Frequently Asked Mortgage Questions

Frequently Asked Mortgage Questions

1. What is the first step to getting a mortgage in Washington State?

The first step is getting pre-approved, beginning with a discovery call where we talk about your goals. As a local mortgage advisor, I’ll review your credit, income, and goals to help you understand what you can afford. A Pre-approval also strengthens your offer when buying a home in competitive markets like Seattle or Bellevue.

2. How much do I need for a down payment in Washington?

Down payments can range from 0% to 20% or more, depending on the loan program. Options like FHA, VA, and even some conventional loans allow for low or no down payments. I’ll help you find the best fit based on your budget and goals.

3. What are current mortgage rates in Washington?

Mortgage rates change daily based on market conditions. I provide weekly rate updates on MortgagePorter.com and can give you a personalized quote based on your credit, loan type, and property. Contact me to get today’s best rate for your scenario.

4. Can I buy a second home or vacation home in WA or out of state?

Yes! I help clients finance vacation homes throughout Washington—like the San Juan Islands or Pacific Coast—and across the U.S. Requirements are slightly different than for primary homes, but I’ll walk you through every step.

5. Is it a good time to refinance my mortgage?

It depends on your current rate, loan term, and financial goals. Refinancing could help you lower your payment, shorten your loan term, or access cash for other needs. I’ll provide a free mortgage review to help you decide.

6. What types of loans do you offer?

I specialize in a wide range of home loans, including:

  • Conventional (fixed and adjustable)
  • FHA, VA and USDA
  • Jumbo loans
  • Investment property financing
  • Vacation home loans
  • Construction and Rehab loans
  • Reverse Mortgages

Whether you’re a first-time buyer or seasoned investor, I can help.

7. Do you only help people in Seattle?

No! While I’m based in Seattle, I serve homebuyers and homeowners throughout Washington State and the U.S. If you’re looking for a local loan expert with nationwide reach, I’m here to help.

8. What makes working with you different than going to a bank?

As a Mortgage Advisor with New American Funding, I offer personalized guidance, faster communication, and more loan options than many big banks. My goal is to help you make an informed mortgage decision, not just push a loan. Unlike a bank, I work with several lenders and can shop their programs and rates for you. We also have our own portfolio products.

9. How long does the mortgage process take?

Most purchases and refinances take about 30 days from application to closing. I work closely with my clients and their agents to keep things moving smoothly and on time. As we have our own in-house processing and underwriting, we can close faster than 30 days, if needed. Please reach out to me to discuss what your needs are.

10. How do I get started?

Let’s talk! You can apply online, call, or schedule a free consultation. I’ll help you understand your options and take the stress out of the mortgage process. Start here with a pre-application or here if you would like to begin with a discovery call.

Mortgage Market Update for the Week of November 18, 2024

This week’s episode includes what’s going on with mortgage rates, rent vs buy reports and credit tips to help you with holiday shopping.

If you or anyone you know are considering buying, refinancing or selling a home, please contact me! I am always happy to help.

Tips for Lowering Your Mortgage Payment

Your total mortgage payment consists of the principal, interest, property taxes, homeowners insurance and mortgage insurance (if applicable). If you’re considering buying or refinancing your home, there are some ways that you may be able to lower your total mortgage payment. [Read more…]

Mortgage Market Update for the week of February 5, 2024

Mortgage rates have been “bouncing” around a bit. Check out more on my quick video below.

If you’re considering a mortgage, please reach out to me – I’m happy to help you!

2024 Mortgage Rate and Real Estate Forecast


Spoiler alert! I (along with many others) predict that mortgage rates will be below 6% by the end of this year and that we’re going to see a very competitive housing market due to the lack of inventory. I don’t believe we will see home prices come down or a “correction” with home prices. It is so important to make sure that you are fully approved and have your offer structured correctly when you’re ready to buy a home.

Please check out my video for more information and reach out to me if you would like to create a strategy for purchasing your next home!

Super Fast Closings!

I have been with New American Funding for three months now and have had the pleasure of helping clients with their home purchase and refinancing mortgages. I have been very impressed with how fast we are able to close without sacrificing service. [Read more…]

Honoring our Hometown Heroes

Rhonda_Hometown HeroMortgage Master Service Corporation recently started a program to honor our local heroes. We are now offering a $625 credit towards closing cost for a home purchase or refinance when we provide the mortgage.

Mortgage Master Service Corporation’s Hometown Heroes program is available for:

  • Police Officers
  • Firefighters and EMTs
  • Doctors and Nurses
  • Teachers
  • Military

We thank our heroes for taking care of our community and hope we can take care of you with your mortgage needs.  Please feel free to share this! I’m am honored to help you with any home purchase or refi on homes located in Washington state.

Note: This program cannot be combined with any WSHFC program. Program and pricing subject to change.

 

Mortgage Payment Breakdown

Your mortgage payment typically includes principal and interest and may also include property taxes, home owners insurance. This is often referred to as PITI in the mortgage industry (principal, interest, taxes and insurance). If you have less than 20% down payment or home equity, then you probably have some form of mortgage insurance as well (unless you qualify for a VA mortgage). Some portions of the mortgage payment may change over time. [Read more…]