Joe LaVallie's (joelava) Blog

Mortgage and Lending - HomeStreet Bank
My Favorite Martian, sorry loan. The FHA streamline refinance is one of my favorite loans because it helps existing owners and is easy to do. You must have an existing FHA loan to use this product. The FHA is the simplest way for owner to refinance their mortgages. The main feature of this progra...
Name that mortgage where you can include repairs and improvements in the loan. 203k! Good, now name another one. Is there one? Yes, under some circumstances home repairs and improvements can be included in the loan amount under the UDSA loan program. The main requirement that is needed is an appr...
Today's low interest rates are giving buyers mortgage super hero powers. These special powers don't require that you work out, eat a special diet, be born on another planet, or get bitten by a spider. All you have to do is recognize that interest rates are low and that translates into more buying...
Buy now or forever hold your peace. A few years from now people are going to be complaining about not buying a house when interest rates were in the low 3's and prices were low. Want some evidence, look around and see if you can find some new construction. I have no problem finding new residentia...
We don't want FHA loans to be on the endangered species list. Did you know that the FHA GOVERNMENT program is self-funding through the premiums that it collects. What other government program do you know that pays for its own operation? The current problem is the FHA is paying out massive claims ...
Rising FHA annual mortgage insurance premium may place FHA loans on the endangered species list. The current three tiered system may be replaced by a one size fits all. As typical, one arm of the government is trying to lower interest rates while the other arm is increasing fees to effectively in...
What is going on with people working from home? It is increasing. Ten years ago about 10 million people worked one day a week from home and today it is about 13 million. Is this a good or bad trend?  Does it save money for workers and employers? Are workers more or less productive working from ho...
What do convertible cars and mortgages in the fall have in common? Typically the price is lower. Everyone knows that convertible cars cost more in the spring than in the fall, what most people don't know is mortgages have had lower rates in the fall over the last few years and this year is no exc...
You have been warned. House prices are on the rise. The National Association of Realtors has a forward-looking indicator that measures the number of homes newly under contract (Pending Home Sales Index). If you take the current number of houses under contract that is a great predictor of the numb...
So you have no shoes, no shirt, no downpayment, no problem. You are smart enough to know that interest rates are super low; you also know that home prices are super low, but you don't have a downpayment. Are there options for you. Yes there are. The simplest option is the VA loan. Not a veteran? ...

Joe LaVallie

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