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    • No Shortcuts to the Top: Climbing the World's 14 Highest Peaks
      No Shortcuts to the Top: Climbing the World's 14 Highest Peaks
      by Ed Viesturs, David Roberts

      "Ed and David Roberts have given the reader a never before look into the climbing and personal life of America's icon of mountain climbing. This includes the mental methods of climbing with various partners, dealing with circumstances outside of the sphere of control, and the decisions impacting self and family."

    • First Things First
      First Things First
      by Stephen R. Covey, A. Roger Merrill, Rebecca R. Merrill

      "It shapes a lifestyle, a discipline full of virtue and enchantement. Think of it as a trip to Tibet packed with a senior executive course on people skills - a profoundly humanistic work for the self who's also a contemporary citizen of the world."

    • The Lies About Money: Why You Need to Own the Portfolio of the Future
      The Lies About Money: Why You Need to Own the Portfolio of the Future
      by Ric Edelman

      "Ric Edelman does a good job of discussing the perils of mutual funds and what to look out for when investing. His sections are short, simple, easy to read and provide a relatively straightforward explanation of the topics."

    • If You Don't Make Waves, You'll Drown: 10 Hard Charging Strategies for Leading in Politically Correct Times
      If You Don't Make Waves, You'll Drown: 10 Hard Charging Strategies for Leading in Politically Correct Times
      by Dave Anderson

      "Even if you disagree with the approach at times, you won't be able to deny the truths contained and the relative strategies that Dave recommends for curing our businesses and our country. They work, when applied properly and consistently."

    • The Truth About Money 3rd Edition
      The Truth About Money 3rd Edition
      by Ric Edelman

      "A comprehensive guide to the different methods and options available to the individual investor, along with some useful information regarding budgeting and purchasing"

    • Integrity: The Courage to Meet the Demands of Reality
      Integrity: The Courage to Meet the Demands of Reality
      by Henry Cloud

      "The basic assumption here is that "integration" or "wholeness" of character is a necessary component in order to reach one's maximum potential both personally and professionally, and that character is not fixed or unchangeable. This book is extremely inspirational and informative. It is a roadmap to success and happiness."

    My Top 10

    My Top 10 Favorite Truths!

    1) You cant predict the future.

    2) You can only control yourself and your choices...and some days that is even a stretch!

    3) Happiness is a choice.

    4) Anything is possible!

    5) Perception is Reality.

    6) Expectation, determines outcome.

    7) Honesty, is the only policy.

    8) Every Failure is an opportunity for growth.

    9) Tomorrow is not promised to you.

    10) Family is the most important thing in the world, and can be found anywhere in the world.

    Favorite Quotes

    My Favorite Quotes!

    1) Imagination is more important than knowledge.-Albert Einstein

    2) What you get by achieving your goals is not as important as what you become by achieving your goals.-Zig Ziglar

    3) It is wise to keep in mind that neither success nor failure is ever final.-Roger Babson

    4) Whether you think you can or whether you think you can't, you're right.-Henry Ford

    5) How we spend our days is, of course, how we spend our lives.-Annie Dillard

     

    « What is the importance of attitude? | Main | The Last Dumb Reason Given Not to Buy a Home »
    Friday
    Aug062010

    Breaking FHA News

    DateFriday, August 6, 2010 at 3:38PM

    Yesterday congress passed H.R. 5981 which will give FHA the authority to change their annual and monthly mortgage insurance premiums. The bill passed very quickly and the changes that are going to take place will be implemented on September 7th with all new FHA case numbers being pulled on and after that date. Please take note that the September 7th date correlates to pulling FHA case numbers, not contract dates. 

    Want to read more:

    http://www.washingtonpost.com/wp-dyn/content/article/2010/08/05/AR2010080506663.html

    The changes are as follows: FHA will be decreasing the Upfront Mortgage Insurance Premium from 2.25% to 1.0%. They will be increasing their monthly mortgage insurance premium from 

    .50 - .55 to .85 - .90 depending on the combined loan to vale ratio (LTV's <=95% will increase to .85 and LTV's > 95% will increase to .90)

    Let's take a quick look at how this will affect a homebuyer's mortgage:

     

    Sale Price


    Increase in Payment


    Decrease in Upfront MIP

    $250,000

    $54.17

    $3015.63

    $350,000

    $75.85

    $4422.03

    $450,000

    $97.62

    $5428.48

    $550,000

    $118.53

    $6588.87

    * Reminder: The maximum FHA loan limit in high cost areas of WA are $567,500 and high cost areas of CA is $729,750.

    * Buyers who were pre-qualified on a FHA mortgage loan type previously to the change date of September 7th, 2010 should be re-qualified to make sure the increase in monthly mortgage insurance payment will not effect their qualifications. 

    Furthermore, we should start seeing interest rates creep back up within the next couple of weeks. How does that affect a homebuyer's mortgage payment? Let's look:

    Loan Amount

    Increase in Payment for every .50 increase in rate

    $250,000

    $75.34

    $350,000

    $105.47

    $450,000

    $135.61

    $550,000

    $165.78

    The increase in rate could make the difference between the buyer qualifying or not qualifying and having to come down in price for a lesser home! Pass this information on to anyone you know who is thinking about buying a home.

    If you are a home buyer and are "on the fence" or are waiting to make a decision, be aware that if your FHA case number is pulled after September 7th, 2010, it will cost you more in your monthly payment due to these changes (in addition to the incredible rates will NOT last!)

    As always, if you have any questions or need to be pre-qualified, please feel free to contact me at (206) 909-3930 or michelle.coolidge@cobaltmortgage.com. I'm NEVER too busy for you and always look forward to hearing from you. Have a blessed weekend!

    Michelle Coolidge

     

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