Andrew Jordan Mortgages MLO - 106555 NMLS - 42831

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Andrew Jordan Mortgages MLO - 106555 NMLS - 42831

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Andrew Jordan MLO-106555
Arboretum Mortgage Corporation NMLS-42831
Full service mortgage brokerage in downtown Seattle working with roughly 30 direct lenders offering a full slate of Conventional/Jumbo/FHA-VA/Portfolio financing options.

10/12/2023

Happy to share that we're now currently able to offer homebuyers and existing homeowners new financing terms up to the anticipated 2024 Conforming/VA loan limit of $750K!

• Baseline loan limits only for now; high balance loan limits to be released at a later date.

• 1-Unit properties up to $750K in the 48 contiguous US states (up to $1.125MIL in AK and HI).

• 2-Unit properties up to $960.3K (up to $1.44MIL in AK and HI).

• 3-Unit properties up to $1.16MIL (up to $1.741MIL in AK and HI).

• 4-Unit properties up to $1.442MIL (up to $2.164MIL in AK and HI).

Increase your purchase power before these new loan limits are officially unveiled after the New Year. While many lenders have recently began adopting this trend, this is something we've been offering to all of our borrowers for several years now. Just another small reason why working with a mortgage broker makes more sense to help you achieve your financial and homeownership goals.

Sources: HousingWire, Forbes, Yahoo! Finance, the entire internet

08/23/2023

10 days until College Football returns to the PNW!

If you aren't already on my mailing list (if you didn't receive one last year) and would like your own schedule magnet, please send me a message and I'll gladly mail one out to you!

04/05/2023

Incredibly happy for my client on the purchase of her new condo, and very pleased how everything fell into place on this one! There were A LOT of moving parts involved, but we were able to obtain an appraisal waiver, which saved an invaluable amount of time.

No appraisal + after-hours work fine tuning the file = lightning fast closing!

Please don't hesitate to reach out for help with any of your mortgage related needs!

01/27/2023

**𝗕𝗜𝗚 𝗖𝗛𝗔𝗡𝗚𝗘𝗦 𝗧𝗢 𝗨𝗣𝗙𝗥𝗢𝗡𝗧 𝗠𝗢𝗥𝗧𝗚𝗔𝗚𝗘 𝗙𝗘𝗘𝗦 𝗢𝗡 𝗠𝗔𝗬 𝟭𝗦𝗧**

Last week, the FHFA abruptly announced some major changes to upfront fees charged on a vast majority of new mortgages are coming soon.

Since there are too many specific details involved and different potential scenarios that will be affected by this to even fathom attempting to list them all out, I've included three summaries that outline that outline the entirety of these changes, and help share some basic information.

Figure 1: This shows the new percentage amount of the fees charged for all different potential loan scenarios.

Figure 2: This shows the percentage change of the new fees charged for all different potential loan scenarios compared to the same under the current fee structure.

Figure 3: This answers a few potential questions and helps explain some basic information about these changes.

In a nutshell:

Purchases for buyers with credit scores below 680 are getting cheaper, whereas they're getting more expensive for buyers in higher credit score tiers. Upfront costs for refinances in general are increasing, especially on cash-out loans. Some new credit score/loan-to-value (LTV) tiers are being added, as well as the first ever upfront fee pertaining to a borrower's debt-to-income (DTI) ratio. I'll spare you the rest of the details for now...

Sources: Mortgage News Daily, Fannie Mae

01/20/2023

In regards to 2022, it was the worst single year for interest rates since their infamous "Threepeat" from 1979 - 1981, during which, at one point in October 1981, rates reached an all-time high and almost hit 19%.

Despite rates in 2022 being nowhere near those seen during that brutal three-year stretch 40+ years ago, we did see some decades-long records broken and some new all-time records reached (albeit bad ones 😩).

In summary of the chart above:

• Jan 6: Rates hit 3.47%, eclipsing the all-time historic lows seen during the pandemic, and they haven't looked back since.

• Jun 10 (Fri) & Jun 13 (Mon): Rates increased by 0.30% and 0.33% respectively, two of the worst single days, and the second worst two-day period ever for rates (the only other worse days on record were in Mar 2020, but those soon gave way to the best rates ever in history).

• Jun (month): Inflation climbed to 9.1%, the highest level in 40 years.

• Oct 20: Rates rise to 7.37%, hitting 20-year highs.

• Nov 10: After weaker than forecasted CPI numbers, rates dropped by 0.60%, the single best day for interest rates on record (at least going as far back as daily rate tracking records go, and there very well could be a day or two sprinkled in somewhere in history where rates performed even better than this).

• Mar 17 - Dec 15: Fed raises Fed Funds Rate over the course of seven meetings by 4.25% collectively, the highest annual increase in 50 years (the Fed raised rates by 5.25% in 1973).

Sources: Mortgage News Daily, Federal Reserve Bank of St. Louis

01/19/2023

The key component to these loans lies in the name itself: Debt-Service Coverage Ratio (DSCR).

What is a DSCR?
• Similar to a borrower's debt-to-income (DTI) ratio, DSCR measures the ability of a property's monthly rental income to cover its monthly debt obligations.

How is DSCR calculated?
• Very simply, it's a property's: Net Operating Income (NOI) / Total Debt Obligations, or its PITIA (principal, interest, taxes, insurance, association/assessment dues). For example, a property with an NOI of $5,000 per month and total debt obligations of $5,000 per month would have a DSCR of 1.0.

What is the minimum required DSCR?
• Depending on the specific loan parameters, we can use a minimum DSCR of 0.80 - 1.15 (Note: while minimum DSCR's vary from lender to lender, a common industry standard minimum DSCR can sometimes be between 1.25 - 1.50).

Please don't hesitate to reach out with any questions or if I can help with any of your mortgage related needs!

12/22/2022

** ATTENTION - REAL ESTATE AGENTS & HOMEBUYERS **

EFFECTIVE IMMEDIATELY: We can now offer temporary rate buydowns for true Jumbo loans (anything above $977,500 in King/Pierce/Snohomish counties and anything above $726,200 in all other WA counties)!

This is a huge win for both buyers and sellers in more expensive areas and an exciting new opportunity to segue into the new year and help kick off 2023!

If you'd like some more information and to see how you could benefit from this new option, please don't hesitate to reach out!

12/14/2022

* GREAT DAY FOR INTEREST RATES AFTER RELEASE OF NOV. 2022 CPI REPORT *

As expected, interest rates dropped massively after data from the November 2022 Consumer Price Index (CPI) report came in lower than forecasted. Inflation is one of the worst enemies of the rate market, and the CPI is the key metric that measures and tracks the change in inflation over time.

And while today's CPI report had a similar positive impact on rates like it did after last month's CPI report was also lower than expected, the reaction to tomorrow's Fed meeting is the second component this week that will hopefully provide a clearer picture of where mortgage rates are headed (see link in bio).

12/01/2022

Pretty crazy to think that you can now take out a Conventional loan for almost $750K anywhere in the country, and for almost $1MIL here in Seattle! These new loan limits are live and ready for you to use to your advantage. If you're thinking about taking the plunge into homeownership or want to consider potential refinance options, please don't hesitate to reach out and let me know how I can help!

11/12/2022

Thank you to all the military men and women veterans of the United States Armed Forces for serving our country. We are all forever indebted to you for your duty, your sacrifice, and your courage 🙏.

Address

600 University Street #1528
Seattle, WA
98101

Website

http://www.arboretummortgage.com/andrewjordan.aspx, https://www.nmlsconsumeraccess.org/EntityDetails.aspx/INDIVIDUAL/106

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