Mortgage Changes to Know in 2014

Fixed Mortgage Rates Tick Up in 2014

Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates up slightly for the second week in a row. "Mortgage rates crept up further following the uptick in the 10-year Treasury yield as minutes of the Federal Reserve's last meeting indicated little possibility of a pause in the central bank's reduction of bond purchases,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Housing starts in January fell 16 percent to a seasonally adjusted annual rate of 888,000 units, below consensus forecast. Permits were at a seasonally adjusted annual rate of 937,000 in January, also below consensus." According to the survey, 30-year fixed-rate mortgage (FRM) averaged 4.33 percent with an average 0.7 point for the week ending February 20, 2014, up from the previous week when it averaged 4.28 percent. A year ago at this time, the 30-year FRM averaged 3.56 percent. 
 Results reveal that the 15-year FRM averaged 3.35 percent with an average 0.7 point, up from last week when it averaged 3.33 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent. 
 The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.08 percent with an average 0.5 point, up from the week prior when it averaged 3.05 percent. A year ago, the 5-year ARM averaged 2.64 percent.
 Survey shows that the 1-year Treasury-indexed ARM averaged 2.57 percent with an average 0.3 point, up from the previous week when it averaged 2.55 percent. At this time last year, the 1-year ARM averaged 2.65 percent. 
 For more information, visit www.FreddieMac.com. Judy Gratton Your Real Estate Edge Reprinted with permission from RISMedia. ©2014. All rights reserved.

Beat the competition on the Bothell rambler for sale

If you have been looking for a really nice rambler in the Bothell area, I know of one that will be coming up very soon.  It's 3 bedrooms, with a family room and 2 full bathrooms/ 2 car garage, all appliances, and a great yard.  This will be available for under $350,000.  If you would like to beat the competition give me a call: 206-276-3289

Important information for people suffering from chronic illness' and foreclosure

This is a resource for people who have been foreclosed on or renters displaced by foreclosures. The program provides support to households that have experienced foreclosure within the last 24 months who also have a household member living with a chronic illness. The program is designed to assist those who have already been foreclosed on (or renters displaced by foreclosure). If you or someone you know could benefit please call Solid Ground’s Mortgage Counselors at 206-694-6766. This program is funded through the Washington State Office of the Attorney General’s National Mortgage Settlement. For eligible households, Lifelong Housing Safety Net provides financial assistance to help stabilize current housing as well as an array of support services focusing on future housing and financial stability. You can find this information on our website www.solid-ground.org or www.llaa.org.

What is appraised value

Appraised value:

The appraised value is basically what the bank thinks your home is worth. This can include everything from what neighborhood you live in, to how many fixtures you have in your kitchen. The appraised value tends to be unbiased, because the bank is not looking to bargain with you. They need an accurate assessment. It is very very rare that the appraised value of a home is the same as the market value. Why is this? Essentially the appraised value of your home is determined in order to justify the rate of the mortgage loan. This price is based on historical data and previous sales comparisons. That means sales of similar homes in the past six months. You may encounter some problems if there is a large gap between the appraised value of the home and purchase price being offered. For instance if a buyer decides that they absolutely must have a home and they are willing to pay for it, they mat be in for shock when they discover what the down payment is. If the purchase price is much higher they bank may determine that the apprised value of the home is not enough to cover the requested mortgage they will often raise the down payment. This situation may not emotionally deter the buyer, but, coming up with an extra 2 or 3% of the purchase can translate into thousands of dollars. And as we all know coming up with cold hard cash like that can be a real problem. Therefore, be aware of what similar appraised vales of home in your area are. This will lessen the shock of the purchase. Also, if you can afford the initial down payment you will end up paying less for the home in the long run, providing the bank gives you the mortgage rate that you wish. In this housing market that is quite possible.    

Mcmenamin's school in Bothell is now a historic spot:

http://www.heraldnet.com/article/20130522/NEWS01/705229902

Did you attend Anderson School in Bothell

The transformation of the historic Anderson Building into a McMenamins hotel and brewpub will be soon underway and McMenamins is collecting memories from those who attended or were employed by the Anderson School. If you have stories and memorabilia that you'd like to share, please contact the City of Bothell Historic Preservation Consultant, Brooke Best at (425) 486-8152 x. 4471 or brooke.best@ci.bothell.wa.us. Especially welcome are personal stories, photos and keepsake items such as yearbooks, play scripts, uniforms, report cards and letters. Original material does not necessarily need to be donated: McMenamins is happy to arrange for the copying/digital scanning of photos, documents and other items.

Construction on the Anderson Building and surrounding buildings is expected to start this summer.  McMenamins operates 57 venues in Washington and Oregon and plans to reuse the four existing buildings on the site as a destination resort in the Puget Sound area. The company plans to create a 70-room hotel including a restaurant, pub, movie theater, live music venue, spa, pool and meeting space. In the purchase agreement, Bothell residents receive free access to the pool and meeting space for 15 years. McMenamins plans to be open for business in the summer of 2014

Courtesy of City of Bothell- https://mail.google.com/mail/u/0/?shva=1#inbox/13eb370a54132d19