HARP 2.0 Refinance Checklist for Lenders | Guild Mortgage | Seattle Mortgage Guy Below is a general checklist for mortgage professionals out there when thinking through the new HARP 2.0 program.  Of course, based on the roll out of this program, obviously things can change, but this is a good starter checklist: 1. Check if Fannie or Freddie loan: WhereIsMyLoan? This website is a very good and direct from the government on what all programs are available, HARP being one of them. 2. Once you find out Fannie or Freddie, run it through the appropriate AUS system and make sure to select the HARP program through the system you run. For those who still don't know, Fannie Mae is DO/DU and Freddie is LP. 3. Receive approved findings WITH an appraisal waiver for 'unlimited LTV.' Fannie Mae will b... 03/27/2012

Expectations for Borrowers when it comes to Jumbo Loans | Purchase or Refinance | Seattle Mortgage Guy  When setting your expectations for obtaining a Jumbo loan (loan amount > conforming high balance limit) you can generally expect to incur the following additional requests by the lender: For loans over 1mm you will most likely be required to have 2 appraisals completed. You will most likely have to come up with at least 20% down payment; 5% of which will most likely need to be from your own funds, but there are products out there that allow for a 100% gift when it comes to down payment. The required down payment will most likely be required to be higher for the larger loan amount you are trying to obtain (e.g. 1mm< X vs. 1.5mm< X, etc). You will most likely be required to have 3-12 mo... 03/21/2012

Shopping for a Mortgage | Purchase or Refinance | Seattle Mortgage Guy It is easy for someone who is shopping for a mortgage to lose focus on what their ultimate objective is for their purchase or refinance by inundating themselves with the shopping.  When shopping for the best service, costs/rates, and products it is important to come away from the shopping experience with a concrete understanding of your expectations moving forward.  After being in this business for 6 years it is frustrating to see folks still thinking that the more lenders they speak to (whether they know the loan officer or not) the better.  From the lender perspective nobody likes to be shopped, but it is part of the business and the reality is that folks that shop correctly can save a significant amount of money, ... 03/19/2012

Chart for FHA Changes | Guild Mortgage The table below shows the new effective annual premium rates by amortization term, base loan amount and LTV, effective with case number assignments on and after April 9, 201.   Term Greater Than 15 Years Base Loan Amount LTV Effective Annual MIP Any Amount < 95.00% 04/09/12 120 bps Any Amount > 95.00% 04/09/12 125 bps Term Less Than or Equal to 15 years with LTV above 78% Any Amount < 90.00% 04/09/12 35 bps Any Amount > 90.00% 04/09/12 60 bps   Note:  Single family forward mortgages with terms of 15 years or less and an LTV of 78% or less remain exempt from the Annual MIP (see ML 2011-35).   Additional increases will apply to loans with base loan amounts exceeding $625,500, effective 06/11/12; additional information will be forthcoming. Term Greate... 03/19/2012

Jumbo Loans on Mercer Island | GUILD MORTGAGE Here at Guild we are one of the best sources for your Jumbo loan purchase and refinance financing. Our office is located just up from Mercer Island in Bellevue, WA. Guild provides the following advantages for individual(s) looking for Jumbo financing (e.g. loans over 567k): • We have a variety of Jumbo investors that we originate, underwrite and fund loans for through our in-house channels here at Guild. • Since we have different investors for Jumbo loans, we can then offer a variety of Jumbo products to choose from to help you find the best product fit and best rate available for your situation. In today’s residential mortgage market, especially with Jumbo loans which can have niche nuances associated with the product guidelines, it is impo... 03/09/2012

Sales of waterfront homes on Mercer Island were some of the first to come back after the doldrums of 2008 and 2009.  Following an anemic year of just 11 waterfront home sales in 2009, the sales totals have nearly tripled in the past two years. While 2011's sales of 30 Mercer island waterfront homes was a 6.25% drop compared to the 32 sales in 2010, to say this was a disappointment would be incorrect.  2010 was a banner year for Mercer Island, considering the current economic and real estate landscape.  Waterfront sales here were at standout levels compared to the greater market.  The fact that waterfront home sales in 2011 continued to keep pace with the blockbuster 2010 sales is another testament to the staying power of waterfront homes values in Mercer Island. Of the 30 waterfront hom... 02/02/2012

2011 Market Report for Mercer Island, Washington2011 Market Report for Mercer Island, WashingtonMercer Island real estate was on a lot of residents minds this last year. Now that the year is over we can report activity, averages and trends.Mercer Island real estate activity has been slow but sure, based on the available information and the experience of the Phil Leng Team. We have sold 68 homes this past year, with an average market time of 49 days.However the overall statistics for Mercer Island are sobering. Which of these two categories do you want to be in? The red category, or the green category? If you use The Phil Leng Team to sell your property this year, we will help you get into the sold category.  Let us get you in the green!The trend of median sold prices in Mercer Island  i... 01/22/2012

Window Replacement Mercer Island can be one of your home's most attractive features. Window Replacement Mercer Island can provide you with convenient ventilation, ease of use, superior natural light, and cleaning convenience not found in older windows. If you have an older home, or inefficient windows you could be throwing up 30% of your heating and cooling dollars out the window, literally. On average, with Window Replacement Mercer Island, the owner could expect to recoup approximately 69% upon the sale of the home when replacing their older windows with Window Replacement Mercer Island from Green City Window and Door. Green City Window and Door  http://Greencitywindow.com : We are a General Contractor with over 45 years of experience in the building trades specializing in replacing r... 10/19/2011

Another Mercer Island waterfront home was sold in September, bringing the total of all types of waterfront sales in Mercer Island to 24 for the year.  The most-current sale was a 5300 square foot home on West Mercer Way.  The 5 bedroom, 5.75 bath home was on the market for just 6 days, listed at $2.885 million and selling at a final price of $2.78 million. At this point last year, there had been 20 Mercer Island waterfront homes sold.  Median prices of waterfront homes in Mercer Island have been fairly flat, with prices near $2.4 million over the past year. Sold Mercer Island Waterfront Homes, September 2011 8055 W Mercer Way, Mercer Island WA 98040 - $2,780,000, 5 beds, 5.75 baths, 5318 sq ft 10/11/2011

Sales of Mercer Island waterfront homes have continued to push a strong path through 2011, bolstered by two recent waterfront homes selling in less than one week on the market.  As the general market seems to be saddled with a flat pace, waterfront real estate sales in Mercer Island are up 28% so far in 2011. There have been 23 waterfront homes sold in Mercer Island, year-to-date in 2011.  At this same point in 2010, there had been just 18 waterfront homes sold, and only 8 such homes sold during 2009's dismal year of luxury and waterfront real estate sales.  The number of multi-million dollar homes being sold are increasingly a testament to the strength of high-end sales in the most sought-after communities in Greater Seattle. The two most recent sales of waterfront homes were on opposi... 09/20/2011

Mercer Island real estate continues to see strong home sales, with a healthy dose of waterfront home sales.  As of August 19, 2011, there are 116 homes for sale in Mercer Island, WA.  Median days on market for active Mercer Island listings was 106 days. 25 Mercer Island homes were sold in the past 30 days, with a median price of $770,000.  The median days on market for sold homes was 43 days. Waterfront Mercer Island Real Estate 25 Mercer Island waterfront homes are currently on the market in Mercer Island, with a median of 125 days on the market.  The median price of a waterfront home listed in Mercer Island is currently $3.285 million. Three waterfront Mercer Island homes were sold in the past 30 days, from $1.05 million to $2.5 million.  Homes on man-made lakes in The Lakes neighbor... 08/19/2011

The Boulevard Estate 4137 Boulevard Place, Mercer Island WA 98040 The Boulevard Estate on Mercer Island received plenty of attention in the past year for its top-of-the-market $32 million price tag, eventually being reduced to $28.8 million. The 7 bedroom, 11.25 bath home was listed on the NWMLS until a few months ago, and was featured on many television news programs as well as print outlets. The estate is truly a unique property, even for Mercer Island waterfront homes, and it's difficult to really capture the scale and quality without seeing it in person. The home has over 13,000 square feet of living space on its 1.66 acre lot. The commanding hillside West Mercer site is fronted by 160 feet of Lake Washington shoreline and deep water moorage for multiple watercraft. A 150-inch flat... 07/22/2011

Mercer Island waterfront homes are showing strong sales to start the year in 2011.  Waterfront real estate sales so far are up more than 60% as compared to the same period in 2010.  Thirteen waterfront homes have been sold, including an oustanding month of April in which 7 homes sold. There was a large rush in late 2010 for waterfront real estate in Mercer Island, and those big sales numbers led to slower sales in the beginning of 2011.  If the April numbers show us anything, though, the Mercer Island waterfront is about to start moving along briskly again for the summer selling season. Mercer Island Waterfront Homes Sold, April 2011 Address City Price Beds Baths Sq Ft6226 E Mercer Wy Mercer Island $1,400,000  3 2 2,2004456 Ferncroft Rd Mercer Island $1,550,000  3 2.5 2,8404625 Forest A... 06/01/2011

Easter in Seattle is one of my favorite times of year.  This year we took the kids to a local church (the Bellevue Christian Church) which is walking distance from our hosue and to the Annual Easter Egg Hunt at the Mercerdale Park on Mercer Island, WA.  I have to say: it was fantastic.   Though we probably enjoyed the cozier Easter Egg Hunt at the Bellevue Christian Church, we really enjoyed the spectacle of the Easter Egg Hunt at the Mercerdale Park on Mercer Island, WA.  Check out the videos below.  The funniest part for me was that Park Director was telling children "No, No" and then a herd of kids just bolted thinking he said "Go, Go."  Literally an flood of children rushed ontp the field immediately. The kids descended on the park like locusts and snatched up every egg in site.  My... 04/29/2011

Forbes and Greatschools.org combined to study the best cities in the U.S. for educational and lifestyle qualities.  Based on school rankings, test scores, and availability of recreation activities, Mercer Island came in at the number 2 position. While many of the cities in the rankings had much lower median home prices, Mercer Island's $700k median was second only to Manhattan Beach, CA ($1.3 million).  Mercer Island real estate is certainly more expensive than many areas of Greater Seattle, but the locals know that they're paying for a high-quality lifestyle and superb educational opportunities.  Specifically cited in the story were Mercer Island students' outstanding SAT scores and extra-curricular activities including music, tennis, swimming, and water polo.  The island's 40 miles of... 04/28/2011

America's Best School Districts For Your Housing Buck Way to go Mercer Island! Every single person that comes to an open house I host on Mercer Island say they are looking there "because of the Schools!!" City # schools Pop. (2009) Median homevalue (Q3 2010) Unem-ployment(Nov. 2010) EducationalQualityIndex 1. Falmouth, Maine 5 10,669 $351,550 5.0% 100.00 2. Mercer Island, Wash. 5 24,351 $708,740 8.7% 99.12 3. Pella, Iowa 5 10,475 $148,200 5.3% 98.25 4. Barrington, R.I. 6 16,284 $296,010 9.7% 97.96 5. Bedford, N.H. 6 21,504 $293,730 5.5% 97.96 6. Moraga, Calif. 5 16,465 $722,010 11.5% 97.69 7. Manhattan Beach, Calif. 7 37,745 $1,278,980 4.5% 97.69 8. Parkland, Fla. 5 25,106 $426,390 9.7% 95.98 9. St. Johns, Fla. 9 18,063 $181,700 10.3% 95.98 10. Southlake, Texas 12 26,297 $476,880 8.2% 9... 04/27/2011

 Mercer Island Land for Sale.       Mercer Island is known for having some of the most beautiful and luxurious vacant lots in the Greater Seattle Area. These Mercer Island Vacant Lots are located just minutes from downtown Seattle and downtown Bellevue. Some of these vacant lots are even host to views of the magnificent waters of Lake Washington.     There are currently twenty-five Vacant Lots for sale in Mercer Island. The average list price is $848,520.  Of the Mercer Island Vacant Lots for sale over the last 30 days, 1 of them sold. This Mercer Island Vacant Lot brought in $700,000 and spent 510 days on the market.  Please accept this invitation to view Mercer Island Vacant Lots for sale.     View More Mercer Island Homes for sale. If you want the most comprehensive information on Se... 04/14/2011

Mercer Island Homes for Sale With Lake Views     Mercer Island is known for having some of the most beautiful and luxurious Lake View Homes in the Greater Seattle Area. These Mercer Island Lake View Homes are located just minutes from downtown Seattle and downtown Bellevue. Some of these condos are even host to views of the magnificent waters of Lake Washington.     There are currently 69 Mercer Island Homes for Sale With Lake Views. The average list price is $2,612,305.  Of the Mercer Island  Lake View Homes for sale over the last 30 days 13 of them have sold. These Mercer Island Lake View Homes brought in an average of $1,391,896 and spent an average of 122 days on the market.  Please accept this invitation to view Mercer Island Homes for Sale With Lake Views.     View More Mercer Isl... 04/08/2011

            Mercer Island is known for having some of the most beautiful and luxurious condos in the Greater Seattle Area. These Mercer Island 3 Bedroom Condos are located just minutes from downtown Seattle and downtown Bellevue. Some of these condos are even host to views of the magnificent waters of Lake Washington.     There are currently 7 Mercer Island 3 Bedroom Condos for Sale in Mercer Island. The average list price is $358,534.  Of the Mercer Island 3 Bedroom Condos for sale over the last 30 days 1 of them sold. This Mercer Island condo brought in $562,000 and spent 246 days on the market.  Please accept this invitation to view Mercer Island 2 Bedroom Condos for sale.     View More Mercer Island Homes for sale. If you want the most comprehensive information on Seattle homes for ... 04/08/2011

            Mercer Island is known for having some of the most beautiful and luxurious condos in the Greater Seattle Area. These Mercer Island 2 Bedroom Condos are located just minutes from downtown Seattle and downtown Bellevue. Some of these condos are even host to views of the magnificent waters of Lake Washington.     There are currently twenty-one Mercer Island 2 Bedroom Condos for Sale in Mercer Island. The average list price is $491,162.  Of the Mercer Island 2 Bedroom Condos for sale over the last 30 days 4 of them sold. These 4 Mercer Island condos brought in an average of $336,500 and spent an average of 34 days on the market.  Please accept this invitation to view Mercer Island 2 Bedroom Condos for sale.     View More Mercer Island Homes for sale. If you want the most compreh... 04/08/2011