Underwriting Pre-Approvals
Some lenders are having pre-approvals fully credit-approved by an underwriter. Are these transactions more likely to close? Maybe. Maybe not.
Real Estate Market Trends
Real estate prices are cooling in Washington and on the Olympic Peninsula. In Seattle, price reductions are becoming more common than multiple offers. Port Townsend and Jefferson County is sure to follow suit.
Watch out for sales gimmicks!
Mortgage applications are declining and mortgage lenders are hungry! Some are turning to gimmicks or "incentives" to get your business.
Don't be like Dick!
The real estate market in Port Townsend and Jefferson County (WA) is extremely competitive. Whether you're a first time buyer or are looking for the perfect retirement home, get pre-approved for your mortgage loan. Don't be like Dick!
Financial Resolutions for the New Year
As we navigate the first month of 2018, let's focus on getting our financial houses in order. Here are three great financial resolutions for the new year!
Let's Talk Bank Statements
If you're applying for a mortgage loan, chances are good that you'll be asked to produce bank statements. Keep reading to lean exactly what you'll need to provide and what your underwriter is looking for.
Tax Reform: A Highly Unscientific Study
Tax reform is a hot topic! I analyzed 100 different sets of tax returns and extrapolated who would be “winners” and “losers" under the new proposed federal income tax regulations.
Let's Talk Pay Stubs
One of the first documents your lender will want to see are pay stubs reflecting the most recent 30 days of income.
Let's Talk Tax Returns
As part of the pre-approval (or approval) process, your mortgage lender will ask to see your tax returns. This is what they want to see!
Fannie Mae Updates
Fannie Mae released a new version of their automated underwriting system in July. Improvements should benefit self-employed borrowers, those with disputed accounts, borrowers with new jobs, and those with higher debt to income ratios.