True Horror Story: Trapped by the 3% Mortgage Rate

If you’re a homeowner wanting to buy your next home, you might be feeling reluctance to trade your existing interest rate for a current mortgage rate. It’s easy to understand when mortgage rates are double from what they were a few years ago. Historically speaking, mortgage rates are actually closer to what would be considered more of an average range than the Fed manipulated rates of years past.

I may have some good news for you. No, it’s not a trick…this can actually be a treat! [Read more…]

Is Your Low Rate Stopping You from Buying Your Next Home?

Many Americans took advantage of the extra low rates that were available during the pandemic years. Some may be feeling trapped at having a rate in the 3% range since we’ve returned to a more historically “normal” range. [Read more…]

Credit Tips if you are considering Buying a Home (or Refinancing)

Are you considering buying or refinancing your home? You may be surprised at what you should and shouldn’t do. Some things that are common sense may actually not be the best actions if you’re planning on obtaining a mortgage in the near future.

Please check out my latest video with simple credit tips.

Should You Follow Dave Ramsey’s Advice on Mortgages?

Dave Ramsey is someone a lot of people follow for financial advise. Lately he’s been showing up A LOT in my Facebook stream pushing his thoughts on mortgages, home ownership and credit. Some of his ideas, I don’t totally disagree with. In fact, I shared a post that came from his group encouraging people to continue to pay rent and make their mortgage payments during the pandemic if at all possible (ie nothing is for free). However, I don’t support what he instructs his followers who are considering buying a home and I also have an issue with anyone who pushes their “team of vetted real estate agents”…I would be really surprised if there is not some sort of financial relationship associated with this referral arrangement.

Let’s take a look at what he encourages his followers to do with regards to buying a home or getting a mortgage. [Read more…]

Rent or Buy in Seattle: Seattle RE Chat [Video]

In this episode of Seattle Real Estate Chat, Jim Reppond and I compare renting in Seattle to buying a home. With rents on the rise and mortgage rates at very low levels, it may be worth considering making the move to buy a home.

[Read more…]

Buying a home together before you get married

Last month I read an interesting article from Coldwell Banker about couples who are buying homes together before they get married. A survey was conducted which “revealed that 1 in 4 young couples are buying a home together before tying the knot”.

“…buying a home together has become “the new engagement ring” for some young couples. The homebuying process forces couples to deal with their competing feelings of money and how to spend it, and that is why successfully purchasing a home with someone else is deemed a significant accomplishment in any relationship. It means the couple has been able to overcome their differences in an effort to create a better future together.”

The survey found that 24% of couples who buy a home before they are married are 18 – 24 years old. When I bought my first house, I was 21 years old and it was with my (then) fiance…many years ago! 🙂

When couples buy together, before they are married (or if they never plan on marrying), they need to consider how they will vest on title. This is important because if either person passes away, how they hold title (vesting) may determine what happens to the home. Most often, vesting is determined a home is purchased by the language on the deed. Two single people who own a home together have different rights than a married couple in Washington state.

I’m not an attorney and I’m feeling a bit like “Debbie Downer” discussing this tidbit…but it is important to consider. Here are two brochures provided by title companies that you can review with your attorney to discuss how to vest in title.

And don’t miss this video of Tim Daniels, Title Officer discussing different ways to take title for real property in Washington state.

If you are considering buying a home anywhere in Washington state and need help with your home loan mortgage, I’m happy to help you!

What Sales Price Can I Buy with $100,000 Down Payment

EDITORS NOTE: More loan programs and improved guidelines are now available… and of course the rates quoted below are expired. If you would like me to review your scenario and provide you with a free rate quote for your home in Washington state, please click here.

I recently met with clients who have saved $100,000 to use for down payment and closing cost for a home in Bellevue.  They easily qualify for the mortgage payment with their combined incomes and the both have excellent credit with scores of 740 or higher. They are most interested in seeing what sales prices they could qualify for with the $100,000 they had saved for down payment and closing cost using available mortgage programs.

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