Appraisals are being scrutinized more than ever with our current mortgage climate. And I am seeing a few coming in lower than what the home owner anticipated. If you have plenty of equity, a lower appraisal may not impact you. However, mortgages are often priced based on loan to values and depending on the type of mortgage and property. Different scenarios have different pricing based on “risk”. A higher loan to value over a certain price point can increase the cost of the loan. [Read more…]
Refinancing isn’t just about lowering your rate — it’s about improving your overall financial strategy.
In this section, you’ll find educational resources explaining when refinancing makes sense, when it doesn’t, and how to evaluate your break-even point. Whether you’re considering a rate-and-term refinance, cash-out refinance, HELOC, renovation mortgage, or reverse mortgage, understanding the numbers and long-term impact is critical.
Topics covered include:
- “Should I refinance?” scenarios
- Cash-out strategies for remodeling or debt consolidation
- Home equity planning
- Recasting and re-amortization
- Renovation loans and ADU financing
- Refinancing with a second mortgage
My approach is always low-pressure and analytical — we look at the math, your goals, and your timeline before making any decisions.
If you’re a homeowner in Washington State wondering whether refinancing could improve your situation, start here.
Second Mortgage Subordinations May Cause Huge Delays with Refi’s
March 11, 2008 by 13 Comments
If you have a second mortgage (home equity line or fixed term), and you are not going to pay it off during a refinance; it needs to be “subordinated”. This is because of lien position with your mortgages…who gets to be first. Lien position is determined by when a document (such as a Deed of Trust) is recorded at the county. If you have two mortgages and are only refinancing the first mortgage, the second mortgage will need to be “subordinated”. [Read more…]
Skip Two Mortgage Payments when You Refi!
February 24, 2008 by 7 Comments
The promise of not having to write a check for your mortgage payment for two months seems so tempting that many home owners chomp on the bit when a Loan Originator dangles that bait to lure in a refi candidate. The truth is you’re not skipping anything. [Read more…]
Should You Refi?
January 30, 2008 by 2 Comments
EDITORS NOTE: This post was written back in 2008 and mortgage rates have obviously changed 🙂 If you would like a mortgage rate quote based on current rates for your home located in Washington state, click here. [Read more…]
Home Equity Loans Offer Protection from Financial Uncertainty
January 8, 2008 by 3 Comments
While on vacation last week, I took advantage of being “unplugged” and read the Seattle Times. On the last Sunday of 2007, they featured an article on How You Can Ride Out a Recession by Teresa Dixon Murray. Teresa offers 17 easy suggestions on how to protect yourself during uncertain economic times with her top tip being:
1. If you own a house, get a home-equity line today.
It won’t cost you money unless you use the credit line. But this way, you will have access to money if you lose your job or hit an emergency. If you wait until you’ve been laid off to apply for the credit line, “good luck trying to get a loan if you’re unemployed,” said Les Szarka, president of Szarka Financial Management in North Olmsted, Ohio.
