Avoid Delays with Appraisals

time to refiWashington State has a couple of regulations that require certain safety features are installed in a home before a buyer can purchase it. When these items are not installed in the home at the time of the appraisal, or if the appraiser cannot easily find them, then the appraiser or underwriter will require that these items be installed prior to closing. This can potentially delay the closing and/or increase cost if the appraiser has to go back to the property to re-inspect for the missing items.

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What May Impact Mortgage Rates this week: June 1, 2015

MortgagePorter-JobsReportHere I am again, writing my “Monday rate post” on a Wednesday. This week has been busier than usual…I think part of that is spill over from the short week and more activity with home buyers. As this is the first week of June, we will have the Jobs Report on Friday which tends to impact the direction of mortgage rates.

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Fannie Mae no longer requires revolving debts to be closed

MortgageThis week, Fannie Mae issued new underwriting guidelines for conforming loans approved through DU (Fannie Mae’s automated underwriting system). One of the new guidelines that is catching a lot of attention is that Fannie Mae will no longer require that revolving debts that are paid off in order to reduce a borrowers debt to income ratios and help them qualify, to also be closed.  The new guidelines will allow a revolving debts that are paid down to zero balance to no longer be factored for qualifying purposes.

If I can help you with your purchase or refi mortgage needs for your home located anywhere in Washington state, please contact me.

 

IRS breach potentially delaying real estate transactions

iStock-000017972256XSmallEarlier this week, it was revealed that over 100,000 tax payers may have had their personal information stolen from the IRS. This data breach is potentially causing hiccups with real estate transactions currently in process too.

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What May Impact Mortgage Rates this Week: May 26, 2015

mortgageporter-economyThis is a short week, thanks to the Memorial Day weekend. Mortgage rates continue to be volatile following the Fed’s commentary that they may start hiking rates soon. Remember, the Fed does not directly control mortgage rates – the Fed does control the Fed funds rate. Mortgage rates react to the Fed’s actions as mortgage rates are based on bonds (mortgage backed securities) and are bought and sold, like stocks. Speaking of stocks, yesterday the Dow had it’s biggest loss in three weeks closing down 190 points.

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Do you own a rental property in Seattle? Read this!

Seattle_RRIOIf you own rental property located in Seattle, you need to be aware of fairly new requirements, created by the Seattle City Council, to register your investment property. This city ordinance, the Rental Registration and Inspection Ordinance (RRIO) impacts landlords and property managers who have multiple units to those who have just one rental home. There are some exceptions, check the ordinance for more information.

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HomeStyle Mortgage is now available at Mortgage Master Service Corporation

mortgageporterhouseThe HomeStyle mortgage is Fannie Mae’s version of an FHA 203k rehab mortgage. Fannie Mae HomeStyle allows home buyers to finance improvements and/or repairs with their purchase or with a refinance. This allows home owners to have just one mortgage payment while enjoying upgrades made to their home.

Just like a 203k loan, HomeStyle requires that you work with a consultant to determine what repairs will be required and help advise on improvements. If you’re buying a home and using HomeStyle for your financing, the consultant’s report may also serve as your home inspector.

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What May Impact Mortgage Rates this Week: May 18, 2015

mortgageporter-economyMortgage rates have been seen more volatility over the last few weeks than what we’ve experienced in quite a while. Mortgage rates have been trying to trend higher.

Here are some of the economic indicators that are scheduled to be released this week:

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