1st Rate Home Mortgage » Seatte Home Mortgage

Seattle Home Mortgage – HVCC will not be required by HUD

Tom Themelis — Tue, 25 Aug 2009 18:19:59 +0000

According to the National Mortgage News, David Stevens commissioner for FHA has told the National Association of Mortgage Brokers that FHA will not implement HVCC on FHA loans because of the problems that they have been causing. This is great news for the Seattle Home Mortgage market as well as nationally. HVCC as you know is the newest requirement which has taken away the ability for mortgage originators to order appraisals for their clients.

Seattle Home Mortgage – The new HERA act

Tom Themelis — Thu, 23 Jul 2009 18:12:47 +0000

The new HERA or Housing Economic Recovery Act is going into affect on July 30th 2009. This act is going to make it much more difficult to originate loans on a timely basis. I work in the Seattle home mortgage market area and will educate those individuals trying to purchase or refinance. This program is another example of Congress actually hurting the consumer. With added times it is surely going to affect rates that borrowers might have actually gotten on a best case scenario. With the increased loan periods it will jeopardize there ability to retain 30 day mortgage locks regarding purchases and refinances.

Seattle home mortgage- Loan modifications

Tom Themelis — Tue, 21 Jul 2009 23:19:41 +0000

Living here in the Seattle home mortgage market, I have seen the increase of individuals who are looking to do a loan modification on their home mortgage. There are several companies out there that provide home mortgage modifications. Many of these companies ask for an upfront fee and often times cannot provide a benefit to the consumer.

Individuals who are in need of a financial loan modification should always contact their lenders first. These loan modifications cost absolutely nothing. If you are unable to work directly with your lender or feel you need someone to assist you, just make sure to do the proper diligence with regards to the home modification company you use. Check the BBB, contact the State in order to make certain they are licensed properly to help you. Anyone asking for money upfront should be avoided. If a loan modification company can help you they should be paid at the end of the process not in the beginning. By taking these simple precautions you stand a much greater chance of not being taken advantage of by the many scams that are out there.

Seattle Home Mortgage – How much is too much??

Tom Themelis — Mon, 20 Jul 2009 01:08:14 +0000

When looking to buy a home for the first time or even upgrading to a newer home, how much should an individual really spend on a home mortgage? While financial institutions allow a debt to Income (DTI) ratio of 40 to 50 percent, borrowers need to take the time and really think about the type of impact that will have on their income and lifestyle.

If you are like most people who have a home mortgage or are looking to buy, many considerations must be made. If you like to travel, go out to dinner,entertain friends,do a lot of weekend jaunts, etc. Consider how much these discretionary items usually cost you. I know that here in the Seattle Home Mortgage market, homes are somewhat more expensive than many areas around the country. It also costs a bit more to do things. So if you are going to upgrade or even buy for the first time take into consideration the things in life that are important to you. Look at what you don’t really want to sacrifice and consider deducting that from the DTI the banks allow. If you do this, it will greatly reduce the chance of your buying to much home even though you may qualify to. Owning a home is great, being able to own a home and still enjoy life is even greater.