Freddie Mac released the Prime Mortgage Market Survey (PMMS) this morning which is based on a survey average of conforming mortgage rates from last week.
Dear Rhonda “Is this a second home or primary residence”?
October 20, 2016 by Leave a Comment
I recently received this question from one of my readers:
Dear Rhonda,
I am looking for information about the general way loans are done related to primary residence or second home.
I currently own 2 duplexes. My wife and I are renting and working in a location that is around 130 miles away from the location the home we want to buy is located. My wife has no loans in her name and was able to qualify due to good credit and job at current location 130 miles from home we want to buy. We are trying to buy a place that is far from our work with the plans of moving to this location. [Read more…]
Converting your existing home to a rental property
October 19, 2016 by Leave a Comment
If you are buying your next home, you may be considering converting your existing home into a rental or second home. The lender on your new home will have different requirements depending on what type of financing you’re obtaining. [Read more…]
VA Appraisal Fees and Turn Times Increased
October 13, 2016 by 4 Comments
VA manages how much a Veteran can pay for an appraisal and sets time lines on how long a VA appraisal can take. The fee for Washington state has been $500 for an appraisal with up to 10 days for the appraisal to be delivered. Before the appraisal crisis, many would often complain about how long it took to get a VA appraisal…however, 10 days to receive an appraisal for $500 would now be a dream come true. [Read more…]
Freddie Mac PMMS reports mortgage rates at a 10 week low
September 29, 2016 by Leave a Comment
Today Freddie Mac released their Prime Mortgage Market Survey which reports average conforming mortgage rates from last week.
From Freddie Mac Chief Economist, Stan Becketti:
“Investors flocked to the safety of government bonds causing the 10-year Treasury yield to continue its descent following the FOMC’s decision to leave rates unchanged. The 30-year fixed-rate mortgage responded by dropping 6 basis points before landing at 3.42 percent — a ten-week low. The course of the economy is uncertain, yet consumers continue to be a bright spot. The September consumer confidence index is up 3 percent to 104.1, exceeding forecasts and reaching a new cycle high.”
So if you’ve been sitting on the fence, contemplating a refinance – there’s no time like right now.
If your home is located anywhere in Washington state, where I’m licensed, I’m happy to help you. 🙂
Avoid Delays with your Home Purchase
September 19, 2016 by Leave a Comment
Here are a few suggestions for when you are preparing a purchase and sales agreement to help avoid delays. NOTE: I’m NOT an attorney and this is NOT legal advice. I’m simply a Licensed Loan Officer offering suggestions based on my observations. 🙂 [Read more…]
Appraisal #FAIL
September 8, 2016 by Leave a Comment
If you are buying, selling or refinancing a home right now, you might be quite surprised to learn about the current state of appraisals. It ain’t pretty…far from it. [Read more…]
Mortgage rates remain low following the Jobs Report
September 2, 2016 by Leave a Comment
This morning the August Jobs Report came in with slightly weaker data than expected with only 151k non-farm payroll jobs added.
Yesterday, Freddie Mac released their PMMS report showing the 30 year fixed conventional rate still hanging around (just below) 3.500%.
If you’ve been contemplating refinancing, it could be time to get off your duff! If your home is located anywhere in Washington state, I’m happy to help you. Click here for a no-hassle mortgage rate quote.
PS: Our office will be closed on Monday for Labor Day. I hope you have a wonderful holiday weekend!
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