What May Impact Mortgage Rates this Week: April 6, 2015 – MORTGAGE RATES IMPROVED

Friday’s weaker than expected Jobs Report surprised the market, causing mortgage rates to improve. This week appears to be a little light on economic calendar for indicators scheduled to be released. Watch for the FOMC minutes to be released on Wednesday. You may also want to watch the Seattle Mariners first game of the season this afternoon against the Angels. For the record, I will not be at the game today…it’s a typical work day for me, helping my clients buy and refinance homes around the greater Seattle area.  😉

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My Happy Anniversaries

2015-04-01_092215 years ago today, I left my title and escrow career of fourteen years behind for a career in the mortgage industry at Mortgage Master Service Corporation. When I told the real estate agents that I worked with as their title rep for many years that I was “retiring” to become a loan officer, many thought I was playing an April Fools joke on them!

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Affordable Homes in Seattle?

2015-03-21_0844This month, Seattle Magazine released their annual edition that covers the best neighborhoods in the greater Seattle area. This year, they featured the “most affordable neighborhoods” near Seattle. It’s no secret that home prices and rents in Seattle have been climbing due to lack of inventory. However, there are neighborhoods that are not located too far from Seattle where home buyers can get more for their money.

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What are Debt to Income Ratios?

Let’s begin by addressing what a debt to income ratio is.  It’s pretty much like it sounds.  It’s factoring in your monthly payments plus the proposed mortgage payment (PITI = principal, interest, taxes and insurance) and home owners dues, if any.   Your monthly gross income that is used for qualifying is divided into the monthly debt which produces your DTI (debt to income ratio).

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I know my credit score

Recently my husband and I considered buying an investment home in West Seattle. We began the preapproval process so that we could present an offer with a bona fide preapproval letter. We gathered our W2s, tax returns, bank statements and paystubs…and had our credit report pulled.

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