Michael Mullin's Mortgage Musings

Mortgage and Lending - Advantage Mortgage Inc NMLS 1770599 , Originating loans in CA, OR and WA. - NMLS 11911
This blog is about the WA and CA real estate and mortgage markets.
During the last two weeks I’ve discussed how your property location, credit score, your specific loan scenario, and timing can significantly impact the rate you pay for your loan. If you’ve missed either or both of the last two parts you can view them at PART I, and PART II. Now we’ve arrived at ...
“Mike, I keep hearing about low 4.5% rates, but every time I call a lender the rate they quote is higher! What’s up?” How Your Rate Is Determined, Part 2 Last week we discussed how your location and your credit score can impact the interest rate you pay. This week we look at two more factors, bot...
“Mike, I keep hearing about low 4.5% rates, but every time I call a lender the rate they quote is higher! What’s up?” Do you want to know how lenders price your loan?  Want to know about the little known details that might cost you thousands of dollars?  Read on, and I'll explain... The last coup...
This is an update to an earlier post I made on this topic.  Now that the details are published by the IRS it is clear that some clarification is in order. Why does the heading of the article indicate you may not have to be a first time home buyer in order to qualify for the “first time home buyer...
Note: At this time the current stimulus plan has only been agreed to by the Senate and the House of Representatives - there has NOT been a final vote yet so details are still subject to change.  The tax credit (not a tax deduction) will be 10% of the purchase price of a home, up to a maximum of $...
Have you given up? Thrown in the towel? Well Newsweek magazine says you have in their article "The Quitter Economy." I know catchy headlines sell magazines, but this got me riled up this morning - you CAN'T QUIT!! There are families to feed and lives to live. Of course we're not giving up. And it...
A friend forwarded me a story posted by Diana Olick with CNBC titled "What Is Worse - Personal Bankruptcy Or Foreclosure?" The full article can be read HERE I thought Diana's post had some valid points but there were some important details missing - so I emailed her.  I'm not sure I should have d...
Well, the Fed has finally done something that should make all homeowners and prospective homeowners happy...they lowered their target for the Federal funds rate to 0%-25% While that does not DIRECTLY impact mortgage interest rates (and it would take pages of economic and fiscal speak to explain w...
2009 Conforming And FHA Loan Limits The Federal Housing Finance Agency (FHFA) announced that the conforming loan limit will remain $417,000 in 2009 for most areas. They have designated some areas as "high-cost" where the limits are equal to 115 percent of local median house prices and cannot exce...
During the weekend of October 17th, 18th, and 19th about 30 members of area Search and Rescue teams assembled at the Spokane Mountaineers' Chalet on Mount Spokane. The Mountaineers have an incredible asset in the Chalet and the 40 acres surrounding it - here's a picture from the deck looking towa...

Michael Mullin

NMLS 11911 - Loan Originator, FHA, VA, USDA, Conv
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Spokane Real Estate - Trulia