Archives for February 2014

What May Impact Mortgage Rates this Week: February 24, 2014

mortgageporter-economyMortgage rates are based on mortgage backed securities (bonds) and change constantly throughout the day. Here are some of the economic indicators scheduled to be released this week which may impact the direction of mortgage interest rates:

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How do Inquiries on my Credit Report impact my Mortgage Approval?

InquiriesWhen you apply for credit, it may appear as an inquiry on your credit report even if you decide not to proceed with the credit or debt you applied for. The credit reports that mortgage companies use will show the inquiries going back 120 days.

Why does a lender care if you have credit inquiries – even if you never proceeded to take the credit that was offered to you? Inquires to your credit appears as though you are shopping for credit and therefore may be taking on additional debt. Additional debts may impact your ability to make payments on your new mortgage.

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National Pet Day

WARNING: this post has NOTHING to do with mortgages… unless you’re considering buying a new home with a large fenced yard for your puppy. 🙂

Today is National Pet Day so I thought I’d take a moment to share a couple photos of our family’s four legged furry kids, Rocko and Hitch. If we’re friends on Facebook, you’re probably already quite familiar with them.

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What May Impact Mortgage Rates this week: February 17, 2014

mortgageporter-economyI hope you have a nice Presidents Day Weekend. Our office was closed yesterday in observance of this holiday and I spent most of the weekend trying to get over a nasty cold. Let’s review what may impact mortgage rates for the remainder of this week. Here are some of the economic indicators scheduled to be released this short work week:

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Fannie Mae HomePath offering 3.5% towards closing costs!

mortgageporterraiseFannie Mae HomePath has announced they will offer up to 3.5% towards the buyers closing cost through March 31, 2014. Fannie Mae HomePath properties are homes that Fannie Mae owns through foreclosure. Fannie Mae offers special financing on these homes with reduced down payment, no mortgage insurance and no appraisal required. You can learn more about the Fannie Mae HomePath Mortgage by clicking here.

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Reader Question regarding Down Payments for Second Homes

mortgageporter-thinkingI received this comment from one of my readers on a post about occupancy and I thought it would make a good post all on it’s own.

What is the normal down payment on a second home? Our credit is in the “good” range and our debt to income is very good.

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What May Impact Mortgage Rates this Week: February 10, 2014

mortgageporter-economyMortgage rates are still at historically low levels. Mortgage rates are based on mortgage backed securities (bonds) and move much like the stock market does. In fact, rates often move in opposite direction of stocks as they are based on bonds and investors will seek the safety of bonds when the stock market is tanking… the reverse is also true.

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First Seattle Snow of 2014

Last night we went to bed thinking we would just have a dusting of snow in the morning… we woke up to about 3 inches of the white stuff in the Alki neighborhood in West Seattle.  I thought I’d share a few photos from our morning walk with  our puppy, Hitch.

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