Archives for January 2019

Could you survive one month without income?

January 25, 2019 by Leave a Comment

With the government shutdown pushing over a month long, some federal employees are having to juggle another missed paycheck. Yesterday during an interview with CNBC, US Commerce Secretary Ross is quoted stating:

“So the 30 days of pay that some people will be out – there’s no real reason why they shouldn’t be able to get a loan against it and we’ve seen a number of ads from the financial institutions doing that… there really is not a good excuse why there really should be a liquidity crisis,” he said. “True the people might have to pay a little bit of interest.” [Read more…]

Filed Under: cash out refi, Debt Restructuring, Politics Tagged With: , ,

Mortgage Payment Breakdown

January 23, 2019 by Leave a Comment

Your mortgage payment typically includes principal and interest and may also include property taxes, home owners insurance. This is often referred to as PITI in the mortgage industry (principal, interest, taxes and insurance). If you have less than 20% down payment or home equity, then you probably have some form of mortgage insurance as well (unless you qualify for a VA mortgage). Some portions of the mortgage payment may change over time. [Read more…]

Filed Under: First Time Home Buyer, Mortgage, Mortgage Insurance Tagged With: , , , ,

2019 Property Taxes for King County

January 14, 2019 by Leave a Comment

King County will unveil how much your property taxes are for 2019 on February 15, the day after Valentines Day. <3

If you recall last year, many were stunned to see just how much their property taxes jumped. Our property taxes increased roughly 27% just last year alone!

If you are in the process of buying or refinancing a home, you need to be aware of changes to the property taxes if the transaction is closing around February 15, 2018 as this could potentially impact qualifying for the mortgage since it will most likely mean an increase to the total mortgage payment. This is especially true if your debt-to-income (DTI) ratios are anywhere near the limits for qualifying. [Read more…]

Filed Under: Underwriting and Qualifying Tagged With: , ,

Good Bye, Seattle’s Alaskan Way Viaduct

January 11, 2019 by Leave a Comment

The Alaskan Way Viaduct aka Highway 99, was my preferred route when traveling through Seattle. As someone who lives in West Seattle, Highway 99 (or the viaduct) was a great alternative when traveling to downtown Seattle or north Seattle. I voted against the tunnel twice and will miss the views driving the viaduct. I really wish the viaduct would have been retrofitted or rebuilt instead of the tunnel. Anyhow… I thought I would share a video our family created a few years ago about the viaduct – tunnel. No animals were harmed in this video!

I will really miss the viaduct. I enjoyed the gritty drive and will miss the amazing views. When our beloved JP Patches was at our home for my surprise 40th party, he said our elected officials had “tunnel vision” and I could not agree more.

Filed Under: Seattle Tagged With: , , , ,

Changes to Limited-Cash Out Refinances

January 4, 2019 by Leave a Comment

A limited-cash out refinance is a refinance where typically, the home owner receives little to no-cash back at closing. It’s also referred to as a “rate-term” refinance. A limited cash-out or rate-term refinance offers better interest rates and/or pricing for interest rates than a true “cash out” refinance. [Read more…]

Filed Under: Fannie, Freddie and FHFA, Refinance Tagged With: , , ,

Lowest Mortgage Rates of the Year!

January 3, 2019 by Leave a Comment

Freddie Mac’s Prime Mortgage Market Survey reveals mortgage rates are at very low levels.

The low rates are due to the volatility taking place in the stock market. Sam Khater, Chief Economist states, “it will be interesting to see how the recent turmoil in the stock market will affect home buying activity in the coming months.” [Read more…]

Filed Under: Interest Rates Tagged With: ,