The Washington State Housing Finance Commission has recently offered more pricing options with their Home Advantage first mortgage program. Originally, all Home Advantage products were priced with 1 point. One point equals 1 percent of the loan amount and is paid at closing. This closing cost cuts into the down payment assistance that many home buyers are hoping to utilize when they are using the Home Advantage Mortgage program.
Archives for July 2014
Home Advantage Mortgage with or without Points
July 31, 2014 by Leave a Comment
What May Impact Mortgage Rates this Week: July 28, 2014
July 28, 2014 by 1 Comment
This week is packed full of economic indicators that may influence mortgage interest rates, including the Fed meeting on Wednesday and Jobs Report on Friday. The Jobs Report carries a lot of weight with mortgage rates as it may indicate inflation. As the economy and employment improves, we may see signs of wage inflation. Inflation is the arch enemy of bonds, like mortgage backed securities – which mortgage rates are based on. World tensions may also impact mortgage rates as investors may seek the safety found in bonds.
Seattle Real Estate Chat [Video] on Preapproval and Commitment Letters
July 27, 2014 by Leave a Comment
In this episode, Jim Reppond and I discuss Commitment Letters. A commitment letter is kind of like a preapproval letter on steroids. And in this hot sellers market that the greater Seattle area is currently experiencing – many buyers can use a little extra help to stand out from a similar competing offer. A Loan Commitment Letter may be the extra boost that could help some home buyers.
Check out our last episode!
Steps in the Mortgage Process
July 25, 2014 by 46 Comments
EDITORS NOTE 10/23/2015: This post has been updated to include the new disclosures and wait periods required per the Dodd Frank Act effective on loan applications dated October 3, 2015 and later. Click here to read the updated post.
The process of getting a mortgage consists of several stages and typically takes anywhere from 20 – 40 days (or more) depending on how prepared you are, what mortgage program you have selected and if it’s a purchase, the closing date may dictate how long the process will take. The steps below may not take place in the exact order I have listed and some steps may happen simultaneously.
What May Impact Mortgage Rates this Week: July 21, 2014
July 21, 2014 by 1 Comment
Mortgage rates are not only impacted by the direction of bonds (mortgage backed securities); global tensions may also influence mortgage interest rates. We saw this last week with the heart breaking and horrific downing of the Malaysian flight and increased global tensions. Rates slightly improved as investors opted for the safety found in bonds.
Going on vacation during the mortgage process
July 18, 2014 by Leave a Comment
‘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.
Freddie Mac loosening up on Large Deposits
July 15, 2014 by Leave a Comment
Documenting large deposits on bank statements has been a royal pain in the behind for many borrowers going through the mortgage process. I am very pleased to share with you that Freddie Mac has updated guidelines that lenders, including Mortgage Master, are embracing.
What May Impact Mortgage Rates this Week: July 14, 2014
July 14, 2014 by 1 Comment
Mortgage rates continue to be at low levels and are slightly improved compared to last Monday’s rate post. Here are some of the economic indicators that may influence the direction of mortgage interest rates this week:
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