Consumer watchdog weighs limits to mortgage fees

Consumer watchdog weighs limits to mortgage fees

The government’s consumer-finance watchdog is weighing an overhaul of the fees consumers pay to obtain mortgages.

Regulators might ban origination fees that vary with the size of the loan, known as “origination points.” They also might limit the use of “discount points” that are supposed to result in lower interest rates, the Consumer Financial Protection Bureau said late Wednesday.

The changes would help consumers understand the fees they are paying and guarantee that the fees provide any promised discounts, the agency said.

Read More on The Seattle Times…

BofA initiates home loan modification offers

BofA initiates home loan modification offers

Homeowners with a Bank of America mortgage have good reason to check their mailbox.

The lender said Tuesday it has begun mailing out letters to customers who may qualify to have their home loans reduced as part of a multistate settlement over alleged foreclosure abuses…

Some customers could receive letters from the bank as early as this week that invite them to provide financial information as part of a review process for the program. The bank plans to have mailed out most of the letters by the end of the third quarter.

Read Full Story on The Seattle Times…

Mortgage rates hits yet another record low of 3.84 percent!

Just when you think they are as low as they will go the mortgage rates drop some more. If you are ready to buy or refinance, now is a great time to do so!

Mortgage rates hits yet another record low of 3.84 percent!

Freddie Mac reported Thursday that the rate on the 30-year loan dropped to its lowest point yet of  3.84 percent (previous record was 3.87 percent in February).

The 15-year mortgage rate also fell to its lowest on record of 3.07 percent.

Are you thinking of buying a home? Check out our Homeownership Simplified section a for information & tips on buying a house in Washington and our handy calculators to figure out potential mortgages, closing costs, and more!

 

 

Saving For a Home

Saving For a Home

With home affordability at the highest rate seen in decades, now is prime time to make a purchase.

Many renters are wanting to turn over a new leaf by investing in a starter home. Current homeowners are wanting to take advantage of low prices and buy the home of their dreams.

The key to buying in today’s market is having the funds and financial stability needed. How can you go about saving to buy a home?

Read More on Realty Times…

Are you dreaming of buying a home? Check out our Homeownership Simplified section a for information & tips on buying a house and our handy calculators to figure out potential mortgages, closing costs, and more!

Rate on 30-year mortgage drops to 3.88 percent

Rate on 30-year mortgage drops to 3.88 percent

Freddie Mac reported Thursday that the rate on the 30-year mortgage loan dropped to 3.88 percent (down from 3.98 percent) which is just above the record low rate of 3.87 percent reached in February.

The 15-year mortgage dropped to a record low of 3.11 percent (down from 3.21 percent last week) beating the previous record of 3.13 percent that was hit last month.

If you are in a position to buy, now is an excellent time with both housing prices and mortgage rates so low. Check out our Homeownership Simplified section for helpful information on buying a home in Washington State!

Interested in how different mortgages and rates affect monthly payments? Check out our handy Wahomeowners Calculators to see!