New Mortgage Programs!

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Special Mortgage Interest Rates

Last night on Facebook, I saw an ad for a builder’s lender promoting “limited time opportunity special interest rate” when you purchase one of their new homes. This was being shared by a Realtor whom I’m “Facebook Friends” with. I decided to price out this “special rate” and proved that the rate, while very low, is actually not so special.

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Boost Your Credit Score or Boost Your Spam?

Experian, one of the big 3 credit bureaus, has been actively promoting that consumers can “boost” their credit score using their services. Since I help people with their credit and mortgage needs for my profession, this naturally got my attention.

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Mortgage Interest Rates at Historic Lows

Freddie Mac released their weekly mortgage interest rate survey showing that mortgage rates have continued to trend lower.

Tomorrow we have the Jobs Report being released which tends to impact the direction of mortgage rates as it’s an indicator of inflation. Inflation is the “arch enemy” to bonds, like mortgage backed securites, and therefore tends to drive mortgage rates higher. Stay tuned!

Freddie’s PMMS is based on an average of mortgage rates from last week‘s applications for purchases with 20 percent down with excellent credit. Being the rates shared in this report are from last week, they are technically “expired” as mortgage rates change constantly – sometimes several times a day…especially in volatile markets. The PMMS is a great tool for seeing trends and where mortgage rates have been. It’s not a good tool for where rates are “right now”.

If you would like to know where mortgage rates are right now based on your personal scenario for a refi or purchase for homes located anywhere in Washington state, I’m happy to help you!

My Seattle Kitchen Remodel: Flooring

Probably one of the toughest decisions we had to make, next to the counter-tops, was what to do with our flooring. We had a wood floor with a beautiful painted surface. Unfortunately, it was a real challenge to keep it clean and the paint was wearing off. Plus the lighter blond finish didn’t really go with our cabinets.

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Major recording issues in King County

If you are closing on a refinance or home purchase in King County, you need to be aware of an issue going on with the recorders office. It’s my understanding that on Tuesday, title companies received this message:

“Hello Everyone,

I wanted to update you and keep you aware of a technical issue we are experiencing in the King County Recorder’s Office. We are having substantial problems with our recording system which is causing slow downs and interruptions to service in all aspects of the recording process. Our software vendor and our IT department are working together to resolve this issue as quickly as possible. While the problem persists we may not be able to meet our commitment to providing same day service even for those packages received before cutoff. We will work hard to ensure that all items are recorded either after hours or first thing the next day.

My apologies for the inconvenience on this. I know that this is a busy time for everyone and we are doing all we can to resolve it quickly.

Today, I’m told that King County’s recorders office closed at 5pm stranding hundreds of transactions from recording.”

If your transaction, refinance or purchase, does not “record” then it’s not of public record. Hopefully people can be flexible and nobody is seriously financially damaged by what’s going on with King County.

Hat tip to Lorie Cantu Wiest of Fidelity National Title Insurance Company.

 

Mortgage Rates Drop Lower

20190627pmmsFreddie Mac released their weekly mortgage rate update, Prime Mortgage Market Survey, which illustrates just how low mortgage rates have dropped recently. [Read more…]

Freddie Mac Home Possible reduces income limits

Freddie Mac has announced changes to their Home Possible mortgage program. Freddie Mac’s Home Possible and Fannie Mae’s Home Ready mortgage programs offers competitive pricing with interest rates and reduced private mortgage insurance premiums for home buyers. [Read more…]