The Mortgage Porter

Seattle Real Estate Chat [Video] on Preapproval and Commitment Letters

July 27, 2014 by Rhonda Porter Leave a Comment

In this episode, Jim Reppond and I discuss Commitment Letters. A commitment letter is kind of like a preapproval letter on steroids. And in this hot sellers market that the greater Seattle area is currently experiencing – many buyers can use a little extra help to stand out from a similar competing offer. A Loan Commitment Letter may be the extra boost that could help some home buyers.

Check out our last episode!

If you are thinking about buying a home and getting preapproved, I’m happy to help you! Let’s chat!

Filed Under: Home Buying Tagged With: #SeattleREchat, home purchase, loan commitment, preapproval, seattle

Steps in the Mortgage Process

July 25, 2014 by Rhonda Porter 46 Comments

EDITORS NOTE 10/23/2015: This post has been updated to include the new disclosures and wait periods required per the Dodd Frank Act effective on loan applications dated October 3, 2015 and later. Click here to read the updated post.

The process of getting a mortgage consists of several stages and typically takes anywhere from 20 – 40 days (or more) depending on how prepared you are, what mortgage program you have selected and if it’s a purchase, the closing date may dictate how long the process will take. The steps below may not take place in the exact order I have listed and some steps may happen simultaneously.

Understanding the Steps in the Mortgage Process

What May Impact Mortgage Rates this Week: July 21, 2014

July 21, 2014 by Rhonda Porter 1 Comment

Mortgage rates are not only impacted by the direction of bonds (mortgage backed securities); global tensions may also influence mortgage interest rates. We saw this last week with the heart breaking and horrific downing of the Malaysian flight and increased global tensions. Rates slightly improved as investors opted for the safety found in bonds.

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Filed Under: Economy, Interest Rates

Going on vacation during the mortgage process

July 18, 2014 by Rhonda Porter Leave a Comment

‘Tis the season for going on a vacation. But what if you are buying a home or in the middle of refinancing your mortgage? Ideally, if you’re buying or refinancing a home, you won’t have any travel plans until after the transaction has closed…however, we know things aren’t always “ideal”… and vacation or business travel plans are sometimes a must.

Here are some pointers I hope you find useful should you find that you’re traveling while in the mortgage process.

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Filed Under: Mortgage Tagged With: vacation

Freddie Mac loosening up on Large Deposits

July 15, 2014 by Rhonda Porter Leave a Comment

Documenting large deposits on bank statements has been a royal pain in the behind for many borrowers going through the mortgage process. I am very pleased to share with you that Freddie Mac has updated guidelines that lenders, including Mortgage Master, are embracing.