Washington Mortgage Planner-straight up mortgage advice and commentary

Hi all: I was reading Lola's blog tonight and, even though I'm reluctant to talk about myself, she inspired me. Thank you Lola!

Tonight I had the opportunity to meet with a potential new client of mine. He's a young dentist who is hoping I can get him a loan on a condo. he made an offer on. I first met him earlier this year as he was referred by a financial planner I know. Since that time, he has emailed me whenever he's found something and asked me about payments, etc. It's clear to me that he values relationships as do I.

Tonight we got together to have him sign my loan packet as I think I found a way to help him This was not an easy loan to do as he was coming in with 5% of his own money and it's almost impossible to find mortgage insurance on a loan-to-value of 95%. Fortunately a friend of mine who's a banker suggested that my client borrow against a line of credit the bank would set up to make up the difference. In other words, if the bank is willing to loan my client the money (enough to equal a 10% down payment) then the loan gets approved.

I have to say I've really spent a lot of time on this one and my client thanked me for really going the extra mile. It's not a done deal by any means but my client indicated that if I couldn't help him, then he probably would withdraw his offer. This is in spite of the on-site lender who definitely could get the deal done. The moral of the story? It pays to take the extra step even if you don't get the deal. I have a feeling we'll get this one done and I learned about creative financing in my continuing education in this business.

But more importantly I learned the value of long and lifelong relationships. My clients kind words to me  and the mutual respect we have for each other is priceless! Have a wonderful night!

Paul

Hi all: Up here in the Seattle area, things are still a little slow on the mortgage scene although I'm fielding more inquiries about purchases lately. I believe people are coming out of hibernation up here and it should be a good summer. I'd like to see more buyers get off the fence as it's a wonderful time to purchase a home.

There is at least 6 months worth of inventory up here and prices have barely moved in the last year. Coupled with very good interest rates (30 year fixed at 5.875% O.A.C.), it's an excellent time to buy if you're in the market. I expect that trend to continue for the next few months. After that, it's anyone's guess.

In the Seattle area. we've been largely immune to the brunt of the mortgage crisis that has hit other parts of the country hard. Part of that is because we're always the last to feel the effects. The other part is we've had strong job growth and wages are good.

Well, that's it. Thanks for reading my intrepid Pacific Northwest Market Report! Talk to you soon!

Paul

Hello all: I write to you from the beautiful Pacific Northwest on a grey but not entirely cloudy Sunday evening. If you've never visited, you owe it to yourself. The scenery is stunning and, no, it doesn't rain around here all the time. In fact, the summers are magnificent.

This weekend has been a welcome respite from everything that has happened in trhe mortgage business over the past year. Yes, I find myself working even on my days off but, thrown in with that, are barbequeing fresh fish and vegetables, working out, taking hikes, drives, etc. etc. I don't know about you but I'm really looking forward to summer this year. We even have a trip planned to the Oregon coast with my family for a week in July.

I would encourage to take a moment and relax. Enjoy a great book, walk, conversation, etc. Business will be there tomorrow as well. Have a great evening and enjoy our special day tomorrow. Say a prayer for our troops overseas. Talk to you soon!

Paul

Good morning all! It's an absolutely beautiful Sunday here in the Pacific Northwest and we're enjoying every minute of it.

I was thinking about our business today as I was driving and decided that, as tempting as it is to try and win every deal, it's even more important to communicate with our customer truly what we're about. If it's the lowest price, fine. I doubt any of us would want to be known for that. I don't know about you but I want to be known as the person who gets the job done above and beyond for my customer. 

Yesterday and today, I've been emailing a potential client of mine because he really wants to buy a condo. It's a nice place and fairly expensive. Every step of the way I've been responding to his requests and giving him the necessary figures to see if he can make it work. Not once have I cheapened myself with a lower set of fees, etc. I really believe it's about value added.

In closing, I think it's important to show your customer how much you care. If we all do that, they will gladly pay us for our expert advice. Have a great day!

Paul

O.k. I have to admit it. I read some of the other posts on Mother's Day and decided to post as well. I'm sitting here with my wife this morning who is a wonderful mother to our two children and realize how much mothers are an integral part of our life. I lost my mother several years ago but am thankful that so much of her rubbed off on me.

So today I want all you moms to celebrate who you are. Thank you for being who you are! Without you, we would not have tried and failed, accomplished and achieved, loved and lost, given and received. I don't know about you but I feel lucky to know so many great mothers. Enjoy your special day!

Paul