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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What May Impact Mortgage Rates this Week: July 21, 2014

mortgageporter-economyMortgage rates are not only impacted by the direction of bonds (mortgage backed securities); global tensions may also influence mortgage interest rates. We saw this last week with the heart breaking and horrific downing of the Malaysian flight and increased global tensions. Rates slightly improved as investors opted for the safety found in bonds.

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Going on vacation during the mortgage process

20140628_111831‘Tis the season for going on a vacation.  But what if you are buying a home or in the middle of refinancing your mortgage? Ideally, if you’re buying or refinancing a home, you won’t have any travel plans until after the transaction has closed…however, we know things aren’t always “ideal”… and vacation or business travel plans are sometimes a must.

Here are some pointers I hope you find useful should you find that you’re traveling while in the mortgage process.

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Freddie Mac loosening up on Large Deposits

mortgageporterraiseDocumenting large deposits on bank statements has been a royal pain in the behind for many borrowers going through the mortgage process.  I am very pleased to share with you that Freddie Mac has updated guidelines that lenders, including Mortgage Master, are embracing.

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What May Impact Mortgage Rates this Week: July 14, 2014

mortgageporter-economyMortgage rates continue to be at low levels and are slightly improved compared to last Monday’s rate post. Here are some of the economic indicators that may influence the direction of mortgage interest rates this week:

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Seattle RE Chat – FHA’s HAWK Program [Video]

In this episode of Seattle Real Estate Chat, Jim Reppond and I discuss FHA’s HAWK program with special guest, Frances Flynn Thorsen.

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Another extension for HARP…so what

MortgagePorter-HARP2According to Housing Wire, it looks like HARP (aka the Home Affordable Refinance Program) may once again be extended through 2016. The HARP program was created for home owners who have conventional Fannie Mae or Freddie Mac mortgages and who had lost equity in their homes due to the mortgage meltdown, making it impossible to refinance. With HARP, appraisals are often not required and over the past few years, underwriting guidelines have become more relaxed with this program.  So why the “so what”?

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