Recently my husband and I considered buying an investment home in West Seattle. We began the preapproval process so that we could present an offer with a bona fide preapproval letter. We gathered our W2s, tax returns, bank statements and paystubs…and had our credit report pulled.
Here are some of the economic indicators scheduled to be released this week:
In today’s competitive housing market, we are seeing more buyers using “all cash” to purchase their homes. Delayed financing allows home buyers who pay cash for a home to obtain cash out, using a refinance, without it being priced or treated as a “cash out” refi. A “cash-out” refi has stricter requirements, including having to wait 6 months after closing before being able to refi, lower loan to value requirements and “cash out” refi’s have higher pricing than a “rate term” refi. Delayed financing allows home owners to recoup the cash used to purchase the home at current rates and terms as a “rate-term” refi.
This week is packed full of economic indicators and events that may influence the direction of mortgage interest rates, including Fed Head Janet Yellen’s two day testimony in front of Congress which starts tomorrow. Here’s a list of economic indicators scheduled to be released this week:
RealtyTrac and Down Payment Resource recently compiled a report of how many homes are eligible for various down payment assistance programs by county. Their report revealed that 87% of homes in the United States may qualify for down payment assistance (DPA) for home buyers.
Mortgage rates are pretty much unchanged following yesterday’s sell off in the bond market causing rates to trend higher. Today at 11:00 am Seattle time, the Fed will release the minutes from the last FOMC meeting. This tends to influence mortgage rates so I thought it would be interesting to do a live rate mortgage rate post. You can follow me on Twitter @mortgageporter to see when I’ve updated this post.
Rates quoted below will be based on a sales price of $500,000 with 20% down payment, loan amount of $400,000. Borrowers have credit scores of 740 or higher. Rates quoted are subject to credit approval and may change at anytime. If I can provide you with a mortgage rate quote, click here.
Happy President’s Day! Our office is closed today to observe the holiday and will reopen for business as usual tomorrow morning. Mortgage rates inched higher last week following the stronger than expected Jobs Report. Overall, mortgage rates are still very low and offer a great opportunity for home buyers and home owners who are considering refinancing. Click here if I can provide you with a current mortgage rate quote.