Waiving your financing contingency?

mortgageporter-thinkingThe greater Seattle real estate market is hot. With the lack of inventory, some home buyers have found themselves in a position where they feel they need to waive their financing contingency or the appraisal. I see this strategy happen when home buyers have been competing with multiple and/or cash offers.

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You just “won” the highest bid on a hot Seattle home… now what?

2015-04-29_0814The Puget Sound Business Journal recently posted an article about a 1,100 square foot home in Ballard that sold $158,000 over list price. There is no denying that Seattle’s real estate market is hot largely due to lack of inventory and rising rents. (A’ hem…if you have been considering selling your Seattle area home, now could be the time).

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Affordable homes in Seattle?

2015-03-21_0844This month, Seattle Magazine released their annual edition that covers the best neighborhoods in the greater Seattle area. This year, they featured the “most affordable neighborhoods” near Seattle. It’s no secret that home prices and rents in Seattle have been climbing due to lack of inventory. However, there are neighborhoods that are not located too far from Seattle where home buyers can get more for their money.

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What is Delayed Financing?

MortgagePorterHourGlassHouseIn today’s competitive housing market, we are seeing more buyers using “all cash” to purchase their homes. Delayed financing allows home buyers who pay cash for a home to obtain cash out, using a refinance, without it being treated as a “cash out” refi. A “cash-out” refi has stricter requirements, including having to wait 6 months after closing before being able to refi. Delayed financing allows home owners to recoup the cash used to purchase the home.

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Coming Soon: 2015 Property Tax Bills

detctiveIn a couple weeks, King County along with others, will begin posting property tax bills for 2015. This may be a non-event for most…unless you’re in the process of buying a home and your debt-to-income ratios are tight. It’s possible that should the tax assessor decide the home you have a contract on now or during the next month has a higher value, and therefore a higher tax bill, that this may jeopardize some loan approvals and/or transactions.

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eBook: Financing Your First Investment Property

This is the second edition of my slide-book, Financing Your First Investment Property.

In this edition, loan limits and mortgage programs have been updated.

If I can help you with the financing of your first (second or third) investment property located in Washington state, please contact me!

Tips on how to save up for a down payment

iStock_000009450603SmallGet Rich Slowly recently posted How to Save Up for a Down Payment Fast.  I’d like to respond to some of the ideas offered in GRS’s post from a Mortgage Professional’s viewpoint and offer my advice.

Here are some of the suggestions on How to Save Up for Down Payment Fast along with my 2 cents (in italics).

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Don’t be naughty to your preapproval status over the holidays

iStock_000004639657XSmall[1]If you are currently preappoved for a mortgage to buy a home or are considering getting a mortgage in the New Year, what you do now with regards to your credit and income may impact your preapproval status.

A mortgage preapproval is based on information provided at the time of the pre-application. It is only valid assuming that the information provided at that time has not changed. You may not be aware that you’ve done something that may have jeopardized your preapproval until a month or two later when you’re getting ready to make an offer on a home and then learn you’ve been Scrooged.

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