What May Impact Mortgage Rates this week: November 24, 2014

OLYMPUS DIGITAL CAMERAThis is a short week with offices closed Thursday and Friday for the Thanksgiving holiday. There are no economic indicators scheduled to be released today, however the rest of this week is stuffed, like a Thanksgiving turkey.

Tuesday, November 25: Gross Domestic Product (GDP); S&P – Case Shiller Home Price Index; and Consumer Confidence

Wednesday, November 26: Initial Jobless Claims; Personal Consumption Expenditures (PCE); Durable Goods Orders; Personal Income; Personal Spending; Chicago PMI; Consumer Sentiment Index (UoM): New Home Sales; and Pending Home Sales

With this being a short week, watch for rates to be bumpy as there with fewer active traders thanks to holiday vacations. As I write this, 10:oo am on November 24, 2014,  I’m quoting:

30 year fixed: 3.875% (apr 4.023%) priced with 1.213 points with  a principal and interest (p&i) payment (taxes and insurance not included) of $1,881.

30 year fixed: 4.000% (apr 4.084%) priced with 0.436 points with p&i of $1,910.

20 year fixed: 3.750% (apr 3.876%) priced with 0.535 points with p&i of $2,372.

15 year fixed: 3.125% (apr 3.345%) priced with 0.976 points with p&i of $2,786.

Rates quoted above are based on a purchase in the greater Seattle – King County area with a sales price of $500,000, 20% down payment and a loan amount of $400,000. The home buyers have excellent credit with credit scores of 740 or higher and the transaction is closing by December 31, 2014 or sooner.

Rates quoted are subject to credit approval and may change at any time. This is just a small sample of the mortgage rates and programs that I have available. If you would like me to provide you with a mortgage rate quote for your home purchase or refinance on your home located anywhere in Washington state, please click here.

BREAKING NEWS: 2015 Conforming Loan Limits HIGHER for King, Pierce and Snohomish Counties

I just received notice from FHFA that overall, 2015 loan limits will remain the same for most counties except for a few counties with higher loan limits. In Washington state, the counties with higher loan limits in 2015 are King County, Snohomish County and Pierce County.

2015 Conforming Loan Limits for King, Snohomish and Pierce Counties:

  • One Unit: $517,500 (increased from $506,000)
  • Two Unit: $662,500 (increased from $647,500)
  • Three Unit: $800,800 (increased from $783,000)
  • Four Unit: 995,200 (increased from $973,100)

All other counties in Washington state have the same loan limits as 2014.

Stay tuned for announcements on FHA and VA loan limits for 2015.

My Personal Tiki Mug

My Mom is a very talented artist and has recently started creating custom tiki cups as a hobby. Check out this one she made of me!

2014-11-23 09.58.27
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Determining Rental Income for a Conforming Mortgage

iStock-000018668640XSmallRecently Fannie Mae updated their guidelines for rental income, including the addition of Rental Income Worksheets for the lender to complete to help make sure the rental income is calculated correctly. How much rental income may be used and how it is calculated will depend on when the borrower obtained the rental property, when rents were collected and what how many units there are with the subject property. Underwriters are looking the likelihood that the rental income will continue as well as the losses too. If your rental is producing a net loss, that will factored into your qualifying ratios.

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Don’t be naughty to your preapproval status over the holidays

iStock_000004639657XSmall[1]If you are currently preappoved for a mortgage to buy a home or are considering getting a mortgage in the New Year, what you do now with regards to your credit and income may impact your preapproval status.

A mortgage preapproval is based on information provided at the time of the pre-application. It is only valid assuming that the information provided at that time has not changed. You may not be aware that you’ve done something that may have jeopardized your preapproval until a month or two later when you’re getting ready to make an offer on a home and then learn you’ve been Scrooged.

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What May Impact Mortgage Rates this Week: November 17, 2014

mortgageporter-economyThis morning, Japan announced their GDP (gross domestic product) continues to decline, giving US mortgage bonds a slight boost.  This week has a lot of economic indicators scheduled to be released that could impact the direction of mortgage rates. Keep an eye out for data that reveals inflation, as that will cause mortgage rates to trend higher.

Currently mortgage rates are continuing to improve (see below) compared to last week’s mortgage rate post.

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What May Impact Mortgage Rates this Week: November 10, 2014

mortgageporter-economyThis is a short week with Veterans Day on Tuesday (bond markets will be closed) and a light economic calendar. Rates are improved compared to what I quoted last Monday.

  • Tuesday, November 11, 2014: Veterans Day.
  • Thursday, November, 13, 2014: Initial Jobless Claims
  • Friday, November 14, 2014: Retail Sales; and  Consumer Sentiment (UoM)
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The 2014 Outstanding Loan Originator is…

2014-11-07 21.02.42 I am honored, humbled and amazed to be a finalist in three categories at this year’s Business and Humanitarian Awards Gala, which took place on Friday. This annual event is organized by the Washington Association of Mortgage Professionals to recognize Washington real estate professionals (mortgage, real estate brokers, title and escrow) who are the epitome of their profession.

To receive the award for Outstanding Loan Originator was a complete surprise to me, despite being a finalist. I wish I would have prepared something to say when the award was presented. Between the shock, the bright lights and the 200 plus glamorous faces staring up at me, I was almost rendered speechless.

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