Sound Mortgage Planning Blog

Dare to Compare...19 Day Closings!
December 11th, 2009 5:36 PM

Rates are still in the 4.625% to 5.000% range so it's time to get a jump on refinancing out of your high interest rate mortgage and into something more affordable.

The weekend is here and as always, I am available to you if you need to be pre-approved or just need some questions answered regarding financing.

Agents, I am available if you need anything so please call me if I can be of help!

 

23895755 PC Home Loans Dare to Compare 19 Day Closing Ad in Home Land Dec 2009

Posted by Shawn Anderson on December 11th, 2009 5:36 PMPost a Comment (0)

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Memorial Service For Four Fallen Police Officers Today - We offer up thoughts and prayers...
December 8th, 2009 11:51 AM

Memorial Service For Four Fallen Police Officers Today - We offer up thoughts and prayers...

From PC Home Loans Management, Staff and Employees we offer up our thoughts and prayers to the families of the four fallen Lakewood Police Officers.

To Law Enforcement and their families, thank you for what you do for us daily, putting your lives at risk to enforce the law and protect the public.

A Christmas Tree, provided by Shelton Land and Homes, lit in blue lights in honor of the four fallen Lakewood Police officers and for ALL Law Enforcement was placed recently at the Lakewood Police department.  We are reminded of those fallen and those that serve us daily with this tree and honor them always, especially during this holiday season.
 

Posted by Shawn Anderson on December 8th, 2009 11:51 AMPost a Comment (0)

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The Recapture Tax
December 7th, 2009 1:41 PM

My weekend consisted of freezing cold winds while putting up lights, darn near pealing my finger nail completley off while trying to open the ornaments tote and finally burning my hand while barbecuing vegetables for a salad. As far as weekends go, not my best...yet, I live! I've survived the weekend and I am now ready to take on the world! Well, not quite the world but I will certainly give the South Puget Sound a go.

Last Friday, before the dreaded weekend, I was in Seattle taking the Washington State Housing Finance Commission's House Key class. This is required for any Loan Officer wanting to originate this type of loan and any Loan Officer and/or Real Estate Agent who wants to teach the first-time homebuyer class that all first-time homebuyers using the House Key Bond program must attend.

Let me say, Lisa, Bill and Karen are fantastic trainers and I came away from the class knowing more than I had ever thought I would.

One of the biggest take-aways I got was regarding the Recapture Tax. I had been speking with an agent the day before and they had brought this very thing up. They were concerned about the recapture tax and that it was a deterrent for the homebuyer. Let me say now, this should not be a concern at all.

Let me first quote one of the instructors as saying, "Recapture is a perceived barrier to the program that never really happens." Why?

"The recapture tax is assessed only under the following circumstances:

  • The home is sold or otherwise disposed of during the first nine years of ownership;
  • The Borrower's income increases each year by 5 percent above the maximum federal income limit at the time of purchase; and
  • The Borrower realizes a gain upon the sale of the home.

Because all these events must occur for any tax to be paid, it is unlikely that most Borrowers will pay a recapture tax.

In the event that a recapture tax is due, it will be only a portion of the Borrower's gain on the sale of the home. The law states that the maximum recapture tax is either 50% of the gain on the sale or 6.25% of the original loan amount, whichever is less." Source: House Key Program Manual, RECAPTURE TAX 5.1 (Rev. 06/01/99)

So now I begin the process of putting my class together and finding a local agent that would like to team up and provide first-time homebuyer education classes. I am excited to begin doing this and who knows, I may see you in one of my classes!


Posted by Shawn Anderson on December 7th, 2009 1:41 PMPost a Comment (0)

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It's a Beautiful Saturday!!!
December 5th, 2009 10:55 AM
Good Morning!!!
 
What a beautiful start to the weekend! The sun is out and there's frost on the ground, makes for a great picture. Ah, if only I could share one with you now! Here you go!
 
 
So, normally every Friday I am sending an email that is in my Weekly SA411 format; not today! Yesterday was a busy day and I unfortunately was not able to send out either my RateWatch video or my Weekly SA411! So what's the deal?
 
I woke up at 4:00 AM yesterday and started getting ready for my lovely drive to Seattle. I was in Seattle the entire day for the Washington House Key Bond training class. The first half of the day was geared toward the actual program which is a fantastic program for first time homebuyers and for veterans that want to purchase another home.
 
The second half of the day was the "how to give first time homebuyer classes." This was great! I learned a lot of fun things that I and a real setate agent can do to make the classes informative and fun at the same time. 
 
After my class was over I had sent the next 2-1/2 hours driving back to the office. By the time I got there it was later than expected and I had to go meet my wife and mother-in-law for dinner. My wife and I are on a bowling league so after dinner we went and bowled from 9:00 PM to 11:30 PM! I won't mention my scores...
 
I hope you have a wonderful weekend and please remember I am available all weekend and I am able to pre-approve you if you are a homebuyer right now.
 
Have a great weekend!
 
Shawn Anderson
Senior Loan Officer
PC Home Loans
(360) 402-0308

Posted by Shawn Anderson on December 5th, 2009 10:55 AMPost a Comment (0)

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THANKSGIVING INTEREST RATE UPDATE
November 25th, 2009 11:56 AM

As a mortgage professional, it is my responsibility to alert you to market conditions that you can both take advantage of or alert you to when certain conditions exist. Now is one of those times. If you are thinking of restructuring your mortgage, do it now. Rates are poised to rise, a lot!

Just as your financial advisor or CPA subscribes to services to assist them in shaping the advice they offer you, I do the same. One of the tools I use to help me protect you and your financial assets is RateWatch. RateWatch tracks and monitors real time mortgage backed securities (MBS) prices which in turn impact the rates I have the ability to offer you.

I won't overwhelm you with technical information but I would like to show you a chart to explain why I am reaching out to you.

Below is a chart showing prices of one Mortgage Backed Security (MBS). The first thing to keep in mind when viewing this is that the higher the markings on the charts, the lower the rates I have the ability to offer you.

The markings indicate the daily price levels or trading ranges of MBS for the last three months. You will see three red arrows that indicate sharp declines in MBS prices which resulted in higher rates for consumers. The first red line shows where pricing declined approximately 100 basis points. This means consumers had to pay approximately 1.00 point to get the same rate that was in effect just four days earlier or accept an interest rate that was 0.25% higher.

The second red line shows where pricing declined approximately 150 basis points in just five days, meaning consumers had to pay approximately 1.50 points to get the same rate in effect just six days earlier or accept a rate that was 0.375% higher. In both the first and second line, the sharp decline in prices came immediately after prices reached new recent highs.

The third red line indicates where we were on Tuesday, reaching another new high, only this level is radically different in that pricing above 102 has typically brought significant declines in prices... quickly. In one instance this year, rates popped up a half point in a short period of time.

Bottom line, if you are thinking of refinancing and want a fabulous interest rate, call me today while the window is open. I can offer you something to truly be thankful for!

Posted by Shawn Anderson on November 25th, 2009 11:56 AMPost a Comment (0)

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