Blog 5 | Fairway Independant Mortgage Corporation

						I was not aware I could write a review for David! It has been such a pleasure working with the whole team ! Even though... [read more]I was not aware I could write a review for David! It has been such a pleasure working with the whole team ! Even though it has been a few years since my refinancing ; now and then I need help with paperwork  ( i am a foreigner )… and David is always available to answer my questions! I feel safe and cared for . It is nice to be able to rely on such an honest and genuine individual and his team . A lovely surprise indeed! read less		
I. G.		10/13/2023

						David and Jan work well together.  When I have questions David is very patient with me.  He will explain the process and the... [read more]David and Jan work well together.  When I have questions David is very patient with me.  He will explain the process and the options to me until I am satisfied that I understand.  I appreciate the team very much. read less		
B. J.		10/13/2023

						David and team were awesome! They made it possible for us to get a loan for a house at lightning speed. David is also very... [read more]David and team were awesome! They made it possible for us to get a loan for a house at lightning speed. David is also very immensely knowledgeable about the financial world and will make sure that you don’t make the wrong choices with your money. read less		
S. P.		7/13/2023

						David is as knowledgable as they come and more than willing to share that knowledge with his clients. He helped make sure I understood not... [read more]David is as knowledgable as they come and more than willing to share that knowledge with his clients. He helped make sure I understood not only the "how" but also the "why" of every aspect of my loan and explained what every number meant in detail. I cannot recommend him enough. read less		
G. M.		7/13/2023

						Dave & Jan were amazing at helping us buy our first home! Dave spent over an hour with us before we agreed to anything just... [read more]Dave & Jan were amazing at helping us buy our first home! Dave spent over an hour with us before we agreed to anything just to explain what the VA loan process was & what our options were. Both Dave & Jan were very responsive & quick on any questions questions we had. Thank you for such a smooth process! read less		
E. R.		5/23/2023

						World class experience w/David Haley and team! We hit it off right away and he had us get all of our docs in order just... [read more]World class experience w/David Haley and team! We hit it off right away and he had us get all of our docs in order just as we were starting to look at houses. Then our offer was accepted on a Saturday night, and he spent a few hours with us on that Sunday morning to fine tune our financing options and then he locked in a great rate the next day as interest rates started to rise. I have only had transactional relationships with mortgage companies before now and never felt they were working 'for me' before, but am really happy to welcome Dave to a seat at my financial family table, and to call him a friend now. read less		
B. F.		5/13/2023

Don’t Convert Your Garage!

Many people, particularly people with older homes, like to look for ways to increase their livable space. This seems to them like a good way to build upon their home loan investment; after all, it’s generally the living space that you’re paying for in a home. However, the common strategy of converting the garage into a bedroom is not generally a good idea.

The first thing to remember is that your garage is not as easy to turn into a bedroom as you may think. Some people want to assume that, since it already has a roof over it, it’s an easy enough operation to lay down some carpeting and put up a new wall where the garage door used to be. However, garages lack the insulation of the rest of your home, so temperatures and noise dampening will be a problem. Meanwhile, anything short of a complete re-do is going to leave you with a room that clearly used to be a garage.

When it comes time to sell this home, you’re probably not going to benefit from this extra bedroom. Potential buyers are likely to use it as leverage for a lower price, or at very least demand that it not count as part of the livable space they are paying for. Not only is a converted garage an unattractive prospect for many buyers, a lot of buyers will be looking for the security and storage space that goes with a garage. Save yourself the time and money, and leave your garage the way it is.

The Value of a Good Price

Blog mortgage agent, mortgage broker April 7th, 2014 David Haley Mortgage Loan Officer

So, you’re having trouble selling a house. After a few months on the market, you’ve got to start looking at what you’re doing wrong. Is the economy bad? Is the location bad? Is the place too much of a fixer-upper? You could probably go on for hours about why nobody’s making you the offer that you want, but many good mortgage brokers will tell you that it is pretty much always going to boil down to one important fact: you’re charging too much.

Indeed, take any reason that people don’t want to buy your house and it can most likely be translated to a price issue. No location is so bad that it won’t still sell for a lower price. No repair job is too daunting that a low enough price won’t make it worthwhile. You can have the most desirable house in the country on the market in terms of quality and location, but you’ll still be stuck with it for years on end if you’re charging too much for it.

With this in mind, consider your situation. What kind of offers have you been getting so far? Even if they are significantly lower than your asking price, it may be worthwhile to think of ways that you can meet your potential buyers halfway. After all, even if all the market data in the world is telling you that your home is worth so much, it doesn’t mean a thing if you can’t actually encourage anybody to pay that amount.

New Legislation on Mortgage Loans

Blog Lynnwood Mortgage Loan Officer, mortgage loans April 14th, 2014 David Haley Mortgage Loan Officer

Back in January of 2014, the Fed enacted new legislation to regulate mortgage loans. These “ability to repay” rules are putting stricter standards regarding their practice of determining a potential borrower’s ability to repay the money that they have been loaned. In this way, they hope to prevent a market crash similar to what we saw last decade.

The legislation has come under some criticism. Critics fear that the higher standards will lead to greater costs on the part of the lenders, which will translate to higher rates for the borrowers. However, many remain optimistic that the effects will be minimal and largely only affect borrowers with weaker finances. Such people, representing the kind of people who got over their heads in debt with mortgages that they could not afford, will now have to set more reasonable goals for themselves in the real estate market. If all goes well, this legislation could go a long way towards maintaining a healthy economy in the coming years.

4 Key Strategies for Having a Good Year in Real Estate

Blog Real Estate, strategies April 21st, 2014 David Haley Mortgage Loan Officer

Sometimes, it can be difficult for a real estate agent to find the get-up-and-go that he or she needs to dive into a new, profitable year. If you find yourself having trouble sliding out of bed and into your blazer every morning, take the following advice from a long-time Lynnwood mortgage broker:

1. Focus on the Client: If the foremost objective in your mind is to make money, then you’re doing something wrong. You need to go into your job with an attitude that you are there to help people. If you can find in yourself a true desire to serve your clients, this quality will come through in your work, people will appreciate your efforts, and you will ultimately make the money that you deserve.

2. Have Confidence: When you’re feeling down on yourself, it’s empowering to remember that you have a legitimate, valuable set of skills to offer. Your experience and knowledge are both things that most people do not possess. Remember that you have the power to help your clients achieve a very important, very difficult goal, and this confidence will come through in everything you do.

3. Foster a Mindset Conducive of Success: It’s easy to think negative thoughts that can only serve to kill your motivation and limit your ability to succeed. While being self-critical can act as a driving force and inspire you towards self-improvement, you do need to watch out for any attitude that is telling you that there is no point in trying. Always tell yourself that, while you are as flawed as the rest of the world, you have the ability to overcome your flaws and achieve as much success as anyone else.

4. Be Proactive: Have you ever known somebody who posts inspirational quotes and self-affirmations online all day, but never seems to actually get his or her life together? This is somebody who has fostered the right mindset, but is failing to take action. Always remember that the most positive attitude in the world is not going to help you if you don’t act upon it.

Lack of Distressed Properties Brings Real Estate Sales Down

Blog Lynnwood Mortgage Loan Officer April 28th, 2014 David Haley Mortgage Loan Officer

Mortgage loan officers in Lynnwood and across the country have been noticing a trend in declining home sales lately. In February, thirty-one states experienced a decrease in home sales over January, and six states saw a drop from the same time last year. Nationwide, the median sales price for residential properties was $164,667 in February, which represents a decline of one percent from January.

A big part of this trend appears to be related to the dwindling inventory of distressed homes. With many foreclosed properties going on the market over the past years, the housing market had come to depend upon this inventory. However, as demand increases and fewer houses are going into foreclosure, these homes are rapidly drying up. Meanwhile, this dearth of homes is not being adequately compensated for in non-distressed sales or new construction.

Distressed properties still represent a significant part of real estate sales, though. In February, 5.7 percent of sales were short sales and an additional 11.2 percent represented sales of homes owned by banks. This makes for a combined percentage of distressed sales of 16.9 percent, which represents an increase from January’s 16.1 percent but a decline from the 19.1 percent we saw in February of last year.

Source: http://www.mortgagenewsdaily.com/03272014_realtytrac_home_sales.asp

Home Prices Continue to Rise, but Should Level Off

Blog Mortgage Brokers May 5th, 2014 David Haley

For the past two years, mortgage brokers nationwide have been seeing increasingly greater increases in home prices. In February, the average price of a home was up 12.2 percent over February of 2013. This was also .8 percent over the previous month.

The greatest rises in price were experienced in California, which saw an appreciation of 19.8 percent, Nevada, with 18.5 percent, Georgia, with 14.2 percent, Oregon, with 13.8 percent, and Michigan, with 13.5 percent. Meanwhile, there were no states reporting a negative annual appreciation.

According to CoreLogic president and CEO Anand Nallathambi, “The consistent upward movement in home prices should ultimately prove to be an important stimulant for higher levels of sustained market activity and growth in the housing economy.” With this in mind, and considering the continued lack of home inventory, CoreLogic is expecting prices to continue to rise throughout the year, but at a more moderate pace.

Source: http://www.mortgagenewsdaily.com/04012014_corelogic_hpi.asp

Slow Recovery Ahead for Six-Month Low in Mortgage Rates

Blog Mortgage Loan Lynnwood May 12th, 2014 David Haley Mortgage Loan Officer

Back in January, Freddie Mac’s Chief Economist Frank Nothaft projected mortgage loan rates to reach 5.1% by the end of 2014. However, as we approach the middle of the year, the market is not quite living up to expectations.

Mortgage interest rates are currently at their lowest level in six months, with rates on a 30-year fixed-rate mortgage averaging 4.21% in the first week of May. This represents a drop from the prior week’s 4.29%. Further, Nothaft is not expecting rates to recover quickly; during an economic forecast event at the US Chamber of Commerce, he projected a very slow and gradual rise throughout the rest of the year. With these new trends in mind, January’s forecast is being revised to a rate of 4.65% by the end of the year.

Hopefully, this new trend will translate to a boost in the housing market. Since mortgage interest rates jumped by over a full percentage point in 2013, home sales took a hit during the past fall and winter. Nothaft is expecting home sales to speed up and match last year’s numbers by the close of 2014, with new construction potentially beating out 2013.

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Fannie Mae Supports Lower Income Housing with Green Initiatives

Blog Mortgage Loan Lynnwood May 19th, 2014 David Haley Mortgage Loan Officer

The housing market and the environment are both big hot-button items in today’s political climate, and Fannie Mae is taking steps to address both in one sweeping action. With the help of the US Department of Housing and Urban Development’s Federal Housing Administration, the mortgage giant recently announced an effort aimed at increasing the availability of affordable housing to low-income families through the use of greener, more efficient housing units.

For a while now, Fannie Mae has been issuing millions of dollars through the Fannie Mae Multifamily Green Initiative. This program was designed to provide affordable multifamily housing with utilities designed for enhanced energy and water efficiency. The aim here is to decrease the utility costs of running such properties, thereby increasing the affordability of the homes for low-income renters.

This program is being enhanced with what is being called Green Preservation Plus. Under this new program, Fannie Mae will offer financing to property owners who want to acquire a mortgage loan or refinance an existing mortgage loan for multifamily properties aimed at low-income renters. The program gives borrowers lower debt service and an increased loan-to-value ratio, thereby providing them with the funds they need to rehabilitate or improve the property with energy and water efficient fixtures.

According to FHA Commissioner Carol Galante, “The Federal Housing Administration is committed to providing multifamily affordable housing property owners with the necessary financing tools to help implement energy efficiency improvements that will help the owners and tenants save energy and save money.”

Source

Does Freddie Mac Still Have Something to Offer?

Blog Lynnwood Mortgage Loan Officer May 26th, 2014 David Haley Mortgage Loan Officer

With the mortgage market going through dynamic transformations and the federal efforts to phase out the long-standing mortgage giants, the question needs to be asked: is Freddie Mac still bringing something to the table?

As the first quarter of 2014 came to an end, Freddie Mac’s CEO came forward with a fairly positive outlook on how the group strengthens the real estate market. In addition to their strong financial results, he provided the following list of services that the group has been providing the country with:

Funding Housing: In the first quarter of 2014, Freddie Mac helped nearly 250,000 families purchase or refinance a home. It also funded over 50,000 multifamily properties, most of which were made affordable for renters at or below the median income for the area.
Helping Struggling Homeowners: Another 65,000 homeowners struggling with their mortgage loans received aid via the group’s Home Affordable Refinance Program. This represents a smaller number compared to earlier quarters, but the group is reporting fewer delinquent loans.
Shifting Credit Risk: In an effort to spare taxpayers from the burden of Freddie Mac’s risky balance sheet, the group has eliminated a substantial amount of credit risk on $165 billion worth of mortgages and sold off $19 billion of securities throughout the past five quarters.
Increasing Efficiency and Effectiveness: Freddie Mac reports that it is currently prioritizing improving their operation so as to better serve the country and help mortgage lenders likewise do their own jobs better.

Foreclosure Activity Reaches Lowest Level Since Onset of Recession

Blog Mortgage Loan Lynnwood June 2nd, 2014 David Haley Mortgage Loan Officer

The Great Recession has been marked with an unfortunate degree of foreclosure activity. Since the beginning of the financial crisis, the country saw a total of roughly five million foreclosures brought to completion as people struggled with employment and fell short in their mortgage loan payments. However, as of last April, the country finally reached an important milestone: foreclosure rates, which have been steadily dropping for a while now, have fallen to pre-recession levels.

In April, the total of properties that were either foreclosed or in some state of the foreclosure process was at roughly 46,000 nationally. This represents a drop of 0.4 percent from the previous month, and 18 percent from April of 2013. Foreclosure inventory represented 1.8 percent of all homes, which is down from the 2.7 percent of a year ago.

Every individual state has been reporting a double-digit drop in foreclosure activity, with the exception of New York and the District of Columbia. The states with the most total completed foreclosures over the past twelve months have been Florida, Michigan, Texas, California, and Georgia, accounting for roughly half of the nation’s foreclosures. The states with the highest percentage of foreclosure inventory among all mortgaged homes were New Jersey, Florida, New York, Hawaii, and Maine.

According to the chief economist of CoreLogic, the foreclosure pipeline could be cleared in as little as fourteen months.

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