Helping Washington State homeowners learn more about their mortgage options.
How are mortgage rates doing after the conflicting jobs data last week?
Will the Fed lower rates on Wednesday? (Spoiler alert – the Fed does not directly control mortgage interest rates).
What’s going on with federal student loans?
And an announcement on our upcoming webinar “Retire Like a Boss” on this week’s episode!
If you have student loans that have been on hold for the past three years, your payments are about to resume. Some have replaced the student loan payments they would of had the past few years with new debts, such as car loans, maybe a new home or higher credit card debts. There is no doubt that the “pause” being over may impact many American families. [Read more…]
When Congress resolved the latest debt ceiling with the passing of The Financial Responsibility Act of 2023, both parties agreed to stop the forbearance on student loans payments. Federally backed student loan payments have been paused for the past three years due to the pandemic. Payments on student loans are set to resume following this September and many are not going to be prepared for this. [Read more…]
I have been writing about how high credit card interest rates have climbed with the Fed raising the funds rate. If you’re not paying off your entire credit card bill each month, you are probably owing a bit more due to the high credit card rate. Credit card debt can be an uphill battle. [Read more…]
Fannie Mae has revamped some guidelines regarding student loans and how they are treated in debt to income ratios for qualifying for a mortgage. This is great news… however what’s even better news for home owners who have student loans, Fannie Mae is offering improved pricing on cash out refinances for paying off student loans! [Read more…]
Tonight HUD announced that they are backing off how they have been treating student loan debts for people who are trying to qualify for a mortgage.
From HUD’s announcement:
“…FHA believes that its approach provides the appropriate balance between expanding access to credit and ensuring that the borrower is able to maintain successful, long-term homeownership.
Today is my son’s birthday. Although to me, it seems like just yesterday he was toddling around in his Barney slippers, he is now entering his third year of college. I simply could not be more proud of him.
The one piece of advice that I would offer anyone with children is to start saving for your child’s education NOW if having your son or daughter attend college is important to you. I’m thankful that I’m able to help my son out with his tuition. He does have student loans…however I’m at least able to help contribute. I set up an auto-payment into a 529 account years ago and before that, bought savings bonds. I didn’t miss what was taken from my checking account. Of course it did take a hit in recent years – but I’m still so glad I’ve been able to save some money for him.
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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