Seattle Washington Real Estate

Shhhhhhh… this is a tightly controlled home Purchase mortgage / Refinance secret! 

I have been in the real estate business for 30 years and provided my clients with mortgages for 20 years and every now and then stumble across a little known mortgage product. 

This is the third time that this has happened.  The last time a really great program became available we helped 56 home mortgage borrowers obtain 30 year fixed rate mortgages with an interest rate of 4.125%.  That was amazing!  Well, this is amazing also.  The two mortgage programs didn’t last that long, and this one may not either.  Time may be of the essence.  If you find this information to be interesting, “Run, don’t Walk” to get in touch with us and get the ball rolling on your real estate purchase or mortgage refinance!

As this blog points out, by example, other lenders simply don’t want your business.  Our lender does.  Other lenders can’t sell your mortgage, ours has resolved that problem.

Call Tyler Todhunter at 206-575-7495 ext. 302  or email tylert@Columbiafunding.net , Columbia Funding Group or

Fernando Rodriguez at 206-575-7495 ext. 303 or email fr@columbiafunding.net for complete details and a Good Faith Estimate, Se Habla Expanol

Many of my mortgage clients have been turned down by Conventional lending sources because their mortgage went over the $417,000 Conventional loan limit.  They wanted a cash back mortgage refinance and the cash back mortgage put them over the Conventional loan limit.  FICO credit scores zoomed up to 700 for anything over $417,001.  These mortgage borrowers found that they couldn’t meet that requirement!  Well, our lender loans down to 650 FICO credit score!

Benefits of OUR  real estate mortgage Lender of Choice

1. Your home mortgage interest rate will be as much, or more, than 3.13% BELOW other Jumbo mortgage lenders!
2. In our example, your monthly mortgage payment will be $2,000 below the competitor mortgage companies and $3,750 per month lower on our Interest Only product.
3. Low mortgage closing costs, by as much as $23,840- $26,000 (other mortgage lenders cost of adjustments)
   
4. Priced for 60-day lock on your home purchase mortgage (this gives more time to sell your time and close!).
5. Priced for 30-day lock on a mortgage REFINANCE.
6. Continuous interest rate float down at no cost! Get the lowest mortgage interest rate at the lowest mortgage price offered from lock in to 3 days prior to closing your mortgage.
   
7. Minimum FICO 650 score for employed borrowers and 700 for Self-employed mortgage borrowers!  I hope that you are aware that these low FICO compared to what other home mortgage lenders are requiring.
   
8. No Escrow impounds.
9. Maximum Debt to Income Ratio of 45%, even on 10 year Interest Only loans!  And this at a time when other real estate lenders are making everything more difficult!
10. Has you second mortgage lender cancelled your mortgage line of credit on your primary residence? You should check, most lenders have done just that. Our Lender will go to $250,000.
11. Business or multi-family property owners can obtain secured COMMERCIAL loans up to $500,000 on their COMMERCIAL or Multi-family properties valued at up to $3,000,000. First or second lien positions.

Call Dick Todhunter at 206-898-3776 or email dt@seattlerealestatesource.com

You know the situation, its in all of the newspapers and on TV.

It is really hard for higher end Seattle real estate and home sales (of course including Bellevue WA, Normandy Park WA, Issaquah WA, Mercer Island WA- wherever these properties live). Let’s describe a “Jumbo” property as one where the mortgage amount exceeds $450,000 up to $3,000,000.  That is the real estate mortgage range our lender is best at.

You have our permission, please, to tell your home buying friends about this program, they will THANK YOU!

What do you want to do?

This real estate mortgage product is great for you if:

1. You want to sell your prestige home but the real estate market precludes buyers from acting. Jumbo purchase money mortgages are hard to come by and mortgage interest rates are close to prohibitive.
2. You want to sell your real estate and buy a bigger home, one that puts you into the Seattle jumbo home buying market.
3. You want to buy a second home in the jumbo category.
4. You have recently tried to sell your home and found that there were no takers; maybe interest rates scared them away!  And now your home is off the market.  And need to refinance your home!  Refinance your home to lessen the burden.
   
5. You are looking to put your home on the market and want us to offer your prospects a low mortgage interest rate, which allows them to buy more home, your home!  Increase your odds of a sale, call us.
6. You would just like a lower interest rate on your mortgage, on your primary residence or second home.
7. Want to get rid of your annual adjustable rate mortgage, constantly going up, putting your home in jeopardy?
8. Wish that you could make lower monthly payments with an interest only home mortgage?
   

Jumbo home mortgage quotes below are for those borrowers with a minimum FICO credit score of 650 for employed borrowers and 700 for self-employed borrowers.

Our lender has two jumbo real estate purchase or jumbo home mortgage refinance programs which are virtually unbeatable!

1. A 5/1 ARM, 80% LTV (our example below)
   
2. A 7/1 ARM, 80% LTV (contact us for a quote)

Need a small business mortgage?  At NO COST?

This article is not about small business mortgage needs.  But be aware that another lender is now providing a no cost commercial property mortgage and commercial property second mortgage up to $500,000.  Contact me for details.

1. 4-5 unit and above multifamily mortgage on properties valued at $3,000,000 and below.
2. Commercial properties, all legal entities, owner occupied or investor.
   

The metro Seattle real estate market needs to loosen up

Home buyers need to be able to get a mortgage they feel comfortable with and find affordable.  Let’s look at an example of how you can truly benefit:

I will present you with scenarios from OUR LENDER OF CHOICE and number of typical lenders, rates all pulled the same day. Let’s assume an $800,000 mortgage (although the lender of choice will offer their product to people with real estate financing needs up to $3,000,000). The pricing includes adjustments as indicated. 

EXAMPLE mortgage of $800,000

Check out the Points required to obtain the interest rate by all lenders.  Look at the Cost of those points for our $800,000 example.  That’s amazing!  Not really.  Most lenders are simply not interested in making loans over $417,001 and $575,500.  They are not “Out of the Market", there is no market for Jumbo mortgages!  That is probably the correct interpretation.

Here’s what is happening and an answer to the question  “How can this be so different between lenders?’

This all seems too good to be true!  But it is the mortgage market crisis in action.

The problem with the mortgage market is that investors don’t trust that the mortgage backed securities they will be buying will have value, are they really buying “sows ears” when thinking that they are buying “silk purses"? 

Fannie Mae and Freddie Mac are the major buyers for Conventional mortgages of up to $417,000.  In an effort to assist the mortgage market, free up some money, re-invigorate the real estate markets these two GSE’s increased their lending limits.  For the King county markets that increased limit is $567,500, but lenders have additional charges for anything over $417,500.

Of course there is also the issue of being able to qualify for a mortgage.  Many borrowers find that difficult today.

So, for anything above about $417,000 financing gets tough.  Borrowers have limited accessibility to financing by increasing both interest rates and adjustment charges.  The reason that lenders A, B and C are not being uncompetitiveis that they simply don’t want the loans, as they don’t have buyers for the mortgages being generated and they can’t take the risk of keeping these loans on their books.

Here’s a thought, maybe OUR LENDER is the leading edge of a solution to the home mortgage problem.  They appear to be able to originate loans at reasonable rates, terms and conditions.  Please Lord let it be true.

If I can put my professional services to work for you in

buying or selling your next property and providing a solution to your real estate financing needs,

please call me at 206-898-3776 or emai   dt@seattlerealestatesource.com

I am a member of the UpFront Mortgage Brokers Association.  The Upfront Mortgage Brokers Association (UMBA) was founded for consumer advocacy. Members of UMBA are mortgage brokers whose interests are fully aligned with those of the consumer.  View the UMB comitment.  Founded by Jack Guttentaug, The Mortgage Professor, a nationally syndicated columnist.

Call Dick Todhunter 206-898-3776 Lic #510-MB-LO-37219 Call us today at 206-575-7495 and select extension 302 for Tyler Todhunter or 303 Fernando Rodriguez, Se Habla Espanol Columbia Funding Group Tyler Lic# 510-LO-39638,   Fernando Lic# 510-LO-37536