Home Buyer Class in Seattle

Seattle Home Buyer ClassesI will be teaching a home buyer class in Seattle with Jim Repppond of Coldwell Banker Danforth on Saturday, September 13, 2014 at the Broadview Library in Seattle.

The class is sponsored by the Washington State Housing Finance Commission. Students who attend are eligible for programs like Home Advantage or House Key Opportunity (the Washington state bond program) or Freddie Mac Home Possible. Students are also eligible for various down payment assistance programs and MCC (mortgage credit certificates).

If you are considering buying a home with your spouse, partner or friend, they will need to attend the class with you to qualify for the programs.  You do not need to be a first time home buyer to qualify for many of the mortgage programs. And of course, you’re welcome to attend if you’re not interested in down payment assistance programs and you just want to learn more about the home buying process.

Space is limited, so please RSVP today:

When: Saturday, September 13, 2014 from 11:00 am – 4:00 pm. We do our best to wrap up the class by 4:00 pm. The WSHFC requires that the classes be at least five hours.

Where: Broadview Library located at 12755 Greenwood Avenue North, Seattle, WA 98133

Cost: FREE and lunch is provided!  Typically lunch is something like pizza.  If you have any special dietary needs or preferences, please bring a sack lunch. We will be teaching through lunch in the interest of keeping the class time shorter.

RSVP for our Seattle Home Buyer Class by clicking here.

Click here to see all current home buyer classes that I’m teaching.

What May Impact Mortgage Rates this week: August 11, 2014

mortgageporter-economyThis week’s economic calendar is on the lighter side.  Here are some of the economic indicators scheduled to be released this week:

  • Wednesday, August 13: Retail Sales
  • Thursday, August 14: Initial Jobless Claims
  • Friday, August 15: Producer Price Index; Empire State Index; Consumer Sentiment Index (UoM)

Mortgage rates are slightly improved compared to last week’s rates post. As I write this post, August 11, 2014 at 9:00 am, I am quoting:

  • 30 year fixed: 4.125% (apr 4.263%) priced with 1.059 points (an improvement of 0.023 points compared to last Monday’s rate post).
  • 15 year fixed: 3.250% (apr 3.445%) priced with 0.795 points (an improvement of 0.146 points compared to last week’s post).

The rates quoted above are based on a purchase in the greater Seattle, King County area with a sales price of $500,000 and a 20% down payment with a conventional loan amount of $400,000 closing by September 18, 2014 or sooner.  The home buyers have excellent credit with scores of 740 or higher.

Rates are subject to credit approval and may change at anytime. This is just a small a very small sample of rates and programs that I have available. I am happy to provide you with a detailed mortgage rate quote of your home located in Edmonds, Ellensburg, Enumclaw or anywhere in Washington state, where I’m licensed.

 

 

Where do I start with an FHA 203k Rehab loan?

mortgageporterhouseI just received this question from one of my readers:

My wife and I are very interested in pursuing a 203K type mortgage, but do not know where or how to start.  I would appreciate any assistance you could offer.  Thanks!

An FHA 203k mortgage allows improvements to be made to a home using an FHA insured mortgage. The borrower is able to finance the cost of the improvements with one mortgage. Since it is an FHA mortgage, it has a reduced down payment, FHA upfront and monthly mortgage insurance and the loan is subject to FHA loan limits in the county the property is located in.

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What May Impact Mortgage Rates this week: August 4, 2014

2014-07-05 09.46.57I hope you’re enjoying your summer. Can you believe that it’s already August? Tomorrow, August 5, 2014, is Seattle Night Out (actually, National Night Out) and many neighborhoods will be getting to know each better over block parties and/or pot luck dinners during this annual crime prevention event. This is a great excuse to get to know your neighbors better so if you don’t have anything planned tomorrow, why not knock on a few doors and have an impromptu pot luck? :)

Photo: Our puppy, Hitch, having fun with one of his neighbors, Sadie.

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Home Advantage Mortgage with or without Points

2013-03-07_0746The Washington State Housing Finance Commission has recently offered more pricing options with their Home Advantage first mortgage program.  Originally, all Home Advantage products were priced with 1 point.  One point equals 1 percent of the loan amount and is paid at closing. This closing cost cuts into the down payment assistance that many home buyers are hoping to utilize when they are using the Home Advantage Mortgage program.

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What May Impact Mortgage Rates this Week: July 28, 2014

MortgagePorter-JobsReportThis week is packed full of economic indicators that may influence mortgage interest rates, including the Fed meeting on Wednesday and Jobs Report on Friday. The Jobs Report carries a lot of weight with mortgage rates as it may indicate inflation. As the economy and employment improves, we may see signs of wage inflation. Inflation is the arch enemy of bonds, like mortgage backed securities – which mortgage rates are based on. World tensions may also impact mortgage rates as investors may seek the safety found in bonds.

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Seattle Real Estate Chat [Video] on Preapproval and Commitment Letters

In this episode, Jim Reppond and I discuss Commitment Letters.  A commitment letter is kind of like a preapproval letter on steroids. And in this hot sellers market that the greater Seattle area is currently experiencing – many buyers can use a little extra help to stand out from a similar competing offer.  A Loan Commitment Letter may be the extra boost that could help some home buyers.

Check out our last episode!

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Steps in the Mortgage Process

iStock_000003709509SmallThe process of getting a mortgage consists of several stages and typically takes anywhere from 20 – 40 days (or more) depending on how prepared you are, what mortgage program you have selected and if it’s a purchase, the closing date may dictate how long the process will take. The steps below may not take place in the exact order I have listed and some steps may happen simultaneously.

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