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  • Is the housing market performing “as expected”? (96)
    • Jonathan Miller: Thanks Ardell (blush) I always gain new perspectives when we speak…after all, you are the real estate maven). Hopefully you are venturing out...
    • ARDELL: “I have observed that typical agents are far more nervous now than buyers are about the current market. Are you seeing that and if so, why do you think...
    • Jonathan Miller: Hi Ardell - better late than never. ;-) Frankly I don’t think the pure salesmen will be able to convert to professionals. There has been such a...
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    • Matt Warmack: 45th & Wallingford - map it Wallingford’s retail area is walkable to U-District’s retail area
    • Farayi: Thanks Matt for your quick response! I’ll look into that area. By the way, how far is Wallingford from the u-district?
    • Matt Warmack: You need to take a strong look at Wallingford. Wallingford has everything you talk about - including other hip parents. Eat at Julia’s in...
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    • Jillayne Schlicke: I think this must make every woman reflect on how deadly ovarian cancer can be. There are literally very few early stage symptoms. I noticed that...
    • synthetik: “Did Tanta ever reveal who she really was?” unreal.
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    • Lynn: Seabrook is beautifully done on the outside & whenever we have out of town guests, we always drive them through. It’s been interesting to see the town...

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Tag: Good-Faith-Estimate

Two Flaws with the new Good Faith Estimate

Let me begin by saying I think that uniform Good Faith Estimates are a huge step in the right direction. However, I’m quickly reviewing the newly revised Good Faith Estimate and HUD-1 Settlement Statement (beginning on page 46; link below) to see if any changes were made since they were unveiled. The two biggest issues that I [...]

Make Sure Your Loan is Locked

I’ve been communicating with a home owner who thought their loan was locked in at a certain rate only to learn that this is not the case.   Here’s their story:

Their existing ARM reset in March.   In late February, they informed the LO they wanted to lock at  5.5%, no points, 30 year fixed, and close before April 1 [...]

Are you really preapproved or just prequalifed for a mortgage? Part 1

There’s quite a difference between being prequalifed for a mortgage and preapproved.   The letters that Loan Originators provide when requested for a prequal or preapproval may appear very similar.  In fact, I’ve talked to borrowers on the phone who thought they were actually preapproved, when all they really had was a Good Faith Estimate from [...]

RCG Reader Asks: Can You Beat this Rate?

I received this email from an RCG reader last night:
“… My fiancé and I are moving…on the 23rd (our closing date). We still haven’t locked in a lender but we’re lined up to go with Wells Fargo right now. Wondering if you could give us a lead on better rate? We’re going for a 5/1 IO [...]

Joe Buyer and The Lending Treehouse of Horror: Part 1

I haven’t been around much at Rain City Guide over this past week or two.   I was up to my elbows “rescuing” a home buyer with their mortgage. This is their story.   
“Joe Buyer” lives in California with his wife and young daughter who have decided to move to Washington.   In early April, they began [...]

Banker, Broker, Consumer Lender or Credit Union?

In this four part series of blog articles, I will outline the possible advantages and disadvantages of different types of lending institutions. I will also offer suggestions on how a consumer can help himself or herself before and during your loan process. First, a quick primer.  Consumers often tell me they think of the word “lender” [...]

The Problem with Good Faith Estimates

The document that savvy shoppers use to determine which loan originator they will work with is called a Good Faith Estimate.  It is supposed to be just that an Estimate of the rate and closing costs associated with the loan provided in Good Faith by the Mortgage Professional.   (You are not a savvy shopper if your [...]

Bribery to Work with the Builder’s Preferred Lender

When ever I’m working with a home buyer who may be considering new construction, I know I might lose them to the builder’s in house lender.   Often times the builder will offer an enticing credit to the buyer’s closing costs only if they obtain their financing from the builder’s preferred lender.   
How can having a Loan Originator [...]

Second Opinions on Good Faith Estimates

A few weeks ago, one of the Realtors I work with, Suzy Seller, contacted me to see if I could help her client with an out-of-state mortgage.   Ima Rusty (names are changed to protect the innocent), was moving to Arizona to retire and perhaps see the sun.   Ima had gone to her “local bank mortgage [...]

APR: Just One Part of the Mortgage Machine

One of the reasons why we have the Federal Truth in Lending Act (TILA) was to help consumers gather enough information to make an informed decision on the cost of a mortgage loan.
Annual Percentage Rate, or APR is defined as the total cost of credit to the consumer expressed as an annual percentage of [...]