“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
HomeWashingtonClallam CountySequim

Sequim, WA

Blog_tag

Sequim, Washington: Reverse Mortgage helps widow avoid foreclosure.

10-08-09
Arthur Buhrer, Senior Loan Officer, Washington State
Arthur Buhrer, Senior Loan Officer, Washington State: Loan Officer in Sequim, WA
  • view my blog
  • Office: (360) 477-1011

Mary’s husband passed away a couple of years ago and Mary’s life, as she had known it, suddenly changed. The household income was cut by more than half and her responsibility to maintain her life more than doubled. Mary struggled to make the mortgage payments with her single income for two years and even came up short on the property taxes over the last two years. When Mary and I meet she had about a month left before she was going to lose her home.

It was hard to believe but she was about to let her home go and was about to walk away from over $100,000 in equity. See owed $110,000 on her home that was worth about $230,000 and was going to just let the bank have it or file bankruptcy. Mary had just turned 62 which is the first requirement for a Reverse mortgage. She also had a lot of equity in her home, which is the second requirement. After her mandatory counseling session, appraisal, and a lot of behind the scenes processing, we were able to close her new reverse mortgage.

We paid off all the back taxes, 9 months of mortgage payments, late fees, attorney fees, loan fees, and Mary still walked away with $1,500 in cash. She received an FHA fixed reverse at 5.65%. When Mary called to thank me after signing loan documents I sensed tears when she could not describe in words the burden that had been lifted. She was able to keep her home and focus on her full time job of helping others. Sunset

1 Comment
Blog_tag

Mortgages, Interest Rates, and Savings...OH My! *REVISED, REVISED, REVISED*

10-08-09
Sherry Siegel, Associate Broker, EcoBroker, ABR
Sherry Siegel, Associate Broker, EcoBroker, ABR: Real Estate Agent in Sequim, WA
  • view my blog
  • Office: (360) 681-8778 x106
  • Mobile: (360) 461-6871
  • Secondary: (866) 681-8778

.... another brief YouTube video, courtesy of http://warealtor.org/

If you're still wondering if this is a good time to buy a home, you'll definitely want to listen in as Bob and Sally get a lesson on Mortgages, Interest Rates, and Savings. Maybe you don't remember what happened to Interest Rates during the 1980s (OK, maybe you were too young to care about interest rates in the 1980s).

Well let me tell you-they were UGLY. They were so ugly I wondered how my kids would ever be able to afford homes of their own.

But now it's 2009, and Interest Rates are beautiful.  Here's your chance to grab the low rates while you can.  So what are you waiting for? You've got things to do. Here's a short list:

1. Watch the YouTube video

2. Head on over to wahomeowners.com for some more excellent information.

3. Locate a local Realtor who will provide you with the names of some local lenders in your area. It's the Lenders' job to explain all the fine details. (Hint: ActiveRain is still a good place to look for a local Realtor.)

4. Go prepared to meet with your Lender Gather up your financial data (how much money comes in every month and how much money goes out each month). Your Lender will ask for more information from you if you decide to work with the Lender.

5. Go back to the Realtor you previously located Once you've made the decision to move forward and buy a home (move being the operative word) go back to the Realtor you previously located. Share the good news that you're qualified to buy a home, ready to buy a home, and ready to go house-hunting right now!

5 Comments
Blog_tag

Sequim Sunset on Cline Spit -- Wordless Wednesday

10-08-09
Sherry Siegel, Associate Broker, EcoBroker, ABR
Sherry Siegel, Associate Broker, EcoBroker, ABR: Real Estate Agent in Sequim, WA
  • view my blog
  • Office: (360) 681-8778 x106
  • Mobile: (360) 461-6871
  • Secondary: (866) 681-8778

9 Comments
Blog_tag

Bob & Sally & the $8,000 First-time Homebuyers Tax Credit

09-09-09
Sherry Siegel, Associate Broker, EcoBroker, ABR
Sherry Siegel, Associate Broker, EcoBroker, ABR: Real Estate Agent in Sequim, WA
  • view my blog
  • Office: (360) 681-8778 x106
  • Mobile: (360) 461-6871
  • Secondary: (866) 681-8778

.... a brief YouTube video, courtesy of http://warealtor.org/

Unless you've been vacationing in other parts of the world for the last year, you've probably heard about the $8,000 First-time Homebuyers Tax Credit.

Still want a chance to use that Tax Credit? You MUST be fast. How fast? The deadline to have everything completed is November 30. So what are you waiting for? You've got things to do. Here's a short list:

1. Watch the YouTube video.

2. Head on over to wahomeowners.com for some more excellent information.

3. Locate a local Realtor to guide you through the process (hint: ActiveRain is a good place to look for a local Realtor.)

4. Ask your Realtor for the name of a trusted local lender--(hint: ActiveRain is also a good place to look for a local lender.)

5. Gather up your tax returns from 2008, and pay stubs for 2009. If you have your Tax Returns prepared by a certified public accountant, call them right away to let them know your plans.

6. Somewhere in all this commotion, you and your Realtor will be seriously house-hunting. Remember, you must find the home, submit your offer to purchase, do your due diligence on the house you've chosen, then proceed to closing. ALL by November 30.

Don't live in Washington? Check with the Realtor association in your state for more information. Just do it!

3 Comments
Blog_tag

You are not getting my loan closed fast enough!

07-30-09
Arthur Buhrer, Senior Loan Officer, Washington State
Arthur Buhrer, Senior Loan Officer, Washington State: Loan Officer in Sequim, WA
  • view my blog
  • Office: (360) 477-1011

Why are lenders taking so long to underwrite and fund loans, or even return phone calls? In what used to take two weeks to 30 days tops, depending on appraisal, is now taking 30-60 even 90 days in some cases.

Let's start by adding a declining market, a recession, if you will. Next add corporate layoffs and mortgage industry downsizing to the mix. Stir in a heavy dose of credit guideline changes, almost on a daily bases. Fold in Federal lending rate cuts, dropping mortgage interest rates, and exponentially increasing refinancing (refi boom). Lastly, sprinkle Credit crunch on top with new regulations such as HVCC/HERA and what do you get?
A recipe for the perfect storm of delayed underwriting, increased fees and costs, and frustrated home buyers.

My experience has been pleasant with those refinancing but the home buyers, especially the first timers, have a hard time grasping what is taking so long. The anticipation of the new home seems to get the better of them.

Now, I do have avenues to close the loan quicker but those lenders don't always have all the programs available and their rates tend to be a tad higher.

The best solution I have found is to explain the situation in a way that doesn't add too much to cloud their mind and ensure them they are in good hands. It may take an extra few weeks to close the loan but we have great rates, and a lender that I know isn't going to throw me any wild curve balls. Ultimately the loan will close and the end result will be the same.

As, I finished writing this blog it does seem that most turn times have come back down to reality. Even so, we are just a few interest rate swings away from them going back up again.

Cheers,

0 Comments