Darel's Wenatchee Area Lending Blog

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Mortgage and Lending - Peoples Bank - NMLS 500247
RECENT BLOG POSTS
I recently was contacted by a potential client who needed financing to finish his home which he had begun with his own cash.  He mentioned that he had been unable to find any bank financing on a project where work was already underway. I have financed plenty of homes like this, and there are seve...
08/25/2013
When the mortgage meltdown hit, all lenders slashed the available lending products, but now the pendulum is starting to swing back and lenders are opening up again as mortgages are performing well. One recent addition is the 80/10/10 which I haven't seen in a while.  The point is to avoid mortgag...
08/25/2013
Last week's stock market jitters proved once again that the financial markets are not back to normal by any means.  So what is happening to interest rates?  Well, since we are in a global economy, what you pay per month for your house is affected by the government pensions being paid out in Greec...
05/11/2010
I have encountered several clients who started construction of a home on their own nickle, expecting to get a construction loan to finish the last 10 -20 or 50%.  Only to find that most banks won't lend on a house if construction has already started.  I can't speak for the rest of the markets, bu...
04/22/2010
With some great prices out there right now for vacation condos in Leavenworth and Chelan, a lot of people are entering the market.  With prices coming down, some people ask me if they should wait for them to drop further; I tell them, " When you can buy a condo you like for less than it costs to ...
10/09/2009
This year, probably half of the construction loans I have done have been for owner-builders. This is the term we use for people who are building a home without a general contractor. In reality, the projects vary from individuals who never lift a hammer and just schedule all the subcontractors, to...
07/07/2009
I was at a meeting with Realtors from Western Washington, and they were amazed that we were still doing lot and land financing.  Actually in our market areas of Wenatchee, Chelan, Winthrop, and Leavenworth (plus surrounding Counties), there are actually several community lenders that will lend on...
06/16/2009
I cringe whenever people ask, "Are you still lending money?"; but I suppose it is a fair question these days. In my markets of Wenatchee, Leavenworth, Chelan, Winthrop and Okanogan County, most of the banks that used to do a lot of construction lending have severely cut back their programs.  Some...
03/03/2009
I lost out on a transaction with one of my clients the other day; but I think they made the right choice by not refinancing with me.  I had financed a spec home for them near Lake Chelan which has not sold. I was in the process of refinancing it into an investment property on a 30 year fixed loan...
12/11/2008
One fallout from the current market is the increase in homes being sold As-Is. Either a builder was unable to finish, or maybe the house went back to the bank in less than perfect condition.  Either way, you end up with Sellers who don't want to put more cash into the house, they just want to sel...
12/01/2008
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