Why is My Mortgage Payment Going Up?
June 28, 2018 by 2 Comments

If you live in the greater Seattle area, you may be receiving a notice from your mortgage servicer stating that they need to adjust your mortgage payment because of an “escrow shortage”.  We actually just received such notice from our mortgage servicer.

This is most likely do to the staggering increases many of us are seeing to real estate property taxes. Property taxes and home owners insurance are the two things that can change with your total mortgage payment. If you have an adjustable rate or interest only mortgage that is converting to principal, then your mortgage payment will change too.  However, many home owners in the greater Seattle – Bellevue – Tacoma – Everett areas with fixed rate mortgages are learning that their mortgage payments are going up…and for some it’s quite a bit higher.

Notices from the mortgage servicers are going out now as the first half of property taxes were paid from the escrow reserve account in late April. The larger amount due caused a shortage since the amount that is being collected in the monthly mortgage payment is not enough to cover the higher amount due. Mortgage services will give you options of how to make up the shortage, such as making a lump sum payment and/or increasing your monthly mortgage payment to make up for the taxes.

Part of the reason the taxes are so high is due to Washington State using home owners to resolve the McCleary case which funds public education. Combine this with higher assessed values and it’s a whopping surprise for many home owners when they receive their property tax bill and notice of escrow shortage from the mortgage company.

Mayor Durkan is hoping to pass another huge levy, in the amount of $600 million, attached to property taxes in the Seattle area to make community college free to those students who attended Seattle public high schools. She is excluding those who attended private schools (even though their parents paid for public schools with their property taxes). I have a difficult time believing the City’s math on how much this will impact the average home owner (and renter) when the numbers I’m hearing of what people are actually seeing in their tax bill and what was originally warned (17% average increase in King County) are pretty far apart. Our property taxes jumped 27.2% in one year! Some of my neighbors are seeing even higher increases. It’s really concerning to me as someone who qualifies people to buy a home. Increases this significant are enough to cause some to not be able to afford their home which can be very dicey when we are living in a region that is battling having affordable housing. It also puts those who are eyeing retirement with plans of enjoying their golden years in a tricky situation (unless they qualify for a reverse mortgage to pay for their taxes). In my opinion, we desperately need to have a cap limiting how much property taxes can increase in a year.

Zapatilla de running running Pearl Road N2 Punch v2 19215 para mujer Pearl iZUMi Deep Lake/ Lime Punch 8744173

By the way, this doesn’t just impact home owners. If you are renting a home in the greater Seattle/King County area – don’t be surprised if your rent is increased to cover this hard cost. Actually, if you’re renting almost anywhere in Washington state and your landlord has been hit with a higher tax bill – you will most likely be feeling a pinch to your pocket book too. I have friends in Thurston County who tell me their property taxes shot up 47% in one year!

Are you considering buying or refinancing your home in Washington state? I’m happy to help you. Click here for a detailed rate quote or here to get prequalified for a mortgage.

Filed Under: Politics, Rant, Real Estate Tagged With:
USDA Maps Updated
Flash Coral / Negro / Amarillo de seguridad Zapato de running de punto fuzeX para mujer ASICS Flash Coral / Negro / Amarillo de seguridad Zapatillas de running adidas Springblade Razor para mujer Power Teal / Frost Mint / Sol Gold , Zapatillas de running adidas Springblade Razor para mujer Blanco , Zapatillas de running adidas Springblade Razor para mujer Sol rosa / Solblue / Negro Zapatillas de running adidas Springblade Razor para mujer gris , Zapatillas de running adidas Springblade Razor para mujer gris , Zapatillas de running adidas Springblade Razor para mujer Blanco , Calzado deportivo New Balance para mujer Vazee Rush v2 Rosa / Plata , Calzado deportivo New Balance para mujer Vazee Rush v2 Rosa / Plata Calzado deportivo New Balance para mujer Vazee Rush v2 Gris oscuro , Calzado deportivo New Balance para mujer Vazee Rush v2 Gris oscuro , Calzado deportivo New Balance para mujer Vazee Rush v2 Negro / rosa , Zapatillas de running ZIGOR para mujer Zapatillas de mujer Flyknit Epic React Blanco Zapatillas de running ZIGOR para mujer Zapatillas de mujer Flyknit Epic React Rosado Zapatillas de running ZIGOR para mujer Zapatillas de mujer Flyknit Epic React Azul Zapatillas de running ZIGOR para mujer Zapatillas de mujer Flyknit Epic React Negro Zapatillas de running ZIGOR para mujer Zapatillas de mujer Flyknit Epic React gris Zapatillas de running ZIGOR para mujer Zapatillas de mujer Flyknit Epic React Rosado Zapatillas de running ZIGOR para mujer Zapatillas de mujer Flyknit Epic React Blanco negro , Zapatillas de running ZIGOR para mujer Zapatillas de mujer Flyknit Epic React gris Zapatillas de running ZIGOR para mujer Zapatillas de mujer Flyknit Epic React gris , Zapatillas de running Altra Women s Paradigm 2 Coral , Zapatillas de running adidas Solar Boost para mujer Amarillo / Plata / Blanco Zapatillas de running adidas Solar Boost para mujer Negro / Blanco / Rosa , Zapatillas de running ASICS Gel-Kinsei 6 para mujer Melocotón Melba / Plata / Rosa Brillo Zapatillas de running Cortana 4 Saucony para mujer Blanco / rosa / azul , Zapatillas de running Cortana 4 Saucony para mujer Azul / rosa / negro Zapatillas de running Cortana 4 Saucony para mujer Azul / rosa / negro
June 28, 2018 by Leave a Comment

Earlier this month, USDA updated the maps that determine if homes are eligible for USDA financing. USDA allows eligible home buyers to purchase a home with no down payment. In order the qualify, the borrowers must meet the income limit requirements and the property needs to be in a designated rural area.

Current eligible areas include areas like Enumclaw, Fall City and Vashon Island as well as parts of Black Diamond and parts of Duvall. The specific address really needs to be ran as homes directly across the street from each other may or may not be eligible. [Read more…]

Filed Under: USDA Tagged With:
The Beauty of a Bridge Loan
June 27, 2018 by Leave a Comment

I recently helped a couple successfully close on their new home in Seattle before having to close on their former home in Everett. By using a bridge loan to access equity on the Everett home, they were able to make a winning offer on the Seattle home without it having to be “subject to the sale” of their former home. This help to make their offer far more attractive in a very competitive real estate market. [Read more…]

Filed Under: Bridge Loans, Residential Purchase Tagged With: ,
Coming Soon: Freddie Mac’s HomeOne Mortgage Program
June 21, 2018 by Leave a Comment

Later next month, Freddie Mac will be offering a new program for first time home buyers. This mortgage program offers low down payment options without the income limit or geographic restrictions that Home Possible has.

HomeOne will be available for both purchases and rate-term refinances on single family dwellings. At least one borrower on the application must be a first time home buyer when the transaction is a purchase and home buyer education is required. [Read more…]

Filed Under: First Time Home Buyer, HomeOne, Refinance, Residential Purchase Tagged With: , ,
Possible Relief for Seattle – King County Home Buyers
June 15, 2018 by Leave a Comment

The Northwest Multiple Listing Service issued a press release indicating that we are finally seeing an increase in new listings being added to the market. The 14,524 new listings that came on during May, in the 23 counties that the NWMLS serves, are the most listings added in one month in 10 years. In King County, there were almost 1000 homes added to the market creating just over one month of inventory – the first time since September of last year. Here’s a link to the NWMLS market snapshot for May 2018. [Read more…]

Filed Under: Interest Rates, Residential Purchase Tagged With: , ,
Fed Increases Funds Rate by 0.25%
June 13, 2018 by Leave a Comment

As expected, the Fed increased the Funds rate by 0.25% moments ago.  The markets were anticipating this move by the Fed and, as I write this post, I’m not seeing any significant rate changes to mortgage interest rates. The rates were already “baked in the cake”. Had the Fed decided to increase rates beyond 0.25% or not to take action, we would potentially be being seeing a reaction with the bond market which would be reflected in mortgage interest rates. [Read more…]

Filed Under: The Fed - FOMC
Common Misconceptions about FHA and Conventional Mortgages
June 1, 2018 by Leave a Comment

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…]

Filed Under: Fannie, Freddie and FHFA, FHA, First Time Home Buyer, Home Advantage Program, Home Possible, HomeReady, Rant Tagged With: , ,
Mortgage Rates Improved
May 31, 2018 by Leave a Comment

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

[Read more…]

Filed Under: Interest Rates Tagged With: ,
Next Page »
About the Author

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 joined Mortgage Master Service Corporation as a Loan Officer in 2000 and began blogging in 2006. Read More…

Categories Zapatillas para correr NIKE Lunarcharge Essential para mujer Cool Gray / Black-wolf Gray , Zapatillas de running W1540V2 New Balance para mujer Uv Blue Sandalia para mujer NIKS Benassi Solarsoft Slide White Artesanal Teal , Zapatillas de deporte lisas Terrex Climacool Voyager de Adidas Outdoor para mujer Negro / Negro / Blanco Tiza Zapatillas de running adidas Performance Adizero Prime LTD Negro / Blanco / Negro , Zapato de entrenamiento cruzado TR-4 Trainer Gel-Craze TRY de ASICS para mujer Gris medio blanco , Sandalias Jerusalem Sandalias Deborah Slide Blanco , Sandalia Sharpie de mujer Steve Madden Negro , Zapato de skate Aris Propet para mujer Negro Sam Edelman sandalia Gio Slide para mujer rojo , Sandalia Dominica de Ryka Negro / rosa , Aerosoles botines de alta frecuencia del tobillo de las mujeres Gamuza naranja Camper Mujer derecha Nina K200619 Mary Jane Flat Multi Trotters para mujer Dea Slingback Pump Blanco / negro Soft Kid / patente Botas Dyna-U de mujer de ALDO Cuero negro Odema Cuero Oxfords Mujer Perforado con cordones Wingtip Talón bajo Talla Brogue Zapatos de vestir Oxfords Azul marino , Zapatillas Skechers Sport Mujer Imperio Moda Armada , NAOT Women s Riviera Flat Cuero asado francés / Cuero marrón de algarrobo / Cuero marrón minado / Cuero de búfalo Sandalias de mujer Wolky Neutral Multi Color Fantasy , Zapatillas de mujer Olivia de Haflinger Buho gris plateado , Bota de cuero Rocklin Chelsea de SoftWalk para mujer Cocodrilo marrón oscuro Botín de tobillo Ramsey de SoftWalk para mujer Arena Kenneth Cole REACTION Fridah Fly Tobillera para mujeres Negro , Prop & eacute; t Bota de nieve con cremallera Lumi para mujer de Prop & eacute; t Baya Kenneth Cole New York Women s Bellamy Strappy Stilleto Sandalia de tacón rojo JBU by Jambu Sandalia de tacón de mujer Mezclilla , Bomba Dea de Trotters para mujeres Oro / negro Naot Footwear Mujer Krista Pewter / Metal / Chrome Studded OluKai Ohana Blanco apagado / oscuro Java , Sandalia de cuña Easy Street Women s Delight Neopreno blanco
Recent Comments
Archives

Rhonda has been helping people with their mortgage needs at Mortgage Master since April 2000. If you are buying or refinancing a home in WA, she's happy to help you! Mortgage Master Service Corporation's NMLS ID is #40445.

Subscribe to updates
Click here to receive updates via email when new articles are published at Mortgage Porter Zapatilla de running running Pearl Road N2 Punch v2 19215 para mujer Pearl iZUMi Deep Lake/ Lime Punch 8744173
Subscribe to this blog's feed
Mortgage Questions?
Stay Connected

Tweets by @mortgageporter

Carretera en funcionamiento

Copyright © 2018 · Education Theme on Genesis Framework · WordPress · Log in