Latest news from http://www.mortgagebiznews.com http://www.mortgagebiznews.com http://feedproxy.google.com/~r/mortgageporter/iejS/~3/zBQ-KCNUwig/im-speaking-at-mortgage-tech-summit-next-week.html Sat, 04 Feb 2012 11:38:34 -0500 At last year's Mortgage Tech Summit, I presented a session on my "talking" good faith estimates and rate quotes. This is something that I do for my clients to help review their personal mortgage scenario. On February 9 and 10, I'll be in Scottsdale at MTS to share how I am able to work with clients I really enjoy from my blogging and other social media efforts. I'm often contacted by mortgage originators across the country wanting my advice on social media - here's your chance to learn from... tag:typepad.com,2003:post-6a00d834522f5769e2016300b36a7b970d http://feedproxy.google.com/~r/mortgageporter/iejS/~3/ULcayBU5snw/should-i-refinance-my-45-mortgage.html Thu, 02 Feb 2012 15:06:21 -0500 I'm pricing out a scenario for one of my returning clients where I helped them with their refinance for their home in Seattle in May of 2009 to a 4.5% 30 year fixed rate. During that time, 4.5% was the lowest rate any of us had seen. Now mortgage rates have been in the high 3s to low 4s depending on current pricing and scenarios.  I thought it would be interesting to share the quotes I've provided my client because I know many others have rates around 4.5% and may be wondering the very same... tag:typepad.com,2003:post-6a00d834522f5769e20168e6916ab5970c 47.59 -122.32 http://feedproxy.google.com/~r/mortgageporter/iejS/~3/3dvLDb1I8SM/president-obamas-costly-refi-plan-for-non-harp-qualified-homeowners.html Wed, 01 Feb 2012 13:08:44 -0500 On last week's State of the Union Address, President Obama announced a plan to help underwater homeowners who do not qualify for a Home Affordable Refinance.  In order to qualify for a Home Affordable Refi (aka HARP 2.0) the home owner's mortgage needs to have been securitized by Fannie Mae or Freddie Mac prior to June 1, 2009 and meet other qualifications.  If the home owner currently has a jumbo loan, they are instantly disqualified for HARP 2.0. since jumbo mortgages are non-conforming (... tag:typepad.com,2003:post-6a00d834522f5769e20167617d73da970b 47.59 -122.32 http://feedproxy.google.com/~r/mortgageporter/iejS/~3/pMUSgHDMb3U/live-post-mortgage-rates-for-washington-state-homes-and-other-mortgage-miscellaney.html Mon, 30 Jan 2012 16:05:40 -0500 This week is loaded with scheduled economic data that may influence mortgage rates ending with the big daddy: The Jobs Report. Remember, good news that causes the stock market to rally may cause mortgage rates to deteriorate and the reverse may be true. This is because investors will trade the safety of bonds for stocks and vice versa. Signs of inflation may also drive mortgage rates higher. Here's whats on deck for this week: Monday, January 30: PCE (Personal Consumption Expenditure)... tag:typepad.com,2003:post-6a00d834522f5769e20167615b6cc0970b 39 22 http://feedproxy.google.com/~r/mortgageporter/iejS/~3/pMUSgHDMb3U/live-post-mortgage-rates-for-washington-state-homes-and-other-mortgage-miscellaney.html Mon, 30 Jan 2012 16:05:40 -0500 This week is loaded with scheduled economic data that may influence mortgage rates ending with the big daddy: The Jobs Report. Remember, good news that causes the stock market to rally may cause mortgage rates to deteriorate and the reverse may be true. This is because investors will trade the safety of bonds for stocks and vice versa. Signs of inflation may also drive mortgage rates higher. Here's whats on deck for this week: Monday, January 30: PCE (Personal Consumption Expenditure)... tag:typepad.com,2003:post-6a00d834522f5769e20167615b6cc0970b 41.83 -87.64 http://feedproxy.google.com/~r/mortgageporter/iejS/~3/pMUSgHDMb3U/live-post-mortgage-rates-for-washington-state-homes-and-other-mortgage-miscellaney.html Mon, 30 Jan 2012 16:05:40 -0500 This week is loaded with scheduled economic data that may influence mortgage rates ending with the big daddy: The Jobs Report. Remember, good news that causes the stock market to rally may cause mortgage rates to deteriorate and the reverse may be true. This is because investors will trade the safety of bonds for stocks and vice versa. Signs of inflation may also drive mortgage rates higher. Here's whats on deck for this week: Monday, January 30: PCE (Personal Consumption Expenditure)... tag:typepad.com,2003:post-6a00d834522f5769e20167615b6cc0970b 47.59 -122.32 http://feedproxy.google.com/~r/mortgageporter/iejS/~3/yBLXkXsG85Y/mortgage.html Fri, 27 Jan 2012 18:15:48 -0500 From my email bag: My husband and I are in the process of looking for a lender we are negotiating an offer at this time. We are both paid with W2-s and fear that we will be asked for our tax returns since we have plenty of write-offs as we are in sales. In this case, will the lender look at our adjusted income on our tax forms instead of the yearly salary?   The lender will most likely have to use a net-income when you have significant write-offs on your tax returns. Since you're in sales... tag:typepad.com,2003:post-6a00d834522f5769e2016761337225970b http://feedproxy.google.com/~r/mortgageporter/iejS/~3/erqY8clKRC4/buying-a-500000-seattle-home-with-10-down.html Tue, 24 Jan 2012 20:12:15 -0500 I was recently contacted by a home buyer in Seattle who wanted to know what mortgage programs we have available for a sales price of $500,000 with a 10% down payment. With less than 20% down, the loan will probably have mortgage insurance unless they can find a Fannie Mae Homepath property. Let's review some scenarios assuming the home buyers have excellent credit (scores over 740) and a 30 day closing with a loan amount of $450,000.  With a 10% down payment, the seller can pay up to 3% (... tag:typepad.com,2003:post-6a00d834522f5769e2016300107290970d 47.59 -122.32 http://feedproxy.google.com/~r/mortgageporter/iejS/~3/CyEJVDxtGRg/affordable-pmi-split-premium-private-mortgage-insurance.html Sat, 21 Jan 2012 13:42:25 -0500 Private mortgage insurance is what lenders may require when a borrower has less than 20% equity in a property. Private mortgage insurance (pmi) protects the lender against default, it does not protect the property owner.  Private mortgage insurance (pmi) is often something that borrowers do their best to avoid because of the additional cost. However if the 20% down payment (or 15% down payment with a "piggy back" second mortgage) is not possible, a home buyers or home owner who is refinance... tag:typepad.com,2003:post-6a00d834522f5769e2016760cff79d970b 47.59 -122.32 http://feedproxy.google.com/~r/mortgageporter/iejS/~3/vBcFrQj2l78/what-is-a-written-letter-of-explanation.html Thu, 19 Jan 2012 19:35:27 -0500 It's not unusual these days to have a lender request a "letter of explanation" from a home buyer or someone who is refinancing their current property.  I letter of explanation (or LOE) is often used to help provide more information to the underwriter or lender based on information that is disclosed on an application or credit report. LOE's may address anything from gaps in employment to inquires on a credit report and is intended to help explain or add support to the transaction.  When a... tag:typepad.com,2003:post-6a00d834522f5769e20162ffdad9cb970d