Mortgage Biz News

I was asked this question via a friend on Facebook:

I had a 785 mid score, with 3 open trade lines (all at less than 30%) until the bank dropped my credit limit to the exact dollar amount of my balances. Now I'm down in the 714 range. I'm now considered a low-mid risk...hmmmmmmmmmpppphhhh! Only way out I can see is paying off Visa.

On the flip...

This is a term someone entered into a search engine, like Google, who wound up on my blog.  "Is 714 a Good Credit Score for Buying a House?" is a fair question.  Just a couple years ago, having clients with credit scores 700 or higher was considered "excellent".  In fact, previously credit scores of 680 or higher were considered good. Now with conventional loans, we have several brackets based on credit scores and loan to value.  Many lenders are...

This week is packed with economic reports that may impact mortgage rates, including the Jobs Report this Friday.  If Friday's Jobs Report indicates that our employment situation is improving, you will probably see mortgage rates rise.  However, it the report is grim, rates may decline or stay at their current lows. 

For a custom rate quote for your personal scenario on your home located in Washington, please contact me.

Here'...

This morning I received an email from someone considering a refinance wondering why the rate I quoted him was different than what I had posted on my rate quote.  The rate quotes below are based on a purchase transaction, which will most likely close quicker than a refinance.  In today's low rate environment, many Seattle area home owners are taking advantage of the lower rates, with the increased volumes of business, almost every aspect of the...

When HUD changed the guidelines for FHA streamlines last fall,I thought they had pretty much stuck a fork in a program that has been very beneficial to home owners who have an FHA insured mortgage loan.  You see, HUD made it to where if a borrower opted to not have an appraisal, they cannot finance...

Yesterday, I had the Future of Housing Finance playing in the background as I was working away on rate quotes and lock commitment confirmations for a few of my clients in the Seattle area.  Oh how I wish that I, or a fellow mortgage origintor who has been originating mortgages since pre-subprime days could be on the panel.  Since I'm not, I'm going to share a few of my thoughts on this post.

People who currently have a mortgage and who are...

Seattle's weather isn't the only thing breaking records, so are current mortgage rates.  It may be tempting to wait out for 0.125% or so lower in rate however you are risking that rates may go up which eventually, they will.  

On Tuesday, President Obama will holding the "Future of Housing Finance" summit where it is rumored there may be an annoucement made as to the...

If you're planning on getting a mortgage to purchase a home or for a refinance, please do not obtain ANY new credit, increase your credit debts (use your credit accounts) or please don't...

Yesterday, I was not able to post my regularly scheduled "Monday Rate" post since I was on the road taking the day off to celebrate my husband's birthday.  The evening before, I treated him to the Van Morrison concert at the Gorge in George, Washington.  If you ever have the opportunity to see Van live, he's amazing.

Back to work.

As I quote rates today for homes located within Washington state, I'll update this post.  Remember, rate...

HUD has been busy!  They just issued another press release stating that starting September 7, 2010, FHA will offer "certain 'underwater' non-FHA borrowers who are current on their existing mortgage and who's lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the...