Freddie Mac’s PMMS report released today shows that the average mortgage rates improved last week. EDITORS NOTE: these rates are OLD NEWS! If you would like current mortgage interest rates for your home, please click here.
Refinancing to Cash Out your Ex-Spouse
January 14, 2022 by Leave a Comment
If you’re a homeowner who is going through a divorce or a dissolution of domestic partnership, there are some things to know about using the equity from your home to “cash out” your ex-spouse.
When someone uses a refinance to take equity out of home to provide to ex-spouse, lenders will make an exception and treat the transaction as a “limited cash-out” refinance instead of “cash out” refinance. This provides slightly better pricing with the interest rate and may allow for a higher loan amount, if needed. [Read more…]
Mortgage Rates on the Rise
January 13, 2022 by Leave a Comment
Mortgage interest rates have been pushing higher with the Fed pulling out of buying mortgage-backed securities and inflation. Check out Freddie Mac’s latest Prime Mortgage Market Survey that was published this morning. NOTE: Rates posted below are EXPIRED – for current mortgage rates based on your personal scenario for homes located in Washington state, please click here.
Mortgage Rates for Second Homes and High Balance Mortgages are Going UP
January 5, 2022 by Leave a Comment
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
December 16, 2021 by Leave a Comment
Yesterday the Fed (FOMC) wrapped up their two day meeting deciding to leave the Fed Funds rate unchanged. How does this impact you?
Happy 15th Bloggoversary to The Mortgage Porter
December 1, 2021 by 4 Comments
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
November 30, 2021 by Leave a Comment
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
November 30, 2021 by Leave a Comment
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…]
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