New Trend: 20-Year Mortgages

While 30-year fixed rate mortgages are still the most popular term for home loans a new trend of 20-year mortgages is gaining momentum and has become a realistic option for borrowers and especially those refinancing. Basically a 20-year loan term is an option to lower ones interest rate and shorten the term of the loan. This of course results in higher month payments than a 30-year, but with interest historically low the 20 year mortgage has actually become an affordable option. MSN Real Estate has taken a full look at this new trend in home loans so click here and check out the full article to make sure you are choosing the right loan term for you.  

Help for Our Idaho Clients Seeking Loan Modification or Worried about Foreclosure

Beginning September 1, thanks to a new law, Idaho homeowners will enjoy further protection when seeking loan modification. With a loan modification you take the mortgage you now have and change the interest rate and payment requirements.According to the Better Business Bureau,

"The new law also allows homeowners to request a meeting with their lenders to discuss foreclosure prevention options."

“Homeowners in foreclosure or in danger of foreclosure should familiarize themselves with the rights this new law affords them,” Attorney General Wasden said. “To help homeowners and lenders understand the law, my office created a webpage dedicated to mortgage loan servicing and foreclosure issues. It is available at www.ag.idaho.gov.”

According to the news release, the law requires lenders to notify homeowners whether they qualify for a loan modification within 45 days of a modification request. Lenders may not proceed with a trustee’s sale during the 45-day period. Homeowners also will receive written notice of the date and time of a future trustee’s sale if a scheduled sale date is postponed.


This is good news. Imagine your frustration if, while trying to avoid foreclosure and all its implications, you request a loan modification and never hear back from your lender. Foreclosure proceedings appear to go on without your knowledge or understanding. What a feeling of helplessness!

Please take a moment to read the entire press release, courtesy of the Spokane Better Business Burea, which includes names of real estate reports that are offered for homeowners in distress, phone numbers for help obtaining a mortgage modification [(888) 995-HOPE.]and more.

For more information about avoiding foreclosure, exploring alternatives or short sales, please visit Spokane's Best Short Sale site or request a copy of Nine Alternatives to Foreclosure.

Spokane: Lower Home Prices for Buyers

"A survey of 58 real-estate markets in Washington state found that Spokane was the most affordable and Mercer Island the most expensive."

Click here for the full article.

Freddie Mac Incentives!

Following in the footsteps of its counterpart Fannie Mae, Freddie Mac is offering a summer sales promotion for buyers who purchase a home from its inventory of foreclosures or HomeSteps properties.

Since banks typically sell foreclosures “as-is” without incentives, warranties, or repairs, this incentive could help buyers view a HomePath property more like a traditional sale, and less like a distressed property, during their search process.

For offers received by July 31 that close by September 30, Freddie Mac is offering:

• 3.5% in closing costs to buyers
• $1,200 bonus to buyer agents

This is on top of the incentives already being offered:

• A two year HomeProtect Home Warranty
• Up to 30% savings on new appliances

Note that this program comes with a few eligibility requirements, which includes the home must be a single-family, owner-occupied, financed dwelling used solely for residential purposes.

Combine this with ridiculously low interest rates and isn't it time to shop for homes for sale in Spokane?!

We Can't Make Our House Payment. Is Foreclosure Our Only Option?

Have you had time to visit our Spokane Short Sale Help and FAQs page? We offer some of the most useful resources in the industry!

Our team has been trained to successfully negotiate short sales and we're ready to answer questions like the one above.
So what IS the answer?

Absolutely not. The truth is, the bank really doesn't want your home back! You may not have to lose it. Know your options before you make a decision. Let us review each of these options with you.

Option #1 – Work with your current lender

Option #2 – Work with a new lender

Option #3 – Bankruptcy

Bankruptcy should be a last option and a professional opinion should be obtained before moving forward in this decision.

Option #4 – List the home to sell

Option #5 – Give up and let it go


For more specifics on each option, click here.

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Options for Spokane Real Estate Investors

As a follow up to our last post about Fannie Mae's "end of year" incentives for home buyers, let's talk about property investment.

Not only is it the perfect time to buy a home, but it’s also an excellent time to purchase an investment property. If you already own and are not interested in moving – or you can’t because of the 3-year occupancy requirement to keep your home buyer tax credit – but still want to take advantage of the market, investing can be a great way to do so.

In the current lending situation, lenders often require investor buyers to have six months reserves of mortgage payments and a 25% down payment. This stipulation keeps many would-be investors out of the market.

Here are some little known tips to help investors purchase, regardless of the tighter lending environment:

1. Investors can purchase a Fannie Mae HomePath investment for 3% down.
2. Any investor, not just veterans, can purchase a Veterans Affairs(VA) foreclosure with VA’s Vendee Financing for 5% down.
3. Investors purchasing a VA foreclosure with Vendee Financing can use 75% of anticipated rent to offset the monthly payment if the investor has experience managing rental properties.

Contact us right away if you want to learn more about taking advantage of this incredible investment opportunity.  There are abundant foreclosures in the Spokane area.

Comprehensive Short Sale Help from a Spokane Short Sale Expert

Well, we did it.

We built a simple, easy-to-use but still useful short sale site. Introducing SpokanesBestShortSales.com.

Included in the site is a simple explanation of a short sale; approval letters from short sale transactions we've successfully closed; expectations and a timeline for sellers listing a short sale; the short sale offer process; FAQs for real estate agents...

...and much more.

Three Things You Can Do With the Extended Home Buyer Tax Credit

1. Talk to your parents about selling their house. If (you or) your folks, like many of ours, have owned their home for years and years, they are in a unique situation to sell, actually make a profit and still find another house at a great price.

2. Stop sweating over that short sale. Are you one of the thousands of buyers taking advantage of the tax credit and trying to get your short sale closed? You aren't alone! Now you don't have to worry about getting it closed before December 1.

3. Buy. These tax credits are sweet, but they won't last forever. It's hard to imagine a better time to buy. When you're at the bottom, there's nowhere to go but up.