Archives for October 2015

Is Renting Getting too Expensive? Consider buying a home

october_2015_seattle_rentsZumper has released their fall rental report revealing that Seattle has the 10th most expensive rents for a major city in the nation for one bedroom apartments.  Zumper reports that the average rent in September for a one bedroom in Seattle is $1600. That’s up 0.6% from the previous month and up a whopping 7.1% compared the last quarter. Zumper reports that a 2 bedroom apartment averaged $2200 for rent in Seattle. In May, I wrote about how a 2 bedroom in Seattle was averaging $1907 for rent.

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What may impact Mortgage Rates this week: October 26, 2015

mortgageporter-economyThis week is packed with economic data that may impact the direction of mortgage interest rates. You may special attention to Wednesday, when the Fed meeting wraps up. It is not anticipated that the Fed will change the Fed Funds Rate. However, the press release and Fed commentary following the meeting will be parsed.

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Steps in the Mortgage Process when You are Buying a Home

iStock_000003709509SmallThe process of getting a mortgage consists of several stages and typically takes anywhere from 30 – 45 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.

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Puget Sound’s Hot Real Estate Market is Good News for Refis

mortgage-porter-sold-homeIt’s no secret the the Puget Sound region has been experiencing a very hot real estate market… so hot in fact that it may be causing some home buyers to feel a little burned from competing with multiple offers as well as renters contending with rapidly rising rents. Recently KOMO 4 News shared that that Seattle currently has the nations hottest housing market. This is not only good news for those who are wanting to sell their homes, it’s also good news for home owners who may benefit from a refinance.

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New Mortgage Disclosures additional Wait Periods to Mortgage Transactions

MortgagePorterHourGlassHouseEffective on mortgage applications taken October 3, 2015 and later, lenders are required to use two new disclosures created by the CFPB. The Loan Estimate, which replaces the 2010 Good Faith Estimate and the RegZ/Truth in Lending; and the Closing Disclosure, which replaces the HUD-1 Settlement Statement.

The new disclosures, the Loan Estimate and the Closing Disclosure, have “wait periods” that restrict how soon a real estate transaction with a mortgage can close. The Loan Estimate is issued once a lender has received an application (the six points of information that creates an application per the CFPB) within three business days. There is a seven day waiting period that takes place once the Loan Estimate has been delivered before the borrower can sign their final loan documents (also referred to as “consummation”).

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What May Impact Mortgage Rates this Week: October 19, 2015 – MORTGAGE RATES MOVE LOWER

mortgageporter-economyThis week, there isn’t a lot scheduled as far as economic indicators. Overall, mortgage rates are trending lower compared to my last rate post two weeks ago. Here are the economic indicators scheduled to be released this week:

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High Balance Conforming Mortgages to Reduce Down Payment Requirements

iStock-000018668640XSmallFannie Mae has announced that effective mid-December 2015, high-balance conforming mortgages will have lower down payment requirements. “high balance conforming” mortgages are loan amounts that are higher than “traditional” conforming loan limits ($417,000) and less than non-conforming mortgages and are available only in certain counties that are considered to be “higher cost”. In Washington State, currently (2015) King County, Snohomish County, Pierce County and San Juan County have “high balance conforming” loan limits. The high balance conforming loan limit for King, Snohomish and Pierce County is presently $517,500 for a single family dwelling.

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Freddie Mac Reports Mortgage Rates Remain Below 4% for the past Twelve Weeks

Freddie Mac’s Primary Mortgage Market Survey was released this morning revealing that conventional mortgage rates have remained below four percent for the past twelve week. The PMMS reports that average rate for the 30 year fixed last week was 3.82% with an average of 0.6 points.


If you are considering buying or refinancing a home located in Washington state, I’m happy to provide you with a rate quote.