Ask the Troll ... Anything

In today’s Seattle Times we see that the current unemployment numbers for Metropolitan Seattle have dipped below 6% for the first time since 2008. The Troll believes that these numbers will push demand for housing significantly. The current real estate market is already hot and it appears that heat will only increase. As Seattle residents already know there is only a fixed amount of property in close proximity to downtown. Today’s numbers feed into the logical assumption that demand for real estate in these areas will be off the charts. Now the Troll is no economics professor but even he realizes that the cost of housing will increase as demand increases. The Troll can personally attest for this new reality as he represented a buyer for a house in Ballard that secured 22 offers. That number of people interested in one house is staggering and reflects the lack of inventory available for those folks wanting to buy.

This new reality also provides opportunities for those whose property values have been depressed for the past 4-5 years. Interest rates are still at all time lows and now that Seattle residents have a restored equity position in their homes they can take advantage by refinancing. If you haven’t looked into the possibility of refinancing in awhile because you think your property isn’t worth what it takes to complete it give the Troll a call. He can pull some comparable sales and see if you can qualify. And for homeowners who want to  get out without bringing in cash to close you might be surprised to know that you most likely can. In either case the Troll can help.

The Recovering Troll

Hello all. The Troll must apologize for his lack of recent postings, he has been focused on helping as many customers as possible and even vacationing when appropriate.

We are entering exciting new territory at Wallingford Mortgage as we have hired some exceptional new talent. I would like to welcome Angi, Mike and Keith and thank them for their hard work and expertise. The Troll most excited to welcome back Mrs Troll who has been working elsewhere during the credit crisis. That’s right folks we are gearing up for the next wave of refinancing and it appears to be Harp 3.0.

For those of you who live in a cave or under a rock or better yet a bridge, there are incredible refinance opportunities under the current Harp 2.0 program. Give us a call and we can fill you in. For those unfortunate trolls that haven’t been able to qualify for Harp 2.0 it appears the newly reelected administration is committed to helping you.  They are rolling out Harp 3.0. The details are still being finalized but it is most certainly a reality. Once we get the official word the Troll will shout it to the masses, until then stay tuned.

The Troll

Another bold attempt to rescue housing has come to the forefront. If you have an FHA loan that was originated prior to June 2009 you are eligible for the new Streamline refinance offered by FHA. The interest rates on these loans are absolutely incredible at the moment. There is no appraisal required and qualifying is EASY! You must have a job and well, that’s about it. Also, we can also close these loans in about 2-3 weeks. If you fit the bill give the Troll a call to start your application. This is the opportunity you have been waiting for.

If you have missed the Troll over the past couple of months don’t despair. The Troll is recovering the housing market one loan at a time which will benefit all of you.

The Troll

If you haven’t heard HARP 2.0 is upon us. The Troll is happy to report that if your mortgage is owned by Fannie Mae or Freddie Mac and it was originated before October of 2009 you can probably refinance without an appraisal or LTV restriction. In no uncertain terms it is the GREAT REFINANCE GIVEAWAY! That’s right folks, if your mortgage is current and you have a job UNCLE SAM doesn’t care what your house appraises for. He is hell bent on giving away historically low interest rates for those awesome individuals that actually made their mortgage payments through the financial crisis. For you brave souls it is the opportunity you have been waiting for.

If you are not sure if your loan is owned by Fannie Mae or Freddie Mac give the Troll a call at 206-204-4000 and he will look it up for you. Remember, the mortgage must have been originated prior to October 2009 and be current to qualify. Call US Now And Save Money!

The Bold Troll

The Troll is currently experiencing high call volumes due to an excellent advertising campaign. If you are looking for a job and you think you have what it takes give the old Troll a call or shoot him an email. The Troll is looking for able bodies that have the ability to learn quickly and produce. He also wants people that will have fun while doing it……Did the Troll just say Doing it? I’m quite sure he meant while working you savages. Loan officers, real estate agents and clerical types are now in high demand at Wallingford Mortgage and Wallingford Realty.

If you can bring it he will hire it!

The Troll

Fixed Jumbos, just like the recent snow in Seattle have thawed. The Troll is happy to report that he now has a few excited lenders back in the Jumbo loan game. For the past few years, 30 year fixed rate Jumbos have been a proverbial pipe dream. Lenders have been reluctant to get back into this product arena due to their foreclosure losses.  That is changing quickly as the Troll has secured no less than 3 new avenues for fixed Jumbo products.  If you have an adjustable rate Jumbo loan you should give the Troll a call to discuss your options. You might be surprised at how low rates are for these types of loans. Even if your loan isn’t a Jumbo you should call the Troll anyway because rates are on Fire right now!

The Troll

Snow is typically not the Trolls bag, but the recent storm did provide the Trolls with some great memories at Gasworks park. The little Trolls wore themselves ragged sledding which made bedtime an easier task. A tip of the cap to the brave souls willing to risk everything and entertaining all of us by launching themselves off the top of the Gasworks hill. Special recognition should go to the literal couch surfers that were riding a couch from the top until it finally gave way to fatigue. According to the Seattle Times, the cost of “Snowmageddon” was $1.35 million. The DOT is still totalling expenses however. Crews worked around the clock for almost a full week according to street maintenance director Steve Pratt. The city has budgeted $2.2 million for snow removal for all of 2012.

The Mercer Street project has reached its half way point. The city is spending $164 million to untangle the “Mercer Mess” with additional contributions from the federal government of $30 million and local landowners (Vulcan) $32 million that stand to benefit from the project. Progress is currently behind schedule due to rain and unforeseen obstacles in the soil according to project manager Angela Brady. Ironically, one of the obstacles was an old Model T engine found 7 feet under ground. Talk about gridlock!

The Troll

Have you read about the record breaking spending occurring across the nation? Everyone’s flush with extra cash you see and holiday records are being broken every other day. It’s Crazy out there! What recession? Everything is fine! Things are so good that you might get pepper sprayed trying to buy.  Well, the Troll smells Horse Pucky!  Mark my words it will begin with something like this “Early Sales Estimates Overly Optimistic” or better yet ”Returns Unexpected”. However it is framed the sales figures will be downgraded.  It’s what we Trolls in the know call “Hyping the Market”. If I think that everyone else is out there spending mountains of cash then by golly I’m going to spend some too. It’s human nature of course and it’s 1 reason that I’m glad to be a troll.

On the bright side, housing has bottomed and it’s a great time to Buy! Especially in Seattle where they’re breaking Records! See that? But seriously, great deals are out there for someone just like you. Give the old Troll a call and he will help. I mean who else is coming up with one liners like this beauty? “Rates are through the floor and that’s opportunity knocking at your door.”

A little Christmas Carrol for all of you from…..

MistleTroll