S&P Case Shiller: Seattle home prices on the rise

July 30, 2013 by Leave a Comment

SP_CS_postThis morning the S&P/Case Shiller Home Prices Index was released revealing gains across the board for the 20 city index.

The report states that Seattle had their largest monthly gain to home prices since April 1990 of 3.15% from April to May.

Year over year, Seattle boasted double digit gains of 11.9% for May.

This can be good news for people in the greater Seattle area who are considering selling their home and for those who have been waiting for home values to improve so they can refinance.

Mortgage interest rates are off their record lows. However, they are still what would be considered historically low.

If you’re interested in getting preapproved to buy a home or refinancing your existing home located in Washington State, I’m happy to help you!

Filed Under: Economy, Real Estate, Residential Purchase, Seattle Tagged With: , ,

Eight Down Payment Assistance Programs for Washington Home Buyers

July 18, 2013 by 12 Comments

2013-03-07_0746Did you know that the Washington State Housing Finance Commission offers 8 different down payment assistance programs for Washington state home buyers? It’s true! And some of them do not require you to be a first time home buyer.  The WSHFC down payment assistance programs listed below can be used with a Home Advantage first mortgage:

[Read more…]

Filed Under: Down Payment Assistance, Home Advantage Program, Residential Purchase, WSHFC Tagged With: , , , ,

Updating your Preapproval Letter

June 1, 2013 by 2 Comments

j0403639_2I’m often asked by home buyers “does my preapproval letter expire” or “what happens if we don’t find a home in a few months”. Preapproval letters should include two dates: when the letter was prepared and when the preapproval expires.  Fear not, most of the time, it should just take providing a couple documents to your loan officer so they can “dust off” your application and provide an updated pre-approval letter.

[Read more…]

Filed Under: Real Estate Agents, Residential Purchase Tagged With: ,

Buying a home together before you get married

May 29, 2013 by Leave a Comment

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!

Filed Under: Residential Purchase, Title Insurance Tagged With: , , ,

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

May 23, 2013 by

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.

[Read more…]

Filed Under: Residential Purchase Tagged With: , ,

Book Release: Buying a Home Again

May 21, 2013 by

Hot off the press! I wrote my latest Guide Book for people who have had a short sale or foreclosure and are considering buying their next home. The media has coined these home buyers as “boomerang buyers” because many are returning to buy a home again.

If you know someone who has had a short sale or foreclosure in Washington state and who is considering buying a home again, I hope you’ll share this book with them.

Check out my other guide books at the Mortgage Porter Library.

If you have had a short sale, foreclosure or a loan modification and are considering buying your next home located anywhere in Washington state, I’m happy to help you with your next mortgage.

Filed Under: Bankruptcy, Books, Buying after a short sale or foreclosure, Residential Purchase Tagged With: , , , , ,

What is the difference between a Preapproval Letter and a Loan Commitment Letter?

May 14, 2013 by 7 Comments

j0403639_2Last week I shared how it’s pretty much mandatory that if you are a home buyer making an offer on a home located in the greater Seattle area, you better be equipped with a strong preapproval letter from a reputable lender.

Some home buyers are taking this a step further and requesting a Loan Commitment Letter from their lender. What’s the difference?

There are actually three levels of qualifications that a potential home buyer may have after contacting a lender. Please keep in mind that not all lenders may have the same standards or definitions as what I’m posting here.

[Read more…]

Filed Under: Residential Purchase Tagged With: , , ,

Is it necessary in Seattle to get preapproved to make an offer on a home?

May 10, 2013 by 1 Comment

Recently one of my out of state clients who is looking to buy an investment home in Seattle asked “Is it necessary in Seattle to get preapproved?”

The short answer: YES!  Unless you’re paying cash! And if you are paying cash, be prepared to show the listing agent and seller that you have proof of funds.

Redfin’s “Bidding War Report” reveals Seattle is the 5th most competitive housing markets in the nation with 74.6% of offers “facing competition” (multiple offers) last month.

With Seattle area home sellers having more than just one offer from potential home buyers to choose from, you must be preapproved by a reputable local lender. Listing agents will help the seller review the offers to determine which one is the best for their situation.

According to the Bidding War Report, if you’re buying a home in Seattle, you may want to consider getting your home inspection done BEFORE making your offer (aka a “pre-inspection”). Last month, 14.3% of “winning offers” on Seattle homes had pre-inspections and 19% waived their inspection contingency.

Pre-Inspect-to-Play: This 2-bedroom, 1-bath home in Seattle’s Phinney Ridge neighborhood had 300 showings, 19 pre-inspections (a competitive strategy common in Seattle in which the buyer has the home inspected before submitting an offer so that they can safely waive the inspection contingency), and more than 30 offers….

What did the “winning offers” have for financing in Seattle last month? 

  • 63.1% used conventional financing
  • 4.8% used FHA or VA financing
  • 2.4% paid cash

10.7% of “winning offers” waived their financing contingency.  17.9% of “winning offers” included a cover letter, or a “love letter” to the seller about why they want to buy their home.

This is great news for home owners who have been contemplating selling their home. Last night, King 5 aired this story about a couple from Seattle who sold their home in a matter of days for more than they expected with several strong offers to choose from. 

Rising home prices will also help home owners who have been waiting for their home values to go up so they can refinance (if they don’t already qualify for HARP or a FHA/VA streamline refi). 

ATTENTION HOME BUYERS is the greater Seattle area: you’ve got to get your game on if you want to “win” in a multiple offer situation! Be sure to get preapproved from a local trusted lender. Your preapproval letter needs to be strong enough to give the seller and listing agent confidence that you are the most qualified buyer with the highest odds of having the transaction close quickly and without issues. Here’s a list of what you’ll need in order to be truly preapproved…if you’re working with a lender who has not requested these items, you’re probably just prequalifed and there is a HUGE difference.  

If you are considering buying or refinancing a home located in Seattle or anywhere in Washington state, where I’m licensed, I am happy to help you! I have been helping home buyers with their mortgage needs at Mortgage Master Service Corporation for 13 years. Click here for a rate quote or contact me to start the preapproval process.

Filed Under: Real Estate, Residential Purchase Tagged With: , , , ,
« Previous Page
Next Page »