Mortgage rate update for the week of April 8, 2013

April 8, 2013 by Leave a Comment

Mortgage rates continue to remain at historically low levels. Homeowners who have not recently refinanced may want to contact their mortgage professional to see if they can reduce how much they’re paying on interest.

Something that’s not staying low in the Seattle/King County area is home prices. The Seattle Times reports that in March, home prices are up 20% year over year. The median price for a home sold last month in Seattle jumped to $462,375. This is largely due to a lack of inventory. If you’ve been considering selling your home, now may be a good time.

Here are some of the economic indicators scheduled to be released this week:

Wednesday, April 10: FOMC Minutes

Thursday, April 11: Initial Jobless Claims

Friday, April 12: Retail Sales; Producer Price Index (PPI); Consumer Sentiment Index (UoM)

Also important to note: there has been some confusion as to the recent changes to mortgage insurance premiums on FHA loans regarding when the coverage terminates. FHA mortgage insurance will not become permanent until June 2013 and impacts newly originated FHA loans only with case numbers issued after May 31, 2013.

If I can help you with your home purchase or refinance for your home located anywhere in Washington state, please contact me. Have a great week!

Filed Under: Economy Tagged With: , , ,

I’m not just a Blogger, I’m also a Licensed Mortgage Originator

April 7, 2013 by 3 Comments

This morning my husband and I enjoyed a tasty brunch at West 5 in West Seattle. I love their breakfast hash! When our waitress brought us our check she asked me if I was “that mortgage blogger”.  Yep… that’s me. She then went on to say how much she and her husband enjoyed my blog and that it was a great resource for when the refinanced. 

A bittersweet compliment. Of course I would have loved to help them with their refinance. I thanked her for her compliments.

My husband couldn’t resist calling her back when she walked by to ask why she didn’t contact me for her refi. She had asked for a referral from a trusted friend. I applaud this. That’s much better than calling a mortgage originator who has had to resort to mailing to strangers or clicking on some flashy ad on the internet (that’s probably just a lead generator).

With that said, I thought it wouldn’t hurt to take this opportunity to remind my readers that I’m not just a mortgage blogger, what pays my bills is successfully closing mortgage loans on homes located in Washington state. I’m happy to provide you with a detailed mortgage rate quote or help you with your home purchase or refinance.

My commercial break is over 🙂 stay tuned… tomorrow I’ll be posting this week’s scheduled economic indicators. 

Filed Under: Seattle Tagged With:

More options for Washington home buyers

April 5, 2013 by Leave a Comment

Yesterday I was “in class” at the Washington State Housing Finance Commission learning about programs they have to offer Washington home buyers, including down payment assistance programs.

In order to obtain the down payment assistance, you must use a WSHFC first mortgage product, which includes:

The first mortgages may be FHA, USDA, VA or conventional mortgages with private mortgage insurance.

The down payment assistance (DPA) is in the form of a second mortgage that have specific criteria home buyers must meet to qualify.

  • Home Advantage DPA has an income limit of $97,000 and does not have a “needs assessment”.
  • Commissioned Second Mortgage works with the House Key Opportunity and is available to home buyers with special needs.

Home buyers interested in either program must attend a 5 hour class in order to qualify for these programs. While at class yesterday, I also received training to be a “Commission trained instructor”.

Watch for more details to follow soon!

Filed Under: Down Payment Assistance, FHA, First Time Home Buyer, Home Advantage Program, House Key Opportunity Tagged With: , , , , ,

Get Ready for Round 2 of Changes to FHA Mortgages

April 3, 2013 by Leave a Comment

mortgageporter-round-twoEffective this week, FHA annual mortgage insurance premiums were once again increased on loans with case numbers issued April 1, 2013 or later by 10 to 15 basis points. This is just the first round of changes that were issued with HUD Mortgage Letter 2013-04.

[Read more…]

Filed Under: FHA, Mortgage Insurance Tagged With: , ,

Mortgage update for the week of April 1, 2013

April 1, 2013 by Leave a Comment

Happy April Fools Day! 13 years ago today, I began my mortgage career at Mortgage Master Service Corporation…time flies when you’re having fun! April Fools is also the day I married my husband, Rob, seven years ago. Neither of these events impact mortgage interest rates – here are some scheduled economic indicators for this week that may:

Monday, April 1: ISM Index

Wednesday, April 3: ADP National Employment Report and ISM Services Index

Thursday, April 4: Initial Jobless Claims

Friday, April 5: THE JOBS REPORT

We’ll see on Friday if the unemployment rate continues to trend lower. Remember, positive data or signs of inflation tends to drive mortgage rates higher as investors will trade the safety of bonds (like mortgage backed securities) for the potential higher return of stocks. The reverse is also true.

Mortgage rates are still very low. You can see what rates I’m quoting as well as tid-bits about mortgages if you follow me on Twitter or Facebook. If you would like me to provide you with a mortgage rate quote for your purchase or refi on a home located anywhere in Washington state, click here.

dadog
Rhonda and Rob Porter
Filed Under: Economy Tagged With: ,

How does a Loan Mod impact buying your next home?

March 29, 2013 by Leave a Comment

Many home owners who were unable to refinance and did not qualify for special programs like HARP opted for a loan modification (or loan mod). A loan mod is when the existing mortgage terms are adjusted or modified, in most often cases to reduce the mortgage payment.

To be clear, I am not in the “loan mod” part of the mortgage industry. My focus is on helping Washington home buyers and home owners with mortgages for purchasing a home or refinancing their mortgage.  With my mortgage practice, I do come across home owners who have had a loan mod and they are often surprised to learn how it may impact their odds buying a home. 

Many lenders view a loan modification, if done for reasons of financial distress, as a “pre-foreclosure” or short sale.

A lot will weigh on the borrowers credit report. Lenders will look to see how the loan mod was reported to the bureaus. For example, some lenders may have added language to the credit report such as “PAYING UNDER PARTIAL AGREEMENT” or “LOAN MODIFIED…” which indicates a loan modification has taken place. Lenders will weigh if the borrower had late mortgage payments, how late the payments were and how recent the last late payment took place. 

It’s also possible that the loan mod may not prevent you from buying your next home depending on your circumstances and how the loan mod was reported to the bureaus.

If you’ve had a loan modification in the past few years and are considering buying your next home, you will want to connect with a mortgage professional as soon as possible to see what your options are. 

If you are considering a loan mod, please review this information from Washington State DFI. Another great website for you to check out if you are a Washington state homeowner in distress is www.homeownership.wa.gov.

If you are considering buying a home located in Washington state, I’m happy to help you. Worse case, if you are not able to “buy now” we can work on a plan together so that you’ll be in a better position in the future.

Filed Under: Buying after a short sale or foreclosure, Debt Restructuring, Underwriting and Qualifying Tagged With: , ,

Seller’s Guide to Today’s Mortgages Guide Book

March 27, 2013 by Leave a Comment

 My most recent book that I’ve published is not for home buyers. I wrote this book for home sellers.

Mortgages have changed so much in the last few years and it’s my hope that this latest Guide Book will provide home sellers with information so they can make an informed decision when selecting a potential buyer for their home.

This book includes information on various mortgage programs, such as how much a seller can contribute towards closing cost, reviewing preapproval letters and basic guidelines.

If you’re considering selling a home located in Washington state, I hope you’ll take a moment to check out my latest Guide Book.  

Filed Under: Books, Selling your Home Tagged With: ,

Update on USDA Zero Down Rural Home Loan Program

March 26, 2013 by Leave a Comment

USDA mortgages offers home buyers the opportunity to buy a home in a designated rural area with zero down payment. Area’s outside of the peach colored area in this map may be eligible for USDA zero down financing.

This program is available to borrowers who meet certain income limitations. Currently in the King County area, a household with 1 to 4 family members may qualify if their household income is $93,450 or less and $123,350 or less for households with 5 to 8 family members.

Home buyers in USDA desginated rural areas like Maltby, Vashon Island and Snoqualmie, who are depending on zero down financing have been caught in limbo with the future of the program in question. It looks like this uncertainty may almost be over.

Last week, the Senate and House approved FY 2013 Continuing Resolution which, among other things, would allow USDA loans to continue through September 2013 to current designated rural areas.

The bill awaits President Obama’s signature.

Meanwhile, we have been told by our USDA lenders that it is “business as usual” and we continue to offer this program to qualified home buyers and home owners wanting to refinance their existing USDA mortgages.

If you are interested in a mortgage rate quote for a USDA zero down loan or other mortgage programs for homes located in Washington, click here, I’m happy to help you!

Filed Under: USDA Tagged With: ,
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