Tacoma's #1 Mortgage Expert - Kevin Tinsley

Tacoma, WA

15 Year Mortgage Rates in Tacoma, WA have hit 4.50% (4.610apr) with a 1pt loan fee. By switching from a high 30 year fixed rate to a low 15 year rate, homeowners can save thousands of dollars over the life of their loan. On a 30 year loan, the first payment consists of approximately 90% interest and only 10% towards principal. Compared to a 15 year loan, where 60% goes towards interest and 40% goes to reducing the loan balance. For those wishing to payoff their mortgage by retirement age, a 15 year mortgage is a great home loan option. The best mortgage...is the one paid off!

Kevin, I wanted to thank for the referral this past month. Aaron was a pleasure to work with. The transaction went very smooth and I wanted to thank you for a flawless closing. I look forward to working with you soon. Best Regards, Brian Thayer - John L Scott - University Place, WA

______________________________________________________________________

Kevin, Joel & I would like to say thank you with all of your help with our refinance. We appreciated your honesty and willingness to answer all of our questions. You were very patient and made the process smooth and painless. Sincerely, Kristin & Joel

______________________________________________________________________

Kevin, Just wanted to thank you for all your efforts & patience in helping us buy our new home. It's nice to know we'll have someone we can count on in the clutch who really know their business. Your results in such a short period of time were nothing short of spectacular! Keep in touch and all the best with you & your family. Sincerely, Chris & Deanna

www.alltechmortgage.com

Tacoma's #1 Mortgage Expert

Kevin Tinsley

Need a great first time home buyer program? Our Great Start Loan provides an initial interest rate of 3.75% with the stability of a fixed rate.

Fannie Updates Investor & Second Home Policy

Highlights

•· Limited to 10 properties financed in total (this includes primary residence and any other properties).

•· Commercial properties or those greater than 4 units do not count toward the 10 property rule

•· Properties titled to and financed by an entity (LLC, etc) do not count toward the 10 property rule

•· Down payment options vary depending on number of units and number of properties financed

Qualifying

•· Easier to qualify than what most people realize

•· Entire down payment must come from borrowers own funds, no gifts allowed

•· Seller contributions cannot exceed 2% of the sales price

•· Cash Reserves Required - depending on number of properties owned

•· Anticipated cash flow can often be used to offset the new payment making it easier to qualify

•· Borrowers with multiple rental units can use rent to offset payments making it easier to qualify

Benefits

•· Tax benefits associated with owning rental properties can be significant

•· Prices are at record lows creating great buying opportunities

•· Rental property buyer's don't have a home to sell giving them a negotiating advantage

•· Lower prices = Lower down payment requirements and lower monthly payments

•· Lower monthly payment = better cash flow

Don't let your investors miss out on an investment buying opportunity by working with a lender who may not be familiar with investment property lending. Call Kevin Tinsley at www.alltechmortgage.com with any refinancing or investor financing questions. (253) 472-1500

The Federal Reserve's plan to lower interest rates is working...

With interest rates again below 5.00% and lenders getting backed up, I thought I would pass along a few tips to make the refinance process a little less stressful.

1. Get an accurate balance of any mortgage liens on your property- 1st, 2nd mortgage's or HELOC's, or other items you may have purchased that are liens on your property ie. new windows, furnace. If you plan to keep your HELOC (home equity line of credit) open, contact that lender and ask for their "subordination requirements" and get a contact number for that department.

2. Pull together all the necessary items you may need in order to speed up the application process:
A. 2008 & 2007 W2 Forms
B. Paystubs - Covering a 30 day period'
C. 1-2 Months bank statements - all pages
D. 1-2 Months stock, retirement or other asset account
F. 2007 tax return if self employed, you have investment property, or commission income
G. Name & Phone number of your homeowners insurance agent
H. Copies of your current mortgage statements - helps the escrow or title company order your payoff statement.

3. Be available for the appraisal appointment as soon as the appraiser can come out. - Otherwise they may not be back in your area for a few days.

4. Plan to spend 5-15 minutes on the phone asking questions about the process, timing, and other factors involved in refinancing your home.

Another thing to remember, Not everyone can benefit by refinancing!

There has to be a clear benefit before you should consider refinancing. If you would like a second opinion on refinancing and have already selected another lender, feel free to use us as a second set of "eyes" to make sure your getting the right loan for you're particular situation. My direct number is (253) 472-1500 ask for Kevin

Press Release

Release Date: December 30, 2008

For immediate release

The Federal Reserve on Tuesday announced that it expects to begin operations in early January under the previously announced program to purchase mortgage-backed securities (MBS) and that it has selected private investment managers to act as its agents in implementing the program.

Under the MBS purchase program, the Federal Reserve will purchase MBS backed by Fannie Mae, Freddie Mac, and Ginnie Mae; the program is being established to support the mortgage and housing markets and to foster improved conditions in financial markets more generally.

Further information regarding the structure and operation of the MBS purchase program is provided in the attached set of Frequently Asked Questions (FAQs).

What is the policy objective of the Federal Reserve's program to purchase agency mortgage-backed securities?
The goal of the program is to provide support to mortgage and housing markets and to foster improved conditions in financial markets more generally.

Why is it necessary for the Federal Reserve to transact in the agency MBS market via external investment managers?
The operational and financial characteristics of MBS purchases are significantly more complicated than those associated with the assets that have traditionally been purchased by the Federal Reserve. The Federal Reserve has chosen external investment managers as a means of implementing the MBS program quickly and efficiently while at the same time minimizing operational and financial risks.

Because of the size and complexity of the agency MBS program, a competitive request for proposal (RFP) process was employed to select four investment managers and a custodian. The investment managers are BlackRock Inc., Goldman Sachs Asset Management, PIMCO and Wellington Management Company, LLP. The selection criteria were based on the institution's operational capacity, size, overall experience in the MBS market and a competitive fee structure. The contract for a custodian is not yet final.

What securities are eligible for purchase under the program?
Only fixed-rate agency MBS securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae are eligible assets for the program. The program includes, but is not limited to, 30-year, 20-year and 15-year securities of these issuers. The program does not include CMOs, REMICs, Trust IOs/Trust POs and other mortgage derivatives or cash equivalents. Eligible assets may be purchased or sold in specified pools, in "to be announced" (TBA) transactions, and in the dollar roll market.

What is the investment strategy that will be employed?
Investment managers will employ a passive buy and hold investment strategy in accordance with investment guidelines prescribed by the Federal Reserve. Purchases will be guided by commonly referenced market indices. The agency MBS program will involve the outright purchase of up to $500 billion in agency MBS by the investment managers on behalf of the Federal Reserve by the end of the second quarter of 2009. The New York Fed will adjust the pace of its purchases based on input from the investment managers about market conditions and the impact of the program. The investment managers will be required to purchase securities frequently and to disclose the Federal Reserve as principal.

The investment strategy may involve the use of dollar rolls as a supplemental tool to smooth market supply and demand. A dollar roll is a transaction involving the sale of agency MBS for delivery in the current month and the simultaneous agreement to repurchase substantially similar (although not the same) securities on a specified future date.

Does the agency MBS program expose the Federal Reserve to increased risk of losses?
Assets purchased under this program are fully guaranteed as to principal and interest by Fannie Mae, Freddie Mac, and Ginnie Mae, so the Federal Reserve's exposure to the credit risk of the underlying mortgages is minimal. The market valuation of agency MBS can fluctuate over time based on the interest rate environment; however, the Federal Reserve's exposure to interest rate risk is mitigated by the conservative, buy and hold investment strategy of the agency MBS purchase program.

When will the purchases begin?
Purchases are expected to begin in early January, 2009.

Who will the investment managers trade with and who is eligible to sell agency MBS to the Federal Reserve under the program?
Initially, the investment managers will trade only with primary dealers who are eligible to transact directly with the Federal Reserve Bank of New York. Primary dealers are encouraged to submit offers for themselves and for their customers.

Will the agency MBS held by the Federal Reserve through this program be eligible for lending through the Treasury Securities Lending Facility (TSLF) or the daily System Open Market Account (SOMA) securities lending operations conducted by the New York Fed?
There are no plans for the agency MBS held by the SOMA to be available for borrowing through the TSLF or the daily securities lending program.

How will purchases under the agency MBS program be financed?
Purchases will be financed through the creation of additional bank reserves.

What is the legal basis for the agency MBS purchase program?
Purchases of agency MBS in the open market, under the direction of the FOMC, are permitted under section 14(b) of the Federal Reserve Act.

How is the Federal Reserve's agency MBS purchase program related to the U.S. Treasury's efforts to purchase agency MBS?
The Federal Reserve's agency MBS program is separate and distinct from the U.S. Treasury's program but both programs are aimed at fostering improved conditions in mortgage markets.

How will holdings under the agency MBS program be reported?
Balance sheet items related to the agency MBS purchase program will be reported after settlement occurs on the H.4.1. statistical release titled "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks." There will be an explanatory cover note on the release when the new items appear for the first time. However, these data may be published well after trade execution due to agency MBS settlement conventions. In addition, the New York Fed will publish the SOMA agency MBS activity in more detail on its external website on a weekly basis.

What measures will the Federal Reserve take to ensure that an investment manager implementing the MBS program will not have an unfair advantage relative to other market participants due to the information it receives about the MBS program?
Each investment manager will be required to implement ethical walls that appropriately segregate the investment management team that implements the Federal Reserve's agency MBS program from other advisory and proprietary trading activities of the firm. The New York Fed will monitor each investment manager's compliance with this requirement.