Because of Washington Realtors relentless efforts, we have helped advance several important bills and stopped several bills that would have further jeopardized the economy.
Distressed Properties:
SB 5221, the fix to the distressed properties law, passed the Senate unanimously (as did the House version), was heard in committee on Wednesday and executive action was taken the very same day. This bill is already in House Rules awaiting action by the full House.
Housing Stimulus:
SB 5452 (increasing the debt limit of the WA State Housing Finance Commission) passed the Senate by a vote of 37-10, was heard in committee. The bill is in the House Rules Committee awaiting action by the full House.
Real Estate Excise Tax Use / Climate Change:
Amazingly, against all odds, it appears that we were successful in stopping GMA/Climate Change and REET/maintenance legislation from moving forward prior to the legislative cut-off on Thursday when measures had to be passed out of the originating house to be considered further by the legislature.
—- Congratulations for now…..We are not finished yet – There are six more weeks to pass measures to stimulate the economy and address measures that cause concern. Keep up the great work!!!
Crystal Boldt General
This week, President Obama signed H.R. 1105, the Omnibus Appropriations Bill, into law. This ended our nearly eight-year battle to preserve the separation between banking and commerce. This new law permanently bans large national banking conglomerates from entering the washington real estate business as well as the national real estate business . Thanks to the many members who gave their support to this issue. This is a great victory for the real estate industry and consumers.
Crystal Boldt General
Town Hall Meetings – No Taxes on Washington Real Estate, Business or Services!
This weekend, legislators will hold town hall meetings with constituents. It’s a great opportunity to let them know we can’t afford to further harm our struggling real estate market. Realtors oppose taxes on homes, businesses and services that would hurt real estate. Tell them:
- Increased taxes on homes, business or services would have a dramatically negative impact and would further threaten our struggling economy.
- Oppose increasing business taxes that will hurt economic recovery.
- Oppose sales taxes on services that would add thousands of dollars to the closing costs of buying a home.
- Oppose increasing real estate excise taxes that are already one of the highest in the country.
—- Your participation in these matters will make a difference. Thank you in advance for your help and suppport!
Crystal Boldt General
Clark County Home Selling Report for Residential sales volume for February 2009 is up 17% from January 2009
All Sales
(vs. Year-to-date 2008)
Residential sales volume: off 43% to $117 million
Residential transactions: down 33% to 465
Mobile home sales on land: off 63% to $855,900
Land sales: decreased 78% to $9 million
Commercial volume: off 55% to $31 million Read more…
Crystal Boldt General
What costs are involved?
There are no-cost and low-cost refinance loans available, and some or all of the fees and closing costs may be waived with these types of loans. This is a brief rundown on fees that could be associated with a refinance loan:
- Application Fee – A fee charged by the lender to process the loan application.
- Appraisal Fee – This determines the current value of your home.
- Credit Report – The fee the lender charges to pull your credit report.
- Title Search and Title Insurance – You may be able to get your current title company to reissue a new policy and save money in this area.
- Survey – The lender may order a property survey to document the current status of the land your property is on.
- Loan Origination Fee – A fee the borrower pays the lender to underwrite the loan. Usually expressed in the form of points.
- Discount Points – One point is equal to one percent of the loan amount. You may want to pay discount points to secure a lower interest rate.
- Miscellaneous Fees – VA and FHA loans may have fees associated with them. Private mortgage Insurance (PMI), document preparation fees, notary fees and tax service fees may also fall under this category.
- Prepayment Penalty – If your existing loan carries a prepayment penalty clause, you will have to pay a percentage of the outstanding loan amount for paying the loan off early.
Just as you encountered in your original loan, your lender will be required to provide you with a Truth-in-Lending Statement that outlines the fees associated with your new mortgage loan. Let us help you evaluate your personal situation and assist you in finding the loan program that works best to meet your long-term goals.
Crystal Boldt General
“The 15-year fixed mortgage this week averaged 4.72 percent with an average 0.7 point, up from last week when it averaged 4.68 percent. A year ago at this time, the 15-year FRM averaged 5.47 percent.”
via REALTOR® Magazine-Daily News-30-Year Rates Inch Up from Last Week.
Rates are Great, yet I think they will continue to go down a bit over the next few months. Hopefully with the rates decreasing, the tax credits available, and the loan modifications that are starting to take place – we will be able to stop the housing market from falling any lower.
Crystal Boldt Mortgage and Financing
When you refinance your existing mortgage, you are essentially paying off the existing mortgage debt and replacing it with a new loan. Many of the same costs are involved in refinancing a loan as are in first-time financing.
To start with, the lender will need personal information to verify employment for you and your co-borrower (if there is one). They will also need information regarding all of your debts and assets, including your existing mortgage.
In order to expedite the paperwork process, start gathering the following items:
- W2′s from the last two years (For borrower and co-borrower, if you filed separately)
- If you are self-employed, bring signed copies of your last two year’s tax returns, including all schedules that were filed, and a profit/loss statement or balance sheet for the current year
- Homeowner’s insurance company name and number
- The original lender’s contact information
- Most recent bank statements
- Most recent statements from 401ks, IRAs, mutual funds and securities accounts
- A copy of your current payment coupon for your existing loan, along with the outstanding mortgage balance
Crystal Boldt Mortgage and Financing
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