Archives for May 2014

NEWS FLASH: Home Advantage Rebound DPA is no longer available

This morning I received an email from the Washington State Housing Finance Commission that one of the Home Advantage Rebound program has ran out of funds and is no longer available.  If you were planning on using this for your down payment assistance, and you have a transaction in progress, check with your mortgage originator asap to see if the funds were reserved. If they were not reserved, then you’ll need to come up with a “plan b”, which may include using their stand-by program Home Advantage.

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Just for Fun: Black Velvet Janet Yellen

You may or may not know that one of my hobbies is painting. I especially enjoy painting on black velvet and recently completed a painting of our Federal Reserve Board Chair, Janet Yellen.

Because it’s Friday… I thought I’d share it with you just for fun.


Ms. Yellen is now hanging in my office at Mortgage Master Service Corporation.

You can see more of my artwork at

What May Impact Mortgage Rates this Week: May 26, 2014 – Mortgage Rates trending lower

mortgageporter-economyWe begin this week with celebrating Memorial Day, to remember and thank our Veterans and their families for their sacrifices when serving our country.

Here are some of the economic indicators scheduled to be released this week:

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First Time Home Buyers Guide Book

Check out the latest edition of Your First Home Mortgage Guide.

Although I wrote this book with first time home buyers in mind, a majority of the content is relevant to all home buyers.

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How Much Income and Down Payment do You *Really* Need to Buy a Home in Seattle?

The local media is picking up on an article written by that could depress Seattle area home buyers regarding how much income is needed to buy a home in various metropolitan cities. The report relies on data provided by NAR and… ready for this… claims that you need to have an income of $73,851.06 in order to buy a home in the Emerald City.

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Mortgage Insurance loses tax deduction benefit in 2014

mortgageporterraiseOver the past few years, home owners have enjoyed deducting private mortgage insurance (pmi) premiums from their income tax. This is also true for government forms of mortgage insurance (aka funding fee or guarantee fee) with FHA, VA and USDA mortgage loans. This benefit is coming to an end effective on 2014 tax returns.

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What May Impact Rates this Week: May 19, 2014

mortgageporter-economyThis week we have the following scheduled economic indicators that may impact mortgage interest rates:

  • Wednesday, May 21: FOMC Minutes
  • Thursday, May 22: Initial Jobless Claims and Existing Home Sales
  • Friday, May 23: New Home Sales

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What May Impact Mortgage Rates this Week: May 12, 2014

mortgageporter-economyI hope all you Moms had a wonderful Mother’s Day weekend. 🙂

On Friday, the DOW enjoyed a record high close at 16,583.  Mortgage rates are based on mortgage backed securities (bonds) and often change throughout the day. Here’s what may impact the direction of mortgage interest rates this week:

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