Helping Washington State homeowners learn more about their mortgage options.
We have added a new down payment assistance program where eligible home buyers can receive up to 100% financing. This program is not limited to first time home buyers and there are no income limits with an FHA mortgage as the first lien. Would you like more good news? The down payment assistance is in the form of a second mortgage with a 5-year forgivable option OR a 10-year repayable option.
Here’s more: [Read more…]
Many Americans took advantage of the extra low rates that were available during the pandemic years. Some may be feeling trapped at having a rate in the 3% range since we’ve returned to a more historically “normal” range. [Read more…]
If you have student loans that have been on hold for the past three years, your payments are about to resume. Some have replaced the student loan payments they would of had the past few years with new debts, such as car loans, maybe a new home or higher credit card debts. There is no doubt that the “pause” being over may impact many American families. [Read more…]
If you’ve been considering buying a home or if you’re a real estate agent who is working with clients who are on the fence about buying; please check out my latest resource page: Should You Wait to Buy a Home (mortgageporter.loans)
I have prepared various scenarios that compare renting to buying a home as well as a report on the cost of waiting.
Of course, I’m more than happy to prepare scenarios to help you decide if you should wait to buy a home now or rent. Please reach out to me if I can be of any assistance!
When Congress resolved the latest debt ceiling with the passing of The Financial Responsibility Act of 2023, both parties agreed to stop the forbearance on student loans payments. Federally backed student loan payments have been paused for the past three years due to the pandemic. Payments on student loans are set to resume following this September and many are not going to be prepared for this. [Read more…]
If you’ve applied for a mortgage, you are probably painfully aware of what it’s like to be a “trigger lead”. When your credit is pulled, the consumer reporting agencies resell your information to lenders. These unfamiliar lenders relentlessly harass consumers via phone calls and even text messages. This is very different than consumers who sign up to receive calls from various lenders when the consumer visits and enters their contact info into “lead generating” websites in search of rate quotes. A person having their credit pulled by a lender they have selected should not involuntarily be subject to having strange lenders contact them. [Read more…]
10:15 am: As I begin this post, we are about 45 minutes from knowing if the Fed is going to “pause” on hiking the fed funds rate, or if the hikes will continue.
Typically, mortgage rates would be improved right now already factoring in the pause, which would indicate that inflation is taming. Inflation retreating is good news for mortgage interest rates since mortgage rates are based on bonds (mortgage-backed securities). Right now (10:17 PST), MBS for 30 year 5% are down about 10bps. [Read more…]
I have been writing about how high credit card interest rates have climbed with the Fed raising the funds rate. If you’re not paying off your entire credit card bill each month, you are probably owing a bit more due to the high credit card rate. Credit card debt can be an uphill battle. [Read more…]
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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