Sometimes an appraiser may call for repairs to be done on a home typically for safety reasons. In a seller’s market, like the greater Seattle area is experiencing, it’s not likely that the seller will agree to make the repairs. If the buyer has enough funds, they may be able to do an “escrow holdback”. An “escrow holdback” is when funds are heldback at closing to cover the estimated cost of the repairs. The buyer brings the amount of the holdback to escrow (or sometimes the lender) and the funds are held until after closing, when the work has been finished.
What is an escrow holdback?
August 25, 2015 by 2 Comments
What May Impact Mortgage Rates this Week: August 24, 2015
August 24, 2015 by 1 Comment
Mortgage rates are bouncing around this morning with the volatility in the markets largely due to an 8% drop in China’s market and dropping oil prices. This morning, the Dow was down over 1,000 points and is now (8:53 am) down about 247. It’s been quite a wild day and it’s far from over. Remember, mortgage rates are based on bonds and may change several times a day.
Freddie Mac reports Mortgage Rates remain under 4
August 21, 2015 by 1 Comment
Yesterday, Freddie Mac’s PMMS shared that last weeks average conforming rates continue to be under 4.000%. Last week, according to Freddie Mac’s survey, the average rate for a 30 year fixed conforming (FRM) mortgage was 3.93% priced with 0.6 points.
What May Impact Mortgage Rates this Week: August 10, 2015 – Mortgage Rates trend LOWER
August 12, 2015 by 1 Comment
My apologies for not getting this post published on Monday, as I typically do. On Monday, I dropped my son off at the airport for him to begin the next chapter of his life with his first “real job” in a new city (to him), Nashville. As I know I’ve mentioned before, I am so very proud of him.
This week the economic calendar is fairly light. Mortgage rates have been getting a boost from China revolving from the issues with their currency. When there are world issues, investors will trade the faster profits (hopefully) found in stocks for the safety with bonds, like mortgage backed securities.
What May Impact Mortgage Interest Rates this Week: August 3, 2015
August 3, 2015 by 1 Comment
It’s the first week of the month and that typically brings us the Jobs Report on Friday morning. It is anticipated that 227,000 new jobs were added last month…we’ll see Friday if the numbers come in as anticipated. The Jobs Report is not just about how many jobs were added to the economy, it also reflects wages. Data that indicates potential inflation may cause mortgage rates to deteriorate.
Student Loans and Qualifying for a Mortgage
July 31, 2015 by 2 Comments
EDITORS NOTE 4/13/2016: FHA has revised their calculation requirements for student loans! It is now the greater of the actual payment or 1% of the balance or what is reported on the credit report.
My son graduated from Seattle University a few months ago and has recently landed his first “real job” in the tech world. I couldn’t be more proud of him! Many first time home buyers, who have gone to college may be surprised to learn how student loans may impact how much mortgage they qualify for. Different types of mortgages have different guidelines with how they treat student loans and other debts with deferred payments. The guidelines below apply to both home purchases and refinances…and, of course, are subject to change.
What May Impact Mortgage Rates this Week: July 27, 2015 – Mortgage Rates trending LOWER!
July 27, 2015 by 1 Comment
I’m back from my vacation, sailing the Broughton Islands in Vancouver, B.C. with my hubby and our (almost) 2 year old puppy, Hitch. Thanks to my great team at Mortgage Master for taking care of my clients while I was enjoying some time off. I’m relaxed, refreshed, recharged and ready to help you with your mortgage needs.
The Chinese stock market is taking a hit as the Shanghai Composite lost 8.5% overnight. This is giving mortgage backed securities a bit of a boost this morning. Check out the mortgage rates I’ve posted below.
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