Ingrid B. Quinn

NMLS ID #211652 Arizona, Loan Consultant

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Numbers and their Impact

I read an interesting article by Lew Schelman in the November 4th National Mortgage News. He pointed out some interesting statistics and tidbits about how numbers correlate to certain home pricing strategies and some things to consider when coming up with the number to set a home’s sales price.

“Home sellers may not be afraid of certain numbers, at least not all of them. But according to Trulia, setting a price and “lucky” numbers go hand in hand.” Studying asking prices for homes since October 2011, Jed Kolko, Trulia’s chief economist, discovered that sales prices that end in 9 were the next most popular number after zero. 53% of all non-zero list prices on their site ended in 9. The next most common number was 5. Also, when home prices are reduced, they are more likely to have a 9 as the last number. When sellers are more eager to sell, the home price will also be more likely to have a 9.

When home prices were over $1,000,000, buyers are less likely to be influenced by the numbers game. Only 1 in 4 homes listed for $1,000,000 and up had a 9 as the last digit. The number 9 is also more popular in some markets, for example in up state New York. The number 4 is a number that can be unsettling in Chinese communities because the pronunciation of the number is similar to the word “death” in many Cantonese and Chinese dialects. On the flip side, the number 8 is “phonetically similar” to the words wealth or prosperity. The number 13 anywhere in the list price only appeared in the asking price of 13% of Trulia’s listings. In Nevada, lucky number 7 was more likely to be found in their listing numbers and the numbers 3 and 6 that represent positive and negative references in Christian numerology are more prevalent in a Bible Belt’s home prices.

So as an agent or a home seller, thinking about the numbers and their impact may be worthy of consideration in setting your sales price. Jed Kolko also wrote that “setting the right asking price for your home isn’t all science and it isn’t all art. Sellers and agents pick numbers to signal their strategy, and to appeal to the traditions and superstitions of local buyers.” Have you considered this when setting your selling prices?

I’d love to hear your feedback. I can be reached by email or leave a comment on my blog page. Visit me at or

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Jumbo Loans vs Conforming Loans

I recently began working with a client on a home loan that requires Jumbo financing. I was surprised to hear that the realtor was running into trouble finding a lender to provide the financing her clients needs. So I felt that an explanation of the two types of programs was required. Every client has a unique situation and should speak with a professional about their specific needs. So back to the subject at hand, a jumbo loan!

There are conforming loans and non-conforming loans. Conforming loans are loans that adhere to guidelines set by Fannie Mae and Freddie Mac and the amounts vary, depending on where you live and what the median prices for homes are. In most of the areas of the country, $417,000 is the Fannie Mae and Freddie Mac conforming loan limit. In higher cost areas of the country such as California, Hawaii and the Washington, DC metropolitan area, there are Conforming-Jumbo Loans (also called Conforming “High Balance” loans). They range from $417,001 up to $625,500 for a single unit property (single family homes, condos, townhouses), 10% is the minimum down payment. These loans have rates approximately .25% to .375% higher than Conforming loans. And condos have higher rates by approximately .25% on these as well. Multifamily properties also have higher rates by approximately .25%, and higher down payment requirements of 20% to 25% down.

A home loan that goes over either of these types of loans is considered non-conforming and is referred to as a Jumbo loan. Jumbo loans (also called Non-Conforming) are from $625,501 and up for high cost areas and $417,001 and up for the rest of the country. The minimum down payment required is usually 20% though there are select programs that may offer a lower down payment. An example may be a doctor’s loan. These loans have rates approximately .5% higher than Conforming loans. Condos and multifamily properties may or may not have higher rates depending on the lender.

Jumbo loans are for the luxury or higher priced market. They are designed to meet the needs of the high income, high asset and high credit score client or in certain cases the just high asset, high credit score client. For more information about Jumbo loans, please contact me at or visit my websites or

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5 Basic Steps of the Mortgage Process

Every loan is unique. However, most loans follow the same timeline of events as follows:

1. The Application: The borrowers must begin the process by completing an application. Lenders will offer at least one of three simple methods you can choose from to complete this portion of the loan process; an online application, a face-to-face interview, or a phone interview. The information requested you should easily know, but you may want to be ready with paperwork to answer questions if needed. The completed application must then be signed or e-acknowledged depending on the method of disclosure of the application.

2. Documentation: Following up the application with the specific documents your lender requests is also a very important part of getting your loan closed quickly and efficiently. The list of required documentation will be specific and needs to be followed exactly.

3. The Appraisal: During the time you are gathering your required documentation; your lender will have an appraisal ordered. Appraisers are willing to work with each borrower’s schedule. The title work is also ordered by your mortgage professional during this step.

4. Loan Approval: The loan processor will submit your loan file to the underwriting department. An underwriter is the person who approves, suspends, or denies the home loan. There are two types of loan approvals, conditional and final. Conditional approval means that the underwriter requires a few more items to fully approve the loan. These conditions are very specific and the lender will keep in touch with you if they need additional paperwork. Final Approval (known as a “clear to close”) means that you fully approved are ready for the next step. At this time, closing documents will be prepared and sent to your closing company, either an attorney or escrow company depending on the state you are purchasing your home in.

5. Signing: It is time to schedule the signing of the final paperwork, which includes the new note and mortgage! Up until this point in the loan process, nothing you have signed is binding. For purchase loans, this is the final step and you will receive the keys to your new house within a day or two upon closing company’s receipt of funds. For refinance loans, this will begin the three day right of rescission period, in which you will have three days to reconsider. The three day waiting period is not required on an investment property refinance loan. After this three day period, the loan will be completed or “funded.”

Please keep in mind that there are many circumstances that can cause these steps to vary. Each client has a unique financial situation. Your loan officer and his or her staff are there to help you along the way and to make sure you have a successful transaction .
For any questions or suggestions please feel free to email me at or visit me at or at .