You just “won” the highest bid on a hot Seattle home… now what?

2015-04-29_0814The Puget Sound Business Journal recently posted an article about a 1,100 square foot home in Ballard that sold $158,000 over list price. There is no denying that Seattle’s real estate market is hot largely due to lack of inventory and rising rents. (A’ hem…if you have been considering selling your Seattle area home, now could be the time).

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The Fed says…. [LIVE POST]

20140504_210758Today at around 11:00 am PST, the FOMC will wrap up their two day meeting and announce any changes to the Fed funds rate. Markets will react to the Fed statements regarding their views of our economy impacting their decisions on whether or not to raise the Fed funds rate. It is widely anticipated that there will be no change to the Fed funds rate today.

It’s not unusual to have the Fed meeting impact the direction of mortgage rates…so I thought I’d attempt a “live rate post” to illustrate how mortgage rates can change in a day. Mortgage rates have been trending higher this week. As of 7:52 am this morning, the 30 year fixed rate is higher by about 0.125% in rate or 0.752 in fee compared to what I quoted two days ago on Monday’s post.

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What May Impact Mortgage Rates this Week: April 27, 2015

mortgageporter-economyWe don’t have any economic indicators scheduled to be released today. The rest of the week is packed with data that may influence the direction of mortgage interest rates, including the FOMC meeting that will be wrapping up on Wednesday. No change to the Fed funds rate is expected. Here’s what’s on deck with this week:

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Fannie Mae offering Home Buyer Incentives

mortgageporterraiseFannie Mae is offering first time home buyers up to 3% towards closing cost when they purchase a Fannie Mae HomePath property. On a $300,000 home, 3% would be up to $9,000 towards allowable closing cost!  A Fannie Mae HomePath property is a home that Fannie Mae has foreclosed on and now owns.

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Wanna close on your real estate transaction in 30 days? You better buy or sell before August 2015.

speedbumpNew disclosures created by the CFPB (Consumer Financial Protection Bureau) are set to go into effect on August 1, 2015. In my opinion, the new disclosures will be a huge improvement compared to the Good Faith Estimate that HUD created in 2010. At least the new disclosures will show the total payments due…and of course, they’re not perfect either. I’ll address the new forms on another post.

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What May Impact Mortgage Rates this Week: April 20, 2015 | Mortgage Rates Slightly Improved

mortgageporter-economyThere is not a lot on the economic indicator dance card this week, with no reports released yesterday or today. Mortgage rates remain very low. Here are some of the economic indicators scheduled to be released this week:

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Mortgage interest rates still near historic lows

In a recent blog post, “Mortgage Rates: Still the Deal of the Century”, Freddie Mac shares this graphic illustrating just how low mortgage rates currently are. Obviously I thought this was too good not to share with my readers too.

Freddie_Mac_Deal_of_the_Century

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What Sales Price do you qualify for with $100,000 for Down Payment and Closing Costs in Seattle?

2015-04-16_0945If you have $100,000 available for funds for closing, you may be surprised to learn that, assuming you have the income and credit to qualify, you can buy a home with a sales price of around $800,000.

Here’s one example of how you can buy a “jumbo” priced home with less than 20% down payment.

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