March Mortgage Update (2024)

Okay, I called it didn’t I? Things are heating up – remember a few months ago, “when Seattle sneezes we get the cold.” Of my 5 pending sales last week, 80% were in multiple offer situations. Starting to feel like that Seattle market.

Spring is upon us, some listings are coming on and buyers are out in wolf packs. BE PREPARED, GET YOUR CLIENTS PREPARED.

What I have been getting a lot of calls on, and figured I’d address, is buyers needed shorter-term financing. They’re relocating from higher cost areas to be close to family. They have $$$ in equity but need a bridge loan solution and then will pay off their mortgage once their departing residence sells. I took this to our Skunkworks product development meeting and WAHLA, I present you the “Step Down” bridge loan. Sound like you or someone you know? You’ll have to watch the video for more.

February Mortgage Update (2024)

There are a few options where you can buy a home with 0% down. During the rampant COVID real estate market, these programs were rarely used, due to ample buyer competition. With the market softening over the past year or so, they are becoming more prevalent – so it’s important to have a refresher!

Here are the most common:

WSHFC Home Advantage

a. Income cap: $180,000

b. Location restriction: Washington State

c. Property restriction: 1 & 2 unit stick built, condos, manufactured homes

d. Occupancy: Primary

e. Mortgage insurance: follow underlying lien

f. Debt ratios: 50% (can go higher with AUS approval)

g. Minimum FICO: per agency, some 640+

h. Other: can own another home, can have non-occ co-signer, have to be first time home buyer to use DPA

USDA

a. Income cap: https://www.rd.usda.gov/files/rd-grhl...

b. Location restriction: Rural areas (not city limits) https://eligibility.sc.egov.usda.gov/...

c. Property restriction: 1 unit stick built, condos, manufactured homes

d. Occupancy: Primary

e. Mortgage insurance: .35% “annual fee”

f. Debt ratios: 29/41%

g. Minimum FICO: 640

h. Other: has a up front loan guarantee fee of 1%, don’t have to be a first-time home buyer

VA

a. Income cap: None

b. Location restriction: None

c. Property restriction: 1-4 unit stick built, condos, manufactured homes

d. Occupancy: Primary

e. Mortgage insurance: waived

f. Debt ratios: 50% (can go higher with AUS approval)

g. Minimum FICO: 580

h. Other: have to be a military veteran, might have funding fee depending on the vet

January Mortgage Update 2024

The market is heating up and thawing out all that snow & ice - GET READY FOR THE CRAZINESS.

We are witnessing a rebound from a 30-year low in real estate sales in 2023, accompanied by a nearly 1% decrease in mortgage rates since the peak around October 26th. With buyers encountering multiple offer situations once more, the key for buyers in such competitive scenarios is having a competitive edge.

I'm here to provide you with that advantage. It is all about preparation & products.

December Mortgage Update 2023

I have a holiday present for you – it’s called a Blended Rate Calculator.

Doesn’t sound too sexy I know, but hear me out. I keep talking to clients/friends/family/etc. that tell me, “I’m going to keep my current house because I have such a low rate” or “I’m just going to rent out my current house because I have such a low rate”. Totally get it, but as we all know, not every situation is created equal.

I have built this calculator to show you 3 different options – (1) if you sell your house and pay off debt, (2) put the net proceeds to the full down payment or (3) if to rent/keep your home. There is also a section where a refinance may make sense, even if you have a low rate on your current mortgage. Don’t believe me? Check out the calc: click here >

November Mortgage Update 2023

It’s not often I pull out my crystal ball and publicly post my work thoughts on my Instagram story, but I was feeling risky one afternoon. But if you don’t follow me (this is not a plug to follow me, I promise) I wanted to bring you “email followers” my crystal ball predictions for enjoyment and/or your thoughts. Or so you can throw tomatoes at me at a later date.

[I’m going to paraphrase here – more in the video]

It will be a SLOW winter for real estate sales. High rates/low inventory, low home affordability, much of the same story. We have seen THIS peak in mortgage rates for the next few years and the fed is done hiking the fed funds rate (barring some global crisis, debt explosion, war, global pandemic). In the next 6-12 months we will see mortgage rates trickle down to 5.5-6.5% on 30 YR paper, which will excite some. However, inventory will remain low and competitive. Many home builders have slowed or paused housing starts due to high rates and easing home value. Many homeowners are sitting on a sub 4% rate (like many of you) so they/you will not have a huge itch to sell even when rates hover in the 5.5-6.5%. This will continue to compress inventory as more buyers will surface with these relatively lower mortgage rates.

Positive (for buyers): lower mortgage rates = more digestible mortgage payments, which makes buying a home more affordable (all for this).

Negative (for buyers): lower mortgage rates also trigger more demand. Mtg rates don’t matter if your offer isn’t accepted. The bar to entry on housing is lower, the lower rates are. More and more buyers will jump off the fence as mortgage rates soften. There will not be enough supply to meet demand, therefore driving home prices up, steadily (not 20% YOY COVID numbers – sorry current homeowners).

Opportunity: IF you have the financial means to purchase a home, do it sooner than later. Negotiate a seller credit (very common right now), permanently or temporarily buy down the rate, and refinance when rates drop. Buy a home you love, in a good location that will suit your needs for 2+ years. This buyer opportunity will dwindle once rates soften (maybe as early as spring 2024). First time and move up buyers have the biggest opportunity right now. If you currently own a home that fits your family’s needs for the foreseeable future – enjoy that low rate, pull out a lawn chair and observe the chaos.

October Mortgage Update 2023

Amidst the flood of TikToks, YouTube shorts, and Instagram videos discussing the new 5% requirement for 2-4 unit properties (effective Nov 18th), there's an important reality they often overlook, especially in this competitive/high rate/low inventory market.

In this video, we'll delve into the noteworthy developments, including Fannie Mae and Freddie Mac's reduction of down payment requirements for owner-occupied 2-4 unit properties from 15-25% down to just 5%.

Additionally, we'll provide valuable insights into the new temporary 2024 loan limits. Of course, we'll also keep you informed about the latest rates, turn times, and the ongoing trends in this persistently high-interest rate market. But here's the exciting part: there are substantial opportunities on the horizon. Don't miss out. If you or someone you know is contemplating a home purchase in the near future, this month's update is a must-watch!

September Mortgage Update 2023

It's not often that you get Freddie Mac in person to Bellingham to host a realtor and home buyer workshop(s).

In this video, you will hear about my big takeaways from both workshop(s) that are applicable to anyone that is a potential home buyer, home owner or real estate professional.

And as always, we will cover rates/turn times and what the heck is happening in this stubbornly high interest rate market. But, there are some BIG opportunities!

Tune in if you're thinking about buying a home or know someone that is planning on buying a home in the near future, you need to watch this month's update!

August Mortgage Update 2023

Welcome to our August mortgage update!

Yes, mortgage rates have stubbornly reached 20-year highs.

Yes, inventory is still low.

Yes, home affordability is at an all-time low.

Yes, home buyers are rate sensitive.

Yes, I have some good news.

In this mortgage update, we discuss the latest mortgage rates and trends, as well as our current closing and appraisal turn times. I also talk through a forgotten about loan program through Washington State Housing Finance Commission (WSHFC) called the Home Advantage loan that is saving a few of my clients thousands of $$ on their mortgage rates/closing costs - even in this high rate environment.

July Mortgage Update 2023

Welcome to our July mortgage update! In this video, we'll be sharing how we may have seen the "bottom" of the real estate market - due to mortgage rates trending down and months of inventory staying stubbornly low.

But that's not all. We'll also be discussing the latest mortgage rates and trends, as well as our current closing and appraisal turn times. If you're thinking about buying a home or refinancing your mortgage, you won't want to miss this update.

So grab a cup of coffee and join us for our June mortgage update. Don't forget to like and subscribe to stay up-to-date on the latest news and tips in the world of mortgages!

June 2023 Mortgage Update

Welcome to our June mortgage update! In this video, we'll be sharing 3 documents we are using to help our clients WIN in this low inventory market & how we are creating inventory for our buyers.

But that's not all. We'll also be discussing the latest mortgage rates and trends, as well as our current closing and appraisal turn times. If you're thinking about buying a home or refinancing your mortgage, you won't want to miss this update.

So grab a cup of coffee and join us for our June mortgage update. Don't forget to like and subscribe to stay up-to-date on the latest news and tips in the world of mortgages!

May 2023 Mortgage Update

In this video, we'll be sharing some exciting news about our new loan product called "Fast as Cash." This loan is designed for homebuyers who want a fast, streamlined mortgage process with no appraisal or financing contingency. With Fast as Cash, you can close your loan in just 10 days! But that's not all.

We'll also be discussing the latest mortgage rates and trends, as well as our current closing and appraisal turn times. If you're thinking about buying a home or refinancing your mortgage, you won't want to miss this update.

So grab a cup of coffee and join us for our May mortgage update. Don't forget to like and subscribe to stay up-to-date on the latest news and tips in the world of mortgages!

April 2023 Mortgage Update

Many of my clients were sitting on the fence waiting for that massive influx of spring inventory...anyone else still sitting on that fence?!

Here is the good news, here at Evergreen Home Loans we have a "Doctor Loan" which is a low down payment option for medical professionals (psst, not just doctors).

March 2023 Mortgage Update

Mortgage rates are up again?! Here is the good news, Evergreen Home Loans just launched a jumbo construction loan with as low as a $4,500 origination fee. One of the lowest I've personally seen in market. Tune in!

February 2023 Mortgage Update

Learn about how to buy a home without selling your home first with Evergreen's Innovative Product: StepUp. Also, what are mortgage rates doing and turn times? Aka what is it going to cost me to borrow money and how quickly can you close my loan? Tune in!

January 2023 Mortgage Update

Learn about how to secure a close to 3% rate with Evergreen's Innovative Product: Seller Buydown. Also, what are mortgage rates doing and turn times? Aka what is it going to cost me to borrow money and how quickly can you close my loan? Tune in!

December 2022 Mortgage Update

Learn about Evergreen's newest innovative product the Buyer Booster program. This program gives a $2,500 lender credit opportunity for a future refinance if you use Evergreen for a purchase between now and 3/31/2023 (see the video for details). Also, as always, what are mortgage rates doing and how did Dylan call the November rate peak?

November 2022 Mortgage Update

Learn about Evergreen Home Loan's 6 innovative products along with the usual - what are rates doing and turn times. Aka what is it going to cost me to borrow money and how quickly can you close my loan?