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Real Estate Matters | CFPB's new 'qualified mortgage' rule now in effect
Real Estate Matters | CFPB's new 'qualified mortgage' rule now in effect To be considered a qualified mortgage, a lender may not charge excessive upfront points and fees (capped at 3 percent of the loan), and the loan cannot be longer than 30 years in length (say goodbye to 40-year mortgages.) Also, interest-only loans

Color of Money: New mortgage rules tough but fair
Color of Money: New mortgage rules tough but fair It seems so basic: Require mortgage lenders to qualify borrowers based on their ability to repay the loan. Yet this wasn't the case for many mortgages in the run-up to the housing crisis contributing to the mess we're still in. Nevertheless, you can

New mortgage rules aim to protect home buyers, owners
New mortgage rules aim to protect home buyers, owners In real estate markets such as Washington, where prices are high, prospective buyers could run up against the limit as they stretch their finances to buy homes. But some of the nation's largest banks, including Wells Fargo, have said they will offer

Refighting the 'mortgage wars' could bring new risks to the housing market
As Howard tells it, the real story begins two decades ago, when big banks and other mortgage lenders sought a bigger share of a mortgage finance business that was generating year after year of double-digit earnings growth for Fan and Fred. As

loans, Washington National Home Mortgage, lenders, Auburn, WA

Call Washington National Home Mortgage in Auburn, WA at 888-312-8376. Let us guide you through the home buying or refinancing process, and provide ...

Frozen credit files can slow the mortgage process

Nearly a year after the catastrophic Equifax hack exposed 147 million Americans’ personal and financial data to cybercriminals, consumers are about to get a break — something especially useful for home buyers and owners.

Starting Sept. 21, credit-file “security” freezes will no longer cost you money . For years, you had to pay fees that varied from state to state to enact freezes, which nail down your credit files, rendering them inaccessible not only to crooks but to just about everybody else unless you unfreeze them. In the wake of the Equifax debacle, consumers spent an estimated $1.4 billion on freeze fees, according to researchers.

Congressional legislation this year removed that cost barrier and set some new guidelines for the credit bureaus and consumers, thereby opening the door to much wider use of the tool. This should be good news for home buyers and owners because, on average, they tend to have greater assets and larger numbers of credit accounts to protect than others.

What you need from your lender to prove you paid off your mortgage

Q : I live in Indiana. Who can I hire to call Fannie Mae to get the facts on the satisfaction of my mortgage? I got a paid-in-full letter from the lender. The loan servicer is one of the biggest banks in the country.

A : We’re not sure why you need to hire anyone to find out whether your loan is paid in full or to find out where the paperwork is that shows your loan is paid in full. While Fannie Mae may be the owner of the paper on your loan, they use your big bank or one of its entities to service your loan.

We would suggest you call the bank and ask for the lien release department. Your mortgage loan statement — or the last statement you have from them — will have your loan account number and the toll-free number to call with loan questions.

Once you get through to that servicing number, you can go through the phone prompts and determine which one gets you to the right department. Frequently, you will hear a prompt for demand or payoff letters. You can start there and speak with a representative.

Does anyone know of any lenders that are willing to do a 80% first mortgage?

I need a lender who can do a 80% first mortgage, and have the seller carryback the 20% second. I am in washington state. Please advise. I have alot of clients that needs this type of financing.

Plenty of lenders will still allow it. ING for one if you don't mind your clients being taken by their retail side.

Problem is - where are you going to find someone stupid enough to do the 20% second? The 80% is easy...