Rain City Guide

UPDATE: This information has changed and is no longer valid. Please visit this post for updated information.
Fannie Mae and Freddie Mac released significant changes that will take place on March 1, 2008 impacting how conforming mortgages are priced.   Fannie and Freddie state these amended guidelines are due to the rising delinquencies seen during [...]

The conforming 30 year fixed rate is at a 2 year low…how long will this last? No one knows for certain and this is why I always recommend locking in your rate and not floating. A week from today is the first Friday in December which means it’s also the day the [...]

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). Conforming rate quote below based on owner occupied, “full doc” with minimum credit scores of 680 with an 80% loan to value or lower and a loan amount of $400,000. Rates quoted are priced based on a 45 day lock with [...]

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). Conforming rate quote below based on owner occupied, “full doc” with minimum credit scores of 680 with an 80% loan to value or lower and a loan amount of $400,000. Rates quoted are priced based on a 45 day lock with [...]

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  Conforming rate quote below based on owner occupied, “full doc” with minimum credit scores of 680 with an 80% loan to value or lower and a loan amount of $400,000.   Rates quoted are priced based on a 45 day lock with 1 point and [...]

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 [...]

This morning’s positive Jobs Report came in higher than expected with 110,000 new jobs.   Somebody at the Labor Department needs a new calculator because  August’s Jobs Report was increased by 93,000 from minus 4,000 to 89,000.  All of this good news can be bad news for bonds, which mortgage rates are based on.   The bond market will be [...]

Over the past month, I’ve been combing through my database of my closed clients who have either adjustable rate or balloon mortgages.   I’m sending each and every one of them a letter reminding them of the terms of their mortgage.   Regardless of how much time I spend explaining how their mortgage program functions, as soon [...]

I’m tardy!  Between having my Processor on vacation and helping a client out of an option ARM and working on consultation for some new home buyers, yesterday was pretty packed.  
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  Conforming rate quote below based on owner occupied, “full doc” with minimum credit scores of [...]

The mortgage industry is facing historic times with the tightening of underwriting guidelines, programs disappearing and lenders not able to fund loans and/or closing shop.   The subprime meltdown is spilling into the prime mortgage markets.   Here is what you need to do if you’re considering buying a house and you’re not paying cash for your [...]