Common Misconceptions about FHA and Conventional Mortgages

I just received a newsletter from a local real estate agent which had an article about whether buyers should opt for a conventional or FHA loan. I’m pretty certain the real estate agent didn’t write the article, however the author, whoever they are, got a lot of things wrong regarding these two mortgage programs. Many of the items that were wrong are what I think are fairly common misconceptions with these two popular mortgage programs. So I thought this was a grand opportunity to write a post to correct them…I’ll skip the fine hairs 😉 [Read more…]

Mortgage Rates Improved

Freddie Mac’s Prime Mortgage Market Survey released today shows that mortgage rates improved based on average conforming rates last week.

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Qualifying for a mortgage when you pay alimony

Recently Fannie Mae and Freddie Mac updated their guidelines to treat alimony payments the same way that FHA has.

With conforming mortgages (Fannie/Freddie) where there is more than 10 months remaining for alimony payments, Fannie Mae and Freddie Mac will allow the alimony to be deducted from gross income instead of being treated as a monthly debt. This often dramatically improves debt-to-income ratios. [Read more…]

It’s Hard Being a Home Buyer in Seattle – Here are some tips!

CNN recently published an article about a couple’s experience buying a home in Seattle. In a nutshell, their seventh offer was accepted with multiple offers well over the list price and they were able to close quickly without contingencies with a large earnest money deposit.

Home prices and lack of inventory (which I hope is starting to change) have created a highly competitive situation for those who want to buy a home in Seattle. Buying a home just about anywhere in the tri-county area these days is not for the feint of heart. [Read more…]

Rehab Mortgage Loans for Remodeling Your New or Existing Home

Want to build an ADU on your garage? Are you having a hard time finding a home that has your dream kitchen? Whether you are buying or refinancing a home, you may want to consider a “rehab” mortgage. At Mortgage Master Service Corporation, we currently have a couple options available. [Read more…]

Are markets shifting in Seattle?

This weekend while driving around my neighborhood in Seattle, I noticed more “for sale” and “open house” signs on homes. It’s a welcome sight after how long we’ve been in this tight market with very little housing inventory. [Read more…]

Mortgage Rates steady last week

Freddie Mac’s weekly report (PMMS) on conforming mortgage interest rates from last week shows that rates remained “level” with the 30 year fixed at 4.55% priced with points.

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Retirement, random thoughts and your mortgage

I read an interesting article about planning for retirement. This is a topic that I find very important. I’m not a financial planner, however as a Mortgage Professional I see a financial snapshot of what people have when applying for a mortgage. I concur with this article from CNBC, most people do not have enough money saved up for their golden years. [Read more…]