, may be more appropriate to address today. There’s always time for history. Stay tuned, as I will write a bit about the JUMBO mortgage morass in my next blog.

It’s a strange new world. The mortgage market is all roiled up and that creates a great deal of insecurity. Let’s discuss Private Mortgage Insurance (PMI) today. I feel that it is coming back in vogue and will allow the real estate and mortgage industries to continue to function in a sane and rational manner.

As a homebuyer many people do not have enough money to put down on a home, typical requirements range from Zero to 5-10-20% down. Back in the old days, pre sub-prime, lack of a down payment could be overcome by purchasing mortgage insurance (for loan amounts greater than 80% loan to value) or getting an FHA backed mortgage.

PMI covers the lender in the case of foreclosure. In effect, mortgage insurance provides what the equity of a higher down payment would provide to cover a lender's losses in the unfortunate event of foreclosure. The cost of PMI increases as your down payment decreases. Example: The cost of PMI on a 10% down payment is less than the cost of PMI on a 5% down payment. Your PMI premium is normally added to your monthly mortgage payment.

A foreclosed property carries with it large losses, back mortgage payments, cost of foreclosure, repairs, holding period, etc. This may run to 25% or more of property value. Trust me, the lender does not want your property; they are not in that business. So, PMI basically pays for the losses incurred above a certain level. That’s great! The lender will now make the loan because they can plan on their loan losses. The risk of uncertainty is limited.

The problem with PMI is that it can cost as much as 1%, like adding 1% to your interest rate and back in the old days that could not be removed without refinancing your mortgage. That’s expensive.

The mortgage industry created a way around the universally disliked PMI. They created mortgages to 80% (at a low interest rate) and added on a second mortgage up to 100%, at higher interest rates- but that additional percentage wasn’t attached to the 80% mortgage.

Today there are a limited number of second mortgages, but that likely will change with new regulations. Today you can still get a high LTV mortgage, except you will probably be paying PMI to cover the lenders- and mortgage backed security buyers- increased risk of default. The nice thing for the consumer is PMI is now tax deductible, like interest and that takes away some of the pain. It can also be removed at some point.

Some lenders may require that you pay PMI for a number of years before making application for its removal. Your loan may have to be paid off to 80% of its original value before removal.

The Homeowners Protection Act of 1998 - For home mortgages signed on or after July 29, 1999, your PMI must - with certain exceptions - be terminated automatically when you reach 22 percent equity in your home based on the original property value, if your mortgage payments are current. Restrictions do apply.

Please visit our site for information on how you can confidently save thousands!

Real Estate purchase and mortgage- It's Your Money- KEEP IT!

Dick Todhunter (Sound Realty Northwest) — Sat, 08 Sep 2007 11:22:30 -0500

Welcome to my Blog. I'm new at this, so please forgive any etiquette issues, but don't hesitate to let me know of any indiscretions. My blog is written with the home buyer/ seller and mortgage client in mind and for for client's benefit.

I have been following the financial market for 30 years and have an intimate long term perspective. My major focus in "the financial markets" is strictly limited to the mortgage industry. To government actions and effects on the real estate and mortgage world. The Federal Reserves actions determine more than most people imagine, rates go up and down, foreigners buy our bonds. Foreign investors play a large part in our economy through their purchase of our bonds. Bonds which provide a greater security and possibly return than their own local investments. Thank God they buy our bonds, it allows us to grow beyond what might otherwise happen. There is a great risk here. If they get burned by our trash bonds what will be the reaction. Interestingly this has happened before and may soon happen again.

My next blog entry will deal with an introspective on what has happened with the mortgage market in the past few years and months. An interpretive introspective. I don't think it's going to be irreverent, but it will be informative. I would look forward to a fresh perspective, so please feel free to add your thoughts.

That being said, I am all about lowering the costs of home ownership, educating the client about the home buying decision they are about to make and helping them recognize that this is, can be, should be looked at as a major financial decision. It's not just simply about buying a home. With education comes educated decisions. By leveling the playing field everyone knows as much as they want to know.... and now you are dealing with full disclosure, honesty, integrity and consistency. No embarasement with being found saying one thing and doing another. Honesty really is the best policy.

Typically the mortgage industry may always have been a turkey shoot for the loan officers. How much is each client worth, while providing their services. How much more can they make over the time of the mortgage. Lot's of loan officers are decent and just want to get paid a fair wage, nothing wrong with that. The real problem comes about sometimes because the consumer doesn't understand what they are getting into and they bypass the decent LO's and shop until they find the biggest thief. The one who doesn't really appear to need to make money in their chosen profession as a LO. Like you don't need an income for putting in your 40 hour week.

So, let's level the playing field with full disclosure, with education, with understanding. There are other people out there with the same objective and I have great respect for them. Finding RealtyAndaMortgage.com or any of the other decent people is like finding a needle in a haystack. Our best sources of business turn out to be referrals from truly satisfied clients.

What makes RealtyAndaMortgage combined with The Sound Team different?

Take a look at our great program at RealtyAndaMortgage.com and begin your education about why you should work with our Realtors and LO's. Great service and you will walk away with thousands to tens of thousands of either immediate and/ or future benefits. Check out The Sound Team of Keller Williams SES for currently available properties.

I suspect that the easiest way to demonstrate is by example. Another success story! Just closed on a Belltown Seattle neighborhood high rise condo. The Mattox family saved $12,080 in closing costs! Our next example will deal with a wonderful client for a Lake Union purchase and sale of her Bellevue home.

Our unique combination of lending and real estate sales has again helped a home owner save thousands. Savings that could be YOURS TOO!

Purchase Price: $850,000 with 20% down and a mortgage of $680,000

Closing Cost OTHER LO's RAAM

Loan Origination Fee $6,800 RAAM LOF ZERO

Closing Costs $5,280 RAAM CC ZERO

Total Savings for CLIENT "ZERO" $12,080 Savings in Cold Hard Cash, in their pockets! Could be yours too!

And that's not all. They received a JUMBO interest rate of 6.5% on a 30 year fixed rate mortgage!

This is not some bogus ARM product masked as a 30 year fixed that you hear so many people getting into trouble with.

Please visit our site for information on how you can confidently save thousands!