If you’re looking to buy your first home, you may have to expand your horizon to find a home that’s more affordable. When I bought my first home many years ago, I wound up with a small rambler in Northeast Tacoma. We used an FHA mortgage with a 3.5% down payment (you do NOT need 20% down to buy a home). At the time, I was working in downtown Seattle at the Columbia Center and it was a heck of a commute…but I was so proud to own a home. We only owned it for a couple of years before we were able to sell it and use the appreciation to buy our next “move up” home. [Read more…]
Should You Wait to Buy A Home?
June 29, 2023 by Leave a Comment
If you’ve been considering buying a home or if you’re a real estate agent who is working with clients who are on the fence about buying; please check out my latest resource page: Should You Wait to Buy a Home (mortgageporter.loans)
I have prepared various scenarios that compare renting to buying a home as well as a report on the cost of waiting.
Of course, I’m more than happy to prepare scenarios to help you decide if you should wait to buy a home now or rent. Please reach out to me if I can be of any assistance!
BREAKING NEWS: HUD Reduces FHA Mortgage Insurance
February 22, 2023 by Leave a Comment
FINALLY!!! HUD just announced that the mortgage insurance on FHA mortgages will be reduced by 30 basis points on most mortgage loans.
FHA mortgages typically have two forms of mortgage insurance. Borrowers pay for both an upfront premium, which is often added to the loan amount and financed over the life of the loan and an annual premium, which is paid monthly. The mortgage insurance which has been reduced is the annual mortgage insurance. [Read more…]
Just Released: Resources for First Time Homebuyers
February 21, 2023 by Leave a Comment
I have just created a page on my blog dedicated to first time homebuyers. Right now, you can access this on the column to the right.
I will be updating this page with information that first time homebuyers or people who have not bought a home recently may find useful. Currently, I have a couple of different scenarios intended to help demystify the homebuying process. I hope you’ll check it out!
If you or anyone you know are thinking about buying their first home or re-entering the home buying market, please feel free to share this with them. 🙂
And of course, I would love to help you with your mortgage needs. Please contact me if I can be of any assistance.
Price Adjustments coming soon to Conforming Mortgages
January 24, 2023 by Leave a Comment
Last week, the FHFA (Federal Housing Finance Agency) announced changes to how conforming mortgages are priced with loan-level price adjustments (LLPAs). Some borrowers will find improved pricing where others will have to pay more in fees. The fees are typically incorporated into the interest rate for the mortgage.
From Fannie Mae’s Lender Letter dated January 19, 2023:
“We are implementing additional changes to our LLPA framework that represent the next step in our effort to increase support for borrowers historically underserved by the housing finance market…”.
How to prepare for buying a Home this Spring
December 21, 2022 by Leave a Comment
If you have been thinking about buying a home this spring, you’re not alone. Experts predict there is quite a bit of pent-up demand following the recent sellers’ market and higher interest rates. Many homebuyers have been waiting patiently for a cooler market with lower interest rates…the key word here is MANY. It’s not anticipated that we will see a flood of new listings as homeowners who currently have extremely low mortgage interest rates seem to be less likely to want to sell and lose the rate. As people start to list their homes in the new year, and more buyers get off the fence, we could see housing prices push higher or at the very least, stay the same as the demand for homes is still strong. [Read more…]
How to compete with Cash Buyers? Become a Cash Buyer!
December 19, 2022 by Leave a Comment
If you tried buying a home over the last few years, you probably lost out to buyers who made cash offers. Sellers tend to prefer cash offers because they can close faster and there are less uncertainties when they are not relying on a mortgage approval from a lender they don’t know. Even in a buyers’ market, a seller will most likely prefer a cash offer over one that is dependent on financing or the sale of another property.
We have a solution! You can also enjoy the convenience of an all-cash buyer with a cash buyer program. This works for first time home buyers and for clients who want to buy before they sell their existing property. [Read more…]
How Does Dave Ramsey’s Advice on Mortgages Pencil Out?
October 14, 2021 by Leave a Comment
Last month I wrote about advice I’ve been seeing popping up in my Facebook feed from Dave Ramsey on mortgages. There are several points that I just don’t find realistic for the average person who wants to buy a home, such as only using a 15 year amortized mortgage with 20% down payment and limiting your mortgage payment to 25% of your take home pay. I promised that I would share a follow up post where I review different scenarios comparing his advise to real life scenarios. [Read more…]
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