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Buyer's Purchasing Power

2/11/2014

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This does a great job of showing how mortgage rate increases reduce the amount you can qualify for. If you can buy a $200,000 home now--but don't, and rates go up 1%, you can then only buy a $180,000 home.

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Rents Increase

1/20/2014

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It sounds like rents will continue to climb upwards. Below is a quote from an industry expert. He sees the climb continuing for the next few years.

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5 Reasons to Buy a Home

1/13/2014

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This does a great job of capturing the benefits of Home Ownership! It is from an independent Harvard study. Bottom line: If you don't own your home, you should really look into buying one if you can.   Also may view this chart by visiting my Facebook page https://www.facebook.com/GoNWCapitalMortgage. 
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Important FHA Update!!!

12/11/2013

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IMPORTANT FHA UPDATE!!!

FHA loan limits for the Portland Metro Area (including Clark County, WA) for a single family home will be reduced to $362,250 as of January 1, 2014.  With 3.5% down payment, this corresponds to a purchase price of $375,388.  
 
If you have any clients that are planning to use FHA financing and may want to buy a home for more than $375,388, it is important that they have a signed around PSA and their lender get the FHA case number before the end of 2013.
 
The current loan limit (until the end of 2013) for these areas is $418,500.   This corresponds to a purchase price of $433,678.
Regards,
Chris Hill

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VA Funding Fee Changes Delayed Indefinitely

11/19/2013

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As of November 19, 2011 , the VA Funding Fee reductions that were previously
anticipated have been indefinitely delayed by President Obama.

The VA funding fees were to be reduced on October 1, 2011.
Then the reductions were delayed until November 18th.
President Obama delayed them indefinitely on Saturday, November 19, 2011.

At this time, VA funding fees remain the same as they were before October 1, 2011

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How to find a great Loan Officer

11/4/2013

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The most important thing most people can do to make sure they get a great home loan is select a great Mortgage Loan Officer.   Loan Officers are like most anything else:  There are some really great ones.  There are some really bad ones.  Most are somewhere in the middle.

Here are some ways to find a great Loan Officer:

  • If you are buying a home, get a referral from your realtor.  Most realtors who have been in the business for a while have run into loan officers with a variety of skill levels.  They are in a good position to see who really does a great job when the chips are down!  Ask your realtor for their thoughts.
  • Check out their website.   A great loan officer will probably have a blog that shows that they understand what they are doing.  Don’t be fooled by a “canned” website, or a company website.  You can find a million slick websites out there with mortgage calculators on them.  Look for original material posted by the loan officer, but don’t expect them to give away all their secrets.    Look for clues that the specific loan officer you will be working with is an experienced expert.
  • When you think you have found your loan officer, call them and see if it fits.  Let them know you are looking for someone to help you with a home purchaseor refinance.  Then sit back and see what they do with the conversation.  A great loan officer will start asking you insightful questions that will help ensure they understand all your needs and do a great job for you.
  • Ask how many mortgages they have personally originated.  Your mortgage is too important to work with someone who does not have depth of experience.  Ask them point blank how many mortgage loans they have personally originated.   Listen carefully to make sure they don’t tell you how many their company has done.  There are many important details that an inexperienced loan officer will not even know to ask you about, let alone discuss with their boss.  Look for someone who has personally originated at least 500 loans.
  • Don’t be afraid to commit.  The best loan officers will probably ask you for some sort of commitment after your first or second conversation.  Remember, since most of the best loan officers work primarily on commission they cannot afford to invest a significant amount of time with someone who is not committed to working with them.  If someone gives away a lot of time without asking for a commitment in return, their time may not be worth that much.  If you are not willing to commit, you may not be able to work with the best.
         by Chris Hill
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    Chris Hill
    Strategic Mortgage Planner
    NW Capital Mortgage
    Branch Manager 
    360-281-8325 
    Email Me
    Chris_Hill@comcast.net
    1905 SE 192nd Ave Suite 203A
    Camas, WA 98607
    MLO NMLS#114219

    Mobile business card: nwcapitalmortgage.goto.co

    OR- ML-460-92  WA - CL889300
    NMLS Company ID: 1788
    Sierra Pacific Mortgage Company, Inc.
    dba NW Capital Mortgage
    www.nmlsconsumeraccess.org

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1905 SE 192nd Ave, Suite 203-A Camas, WA 98607
C) 2017 Sierra Pacific Mortgage Company, Inc., dba NW Capital Mortgage, NMLS # 1788 (www.nmlsconsumeraccess.org). Licensed in Washington CL-1788, Licensed in Oregon under License # ML-460, Licensed in Arizona under License No. 0905006, Licensed in California by the Department of Business Oversight under the Residential Mortgage Lending Act 417-0015.  Not licensed in the State of New York. This is not a commitment to lend. Equal Housing Lender.