Comments on: So You Think You Might Need a Mortgage?

By: Sub Prime Woes Worsen

Sub Prime Woes Worsen — Sat, 19 Jan 2008 12:17:28 +0000

[...] This seems an excellent time to share a terrific post on credit, what to do now if you are planning on buying a home in the near future. Rhonda Porter walks you through a step by step guide to getting the best rate, if you are a 1st time buyer, a move-up buyer or are refinancing a variable rate in the next 6-12 months. Here is what you should be doing now, its well worth the read. Bookmark to: [...]

By: Friday’s Rates featuring Jumbo | Rain City Guide | A Seattle Real Estate Blog...

Fri, 21 Sep 2007 18:31:20 +0000

[...] Rates and products change constantly during these volatile times in the mortgage industry. Just yesterday, many lenders issued four rate sheets (a ”normal day” would be one). I highly recommend locking your mortgage rate and program as well as getting preapproved as soon as possible when considering obtaining a mortgage. [...]

By: If your loan ain’t vanilla, you may be in for a rocky road. | Rain City Guide | A Seattle Real Estate Blog...

Thu, 09 Aug 2007 22:54:47 +0000

[...] If your loan ain’t vanilla, you may be in for a rocky road. August 9, 2007 Just a week ago, I wrote about what you should do if you’re contemplating obtaining a mortgage. If you’re all ready in the process, I have a few extra tips for you. Contact your Mortgage Professional as soon as possible to: [...]

By: Bob

Bob — Thu, 09 Aug 2007 22:08:31 +0000

Looking at these numbers makes me very grateful I’m in the midwest. Is that really a 2,000 sf house with a 5 car detached garage I bought and fixed up for under $125k? Yup. I don’t think I’d be in the buying market in Seattle, just from the looks of things.

By: Rhonda Porter

Rhonda Porter — Fri, 03 Aug 2007 22:51:19 +0000

Sandy, only the bid up sale that I mentioned earlier…and it was crazy. That had no reflection of the market changing and has only happened once.

I have not had a full price offer not appraise at value yet.

By: sniglet

sniglet — Fri, 03 Aug 2007 22:06:01 +0000

Rhonda,

With all the turmoil in the mortgage industry this week I am curious if you have noticed any direct impact in your work? Have any of this week’s changes in the mortgage industry caused any of your clients to have trouble with their financing? Or can people still get financing, just with different terms, and with different lenders?

By: sandy

sandy — Fri, 03 Aug 2007 21:28:04 +0000

Hi Rhonda, Are you seeing a trend where properties are not appraising at the sale price? What advise do you have for first time home buyers regarding property appraisals? What should they look out for before placing the offer?

By: tj

tj — Fri, 03 Aug 2007 15:50:54 +0000

Thanks Rhonda,, so there you go sniglet even if the East side homes are and were purchased with only prime mortgages it could still be impacted by the changes if parts of them were IO/ARMs that were qualified on the IO payments since that is now being much more restricted. But as Rhonda said, only time will tell.

By: Rhonda Porter

Rhonda Porter — Fri, 03 Aug 2007 13:03:55 +0000

E-You’re funny!

By: Rhonda Porter

Rhonda Porter — Fri, 03 Aug 2007 13:03:14 +0000

tj
A “prime” mortgage is “a paper”. It can be an interest only fixed period ARM and qualifying WAS done at the interest only payment. To answer your question, yes could be “prime” and have an I/O mortgage.

I would assume that in higher priced areas, you would see 20% down (or more) more often than lower priced. I don’t have stats by region with mortgages.

You will still have people using subprime or alt-a products to buy in higher priced areas. You’ll have less of products where there are income limits or loan limits.

I’m going to be in a seminar for the first part of today…so I won’t be able to respond to comments. Just want you to know I’m not ignoring anyone.