What is the difference between a Bridge Loan and a Cash Buyer Program

Bridge loans allow people who want to buy their next home to access a portion of their home equity to use as down payment and/or closing cost. They have been around for quite a while and has been a great tool to help accommodate home purchases. When I was at Mortgage Master, we offered bridge loans to qualified borrowers. [Read more…]

Home Equity Loans and Second Mortgages

Home equity lines of credit (often referred to as HELOCs) and fixed rate second mortgages are available again at Mortgage Master Service Corporation.

You can use a home equity loan or fixed-rate second mortgage to access home equity without doing a cash-out refinance of your first mortgage. This may be really desirable considering the appreciation of homes and recent low mortgage rate environment. Click here for current mortgage rates for your Washington state home.

Here are some of the features: [Read more…]

The Beauty of a Bridge Loan

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…]

It’s Hard Being a Home Buyer in Seattle – Here are some tips!

CNN recently published an article about a couple’s experience buying a home in Seattle. In a nutshell, their seventh offer was accepted with multiple offers well over the list price and they were able to close quickly without contingencies with a large earnest money deposit.

Home prices and lack of inventory (which I hope is starting to change) have created a highly competitive situation for those who want to buy a home in Seattle. Buying a home just about anywhere in the tri-county area these days is not for the feint of heart. [Read more…]