Rent or Buy in Seattle: Seattle RE Chat [Video]

In this episode of Seattle Real Estate Chat, Jim Reppond and I compare renting in Seattle to buying a home. With rents on the rise and mortgage rates at very low levels, it may be worth considering making the move to buy a home.

Here’s our Google Hangout where we discuss Seattle’s current rental market. Mortgage rates are actually currently lower than what we have quoted in this video which was recorded just over a week ago.

Seattle Curbed recently shared what $1500 a month rent provides you in Seattle right now.

zillow_001A quick search on Zillow shows  around 140 detached homes and condos in Seattle available in the $275,000 – $320,000 price range.

Because our video chats have limited time, I only used a simple minimum down conventional mortgage. I have many mortgage programs available from those with down payment assistance to reduced down payment for jumbo mortgages.

If you’ve been thinking about buying a home, a good first step is getting prequalified. Getting prequalified simply means that you’re verbally reviewing your income and assets with a mortgage professional. At this step, you don’t have to have your credit ran or provide documentation. There should be no cost for getting prequalifed and the mortgage professional should be happy to provide written rate quotes illustrating potential scenarios for you. This will also help with showing how much the down payment and funds for closing will be needed for a certain home or price range and what the mortgage payment looks like.  The next step after that is getting preapproved, which means you’re providing income and asset documents and having your credit pulled and reviewed (for starters).

I’m happy to help you with your home purchase or refinance for homes located anywhere in Washington state. Even if buying a home is a year or so away, you can’t start too early with gathering information and developing a game plan. If I can help you, please contact me!

Comparing the 20 Year Fixed Conventional Mortgage to a 15 Year and 30 Year [Mortgage Rate Post]

moneyclockmortgageporterHome owners looking to take advantage of today’s low rates with a refinance or purchase, may want to consider a 20 year fixed conventional mortgage. The 20 year fixed conventional offers lower rates than the 30 year fixed and lower payments than a 15 year fixed mortgage.

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How much can mortgage rates change in a day?

Today was one of the most volatile days we’ve seen in years. I believe it’s the biggest hit the DOW has seen in three years. Mortgage rates started off surprisingly low this morning and this afternoon, they are heading back up. I still have a couple lenders who are still under 4% for a 30 year fixed conventional mortgage, as I write this post (3:09 pm, October 15, 2014).

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Mortgage Rates Drop to new 2014 Lows

The 30 year fixed  is back under 4.000% as I write this post. Rates change constantly and with how volatile the markets have been, we could see mortgage rates bounce back up as quickly as they’ve dropped down.

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I’m a Finalist!

311029_2412128996877_1249122151_nI am humbled to be a finalist in three categories at the 2014 Business and Humanitarian Awards Leadership Awards Gala. This annual dinner is an event that is organized by the Washington Association of Mortgage Professionals (WAMP).  I am a finalist in the following categories: Loan Originator, Media/Marketing Company (Mortgage Porter) and Media/Marketing Individual (Mortgage Porter).

The gala, which recognizes individuals throughout the real estate industry in Washington state, takes place on Friday, November 7, 2014 at the Renaissance Hotel in Seattle. I believe tickets are still available.

This photo of Marilyn Porter (my sister in law and President of Mortgage Master) and me is from the event where our company, Mortgage Master Service Corporation, won top mortgage company in 2011.

Congrats to all the finalist – this is such an honor!

What May Impact Mortgage Rates this Week: October 13, 2014 – Mortgage Rates are LOWER

mortgageporter-economyHappy Columbus Day from Seattle – oh snap, I mean Happy Indigenous People’s Day. Regardless of which holiday you chose to celebrate, today is a Federal holiday and many offices are closed, including recording offices (no closings will be taking place today). Our office is open and I’m happy to help you with your mortgage needs. As today is a holiday, markets are closed. Here are some of the economic indicators scheduled to be released the rest of this week:

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What the Fed Says and How It Impacts Mortgage Rates [LIVE POST]

I am going to attempt to write a “live post” today to illustrate how mortgage rates may change based on data that is released throughout the day and market reactions. Please keep in mind that despite my best efforts, sometimes a “live post” can be a bit challenging…we’ll give it a try!

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What May Impact Mortgage Rates this Week: October 6, 2014

1522456_717971534888096_812580490_oLast Friday’s Jobs Report came in better than expected and mortgage rates ticked up a little higher on Friday but are still in a tight range and essentially unchanged compared to last Monday’s rate post (slightly improved). There’s not a lot on the dance card this week for scheduled events that may impact the direction of mortgage interest rates this week. Watch for the Fed Minutes on Wednesday, which has stronger odds of moving mortgage rates. Since this week’s calendar is so light, I’m adding a couple items that will not impact rates…but are eventful!

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