Outpost -

Since 2008 FHA has been the predominant loan choice for home buyers wanting to put as little down as possible. The 5% down payment required of Conventional loans was often an obstacle and the FHA...

I often hear “pre-approval” and “pre-qualification” spoken about as if they are the same thing and that couldn’t be further from the truth. Part of the confusion is that there is no legal...

If a large down payment is critical to insure a borrower doesn’t default, why does the VA home loan program do so well yet requires $0 down? One of the main reasons is a little known, and unique to...

If you call me and say “I’m shopping for the best rates and have spoken to 3 other lenders. What can you offer?” I’m likely to respond “I respect your desire to obtain the ‘best’ rate...

Want the secret to getting your offer accepted and reduce the stress of the process? Regardless the market condition, preparation is the key. The very first thing you need to take care of is your...

Currently set to expire at the end of this year, the Making Home Affordable Refinance Program (HARP) has just been extended two years until December 31, 2015. “More than 2 million homeowners have...

Often times requesting the lowest rate from your lender can actually cost you thousands of dollars in unnecessary fees. Consumers have been conditioned to believe that the lowest rate equals the best...

I’ve reviewed a lot of credit reports over the years and have discovered a couple of easy credit use habits that can improve your score considerably. And given that there is an automatic fee...

Opposing government policies are impacting your mortgage rates. And the irony of the competing goals would be funny if it wasn’t costing borrowers so much money. On the one hand we have Ben...

A colleague of mine passed on this great tip on how veterans that currently have an FHA loan can refinance to a VA mortgage and save the cost of the mortgage insurance they are paying. If you have an...

Hiring a great listing agent to sell your home can make the difference between you moving to a new home this summer or sitting in your unsold home for another year. I’ve never sold real estate but...

Most of the homes within Stevens County, with the exception of Suncrest, are potentially eligible to be purchased with a http://theloanconsultant.com/usda-rural-home-loan-or-fha-mortgage/. And with...

Another State of the Union address and more suggestions of help on the way for home owners that owe more than their home is worth and for people who would like to buy a home. In his speech President O...

In 2010 the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed in response to the financial meltdown in 2008. The intent of the Act is to end the need for “bail outs” and to...

In a continuing battle to shore up its MMI Fund (Mutual Mortgage Insurance), FHA has once again announced significant insurance and guideline changes that will make it more expensive for Spokane area...

With interest rates still low and the housing market appearing to have stabilized, conditions could arguably be creating a great buying opportunity. I think there is about a six to twelve month...

Today’s topic is actually applicable to anyone wanting to buy a home or refinance their existing loan. A typical roadblock I hear from people wanting to get a home mortgage is that they don’t...

If you thought buying ahttp://theloanconsultant.com/how-much-can-you-save-by-buying-a-foreclosure-in-spokane/was a quick path to immediate equity you might want to read Zillow’s recent press...

I don’t expect mortgage interest rates to increase much in 2013 but any increase at all can be costly to you if you are thinking of buying a home or refinancing an existing loan. Because interest...

Happy New Year from First Priority Financial. We will be back next week. We always look forward to hearing feedback from you so please feel free to email or call us anytime. Michael Mullin has 22...

We are now about two years into the fourth distinct era of mortgage lending since the late 1980’s. This era is defined by massive government regulation of all facets of the lending industry in respo...

I’ve covered a lot of topics over the last three years in The Outpost and the positive feedback from you, the readers, has been wonderful. I regularly receive emails or calls from both Stevens...

It seems every time I see a news article about the home mortgage industry, the headline cries out that it is really hard to get a home loan right now. The good news is that I can tell you those...

I’ve spoken to many people who have the misunderstanding that filing bankruptcy or losing a home to foreclosure or short sale means you can’t qualify for another 10 years or more. Yes, the...

I’m a huge fan of the FHA mortgage loans and have used them to help many families either purchase or refinance their home. Just after I wrote a recent article comparing an FHA loan to a...

Until very recently the http://theloanconsultant.com/loan-programs/fha-mortgage-loans/ program was usually the better loan choice whenever the loan amount exceeded 90% of the home’s value. And that...

Whether you are applying for a loan to buy a home or refinancing an existing loan, it may be to your benefit to look into a loan with no closing costs coming out of your pocket. But just know there...

The Veterans Administration offers a couple of incredibly flexible options for eligible veterans to refinance their home. Whether your current loan is a http://www.benefits.va.gov/homeloans/ or not,...

Overlays have always existed in the loan industry but like many other new terms (Short Sales, Loan Modification, Underwater Borrower, Strategic Default), overlays have now become an everyday term due...

Overlays have always existed in the loan industry but like many other new terms (Short Sales, Loan Modification, Underwater Borrower, Strategic Default), overlays have now become an everyday term due...

If you currently have an FHA home loan you are probably buried in unsolicited post cards in the mail hinting at a “special government” program to reduce your payments and sales calls at all...

Disputed credit accounts are one of those seemingly minor issues that can derail your entire http://theloanconsultant.com/mortgage-101/mortgage-approval-process/. It’s all the more frustrating...

http://seattle.harpapproval.com/what-is-the-harp-program/target=_blank? The Making Home Affordable Refinance Program (HARP) is the initiative set out by the government to help underwater homeowners...

There are a handful of other low or zero down payment loan programs in the marketplace (USDA, VA, and Conventional loans) but the others have inflexible eligibility requirements and tougher...

This is a tough topic to boil down to an “article” size but I feel it’s important because many of us have come to think of low home loan rates almost as a right for anyone who applies. What’s...

There is a growing concern by regulators at Fannie Mae, Freddie Mac, and Fitch ratings agency that Wells Fargo has cornered so much market share of the home loan business that both consumers and/or...

This week’s article was inspired by a nice blog post titled “How to Start A Good Credit History” by Dave Sullivan (aka The Credit Guy). As usual I found myself having a slight difference of...

Fannie Mae and Freddie Mac have announced new guidelines to “streamline” the short sale process and to encourage 2nd lien holders to participate. By some estimates short sales are approaching 10%...

Economic figures nationwide are starting to paint an improving picture but I personally know lots of people who are either out of work or are working at reduced hours or pay. I am frequently asked...

If you get a divorce and the court approves a settlement agreement that assigns the home and the home loan to your ex-spouse are you truly released from the liability? I have tried asking an attorney...

For the second year in a row, USDA has announced an increase to the cost of its program. Effective October 1, 2011 USDA is altering how it insures its loans. Currently, borrowers finance a 2% Guarante...

Rebecca and I are often asked “what’s the best way to go about http://theloanconsultant.com/mortgage-101/home-buying-process/target=_blank” From my experience in being involved with both good...

I often hear from clients that the interest rate needs to drop at least 2% below their current rate before it makes sense to refinance. I’m not sure where that figure came from, other than I...

After three years of investigation, on June 11 thehttp://oversight.house.gov/oversight-committee-report-on-countrywide-vip-mortgage-program/target=_blank issued a report on the “Friends of Angelo”...

With interest rates once again at an all-time low point, it is highly unlikely a borrower would have an interest rate that is lower than today’s. However, the buzz about refinancing is always...

I’ve never seen someone with a perfect 850 score and it is unnecessary to strive for it. From a mortgage lending perspective your best loan terms occur at 740 so anything above that does not get...

The Senate Banking Committee is rushing to finish a bill before they take their summer vacation in August that would dramatically slash fees on refinancing loans under HARP. I’ve written quite a...

A sudden and unforeseen shift in the ability for lenders to fund FHA Streamline Refinance loans will have a huge negative impact on borrowers who have older hhttp://theloanconsulta...

The Housing and Urban Development Department (HUD) has joined Fannie Mae and Freddie Mac in offering a special refinance loan program for FHA borrowers who may not have been able to refinance due to...

Mortgage rates over the last two years fell to such a low level that many home owners have refinanced their 30 year loans into a 20 year, and for the first time in my career I’ve had clients...