Loannetter's got a brand new niche!


 We are thrilled to report that we have flown the coop to New Zealand and are up to our old tricks of consumer advocacy and community building in Auckland as Niche Mortgages. It's tough living the life of expatriate beach parties and volcano wandering. Seriously, not that tough. We still hang on occasion with our fellow Americans in Paradise and in fact have a facebook page and host events to cater to our friends near and far. Do drop in! 

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Mortgage Best Practices

Every Spring the rates and property values do a little dance: The cool headed investor or buyer keeps the hype in perspective . Get a second opinion: If somebody tells you rates are rising to get you to sign on the dotted line--chances are they are pressurng you to seal the deal. Rates have consistently risen and fallen (as they do) from 1/8th to half a percentage point during all the 'talk' of rises. Funny how they don't report drops! You can still get decent Fixed Rates that beat the Adjustable Rates if that suits your needs. Avoid predatory lending practices by investing time to find out if the loan you are applying for is the loan you get. For more on that subject visit the Washington State Department of Finance and Industry site: http://dfi.wa.gov/consumers/predlendwp.htm Check out your Lender :  A sk a few leading questions and note how that person responds to your needs. If they are selling rates before they hear about you and your goals....exit stage left. You ne
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How Risk Affects Mortgage Interest Rates

Credit Scores and Certain Propertery Issues = Risk Categories to Investors. If you apply for a home loan with a FICO credit score of 720 or over, you will most often be approved for a great interest rate with full documentation (proof of employment, assets, etc.) and the property values well. An applicant with a mid FICO score of 680 or better, depending on the specific lender's guidelines must have pretty solid income verification and be a wage earner. The litmus test for self employed persons for best terms is currently 740+ FICO and very solid tax returns and quarterly reports. Example: L et's say you can get 6% on a 30 year fixed rate for a person with 720+ middle FICO Score. If your score is 680-719, you may be offered an interest rate of 7%. If your score is below 680 expect 'hits' to your price and possibly 8% or higher for the rate. Below 600 and you will be charged even higher rates and may only qualify for much higher rates or be limited to programs. Most
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