What May Impact Mortgage Rates this Week: September 1, 2014

10626879_10152256097026046_1092128899241203089_nHappy Labor Day! Our office is closed today and will re-open for business as usual tomorrow morning at 9:00 am. This photo is from an hour or so ago at the dog park at Luther Burbank Park on Mercer Island. My hubby is tossing a bumper for our pup, Hitch (the black one to the right) and has a few other pups who are interested in playing too. What a gorgeous September day this is – I hope you and yours and having a wonderful holiday.

The rest of this week is packed with economic data that may impact the direction of mortgage interest rates this week, including the Jobs Report on Friday.  Here’s what this week looks like with regards to economic indicators scheduled to be released:

  • Monday, September 1: Happy Labor Day – markets are closed.
  • Tuesday, September 2: ISM Index
  • Wednesday, September 3: Beige Book
  • Thursday, September 4: Initial Jobless Claims; ADP National Employment Report; Productivity; ISM Services Index
  • Friday, September 5: The Jobs Report

If you are interested in buying or refinancing a home located anywhere in Washington state, I’m happy to help you! Click here if you would like me to provide you with a mortgage rate quote.

PS: GO HAWKS!!! :)

I’m BACK from my Pointless vacation in the San Juan Islands and British Columbia

I’m back home in Seattle from a two week (okay, just over 2 week) vacation on our sailboat, Pointless. We cruised the San Juans, up to Princess Louisa Islet and returned home via the Canadian Gulf Islands. The sailboat is newer to us – we’ve had it almost a year. She’s a Valiant 40 that was built in 1985. We purchased her from the original owners who sailed her around the world while living aboard. My husband has spent the last year lovingly sprucing her up and this vacation was the longest voyage she (or I) have been on to date!

Pointless Jones Island Aug 2014

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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:

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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)

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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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