I’m back home in Seattle from a two week (okay, just over 2 week) vacation on our sailboat, Pointless. We cruised the San Juans, up to Princess Louisa Islet and returned home via the Canadian Gulf Islands. The sailboat is newer to us – we’ve had it almost a year. She’s a Valiant 40 that was built in 1985. We purchased her from the original owners who sailed her around the world while living aboard. My husband has spent the last year lovingly sprucing her up and this vacation was the longest voyage she (or I) have been on to date!
‘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.
Many families are squeezing in a vacation during the remaining days of summer. I can’t blame them, I’m just back from one myself! If you are in the mortgage process, it’s critical that your let your mortgage originator know of any vacation (or business travel) plans.
If you’re going to be in a spot where you can receive important documents and respond to emails, it may not be a huge issue. If you’re going off the grid, it may impact your rate lock commitment if your loan is currently locked. Your mortgage originator will need to price out a long enough lock period for your loan (if you’re locking) or you may opt to float and not lock in the current rates available. And of course, if you run out of time with your lock, the rate lock commitment may be extended.
Another factor is signing your final loan documents. Escrow companies can email (I do not recommend sending final docs via email) or send your loan documents via something like FedEx or UPS. This can be a bit risky as well as if a signature is missed or something is not notarized properly, your transaction may be delayed.
The more notice you can provide your mortgage originator about vacation or business travel, the more time they will have to prepare your options for the mortgage process.
I’m back to work after my vacation in Hawaii with my son. We had a great time exploring Oahu’s beautiful beaches. The last time I was in Hawaii was probably about 12 years ago when my husband was a county manager for a title insurance company. And we brought home beautiful weather to Seattle – wasn’t this weekend gorgeous?
Okay… back to work. This week we don’t have a lot on deck as far as scheduled economic indicators.
Wednesday, August 8: Productivity
Thursday, August 9: Initial Jobless Claims
Watch for the results of the bond auctions starting Tuesday and ending Thursday when the Treasury will be selling $72B in notes and bonds.
Last Friday’s Jobs Report came in stronger than expected which has caused mortgage rates to trend higher. With that said, mortgage rates are still extremely low.
As of 7:40 am this morning (8/6/2012), I’m quoting 3.500% (apr 3.579) for a 30 year fixed rate based on a sales price of $500,000 with a $400,000 loan amount (20% down) and low-mid credit scores of 740 closing in 30 days for a purchase in greater Seattle.
If you’re interested in a mortgage rate quote or getting preapproved for a purchase or refinance for a home located anywhere in Washington state, please contact me.
I’m on vacation and will be back to work on Monday, August 5, 2012. I haven’t been on a vacation with my son since we went to Disneyland. He was around seven … he turns twenty this year!
Should you need anything while I’m away, please contact my office at 253-859-5300, or my sister-in-law and President of Mortgage Master Service Corporation, Marilyn Porter, at 206-669-2746.