Joe LaVallie's (joelava) Blog

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Mortgage and Lending - HomeStreet Bank
RECENT BLOG POSTS
Today we will review some more burning questions about HARP 2.0 If you have questions about the HARP program please contact me. I am behind on my mortgage payments; do I qualify for HARP? No. You must be current. My existing lender turned me down for a HARP loan should I try another lender? Yes i...
11/15/2012
I am going to interview myself on HARP and find out the answers America want to know. Underwater on your conventional mortgage? You may be able to refinance without paying down your mortgage and or mortgage insurance. HARP is Home Affordable Refinance Program. Your loan must be owned by Fannie Ma...
11/14/2012
Mortgage Rates Drop Again. Should buyers hold out for even lower rates or take advantage of what is available? For those of us that have been in the business for some time; 5% interest rates seemed impossible and now we are looking at and under 3.5% interest rates on 30 year fixed rate loans. Old...
11/13/2012
How does having a rental property effect qualifying for a new mortgage? There are two different situations that can occur: #1 You convert your existing owner occupied property into a rental and #2 you have an existing rental that is documented on your tax return. If you have questions about quali...
11/12/2012
So what is going on with Foreclosures and Shadow Inventory? Word is; foreclosures are declining. The September foreclosure filings were down about 7% and down about 15% from September 2011. In September there were about 180k foreclosure filings. Okay, what is a foreclosure filing? #1 Default noti...
11/09/2012
Realtors that are aware and use this program will make more sales. For more information about this program contact me.   More and more Boomers are using a Reverse Mortgage for Purchase to buy their retirement home.   Most Boomers are in the house they raised the kids in but now the kids are gone...
11/08/2012
The reverse mortgage is gaining in popularity and we should all be aware of some the basics of the program. For specific questions please contact me. QUALIFICATIONS FOR A REVERSE MORTGAGE Basic Eligibility:             Is the youngest person on Title at least 62 or older?                    Yes  ...
11/07/2012
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Welcome to my HARP 2.0 update. The most recent reports confirm that HARP loans were about 25%of total refinances for August of this year. Almost 100,000 homeowners took advantage of the program in August. That number would put us on pace for one million loans for 2012. That number is a good start...
11/06/2012
Are new construction prices going to rise into 2013. Yes! The number of sales is increasing and the average home price is also increasing. Builder confidence is increasing. If you are looking for a new house don't be late to the party. About 380,000 sold in September using the seasonally-adjusted...
11/05/2012
We just finished Halloween but there is something just as scary lurking in the inner-workings of conventional loans; Loan Level Pricing Adjustments. Conventional loan use risk based pricing as opposed to the FHA pass or fail system. With FHA loans you either make it or you don't. With conventiona...
11/02/2012
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Joe LaVallie

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