NO YOU DON’T NEED TO REFINANCE YOUR CONVENTIONAL MORTGAGE JUST TO CANCEL YOUR MORTGAGE INSURANCE

Repeatedly I receive telephone calls from consumers looking to refinance their conventional mortgage simply to drop their expensive monthly mortgage insurance. A refinance is not necessary to accomplish this! A refinance is a costly way to accomplish something than can … Continue reading

NOT ALL PRIVATE ROADS ARE TREATED THE SAME

In the lending world, there is often a fear of private roads when in fact, not all private roads are treated the same.  Each of the traditional loan guidelines have varying guidelines which I’ve outlined below. FHA defines access to … Continue reading

FIRST TIME HOMEBUYERS THIS ….. THIS ONE’S FOR YOU!

WASHINGTON STATE HOUSING FINANCE COMMISSIONHOMEOWNERSHIP PROGRAMS The WA State Housing Aurthority has announed it’s new House Key Opportunity program effective August 15, 2012 with interest rates for 1st time homebuyers as follows: FHA, VA & USDA Rural Development Loans: 2.5% with a 1% Origination fee … Continue reading

EVER WONDERED HOW LONG YOU MUST WAIT TO OBTAIN A NEW MORTGAGE?

If you’ve filed bankruptcy, gone through a short sale or had a home foreclosed, the following timelines broken down by loan program will give you a snap shot of how long it may take before you are eligible to obtain a mortgage.   … Continue reading

CONVENTIONAL LOAN PRICING TO INCREASE

Fannie Mae and Freddie Mac have announced that they will be worsening their base pricing by approximately .50 effective  4/1/12.  This means that many Lenders will begin increasing their fees immediately as any loan delivered to an Investor 4/1/12 or … Continue reading

HOW MUCH DOWN PAYMENT REALLY IS REQUIRED TO BUY A HOME?

In a recent, unscientific study done by a Loan Officer in the Pacific Northwest, a significant percentage of those polled believed that they could not obtain a mortgage with less than a 20% down payment.  In reality, Borrowers have the following options available to them: VA LOANS continue to … Continue reading