I just spent about an hour on the phone with Ron Delfs at Equity Northwest, our preferred lender [ron@equitynorthwest.com]. Ron had reviewed my previous post, so I asked him candidly what he thought about The Mortgage Professor’s article in The Times. He thought it was good, but that “down here on the ground it’s about 10,000 times worse”. Here’s the …
Mortgage Madness: The Professor Got It Right!
Clients look to us to provide answers regarding the media blast this week concerning the the stock market and related credit industry concerns. Sellers are wondering if they will ever sell, and buyers are wondering if this is the righ time to buy. It is interesting that media headlines have folks buzzing about the future of housing and credit when …
Bank of America Plans to “Buy” Market Share…..
The 5/13/07 Sunday Times Real Estate Section features an article by Ken Harney that is worth reading. It concerns Bank of America’s stated committment to no fee home purchase mortgages. The article notes that there are skeptics. Our personal experience is that Bank of America provides excellent service at the branch level on items such as home equity lines of …
How Do You Know If You’re Getting a Fair Deal On Your Loan?
In the face of serious nationwide concern regarding lender practices I have yet to see one of the best resources available to borrowers: your real estate agent. Why? Agents don’t loans. No, but they know good people that do. All quality lenders rely on real estate agents for referral business. Good agents are very careful about whom they refer their …
Finally, Loan Officers to be Licensed
We have warned borrowers and clients for years that loan officers are unlicensed, and that it is very important to work with someone with very strong references. Ask a relative, a friend, a colleague, for the name of someone that they have had a positive loan experience with. Even then, ask the loan officer for additional personal references, and make …
Housing Bubble? Ken Harney Doesn’t Think So. Neither Do We.
For several weeks/months we have asserted that there is no housing price bubble. The media, in general, has inaccurately portrayed the slowing market as sign of a meltdown. Kenneth Harney, syndicated real estate columnist for The Seattle Times, is a lonely voice of reason in the media. He’s right on! His 10/15/06 article sets the record straight on all issues/concerns …
Rare Kudos to Elizabeth Rhodes-Seattle Times Home Forum Article 10/1/06
It is a rare occurrence, but this week we tip our respective hats to Elizabeth Rhodes for an excellent, insightful response response to a reader’s question regarding “suicide loans” and the impact they may have on the market. The reader, as many people have inquired of us, wonders if there will be a bounty of foreclosed properties properties to choose …
Appraisals In Slowing Market: Ken Harney, Seattle Times 9/15
There are a couple of nuggets to be gleaned from reading Ken Harney’s article about appraisals. (1) good appraisers work to get the right numbers by calling agents to find out if concessions were paid by the Seller and ; (2) insight into the list/re-list game played by some agents in a slowing market. Fortunately, the Northwest Multiple Listing Service …
Seattle Times Article: For Homeowners With Adjustable Rate Mortgages………..
This Sunday’s Seattle Times real estate section featured an article on adjustable rate mortgages from The Associated Press, J.W. Elfinstone: http://seattletimes.nwsource.com/html/realestate/2003081961_foreclosures25.html . We find the article a bit on the alarmist side, but it is an important issue for many homeowners. For expert advice on the subject we turn to Ron Delfs at Equity Northwest [425-869-1825], [email@equitynorthwest.com], a long time …
Financing Questions
Here is the place to ask about financing types, private mortgage insurance (PMI), ARM's, predatory lending, etc. Here is a link to an article passed on to us by one of our long term clients. It is a thought provoking approach to home financing as it applies to one's overall economic health: http://www.realgroup.com/Asset_Management/FinancialPlanning-Mortgage.pdf (This is a 12 page PDF that …