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Calculating Income of Employed W2 Borrowers for Mortgage Qualifying
Jillayne wrote a post about the upcoming national licensing exam that mortgage originators will have to take and pass (unless they work for a depository institution) due to the SAFE Act. She provided examples of questions that may be on the exam. One of them is how to calculate income–which is receiving quite a... »
Friday’s Rates
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). The conforming rate quote below is based on owner occupied with a mid-low credit score of 740 or higher, “full doc” purchase with a sales price of $500,000 and a loan amount of $400,000 single family dwelling (non condo). This scenario includes reserves... »
Friday’s Rain City Rates
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). The conforming rate quote below is based on owner occupied with a mid-low credit score of 740 or higher, “full doc” purchase with a sales price of $500,000 and a loan amount of $400,000 single family dwelling (non condo). This scenario includes reserves... »
Friday’s Rates
Note: I was contacted by DFI earlier this week regarding pricing my rates with “1 point”. For clarification, unless otherwise noted, when I say the rate is priced with 1 point, I’m disclosing the 1 point (one percent of the loan amount) on line 801 since odds are, I am not brokering the mortgage. (I work for... »
Friday’s Rates
The video was recorded this morning…we didn’t see as many rate sheets as we did yesterday. Rates over all have been fairly steady…in fact, Aubrey Cohen of the Seattle P-I wonders if mortgage rates found a floor at 4.5%. Happy Memorial Day. Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). The conforming rate quote below... »
When is Foreclosure Right for You? Part 2 of 2
This post is not legal advice. It is a general discussion of SOME of the relevant legal issues surrounding foreclosure. If you are considering or facing foreclosure, you need specific legal advice for your particular situation. Consult an attorney in your area. In my last post, I discussed the difference between a judicial and a... »
Twas the Night Before March 4: Mortgage Eve
Twas the night before more information to follow about the new refinances and cram downs …almost too much to swallow. Okay…I’ll stop with the rhyme simply because I can’t keep it going! There are a lot of Mortgage Professionals and Homeowners waiting to hear if they will be helped tomorrow. According to the White House Blog, responsible upside down home owners with... »
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