Do you own a rental property in Seattle? Read this!

Seattle_RRIOIf you own rental property located in Seattle, you need to be aware of fairly new requirements, created by the Seattle City Council, to register your investment property. This city ordinance, the Rental Registration and Inspection Ordinance (RRIO) impacts landlords and property managers who have multiple units to those who have just one rental home. There are some exceptions, check the ordinance for more information.

If you own a 1-4 unit rental home in Seattle, the deadline to have it registered is determined by the zip code the property is located in. All rental properties will be registered by 2016. The first zip codes that are due to have 1-4 unit rentals registered are due starting next month (June 30, 2015) and the penalties are nothing to sneeze at.

Registration cost $175 for a single unit rental home (slightly higher fees for additional units) and must be renewed every five years. When a property that has been registered as a rental has been sold to a new owner, the new owner has 60 days to update the registration.

The potential late fees for not registering a rental property in time are a steep $150 per day for the first 10 days and then $500 a day until the property is registered. Ouch!!  

Once the City approves the registration, a copy of the registration must be displayed in the rental property.

The City of Seattle requires an inspection by either a City inspector or a registered rental housing inspector at least every ten years. The inspection mainly addresses basic safety and health issues. Here is the checklist that will be used by the inspectors.  If you use the City inspector, the inspection fee starts at $130.

I remember hearing about the ordinance a while ago, however, I didn’t realize that it would impact those who own one rental property in Seattle, like we currently do. We only learned about this when we accidentally opened mail that came to our home about this program. If you know of anyone who has a rental property located in Seattle, please share this information with them.

For more information, or to register your rental located in the City of Seattle, click here.

HomeStyle Mortgage is now available at Mortgage Master Service Corporation

mortgageporterhouseThe HomeStyle mortgage is Fannie Mae’s version of an FHA 203k rehab mortgage. Fannie Mae HomeStyle allows home buyers to finance improvements and/or repairs with their purchase or with a refinance. This allows home owners to have just one mortgage payment while enjoying upgrades made to their home.

Just like a 203k loan, HomeStyle requires that you work with a consultant to determine what repairs will be required and help advise on improvements. If you’re buying a home and using HomeStyle for your financing, the consultant’s report may also serve as your home inspector.

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What May Impact Mortgage Rates this Week: May 18, 2015

mortgageporter-economyMortgage rates have been seen more volatility over the last few weeks than what we’ve experienced in quite a while. Mortgage rates have been trying to trend higher.

Here are some of the economic indicators that are scheduled to be released this week:

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Want to stop your rent from increasing? Buy a home.

It’s no secret that rents, along with home prices, in the greater Seattle area have been trending higher. Rent Jungle reports that as of March 2015, the average rent for a 2 bedroom apartment within a 10 mile radius of Seattle is $1907. This is up 4% in the last six months.

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HARP extended through 2016

MortgagePorter-HARP2Earlier this week, Director of the FHFA, Mel Watts announced that HARP (the Home Affordable Refinance Program) will be extended for one more year. From his prepared remarks:

“The HARP program allows borrowers, including those who are underwater on their mortgage and who are regularly making their mortgage payments, to refinance their loans to take advantage of historically low interest rates.

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What May Impact Mortgage Rates this Week: May 11, 2015

167522_1671562643181_1660852568_1649993_5021016_nI hope all you Mom’s had a wonderful Mother’s Day yesterday. I was lucky to be able to spend all day Saturday with my mom, who helped me during the West Seattle Community Garage Sale and to have lunch with her and my family on Sunday. My son and hubby made me a delish dinner last night… I can’t think of a better Mother’s Day. :)  This photo is a pic of my mom with her daughters at Disneyland.

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Freddie Mac reports mortgage rates trending higher

2015-05-07_0808_Freddie_Mac

Freddie Mac released their weekly report on average mortgage rates for last week. From the PMMS Report:

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What May Impact Mortgage Rates this week: May 4, 2015

MortgagePorter-JobsReportMortgage interest rates have been trending higher over the last week. Rates are still very low in the 3’s, however it wouldn’t take much to see the 30 year move into the 4% range.  This Friday, we’ll have the Jobs Report which tends to impact mortgage rates for better or worse.

Here are some of the economic indicators scheduled for this week:

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