Real Estate and Mortgage benefits my Clients

5.625% Jumbo purchase mortgage or 5.625% Jumbo mortgage refinance.

This 5.625% jumbo mortgage interest rate may not be around for too long.

You should contact Dick Todhunter 206-898-3776 as soon as possible to discuss how you can save thousands of dollars on your jumbo purchase mortgage or jumbo refinance.

Adjustable jumbo mortgage increases are making it difficult for many people to afford to stay in their homes, or just refinance your jumbo mortgage to save money.

I have to say…. There is no gimmick to this 5.625% jumbo mortgage offer. It is being offered by a great lender, as are the Lender A, B, C jumbo mortgage products. Information is free.

Jumbo home buyers need to be able to get a mortgage they feel comfortable with and find affordable. Let’s look at an example of how you can truly benefit:

Home buyers need to be able to get a mortgage they feel comfortable with and find affordable. Let’s look at an example of how you can truly benefit:

I will present you with scenarios from OUR LENDER OF CHOICE and number of typical lenders, rates all pulled the same day. Let’s assume an $800,000 mortgage (although the lender of choice will offer their product to people with real estate financing needs up to $3,000,000). The pricing includes adjustments as indicated.

EXAMPLE mortgage of $800,000 Continue reading →

Here’s the gist of this blog - get a JUMBO mortgage refinancing with an interest rate of less than 6%.

Homeowners with homes worth more than the current Conventional mortgage market limits are having a difficult time:

1. Selling their real estate
2. Finding that their home buyer no longer qualify for their mortgage loans
3. And that kills their real estate home sale
4. Or the property owner is looking for a mortgage refinance only to find that interest rates are prohibitive, credit scores have increased and loan to value ratios preclude the homeowner refinancing.

Benefits of OUR real estate mortgage Lender of Choice

Everything about this loan is PERFECT! It will solve your needs for a Jumbo mortgage refinance or jumbo mortgage purchase.

1. Your home mortgage interest rate will be as much, or more, than 3.13% BELOW other Jumbo mortgage lenders!
2. In our example, your monthly mortgage payment will be $2,000 below the competitor mortgage companies and $3,750 per month lower on our Interest Only jumbo mortgage.
3. Low mortgage closing costs, by as much as $23,840- $26,000 (other mortgage lenders cost of adjustments).
   
4. Priced for 60-day lock on your home purchase mortgage (this gives more time to sell your time and close!).
5. Priced for 30-day lock on a mortgage REFINANCE.
6. Continuous interest rate float down at no cost! Get the lowest mortgage refinance interest rate at the lowest mortgage price offered from lock in to 3 days prior to closing your mortgage.
7. Minimum FICO 650 score for employed borrowers and 700 for Self-employed mortgage borrowers! I hope that you are aware that these are low FICO scores compared to what other home mortgage refinancing lenders are requiring.
8. No Escrow impounds.
9. Maximum Debt to Income Ratio of 45%, even on 10 year Interest Only loans! And this at a time when other real estate lenders are making everything more difficult!
10. Has your second mortgage lender cancelled your mortgage line of credit on your primary residence? You should check, most lenders have done just that. Our Lender will go to $250,000.
11. Business or multi-family property owners can obtain secured COMMERCIAL loans up to $500,000 on their COMMERCIAL or Multi-family properties valued at up to $3,000,000. First or second lien positions.

Call Dick Todhunter at 206-898-3776 or Contact Us

As this blog points out, by example, other mortgage lenders simply don’t want your business.

Most mortgage lenders are in a pickle. They would love to make money providing Jumbo mortgage refinancings or purchase money jumbo mortgages. The problem is that there is no market for them to sell jumbo mortgages into. Once they make the jumbo mortgage to you, they have to keep the mortgage on their books and that means they run out of mortgage money real quick. So they price jumbo mortgages high enough to limit applicants and make good money on jumbo mortgages they do make.

Our jumbo mortgage lender does want to provide jumbo mortgage loans. Other mortgage refinancing lenders can’t sell your home mortgage, our mortgage lender has resolved that problem. And that is what you want, isn’t it?

Many of my mortgage clients have conducted their real estate search, found their dream home for sale and been turned down by Conventional lending sources because their mortgage went over the $417,000 Conventional loan limit. Others wanted a cash back mortgage refinance and the cash back mortgage put them over the Conventional loan limit. Mortgage lenders FICO credit scores zoomed up to 700 for anything over $417,001. These mortgage borrowers found that they couldn’t meet that requirement! Well, our lender loans down to 650 FICO credit score!

You know the situation, its in all of the newspapers and on TV.

It is really hard for higher end Seattle real estate and home sales (of course including Bellevue WA, Normandy Park WA, Issaquah WA, Mercer Island WA- wherever these properties live). Let’s describe a “Jumbo” property as one where the mortgage loans exceed $450,000. That is the real estate jumbo mortgage range our lender is best at.

You have our permission, please, to tell your home buying friends about this program, they will THANK YOU!

What do you want to do?

This real estate mortgage product is great for you if:

1. You want to sell your prestige home but the real estate market precludes buyers from acting. Jumbo purchase money mortgages are hard to come by and mortgage interest rates are close to prohibitive.
2. You want to sell your real estate and buy a bigger home, one that puts you into the Seattle jumbo home buying market.
3. You want to buy a second home in the jumbo category.
4. You have recently tried to sell your home and found that there were no takers; maybe interest rates scared them away! And now your home is off the market. And need to refinance your home! Refinance your home to lessen the burden.
5. You are looking to put your home on the market and want us to offer your prospects a low mortgage interest rate, which allows them to buy more home, your home! Increase your odds of a sale, call us.
6. You would just like a lower interest rate on your mortgage, on your primary residence or second home.
7. Want to get rid of your annual adjustable rate mortgage, constantly going up, putting your home in jeopardy?
8. Wish that you could make lower monthly payments with an interest only home mortgage?

Jumbo home mortgage quotes below are for those borrowers with a minimum FICO credit score of 650 for employed borrowers and 700 for self-employed borrowers.

Our lender has two jumbo real estate purchase or jumbo home mortgage refinance programs which are virtually unbeatable!

1. A 5/1 ARM, 80% LTV (our example below, contact us for a quote)
2. A 7/1 ARM, 80% LTV (contact us for a quote)

Need a small business mortgage? At NO COST?

This article is not about small business mortgage needs. But be aware that another lender is now providing a no cost commercial property mortgage and commercial property second mortgage up to $500,000. Contact me for details.

1. 4-5 unit and above multifamily mortgage on properties valued at $3,000,000 and below.
2. Commercial properties, all legal entities, owner occupied or investor.

Call Dick Todhunter 206-898-3776 Lic #510-MB-LO-37219 Call us today at 206-575-7495 and select extension 302 for Tyler Todhunter or 303 Fernando Rodriguez, Se Habla Espanol Columbia Funding Group Tyler Lic# 510-LO-39638, Fernando Lic# 510-LO-37536

A 30 year Jumbo mortgage rate of 5.625% with an APR of 5.753%!

FYI - I have searched high and low. Most lenders are stilll in the area of 7.75%. Had to search high and low to find this interest rate. I don’t know if it means the market is adjusting and this is one of the early adapters or what. That’s a $799 savings each and every month achieved by refinancing a $567,500 Jumbo mortgage! Or, you could purchase an extra $138,760 more home for the same payment!

Is it going to be a trend, or short lived?

I can be reached at 206-898-3776 if you have any questions. Dick Todhunter, (mortgage license 510-LO-37219). Licensed real estate broker. Call for your mortgage and real estate needs. Receive a 20-30% REBATE, of my real estate commission, on your next home purchase!

This is the lowest Jumbo refinance or Jumbo purchase mortgage we have seen in over nine months. How long will it last? Don’t know! You can’t wait any longer to refinance your Jumbo mortgage or purchase using a Jumbo mortgage.
Jumbo purchase mortgage and Jumbo refinance mortgage now available at an astonishingly low rate of 5.625% interest!
That’s right refinance your Jumbo mortgage at an interest rate of 5.625%. Here are a couple of details. You can refinance Jumbo mortgages up to $567,500 in King County WA and Pierce County WA. Jumbo mortgage loan limits vary by county, so you will want to give us a call to determine the maximum Jumbo refinance available in your county.

Thinking of purchasing a home in King county WA? Visit The Sound Team website and contact Dick Todhunter today. Now might be the time to act on that inclination! I have noticed a significant increase in traffic on my websites. In the last three weeks I have had 105 prospects in my database looking at properties. In the first three months of the year I had about 100 unique prospects looking for properties. Spring is about to be upon us! Maybe it will be easier to sell your home soon, and get your best offer in now- before people think they can get more for their home.

Anyhow, home buyers in King county WA and Pierce County WA can now make offers with a mortgage between $417,000 and the $567,500 maximum Jumbo mortgage and get an interest rate, for a thirty year fixed rate mortgage of 5.625%
In fact for either a Jumbo mortgage refinance or Jumbo mortgage purchase you can get an interest rate of as low as 5.753%.

By the way, our mortgage associates, Columbia Funging Group, are experienced with refinancing Jumbo mortgages and requirements for purchasing a home with a Jumbo mortgage. We are members of the Upfront Mortgage Brokers Association, which is dedicated to treating our clients, as they would expect. Take a moment to view our commitment to YOU, our client.

Give a call and get your Jumbo mortgage refinance or Jumbo mortgage purchase going.

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Where did I leave off, oh yeah….. 

It had something to do with “Think Local”.  Our Seattle WA and surrounding communities markets never did take off with the same exuberance as did many other markets.  And our landing will not be anywhere near what is happening in many other cities. 

So why are so many would be buyers waiting for prices to drop?

It is really about buying a home, a place to live, the community and schools.  It is about getting on with life.  We have been focusing too much on a home as a piggy bank, rellying too much on price increases to fund our consumer needs.  When is the last time you heard of a mortgage burning party?  Probably the younger buyers are saying “a what?”.  Yes people did really pay off their mortgages and party.

Did you hear, home prices in Seattle WA are beginning to rise!

You may have heard recently that prices dropped a whopping 1.3-1.7%~ last year.  For those of you who held off buying that represents about $6,158 drop in the median Seattle WA home price.  That is a monthly savings of $37, about 10 Starbucks coffee drinks.  About 2.5 coffe drinks per week or almost one movie ticket per week (no popcorn though).  Or about 1.75 gallons of gas per week.  Stop me when this begins to sound like a silly reason to hold out on your home buying dreams. 

And a whole industry held it’s breath with you. 

I have heard that something like 25-30% of real estate agents have dropped out of the business.  That’s actually great for the rest of us and for you.  They say that about 72% of buyers and sellers choose the first agent they come across.  Imagine, you could have had a one in three or four chance of selecting an agent who probably shouldn’t have been in the business anyhow.  Hmmmm….. maybe you will give me a call now!

Here are the most recent numbers:

The median price for a single family home that sold in King County last month was $439,900. That’s down about 3.3 percent from a year ago, but up $10,000 (2.3 percent) from February!  Have we turned a corner?  Are we about to?  February 2007 to February 2008 is down in volume by 35%.  Must be the latee saving people stopped buying real estate.  Oh, come on.  Play with me!

And peak home buying season is hitting the Seattle WA market!

The current market offers great opportunity for homebuyers.  Prices are holding up and there is less competition, at this time.  As spring progresses the market typically picks up and with interest rates at today’s low rates there should be a real rush in the offing.

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NEWS FLASH!!!  Jumbo mortgage refinance to conforming rates time is upon us!   Refinance your jumbo mortgage today!

Call me today at 206-898-3776 for a FREE Financial Impact Overview of how refinancing your jumbo mortgage will benefit you.  Member of UpFront Mortgage Brokers Association, UMB commitment,  Reference The Mortgage Professor.

What a snoozer this has been, the anticipation has been enormous.  On March 6th The Office of Federal Housing Enterprise Oversight (OFHEO) released the maximum conforming loan limits that will be in effect through year-end as a result of The Economic Stimulus Act of 2008.

For King, Pierce and Snohomish Counties the maximum mortgage amount will now be $567,500!  That’s wonderful for you borrowers who have been paying Jumbo mortgage prices in King County WA!  Your rates can now drop down to the new conforming loan limits. 

Refinance your King County WA Jumbo Mortgage, Pierce or Snohomish County Jumbo Mortgage today,

As of Friday March 7th your interest rate could be 6.0 % to 6.125%, using the Conforming maximum increase, above that would be a payment of $3,402!  Compare that to current Jumbo Mortgage rates of near 8% (at the Conforming maximum increase) your payment would be $4,164 for a total savings (of refinancing your Jumbo mortgage to it’s new conforming maximum) of $762 each and every month!  Now that’s a great savings, simply for refinancing.  Give me a call and obtain the lowest possible rates on refinancing your Jumbo Mortgage TODAY!

Why refinance your Jumbo mortgage with me?

Because you want someone with experience, scruples and knowledge of the industry.  Someone who will do right by you.  Just read my blogs for my integrity and recognize that you will feel comfortable and be protected from unscrupulous Loan Officers and mortgage companies who will now come out of the woodwork’s to get to your money!  Look at the mess we are in with our mortgage crisis!  Which of those loan officers do you want to do your mortgage?  Why should you look further than this blog for a decent person to TRUST?  Call me today at 206-898-3776 for a FREE Financial Impact Overview of how refinancing your jumbo mortgage will benefit you.  Don’t settle for less at this crucial time.

By the way, I am a member in Good Standing of the Upfront Mortgage Brokers Association and fully subscribe to their philosophy of complete and Upfront disclosure of all closing costs and will provide you with a current rate sheet upon locking in your mortgage interest rate in financing you out of your Jumbo mortgage refinance.

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NEWS FLASH! Effective March 17, 2008 you can take advantage of new Conventional limits!

I am a member of the Upfront Mortgage Brokers Association and have practiced honest, ethical loan origination for over 20 years. When purchasing a home, through me and getting a mortgage with me or one of my mortgage partners, I will contribute 1% toward your mortgage costs (purchase price over $300,000). Call me today at 206-898-3776 for a FREE Financial Impact Overview of how buying a home makes sound financial sense and will benefit you. UMB commitment, Reference The Mortgage Professor.

Whew! It certainly took a long time for the FNMA / Freddie Mac ceiling increase to get to reality. Thank God I wasn’t holding my breath. In all of Washington State, and specifically King, Pierce and Snohomish Counties, WA. We are cranked up to help homebuyers under the new FNMA and Freddie Mac conforming mortgage new ceiling of $567,500.

Home Buyers rev up your engines, or be late off the line. Spring will take pressure off Sellers!

This may sound a lot like an advertisement, but the reality is that now is the best time for you to take action. It is a Call to Action. Homebuyers can now afford to buy approximately $143,250 more home today than they could only last week because of the new ceiling on conventional financing! Or have $859 in savings on their home purchase (based on the new conforming maximum of $567,500 for King County Washington). Acting today takes advantage of our depressed housing market, where sellers are looking for your offer. The ceiling on conforming loan limits is set to expire by the end of 2008, but the market will heat up once this awareness hits the homebuyer conscience. It’s a lot like first come first serve, be a buyer today.

Refinance your Jumbo Mortgage today, before rates begin to rise!

Looking to refinance, save hundreds of dollars each month by refinancing your jumbo mortgage today at about 1.25% lower interest rate! That’s an $859 per month savings on refinancing your jumbo mortgage or on your purchase money mortgage (on $567,500) under the new guidelines.

Call 296-898-3776 today to see if you qualify for the new program.

Note: There is no real or implied relationship between Skyline Properties, Inc. or any mortgage lender I work with. You will be required to sign an acknowledgement of this fact if I do your purchase and mortgage simultaneously.

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What anticipation and angst!

Waiting for the next shoe to drop has been interesting.  First it was announced that changes were in the wind, but of course the had to be approved by both houses and signed into law by Presidential approval.  That was done.  Various announcements were made public and Conventional loan amounts were increased.  U.S. regulators removed limits on the combined $1.5 trillion mortgage portfolios of Fannie Mae and Freddie Mac, enabling the companies to increase financing for the slumping housing market.

Who knew that all of this was going on in the background, who cared?  We just want to get on with life as soon as possible.  Tired of holding our breath on the upcoming refinance.  When?  When?

Well, we are actually getting closer.  It appears that the issue may be that lenders are interpreting the mortgage guidelines and I have heard that there is some sort of meeting, within Wells Fargo, set for March 17th and it sounds like this is to discuss these new program requirements. 

Keeping in mind that the legislation is set to be only a short term increase, expiring at the end of 2008 and was put together to resolve liquidity issues in the mortgage and real estate markets.  Yes the clock is ticking and we need to get our refinance and purchase activities set into high gear.  It sounds like there is still a cap of $417,000, and a charge for anything up to the new limit.

For King, Pierce and Snohomish Counties the maximum mortgage amount will now be $567,500!  That’s wonderful for you borrowers who have been paying Jumbo mortgage prices in King County WA!  Your rates can now drop down to the new conforming loan limits. 

I will post the results of the March 17th meeting as soon as I understand what comes next.

Contact me at 206-898-3776 in order to get set for participating in a stampede of Jumbo mortgage refinances.  I also work with homebuyers who can buy a home through me and get a reduction on their mortgage costs. 

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Historically low interest rates mean Refinance you mortgage today!

Are you aware  approximately 43% of all new mortgages are refinances?  The average refinanced mortgage is only 3.5 years old!  Arms represent about 18% of new mortgages.  Everyone else is going for long term lower interest rates and coming out of their arm mortgages.  Borrowers are taking out more money on their homes with 95% of new mortgages being higher than their previous balance, with $125 billion projected to come out of their homes in 2008.  But, that being said, is not what we are talking about here, just informational. 

The above is very geek like.  Below explains how to look at the logic of refinancing your home mortgage, a much better read.  OK?

We are in the midst of a mortgage refinance boom!  And it may make sense for to refinance your mortgage now. 

And why not, IF it makes sense?  The real question is….Does it make sense for you to refinance your home mortgage today?  And how do you find a decent person to refinance your home mortgage.   I feel that information provided in my blog demonstrates that you may have found a loan officer who demonstrates integrity, honesty, industry knowledge and on and on.  Why search any further?  Call me today at 206-898-3776 for your FREE Financial Impact Overview report.  There is no cost or obligation to you.

How do you know if refinancing your home mortgage makes financial sense for you?

Typically you would look at monthly savings provided by a refinance and, of course, how much it costs to refinance.  That turns out a cost benefit analysis.  Most borrowers do their own analysis to determine the benefits of refinancing their mortgage. 

Alternatively you may want to refinance your mortgage in order to get out of a mortgage which no longer fits your financial objectives.

What are mortgage closing costs and who pays them?

Let’s not get wrapped up in closing costs, rather recognize that they are real and there is nothing either you or I can do to decrease them.  Period.  The mortgage loan officer can ask what you want to do with those costs and your choices are quite simple:

1. Pay your closing costs out of pocket at closing, a choice which most borrowers don’t make when refinancing their home.
2. Wrap closing costs into the loan, thus paying your closing costs over the term of the mortgage.  This is what most borrowers choose to do and most frequently this is what my clients choose to do.
3. Have the lender pay for your closing costs, thus creating a zero closing cost mortgage.  This is the “FREE Mortgage”.  This is what many people want to do.  Why not have someone else pay for something you want, lower your home mortgage monthly payments for free!  Free refinances are not real, as someone has to pay them and the most logical person is you, the beneficiary of refinancing your home mortgage.  You will end up with a higher mortgage interest rate than you could otherwise get by wrapping mortgage closing costs into your mortgage.  It is that higher interest rate difference which pays for your closing costs.  There are additional benefits to this mortgage, which I won’t go through at this time. 

My FREE Financial Impact Overview report will outline your benefits.   

 If you are interested in more details about “No closing cost” home mortgages, Jumbo refinance mortgages or a home purchase mortgage- give me a call.

The Jumbo mortgage refinance program will be immediately available for people in all of King County Washington, Seattle, WA, Bellevue, WA, Kent, WA, Renton, WA, Normandy Park, WA, West Seattle, WA and other communities in the Puget Sound area.  Call today for information and let’s get your monthly payments reduced.

Here’s where we are:

The reality is that there is a crisis of confidence in our monetary system and in worldwide systems. This is disastrous to our ability to not only fund mortgages, but virtually anything that requires bonds (municipal, equipment, anything that requires selling bond pools to investors). You really should read the below information and you may find it interesting and appalling.

Here’s what has happened:

The risk of home ownership has been effectively transferred from the home owner to the ultimate investor. That is unconscionable given who should have retained the risk. Imagine, you invest in a product and know the risk reward ratio. You price your money based on expected return and loose 70% in an instant. Would you do it again? Would you, as a home buyer expect to continue being able to get a mortgage? You imagine business as usual.

1. Borrower gets a mortgage with interest rates correlating to their credit worthiness, down payment, reserves (cash in the bank after closing) and other factors. In theory shouldn’t rates reflect these risks? Shouldn’t the buyer pay according to their credit risk? Seems right to me.

2. Lenders make the loan and bundle for sale on the secondary mortgage market, with the aid of Wall Street brokerage firms. These Mortgage Backed Securities (MBS) are rated and sold to investors all over the world. Possibly including your 401k or mutual fund.

3. Investors in MBS have expected rates of return, and gobble up these products keeping the money churning through our economies. These investors are risk averse and simply want the agreed upon returns.

4. You pay your mortgage without knowing or caring who your mortgage paper was sold to, you have a contract telling you the terms of your mortgage and that can’t be changed.

That’s the really simplistic version – Now here’s what has happened with the development of a world market for MBS (and other “Safe Investments”).

As the mortgage industry developed increasing complicated products, aimed at decreasing the expense to the borrower, things went haywire.

1. Borrowers with sketchy credit, non-homebuyer types (and don’t misunderstand me, many of these people are now homeowners and meeting their obligations) who have had credit, employment, and health issues managed to become homeowners. And that was the plan.

2. Borrowers payments were kept low by removing Private Mortgage Insurance requirements, getting interest only, low interest teaser rate adjustable mortgages and more house than they could afford given that the environment changed. Great for the buyers, until it came time to pay the piper.

3. Property values declined, and are continuing to decline in man markets, although the Seattle, WA, Bellevue, WA, Renton, WA and surrounding communities have not experienced the extremes in decline. Declining values mean no chance to refinance out of bad mortgages, as hoped. Foreclosure.

Investment buyers lost control of their investments by trusting the integrity of bond rating agencies, Wall Street, Insurers of MBS products. Investors are not innocent in this matter, since they are always chasing the highest rate of return possible and sometimes act as if they have blinders on. They appear to have come up short in due diligence.

1. It used to be the Investors, to rate products for their purchase, hired bond-rating agencies like Moody’s, Merrill Lynch and others. The bulldogs at the door so to speak

2. With the development of a secondary mortgage market a complete monetary system was developed, outside the purview or control of any government things changed greatly. And somehow the rating agencies became lapdogs of entities like mortgage companies, aggregators of MBS products. Rating agencies were paid to rate sows ears as silk purses. AAA ratings created more profit fore everyone as compared to CCC ratings (or whatever MBS risks should have been rated). Basically mortgage companies bribed rating agencies by paying more for a higher rating, ultimate investor welfare be damned.

3. There are insurers of MBS products, thank God, otherwise they would have to have a higher risk premium and investors wouldn’t be as interested in buying them.

4. The insures have a problem though; they never insured risky MBS products. How did they get into this business anyhow? These insurers were in the business of insuring things they knew- heavy machinery, municipal bonds, etc. They knew their business and inherent risks well. They were comfortable and profitable and had AAA ratings, which lowered their borrowing costs.

5. Along comes the nefarious duplicitous bond rating agencies. They tell the insurers that their AAA ratings are at risk; they need to have additional sources of revenue. And, lo, the rating agencies have just the product MBS and other (risky) products. How fortuitous this must have been. Insurers saved their AAA rating by creating what the bond rating agencies needed in order to peddle sows ears as silk purses and have these products insured for a higher yield.

6. Investors really liked the insurance companies stepping in with their insurance backing. Feels soft warm and fuzzy. And they get their rate of return. Whoopee!

So, now we have a sub-prime mortgage crisis! Or, is that the tip of an iceberg I see?

You have all heard about this, falling prices, foreclosures, criminal loan officers and mortgage companies. All the way up to the top. Mortgage companies, banks, brokerages loosing billions. Recession! Job losses!

And that’s when the other shoe dropped!

Ambac is an insurer who fell prey to the rating agencies requirements and ignorantly fell in line, insuring MBS (and other instruments). They were the first insurer to tell everyone that they didn’t have enough money to fulfill their obligations to Investors.

What does that mean? Well, investors simply stopped buying MBS products and lenders had no outlet for mortgages they had generated and took the huge losses you hear about every day. Why would an Investor in these type of products even think about buying only to loose up to 75% or more instantaneously. Would you.

So, the mortgage market binds up. Buyers no longer qualify, home prices drop (read my Think Locally blogs), jobs are lost, recession looms. Think about it…. Where is Seattle, WA, Bellevue, WA, Des Moines, WA and any other municipality get its money for infrastructure improvements, how is machinery finances, where do the jobs go if these bonds can’t be sold? And they can’t be sold. Nobody knows what the risk is and the market has frozen up.

All because of greedy bastards. The entire global economy is being affected by the incremental profits made by people who benefited at the detriment of all of us. This would appear to be one of the most spectacular Ponzi schemes ever perpetrated. And guess what, it is a “blue collar” crime. Someone is going to get a few years in jail and will have to pay back a portion of their ill-gotten gains. Probably get out early and retire.

These things come and go, witness the S&L Crisis, the Resolution Trust debacle. I imagine the net effect will be to monetize the whole situation, thus leading to a devaluation of the dollar, via inflation. It’s wonderful, life goes on.

All we can do is to recognize what has happened and say “So what?”

Well, I guarantee you that the outcome will be to place the burden of home ownership where it belongs, on the individual home owner. That’s not meant to sound mean spirited, just the way it is or will be.

1. They will be required to purchase Private Mortgage Insurance (PMI), which will, and has, increased their premiums, by a maximum of .8% to help defray costs of foreclosure (effective immediately).

2. FNMA, Freddie Mac are in the process of increasing their loan limits and adding as much as 2% to closing costs (about 1/2% increase in interest rates if financed).

3. Believe me this will affect affordability for homes and free up the housing markets to function.

4. A Jumbo mortgage refinance boom will begin immediately as people can save hundreds of dollars with a Jumbo mortgage refinance to Agency paper guidelines. Seattle, WA Jumbo mortgage rates will decline by 1-1.5% simply because they are now in the Conforming mortgage market which has raised the ceiling on mortgages. NEWS FLASH- Congress has recently passed the Economic Stimulus Package and sent to President Bush for his signature. Great news for Jumbo mortgage refinancing people. Just a question as to when the Economic Recovery Program will be implemented.

5. The net effect on the economy of increasing Agency loan limits will be to free up hundreds of dollars per month, immediately for each homeowner. That is a significant shot in the arm for an ailing economy and should help shorten what looks like a recession, along with saving peoples homes, dreams and neighborhoods. Home values should begin to recover.

Enough!!!! I could go on and on. I heap accolades upon each of you who have had the fortitude to make it to the end of this blog. You should do business with people who appear to understand what is happening in an area that you don’t have the time or inclination to study. Call me today to discuss your Jumbo Mortgage refinance needs, home purchase or home sale needs.

The Jumbo mortgage refinance program will be immediately available for people in all of King County Washington, Seattle, WA, Bellevue, WA, Kent, WA, Renton, WA, Normandy Park, WA, West Seattle, WA and other communities in the Puget Sound area. Call today for information and let’s get your monthly payments reduced.

Just think - Jumbo mortgages will affect fewer people in Seattle, WA and surrounding communities.

Imagine the payment relief people with Jumbo Mortgages in Seattle, Wa, Bellevue, Wa and surrounding communities will receive by being included within the Agency (FNMA, Freddie Mac) loan limits.  Interest rates for Jumbo mortgage refinancing to conventional mortgage interest rates could save you hundreds of dollars per month.  Once this bill gets signed and we know the implementation date you can take advantage of lower mortgage interest rates. 

For those of you who are trying to sell your home into a Jumbo mortgage market, with all of the current limitations on Jumbo mortgages, well, your home just may be more marketable with the stroke of a pen!  That means that real estate might be more exciting over the next few months.  More buyers will qualify for your home and you may qualify for a home which previously required Jumbo mortgage pricing.  Let’s see what happens.

Congress Sends Economic Aid Plan to Bush

The Associated Press
Thursday, February 7, 2008; 8:31 PM

“We believe the stimulus, the way it is targeted, will put money into the hands of those who will spend it immediately, injecting demand into the economy and therefore creating jobs,” House Speaker Nancy Pelosi, D-Calif., told colleagues.  

The measure also includes steps to boost the ailing housing market.  

Bush said the final plan was “robust, broad-based, timely, and it will be effective.” The compromise, he said in a statement after the Senate acted, was “an example of bipartisan cooperation at a time when the American people most expect it.”  President Bush indicated he would sign the measure.

Below is from:

Increase in Government Sponsored Enterprises (GSE)/Federal Housing Administration (FHA) Conforming Loan Limit: The conforming loan limits for both FHA and GSE (such as Fannie Mae and Freddie Mac) loans would be increased from $362,000 to $725,000 and from $417,000 to $625,000 respectively. Interestingly information garnered from other sources limits the upper end to 125% of the median home value on a per county basis.  I suppose that the devil is in the details.Stay tuned for an update, which will hopefully include a time frame for implementation and actual numbers which apply to us.Jumbo mortgage refinances for Seattle, WA, Bellevue, WA, Kent, WA, Renton, WA, Des Moines, WA,

Jumbo mortgage refnances for West Seattle, WA, Normandy Park, WA, Rainier Beach, WA, Auburn, WA, Tacoma, WA