Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
A 10/1 ARM is an adjustable rate mortgage where the interest rate is fixed for the first 10 years and then may adjust at the 121st payment (after the 10 year “fixed period” is over).
After the first adjustment on the 121st month, the rate will adjust annually on the anniversary of the first adjustment date.
The International Monetary Fund (IMF) has just reduced their forecast for the US GDP from 2.8% to 2.0% due to weaker than expected first half of the year. The bond market seems to be shrugging this off with a much stronger than expected report from the Empire State Index. Mortgage backed securities may also be getting support from increased tensions in the Ukraine. Remember, investors will often seek the safety of bonds over stocks when global issues are causing concerns.
I will be teaching a Home Buyers Education Class with Jim Reppond of Coldwell Banker Danforth on Saturday, July 12, 2014 at the Northeast Public Library. This class is sponsored by the Washington State Housing Finance Commission.
Students will learn about the home buying process and will receive a certificate at the end of the class making them eligible for:
UPDATE: Please check out our updated FHA guide for current information for FHA mortgages for homes in Washington state.
A few weeks ago, HUD announced a new program created for first time home buyers which rewards them with reduced mortgage insurance premiums after they participate in home buyer education and one-on-one housing counseling. HAWK or Homeowners Armed with Knowledge is a pilot program set be released in two phases on a limited basis.
This week’s economic calendar appears to be on the lighter side.
Mortgage rates are still at very low levels. [Read more…]
