Visiting Open Houses? You Need to Be Fully Preapproved

It’s fun to visit open houses on the weekends. You may be picturing yourself living in the home, enjoying the backyard or perhaps making a few home improvements to really make it “yours”.

If you’re even thinking about buying a home, I strongly encourage you to get fully preapproved before you find yourself at an open house wanting to present an offer.

Here are some steps I recommend for anyone considering buying a home. [Read more…]

Steps in the Mortgage Process when you are Refinancing a Home

iStock_000003709509SmallThe process of getting a mortgage consists of several stages and typically takes anywhere from 30 – 45 days (or more) depending on how prepared you are, what mortgage program you have selected and if it’s a purchase, the closing date may dictate how long the process will take. With this post, I’m focusing on the steps involved with obtaining a refinance (aka refi) which are slightly different than the process when you are buying a home.

The steps below may not take place in the exact order I have listed and some steps may happen simultaneously. In addition, some lenders may have different procedures with how they process a mortgage.

[Read more…]

Steps in the Mortgage Process when You are Buying a Home

iStock_000003709509SmallThe process of getting a mortgage consists of several stages and typically takes anywhere from 30 – 45 days (or more) depending on how prepared you are, what mortgage program you have selected and if it’s a purchase, the closing date may dictate how long the process will take. The steps below may not take place in the exact order I have listed and some steps may happen simultaneously.

[Read more…]

Steps in the Mortgage Process

iStock_000003709509SmallEDITORS NOTE 10/23/2015: This post has been updated to include the new disclosures and wait periods required per the Dodd Frank Act effective on loan applications dated October 3, 2015 and later. Click here to read the updated post.

The process of getting a mortgage consists of several stages and typically takes anywhere from 20 – 40 days (or more) depending on how prepared you are, what mortgage program you have selected and if it’s a purchase, the closing date may dictate how long the process will take. The steps below may not take place in the exact order I have listed and some steps may happen simultaneously.

[Read more…]

Who does what in the mortgage process?

There are a lot of people involved in processing a closing a mortgage transaction at a mortgage company. With recent regulations, newer positions have been created adding to the hands that are involved in the process. Here’s a list of some of the positions involved in the mortgage process – please keep in mind that this varies from company to company and often times, titles may vary as well.

[Read more…]

Do’s and Do Not’s of the Mortgage Process [Video]

In our last Seattle Real Estate Chat, Jim Reppond and I discuss what home buyers need to while in the mortgage process or considering buying a home.

Tune if for our next Seattle Real Estate Chat via our live Google Hangout on Tuesday, September 17, 2013 at 10:00 am Seattle time.
You can follow Seattle Real Estate Chat on Twitter at @SeattleREchat or #SeattleREchat

Considering refinancing or buying a home? UNPLUG YOUR SHREDDER!

2013-06-15_0831_001If you are like me, you probably shred just about any documents that has your personal information on it…it’s just habit or second nature. I often sort through my mail right next to our shredder.  If you are considering buying a home or refinancing your current mortgage, this is a practice you will need to reconsider.

The mortgage process will require that you provide all sorts of documentation.

[Read more…]

A compromise for waiving your escrow reserve account

moneyclockmortgageporterAn escrow reserve account is used to collect and “reserve” the real estate taxes and home owners insurance portion of your monthly mortgage payment for when your taxes and insurance bills are due. In Washington state, property taxes are paid twice a year and home owners insurance is paid annually.

[Read more…]