Unemployment Rate 9.0% & Seattle Real Estate Mortgage Rates Today Drop 11/4/11:  JOBS!  The expectations were set at 85k and fell short of this goal.  80k jobs were created in October BUT the unemployment rate dropped to 9.0% from 9.1%.  How is this calculated?

Luckily the previous two months numbers were stronger than previously reported.  Employers added a combined total of 102k more jobs in August and September.  This gain helped the unemployment rate improve to 9.0%.  The household survey that reports the unemployment rate shows stronger signs for the labor market but overall it is a painfully slow recovery.

To really see improvements in the unemployment rate, per month 150k jobs would have to be created consecutively.  Until this happens the US economy will continue the slow recovery pace.

This week was huge with the FED meeting, Greece stress continues, Italy under pressure, the Dow Jones trading in triple digits each day, and the jobs report. THE VOLATILITY CONTINUES WHICH LEADS TO A VERY IMPORTANT FACT!  The Bonds are currently supported by the 50 day moving average.  With the recent volatility, if the bonds drop below the 50 day moving average, the next support level is 170 basis points below equaling a .375% increase in RATE!  Yes .375% HIGHER RATE!

Continue to follow the Mortgage Reel for updates on Facebook, twitter, or right here.  We continue to receive questions and will answer as soon as possible.  Thanks for your support!

If you haven’t, please visit us on YELP!  Take a second to watch the video in the slider.

We thank each and every local home owner/buyer we have been able to assist with their real estate financing needs.  Are you the next one?  Feel the confidence with the continuous educational updates we provide and testimonials from past clients.

Contact us with questions!  Thanks and have a wonderful weekend!

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Unemployment Rate 9.0% & Seattle Real Estate Mortgage Rates Today Drop? 11/4/11

Home Affordable Refinance Program IMPROVEMENTS 10/24/2011 to help Seattle Real EstateFEDERAL HOUSING FINANCE AGENCY: Breaking news that will hopefully help many home owners who were unable to refinance underwater values.  With these new changes a homeowner would no longer have a loan to value restriction on their ability to refinance.  Lenders currently will not allow more than 105% loan to value.  This would be lifted to unlimited.  HOWEVER it is still yet to be embraced by the banks.  Yes the limit has been lifted but ULTIMATELY the banks have to participate and offer the financing.  We will keep you posted on any lenders participating and how we can assist you.

To read the official announcement please click the link. http://tinyurl.com/3jw8jbj If you have any questions please leave a comment below and we will promptly reply.

Timing is everything just as location of the home is critical. Timing in securing an interest rate, BEST rate, is working with a mortgage professional who has their pulse on the market and when best to advise and educate their clients when timing is right. Along with this key knowledge is to be on top of all of the lending and underwriting changes which seem to almost happen daily. We at the Mortgage Reel are Licensed Washington Loan Originators, serving clients with transparency, knowledge and most importantly keeping your goals in mind. How can we assist you today?

Join the Conversation on Facebook, just click on the banner on the homepage and it will take you to our Facebook page, “How to Beat the Banks on your Home Loan” Like us when you visit and post any comments or suggestions.  We want your feedback.

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Home Affordable Refinance Program IMPROVEMENTS 10/24/2011 to help Seattle Real Estate

Seattle Real Estate Mortgage Rates Today 5/25/11 + “Tip of the Day”: The 5 Year note auction today received an “A” Rating which helped the mortgage market stabilize from some early market losses. Today rates are flat comparing to yesterday. Tomorrow will bring another round of auctions plus some economic data that may stir up the stock market.

“Tip of the Day” We just finished a lender meeting with a national wholesale lender and YES the lending market seems to be thawing out. WE NOW HAVE 3% down payment loans back in full force. This had disappeared after 2007 until now. ALSO we can now offer JUMBO loan FINANCING with 10% down up to a $625,500 loan amount. This was yet another loan limit frozen since 2007. This very good news to the housing market so that we can get back to more of a NORMAL lending environment.

Timing is everything just as location of the home is critical. Timing in securing an interest rate, BEST rate, is working with a mortgage professional who has their pulse on the market and when best to advise and educate their clients when timing is right. Along with this key knowledge is to be on top of all of the lending and underwriting changes which seem to almost happen daily. We at the Mortgage Reel are Licensed Washington Loan Originators, serving clients with transparency, knowledge and most importantly keeping your goals in mind. How can we assist you today?

Join the Conversation on Facebook, just click on the banner on the homepage and it will take you to our Facebook page, “How to Beat the Banks on your Home Loan” Like us when you visit and post any comments or suggestions.  We want your feedback.

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Seattle Real Estate Mortgage Rates Today 5/25/11 + “Tip of the Day”

Home Affordable Refinance Program

The program details announced by the Obama Administration were vague to anyone interested in taking advantage of the opportunity. Below are highlights to the actual program from both Fannie Mae and Freddie Mac. Keep in mind the refinance program is for borrowers who have continued to make their housing payment on time, but are unable to refinance to a fixed product.

Remember the guidelines created, may change or depending on the servicer, additional underwriting guidelines can be required.

The Mortgage Reel is looking for Current Real Estate Investors to Educate on the Amazing Savings Opportunities with this program!  If you are one of them, please contact us!

*  Investment homes are included!!

*  You are not required to go directly to your current loan servicer to refinance

*  HARP extended another year to June 2012

*  Appraisal waivers (Not all scenarios)

Fannie Mae:

DU Refi Plus:

· April 4, 2009

· A reduced monthly mortgage payment (principal and interest)

· A stable mortgage product, ex. Moving from a Arm to a fixed rate mortgage.

· MI coverage varies based on current loan scenario

· Maximum (LTV) is 105%, no limitation to CLTV (125% LTV 9/1/09) 

· If you have a 2^nd mortgage, you will need to resubordinate

· Appraisal waiver may be an opportunity

If you do not qualify for DU Refi Plus, you may still be able to refinance, but you need to contact your current servicer.

Freddie Mac:

· Must be a conventional 15, 20, 30 yr fixed rate

· Must be a conventional 5/1, 7/1, 10/1fully amortized ARM

· Can be a super conforming mortgage

· To reduce the interest rate of the first lien mortgage

· To replace an Arm, interest only period or a balloon mortgage

· Pay no more than $2500 in closing costs, financing and prepaids/escrows (funds extended to cover closing costs may not exceed $2500)

· April 1, 2009

Once again for all loans, they must be delivered and underwritten by the owner. If Fannie Mae or Freddie Mac you must follow the guidelines for each. To verify if your loan is backed by either, you can contact your servicer directly or you can by checking online. Enter the information exactly how it appears on your monthly statement. Here are links to each website

Fannie Mae

Freddie Mac

For a complete copy of the guidelines:

Fannie Mae

Freddie Mac

For additional questions please email info@themortgagereel.com or post a question below for a fast response as well. Many home owners will benefit so please forward this information if you found this valuable.

Regards,

The Mortgage Reel

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Obama Administration’s “Home Affordable Refinance Program” EXTENDED!

Diana Olick, Home Realty Check on CNBC, travels to Seattle to do a live report on what unique opportunities we have to offer.
“Seattle DOES NOT Rank in the top 100 cities for foreclosure” The current Median Home Price has declined from $365,000 to $285,000
$285,000 $365,000 Median Home Price, Unemployment at 8.8% under the National Average with a Median income of $81,700.

Local builders in Seattle find it more and more difficult to secure financing to build new homes. But some like Shea Homes is seeking private equity to build out new home construction geared towards the “thriving active adult demand”.

What are your thought about new construction? Are you more interested in purchasing a new home or a resale? We see clients who are on both sides of the fence. Let us know your thoughts below.

Segment 1

Segment 2

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Seattle Real Estate Market gets national air-time by Diana Olick, CNBC Special

 Washington State Counties 

Loan Limit Expires September 2011!! 

contact us with questions and scenarios

Federal Housing Finance Agency

2011 Conforming loan limits
increased by American

Economic Reinvestment Act

On Sept 29, the U.S. Congress extended through fiscal year 2011 the current conforming loan limit of $567,500 for high-cost areas, including King, Pierce, and Snohomish in Washington. It effectively extends the higher conforming loan limits for Fannie, Freddie, and FHA loans through Sept. 30, 2011. 

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Seattle Conforming Loan Limits Increased For 2011 (Ends 9/2011)

To follow the established rules for the required reserve requirement of the Mutual Insurance Fund, FHA will increase the annual mortgage insurance premium (MIP).

The increase of .25% (25bp) was announced.  To avoid this increase you must have your case number assigned on or before April 14, 2011.

FHA recently increased the annual MIP to .85% – .90% but reduced the upfront mortgage insurance to 1%.  On April 18^th the new annual MIP structure will be as follows:

30 Year

• 5% down or more will increase from 85bp to 110bp
• Less than 5% down will increase from 90bp to 115bp

15 Year

• 10% down or more will increase from 0 to 25bp
• Less than 10% down will increase from 25bp to 50bp

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

FHA Increases the Annual MIP on April 18, 2011

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Seattle Real Estate, Freemont Towwnhome For Sale

Seattle real estate home owners and buyers with FHA financing please read!!

As announced on the Mortgage Reel, FHA has decided to change the mortgage insurance premiums for FHA financing starting on October 4, 2010.  This change impacts all FHA products with case numbers assigned on or after Monday.  If you currently have FHA financing, your home loan terms will remain the same.  Final week to prepare!

Upfront Mortgage Insurance Premium (UFMIP) Change for case numbers assigned on:

The monthly Mortgage Insurance Premium (MIP) changes for case numbers assigned on:

Prior to October 4, 2010

On or After October 4, 2010

If you have questions on your loan structure and/or opportunities to refinance and save money, please contact us!

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

FHA Mortgage Insurance Premium Changes October 4, 2010

HUD No. 10-190
September 7th, 2010

WASHINGTON – In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development today will begin providing an additional refinancing option for underwater borrowers. Originally announced in March, this enhancement of Federal Housing Administration (FHA) refinance program will offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgage and whose lien holders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage.

The FHA Short Refinance option is targeted to help people who owe more on their mortgage than their home is worth – also known as being ‘underwater’ – because their local markets saw large declines in home values. As announced earlier this year, this change as well as other programs that have been put in place will help the Obama Administration meet its goal of stabilizing housing markets by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012.

Participation in FHA’s short refinance program is voluntary and requires the consent of all lien holders. To be eligible for a new loan, the homeowner must owe more on their mortgage than their home is worth and be current on their existing mortgage. The homeowner must qualify for the new loan under standard FHA underwriting requirements. The property must be the homeowner’s primary residence and the borrower’s existing first lien holder must agree to write off at least 10% of their unpaid principal balance. In addition, the existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent and a combined loan-to-value ratio no greater than 115 percent.

To facilitate the refinancing of new FHA-insured loans under this program, the U.S. Department of Treasury will provide incentives to existing second lien holders who agree to full or partial extinguishment of the liens. To be eligible, servicers must execute a Servicer Participation Agreement (SPA) with Fannie Mae, in its capacity as financial agent for the United States, on or before October 3, 2010.

For more information on FHA Short Refinance option, read FHA’s mortgagee letter

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

FHA Short Refinance Option Now Available