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Lynnwood, WA Real Estate News

By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
Mortgage markets worsened again last week as the holiday-shortened sessions did little to buck recent momentum. Although Freddie Mac reported mortgage rates dropping 0.02% from the week prior, loan officers on the street will report the opposite. Rates did not fall last week. Conforming mortgage rates in Washington State moved higher for 7th straight week. For rate shoppers and home buyers, it’s been a harrowing two months. Since the Federal Reserve announced its QE2 program November 3, 2010, mortgage rates have moved from all-time lows to 7-month highs. Mortgage payments now cost $38 more per month per $100,000 borrowed as compared to the day before the stimulus was announced. Mortgage rates look poised to increase again. Here’s why. A major reason why mortgage rates were so low, for ...
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
Existing Home Sales jumped another 6 percent in November, the report’s third month of improvement since bottoming in July. According to the National Association of REALTORS®, a quarter-million more existing homes were sold during the annual period ending in November as compared to October.  An “existing home” is a home that cannot be considered new construction. Additionally, the national housing supply dropped by a full month. At the current pace of existing home sales, the complete stock of homes for sale will be exhausted in 9.5 months. November’s strong housing data is yet another signal to buyers in Washington State that the housing market’s foundation has been rebuilt, and that a rebound is imminent.  It’s helped that there are great “deals” on which for buyers to pounce. In Nove...
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
The number of single-family Housing Starts increased in November, adding 30,000 units as compared to October. The Census Bureau defines a “housing start” as a home on which construction has started. November’s starts represents a 7 percent increase from the month prior. However, if you see the Housing Starts story online or in the papers, you’ll notice that the press is calling the market gain at 4percent. So which result is right? The answer is both. The government’s monthly Housing Starts data is published as a composite report; lumping activity among 3 separate housing types into a single, group reading. The 3 housing types are: 1.Single-family homes (i.e. 1-unit) 2.Multi-unit homes (i.e. 2-4 units) 3.Apartments (5 units or more) The group reading is a fair description of the market...
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
According to foreclosure-tracking firm RealtyTrac, the foreclosure filings fell 21 percent in November to 262,339 units nationwide. A foreclosure filing is defined as default notice, scheduled auction, or bank repossession. November marked the first time since February 2009 that the number of monthly filings failed to surpass 300,000 units. There were other notable November statistics, too, included: ■November’s 21 percent month-to-month decrease was the largest in RealtyTrac’s recorded history ■November’s 14 percent year-to-year decrease was the largest in RealtyTrac’s recorded history ■Nevada led the nation in foreclosure activity for the 47th straight month However, we can’t read into November’s RealtyTrac report too much; ultimately, history may treat it with an asterisk. Controver...
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
I just figured out how to make a QR Code (in my sig now too) and tested it on my iPhone with my blog http://mortgagefrontline.com as the subject. It actually works! I scanned the QR Code with my iPhone using a free app called RedLaser. Took me right to my site and logged it into it's history. So now that I know how to make one and how to scan one, I'm working up the possibilities in my mind for using this to help my business. I'm curious to know if others have already implemented the QR Code in their businesses and how you are implementing. What are you expectations. What are the results yo are hoping for. To your success!      
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
Mortgage markets worsened again last week as belief in a U.S. recovery and concerns for inflation took hold on Wall Street.  Conforming mortgage rates rose in Washington State for the 6th straight week. According to Freddie Mac’s weekly Primary Mortgage Market Survey, the average 30-year fixed rate mortgage is 0.66% higher this week as compared to rates on November 11, but loan originators will tell you that figure is understated. Real mortgage rates — mortgage rates available to everyday homeowners and buyers in Washington State are up by as much as a full percentage point since November, and loan costs are rising, too. The Refi Boom of 2010 is over, for now. Last week, mortgage markets revolved around the Federal Open Market Committee. The FOMC met Tuesday and voted to leave the Fed F...
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
Home builder confidence is holding firm this month, according to the National Association of Home Builders. The group’s monthly Housing Market Index survey posted 16 for December. That’s the same value as from November. It’s also equal to this 2010′s average HMI reading. HMI is scored on a scale of 1-100, and is a composite of 3 separate home builder surveys measuring single-family sales; projected single-family sales over the next six months; and prospective buyer foot traffic. The results of the 3 surveys were as follows: ■Single-Family Sales : 16 (unchanged from November) ■Projected Single-Family Sales : 25 (unchanged from November) ■Prospective Buyer Foot Traffic : 11 (from 12 in November) Values of 50 or better indicate favorable conditions for home builders. Values below 50 indic...
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
Loan-level pricing adjustments are mandatory loan fees based on a borrower’s specific default risk. First introduced in 2008, LLPAs were Fannie Mae’s and Freddie Mac’s logical response to massive balance sheet losses. At the time, the housing market was deteriorating and mortgage delinquencies were rising. To “better align with loan risk characteristics”, the two entities created specific fees to be associated to specific loan traits, to be charged to all borrowers. LLPAs are still in existence today. Today’s loan-level pricing adjustments can be grouped into 5 basic categories. Application exhibiting any of the 5 traits can trigger LLPAs, adding to a borrower’s loan fees: 1.Credit Score (i.e. the borrower’s FICO is below 740) 2.Property Type (i.e. the subject property is multi-unit) 3...
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
5+5+5=Results   It's December, and it doesn't mean your activity should decline. In fact, this is the time to ramp it up while everyone is getting into vacation mode. I wanted to share with you an article I wrote for ScotsmanGuide on my 5-5-5 plan. It's not an original thought. It's a very basic activity I adopted by a top producer in my area. Guess what? Every time I do this, my pipeline fills up. I do this in a 90-120 minute block every day before I do anything else. So at the end of the day, I know I did what I needed to do to move my business forward and I don't have to feel guilty about doing the other things that give me more pleasure.   Here's the link to the article: http://mortgagefrontline.com/Blog/Articles_&_In_the_News_files/QuintansRES0710.pdf Here s simple sheet to track ...
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
Today, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged within in its target range of 0.000-0.250 percent. In its press release, the FOMC noted that since November’s meeting, the “economic recovery is continuing”, but at a pace deemed too slow to make a material impact on unemployment rates. It also said that household spending in increasing, but remains constrained by joblessness, tight credit and lower housing wealth. In addition, the Fed used its press release to re-affirm its plan to keep the Fed Funds Rate near zero percent “for an extended period” while also opting to keep its $600 billion bond market support package in place. And lastly, of particular interest to home buyers and mortgage rate shoppers, the FOMC statement devoted an entire para...
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
The Federal Open Market Committee holds a one-day meeting today, its 8th scheduled meeting of the year and 10th overall. The FOMC is part of the Federal Reserve, the government group that sets U.S. monetary policy. The Fed’s primary policy-setting tool is an interest rate known as the Fed Funds Rate.  The Fed Funds Rate is the interest rate at which banks borrow money from each other.  2 years ago Thursday, in an effort to jump-start the economy, the FOMC met and voted to lower the Fed Funds Rate to as close to zero percent as possible without actually going to zero percent; the benchmark rate was prescribed to a range of 0.000-0.250 percent. The Fed Funds Rate had never been set so low before, but ever since, it’s been held to that range. It will likely be there until early-2011, too, ...
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
Mortgage markets worsened last week as the U.S. economy showed additional signs of strength; and global demand for mortgage bonds slipped. Conforming mortgage rates rose in Washington State and around the country for the fifth straight week. It’s a streak that’s been marked by volatile pricing that’s rendered rate shopping difficult. Last week, lenders published as many as 5 rate sheets per day where, by comparison, over the past 12 months, lenders have averaged closer to 2 rate sheets per day. This week, with a bevy of data set for release and a Federal Open Market Committee meeting, expect volatility to remain high. Wall Street remains undecided on the future of the U.S. economy and there will be plenty on information on which to trade: ■Tuesday : Producer Price Index, Retail Sales ■...
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
Fannie Mae rolls out new mortgage guidelines Monday. Therefore, if you’re in the process of applying for a conforming home loan, consider giving your complete application by the close of business Friday. All Fannie Mae applications taken on, or after, December 13, 2010, are subject to the changes. As compared to mortgage guidelines updates of the last 3 years, Monday’s roll-out is relatively small. There is no change to the maximum debt-to-income ratio, for example; nor is there an increase in the minimum FICO score requirement. Most mortgage applicants in Washington State and nationwide will be unaffected. Others, however, will find getting approved to be more difficult. The most major change is with respect to revolving and installment debt. This category includes credit cards, charg...
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
Last quarter, with home prices still relatively low and mortgage rates making new, all-time lows almost weekly, the cost of home ownership was extraordinarily low in Washington State and most U.S. markets. According to the National Association of Home Builders’ quarterly Home Opportunity Index, 72.5 percent of all new and existing homes sold between June-September 2010 were affordable to families earning the national median income. This ties the all-time high for home affordability, set in the first quarter of 2009. The data also underscores that, when compared to historical norms, it’s a fantastic time to be a Washington State home buyer. Prior to 2009, the Home Opportunity Index rarely topped 65. The index has remained above 70 ever since. All real estate is local, though, and on a c...
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
Looking for an extra 2010 tax deduction? Consider making your January mortgage payment a few days early. It’s a simple strategy that works because of how mortgage interest works. Unlike rent which is paid in advance at the start of a month, mortgage interest is only paid after it’s been borrowed. Your January mortgage payment, therefore, accounts for the interest that accrued in December. And for a lot of Washington State homeowners, that mortgage interest is tax-deductible. By making January’s mortgage payment in December, eligible homeowners can apply the interest paid to 2010′s tax returns instead of waiting to claim the same deduction against 2011. Don’t cut it close, though. It’s best to remit payment prior to the last week of the month, leaving your servicer ample time to receive...
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
The Pending Home Sales Index surged 10 percent in October as low mortgage rates and low home prices spurred Washington State buyers into action. A “pending home sale” is an existing home under contract to sell, but not yet closed. The Pending Home Sales Index is at its highest level since April 2010 — the contract deadline date for this year’s federal home buyer tax credit program. The jump may also explain why home builder confidence is risingeven as the number of new homes sold fades. Builders are seeing buyers’ renewed interest in housing first-hand and expect the next 6 months to be dramatically better. On a regional basis, gains in October’s Pending Home Sales Index varied as compared to September. The Midwest led the charge, and the West was the laggard. ■Northeast Region: +19.6%...
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
Mortgage markets lost ground last week on growing optimism for the economy, a poor run for the dollar versus the euro, plus the lingering concerns that inflation will grip the U.S. long-term. Conforming mortgage rates in Washington State rose for the fourth week in a row, stymying rate shoppers and raising the effective cost of homeownership for new buyers in need of a mortgage. After a spectacular run that drew 30-year fixed rates to near 4.00, mortgage rates have returned to their highest levels since late-June. Last week was heavy on news. Bond traders were hit with the Beige Book; with the ADP Challenger Report; with the ISM Manufacturing Report; and, with Pending Home Sales data for October. Each release moved markets. Only Friday’s Non-Farm Payrolls report kept mortgage rates fro...
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
Even with the current changes in real estate and lending, you still may want or need to move forward with your own personal plans to acquire a new house or restructure your financing to more favorable terms. The challenge now is with whom do you work to help you accomplish your goals? And whom do you trust to help you piece together the largest debt on your largest asset?   Who should you really be asking, "Is now a good time to buy?" Realtors are always being asked, "Is now a good time to buy?" I think that you should be asking your lender this question. If you were to ask me that question my answer would be an emphatic "Yes!" Why? We have seen so many changes and we expect more changes as more lenders continue to go out of business and credit continues to tighten. "Now" means we know...
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By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
Wait, it's only Dec 3rd! I say WHY WAIT? Get started now! Everyone makes New Year resolutions, but the resolutions that "stick" are the ones where people have done two things in particular. (1) Establish in their mind "why" the resolution is important and (2) Take an action right away to make it happen. For your resolutions this year, think "Why" and "Action". After a week of illness during the entire Thanksgiving week, I decided that I need to get back into shape. Next year is going to be different! As I got out of my stomach flu induced coma, I though "why wait?" So this week at 5AM in the morning I started going to the YMCA and so far up to today, i have not looked back. Not it takes 21 days to create a new habit so I have some days to go. The point is, don't wait. Do it now. That b...
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