mukilteo: Super Conforming loan limits to expire Sept 30. - 05/27/11 11:31 AM
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)

mukilteo: What Was Your Name Again? Tips for Improving Memory - 08/11/10 06:38 AM
Have you ever been introduced to someone and, about two seconds after shaking his hand, forgotten his name? Don't worry. This is not evidence that you're losing your mind or that you're on the fast track to senility. Turns out, this is actually an extremely common occurrence for many busy people today... including me! The good news is that, not only is there plenty of research on the subject to help us cope with this problem, there are also a number of simple, practical actions we can take to improve our memory now and long into the future. No Pain, No … (4 comments)

mukilteo: Boost your Savings Account……Without even trying - 08/10/10 05:40 AM
Annual income aside, there's not a person among us who wouldn't welcome the idea of having more money in their savings account. This is the money we use on everything from yearly vacations to family presents. Come holiday time, wouldn't it be nice to have an extra thousand or so dollars at your disposal? Here are a few ideas that can help to make that possible. The best part is you'll hardly feel it!Bring Your Lunch to Work - The average person spends $6 when they buy their lunch yet only $2 when they pack it themselves. That's a potential savings … (0 comments)

mukilteo: NEW GFE effective Jan 1 - 12/23/09 10:03 AM
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)

mukilteo: FHA and VA refinance - 11/23/09 06:07 AM
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)

mukilteo: Down Payment Assistance, know it for 2008 - 06/04/08 05:23 AM
With all the tightening in the lending industry lately.  FHA and VA loans are definately on the upswing.  Did you know that you can get the 3% down for FHA and the closing costs for both paid by the seller.  If it is your seller than you should look into all the DPA programs.  The Down Payment Assistance programs make the seller concessions tax deductible.  Why would your seller just give the money to the borrower and not take advantage of the tax deduction?  If you don't know about these programs then to be the best source of information to your … (2 comments)

mukilteo: Conforming Loan Limits for 2008 left unchanged - 11/27/07 04:49 AM
With the state of our markets it suprises me that they left the loan limits alone.  Here in Washington it is very easy to surpass the loan limits and the underwriting for Jumbos is more strict.  Well atleast the rates are great right now with a 30 yr fixed just below 6% and 100% loan at 6.5%.  Good Luck to all.
 Freddie Mac conforming loan limits are unchanged for 2008
Today Freddie Mac is announcing that for 2008, our loan limits will remain unchanged from their 2007 levels. Through December 31, 2008, Freddie Mac will continue to purchase home mortgages up to … (1 comments)

mukilteo: Sound Fundamentals Promise Improved Housing Market - 11/14/07 01:42 AM
It was a mystery that only the crack investigators at RSI - the REALTOR® Scene Investigation - could uncover. Faced with the conundrum of consumers staying on the homebuying fence in the midst of solid U.S. economic performance, NAR President Pat V. Combs, in a spoof of the hit TV show "CSI: Crime Scene Investigation," dispatched her "trusted advisors" to gather the facts behind this inexplicable consumer behavior. During a spirited presentation at the 2007 REALTORS® Conference & Expo in Las Vegas, she revealed the investigation's findings: The national media, seduced by a few vocal but misinformed analysts, have been painting … (3 comments)

mukilteo: HUD Defeated on Down-Payment Assistance - 11/01/07 04:40 AM
HUD's ban on seller-financed mortgage down-payment assistance programs has been temporarily blocked by U.S. District Court Judge Paul Friedman. In a four-page ruling, Friedman said the rule threatens to put nonprofit organizations offering such programs out of business and added that HUD "failed to supply a reasoned analysis for its departure from its long-standing policy of approval" of the initiatives. AmeriDream in Gaithersburg, Md., and Nehemiah in Sacramento, Calif., were among the groups that had filed suit to contest the rule, which was scheduled to take effect on Oct. 31; and they say their programs help put minorities and first-time buyers … (0 comments)

mukilteo: Pitches to fix bad credit can be a scam - 10/25/07 06:14 AM
By Michelle Singletary
Every day, consumers pay untold sums to companies that promise a quick credit fix. Most of the time, that money is wasted.I understand why these offers might seem so enticing. Good credit can get you much better interest rates for a car or home loan. A bad credit history can leave you stuck with loans carrying high rates and other onerous terms. In some cases, bad credit can even cost you a job.But make no mistake about it. While there are some legitimate credit-repair companies, many of the claims you hear advertised are usually false and a con to … (1 comments)

mukilteo: buying down the rate. A sellers carrot! - 10/18/07 11:15 AM
To make their homes more attractive and more affordable to prospective buyers, sellers have options. From a purely financial point of view, the obvious way that comes to mind is to simply lower the asking price. Another way that has been discussed recently in this column is to agree to pay all or part of a buyer's closing costs.
Perhaps the best way of all is to offer to pay to lower the buyer's interest rate. This is called an interest rate buy down. This type of financing combines the advantage of a low initial interest rate with the stability of … (4 comments)

mukilteo: Another helpfull listing tool - 10/11/07 04:55 AM
Payment Abatement -No Payment For Up to 6 Months!
The interest abatement program is a feature available on many purchase programs.  
With payment abatement a special escrow account is set-up to pay a portion or all of the borrower's monthly payment during the first 3 to 6 months the loan is open.
The escrow account is typically funded by allowable seller contributions.  Maximum contribution limits are based on loan to value and program.
Each month when the payment is due, the escrow account is debited to make that portion of the payment that is called for.  A specific disclosure outlining the type of payment abatement … (3 comments)

mukilteo: FHASecure could help many of your clients - 10/02/07 08:38 AM
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)

mukilteo: 10 Ways to profit in a difficult market - 09/25/07 05:29 AM
Even though in Washington our market has not seen the woes of the national market I thought that I would put out here what I tell the people in my office.  Below are a few things to consider in this market.
1) Pick a Niche: Choose a market that you want to specialize in and hit it hard. Offer a  FREE Finding Your Niche Special Report to learn some ways to get started and successfully market to your chosen target market.
2) Show Your Clients You're Still Here: It is crucial to contact your clients and prospects now more than ever before. Offer them … (3 comments)

mukilteo: Over 40 funny stuff to lighten your day. - 09/06/07 08:59 AM
Mom used to cut chicken, chop eggs and spread mayo on the same cutting board with the same knife and no bleach, but we didn't get food poisoning.My Mom used to defrost hamburger on the counter, AND I used to eat a bite raw sometimes, too. Our school sandwiches were wrapped in wax paper, in a brown paper bag, not in icepack coolers, but I can't remember anybody getting e.coli.Almost all of us would have rather gone swimming in the lake instead of a pristine pool (talk about boring), no beach closures then.The term cell phone would have conjured up a … (1 comments)

mukilteo: Investors were spoiled with 100% loans - 08/20/07 07:19 AM
For the past few years it was a snap to get 100% financing on a Non Owner occupied property.  Those days are about gone.  I have 1 investor that I can still do them through.  The only issue it that the interest rate is about 13.6%.  There is a very slim chance that you could get this property to cash flow.  Then you have the complaint about how they are getting robbed with that rate.  We have to look at what is happening out there and realize that the public has to be aware that some sort of down payment is … (4 comments)

mukilteo: Understanding the Credit Crunch in lending. - 08/17/07 06:13 AM
The media has coined the phrase "Credit Crunch".  Most people that I talk to have no idea what this is or what it means.  All they see is on every news station that more lenders are going bankrupt or cutting programs.  What I will attempt to do here is explain what happened and how it affected our markets.  But first I need to take it back a few years and explain a bit about the system.
We will start about 3 years ago.  Appreciation of homes in the nation was growing rapidly.  I will use some very conservative figures and say they … (1 comments)

mukilteo: Unique open house idea - 08/14/07 08:04 AM
I was at an open house with an agent of mine last Thursday in Everett, WA.  We were talking about how 3-4 months ago there might be 10-15 open houses on the tour date.  This particular day there was 39!  Granted our listings in the area are up about 51%.  So we were talking with some agents throughout the day about how to attract buyers, and a suggestion came up that I had not heard of.
He said "we use to hold rush hour opens".  So I had to ask what that was.  He said everyone has their open houses on Saturday and … (7 comments)

mukilteo: Ways to improve your credit and great info for your clients - 08/10/07 06:59 AM
With all the stuff happening out in the mortgage industry higher credit scores are needed on a variety of loans.  So I wanted to give some basic information to help people out there maintain there own credit and gives more information to pass on to your clients.  I was teaching a class yesterday in Everett, Wa and every time I teach this class it amazes me how much people don't know about credit.
So lets start off with the basics;
In the 1980s, Fair, Isaac and Company devised a mathematical model to predict the credit risk of consumers based on the data … (5 comments)

mukilteo: 100% financing is still there - 08/08/07 12:00 PM
At my office in Everett Washington, I heard these realtors saying that the only loan that was close to 100% was FHA.  This week alone lenders like Countrywide, National City, US Bank and Washington Mutual are all scaling back some of their programs.  There is still a great program or 2 out there that the general public in unaware of.  This program have very good interest rates and can even be interest only!  Below is a little blurb that I sent out to the realtors that I work with.  It would definately help the industry out if the news media would not … (1 comments)