Seattle Home Mortgage Rates ending 8/13/2009
By · CommentsCurrent Mortgage Rates Here in the Seattle Home Mortgage market and Nationally as supplied by Mortgage bank rates are as follows:
Today’s current fixed rate mortgages were up for the week ending August 13, 2009. Conventional fixed 30-year mortgage rates averaged 5.29 percent this week, up from the prior week’s average 30-year rate of 5.22 percent with an average 0.7 points. Last year at this time 30-year mortgage rates averaged 6.52 percent. The increase in recent mortgage rates has slowed down the mini mortgage refinancing boom we had the past couple of months when rates declined to near record lows.
Seattle Home Mortgage – The new HERA act
By · CommentsThe new HERA or Housing Economic Recovery Act is going into affect on July 30th 2009. This act is going to make it much more difficult to originate loans on a timely basis. I work in the Seattle home mortgage market area and will educate those individuals trying to purchase or refinance. This program is another example of Congress actually hurting the consumer. With added times it is surely going to affect rates that borrowers might have actually gotten on a best case scenario. With the increased loan periods it will jeopardize there ability to retain 30 day mortgage locks regarding purchases and refinances.
Seattle home mortgage- Loan modifications
By · CommentsLiving here in the Seattle home mortgage market, I have seen the increase of individuals who are looking to do a loan modification on their home mortgage. There are several companies out there that provide home mortgage modifications. Many of these companies ask for an upfront fee and often times cannot provide a benefit to the consumer.
Individuals who are in need of a financial loan modification should always contact their lenders first. These loan modifications cost absolutely nothing. If you are unable to work directly with your lender or feel you need someone to assist you, just make sure to do the proper diligence with regards to the home modification company you use. Check the BBB, contact the State in order to make certain they are licensed properly to help you. Anyone asking for money upfront should be avoided. If a loan modification company can help you they should be paid at the end of the process not in the beginning. By taking these simple precautions you stand a much greater chance of not being taken advantage of by the many scams that are out there.
Seattle Home Mortgage – How much is too much??
By · CommentsWhen looking to buy a home for the first time or even upgrading to a newer home, how much should an individual really spend on a home mortgage? While financial institutions allow a debt to Income (DTI) ratio of 40 to 50 percent, borrowers need to take the time and really think about the type of impact that will have on their income and lifestyle.
If you are like most people who have a home mortgage or are looking to buy, many considerations must be made. If you like to travel, go out to dinner,entertain friends,do a lot of weekend jaunts, etc. Consider how much these discretionary items usually cost you. I know that here in the Seattle Home Mortgage market, homes are somewhat more expensive than many areas around the country. It also costs a bit more to do things. So if you are going to upgrade or even buy for the first time take into consideration the things in life that are important to you. Look at what you don’t really want to sacrifice and consider deducting that from the DTI the banks allow. If you do this, it will greatly reduce the chance of your buying to much home even though you may qualify to. Owning a home is great, being able to own a home and still enjoy life is even greater.
Seattle Home Mortgage – How hard is it??
By · CommentsIt seems with all the apparent chaos in today’s home mortgage arena. Consumers are increasingly asking, can I really have my home refinanced? Can I purchase a new home? Is it impossible? Have the lenders made it so hard that it just can’t be done? The truth of course is YES you can!
While its true that financial institutions have tightened their lending criteria – home mortgages, whether it is a home purchase, refinance or debt consolidation loan, it is obtainable. It does however require a bit of patience on the side of the borrower. Rates are quite favorable and lenders are taking a bit more time to underwrite their files in order to minimize many of the mistakes that occurred during the period I like to call the “any type of loan goes era” of the past. It hurt all of us and the banks retreated as the mortgage crisis deepened. However, with a bit of patience and working with a quality loan officer, there are many programs that are government sponsored as well as conventional type loans that most people can and do qualify for.
So take advantage of today’s home mortgage programs. Get that better interest rate, or enjoy that new home purchase. Realize that It is possible and now is a fantastic time to capitalize on the historically low rates that are not going to last forever.
Seattle Home Mortgages
By · CommentsI am a mortgage broker who specializes in Washington State home loans. Located in the Seattle Washington area and providing services for purchases, refinances, and debt consolidations. For all of your mortgage needs please contact us at toll free 866-548-2040 or direct 206-755-7365
Washington State Loans
By · CommentsServing Washington State Real Estate Purchasers and Refinancers. Please contact us and request a no obligation Good Faith Estimate. Home loans are our specialty! We take pride in being the best in Home Mortgages. Toll Free 866-548-2040 Direct 206-755-7365