Mortgage Rates for Second Homes and High Balance Mortgages are Going UP

The FHFA announced today that the pricing of mortgage interest rates for second homes or high balance mortgages will be more expensive. This impacts conventional mortgages (Fannie Mae and Freddie Mac) and is effective for loans that are delivered on or after April 1, 2022 – i.e. I expect to see the price increases to start happening soon. [Read more…]

The Fed’s Announcement Yesterday and how it impacts Credit Cards

Yesterday the Fed (FOMC) wrapped up their two day meeting deciding to leave the Fed Funds rate unchanged.  How does this impact you?

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Happy 15th Bloggoversary to The Mortgage Porter

It’s hard to believe that 15 years ago, I began “blogging” with The Mortgage Porter. When I started this blog late November 2006, I would have never imagined that it would become such an important part of my mortgage career.

I’ve met some wonderful people and have had amazing experiences that would have not happened had I not started typing out my first post about the beginning of mortgage originators being licensed (or just registered if they work for a bank or credit union). I would have never imagined that I would be interviewed, be asked to speak at events and that I would wind up attracting clients I really enjoy working with all from blogging. It’s truly been a gift that I’m thankful for! [Read more…]

BREAKING NEWS: 2022 FHA Loan Limits

HUD has announced loan limits for FHA mortgages for 2022. Just like conforming loan limits that I announced just a few hours ago, loan limits are higher for 2022 except for San Juan County, which has the same loan limits as 2021. King, Pierce and Snohomish Counties have a loan limit of $891,250 for 1-unit properties.

FHA has more various loan limits by county than conforming. Here is a complete list for counties in Washington state. [Read more…]

Breaking News: 2022 Conforming Loan Limits

The FHFA has announced the conforming loan limits for 2022. The conforming loan limit for a one-unit property will be $647,200. This is an increase of $98,950 from the 2021 loan limits. Homes located in counties designated as “High Balance”, such as King County, Pierce County and Snohomish County, will have higher loan limits.

Here is a complete list of the 2022 Conforming Loan Limits for homes located in Washington state. [Read more…]

Mortgage Rates Moved Higher Last Week

Freddie Mac released the Prime Mortgage Market Survey (PMMS) showing average mortgage interest rates for LAST WEEK. Yes…last week’s mortgage rates are old news but this does illustrate where rates have BEEN and what direction they may be moving. [Read more…]

2022 Conforming Loan Limits?

Typically in late November, conforming loan limits are announced for the following year. Loan amounts under the conforming loan limit tend to have lower interest rates than loan amounts that are “high balance conforming” (available in certain counties, such as King, Pierce and Snohomish) or jumbo mortgages. [Read more…]

How Does Dave Ramsey’s Advice on Mortgages Pencil Out?

Last month I wrote about advice I’ve been seeing popping up in my Facebook feed from Dave Ramsey on mortgages. There are several points that I just don’t find realistic for the average person who wants to buy a home, such as only using a 15 year amortized mortgage with 20% down payment and limiting your mortgage payment to 25% of your take home pay. I promised that I would share a follow up post where I review different scenarios comparing his advise to real life scenarios. [Read more…]