In a couple weeks, King County along with others, will begin posting property tax bills for 2015. This may be a non-event for most…unless you’re in the process of buying a home and your debt-to-income ratios are tight. It’s possible that should the tax assessor decide the home you have a contract on now or during the next month has a higher value, and therefore a higher tax bill, that this may jeopardize some loan approvals and/or transactions.
Coming Soon: 2015 Property Tax Bills
January 31, 2015 by Leave a Comment
eBook: Financing Your First Investment Property
December 23, 2014 by Leave a Comment
This is the second edition of my slide-book, Financing Your First Investment Property.
In this edition, loan limits and mortgage programs have been updated.
If I can help you with the financing of your first (second or third) investment property located in Washington state, please contact me!
Tips on how to save up for a down payment
December 19, 2014 by Leave a Comment
Get Rich Slowly recently posted How to Save Up for a Down Payment Fast. I’d like to respond to some of the ideas offered in GRS’s post from a Mortgage Professional’s viewpoint and offer my advice.
Here are some of the suggestions on How to Save Up for Down Payment Fast along with my 2 cents (in italics).
Don’t be naughty to your preapproval status over the holidays
November 18, 2014 by Leave a Comment
![iStock_000004639657XSmall[1]](https://i0.wp.com/mortgageporter.com/images/2014/11/iStock_000004639657XSmall1.jpg?ssl=1)
If you are currently preappoved for a mortgage to buy a home or are considering getting a mortgage in the New Year, what you do now with regards to your credit and income may impact your preapproval status.
A mortgage preapproval is based on information provided at the time of the pre-application. It is only valid assuming that the information provided at that time has not changed. You may not be aware that you’ve done something that may have jeopardized your preapproval until a month or two later when you’re getting ready to make an offer on a home and then learn you’ve been Scrooged.
Fannie Mae HomePath now offering Financial Flexibilities
October 24, 2014 by Leave a Comment
Earlier this month, Fannie Mae retired the Fannie Mae HomePath Mortgage program which was available exclusively to homes owned by Fannie Mae as a result of foreclosure. This popular program offered mortgages with no private mortgage insurance and no appraisal was required. Investors were able to buy HomePath properties with reduced down payments.
How much does a bump in interest rates impact home buyers?
September 26, 2014 by Leave a Comment
I’m reading an article this morning, “When Mortgage Rates Rise”, which addresses something that I’m often asked and that I also addressed recently on post here. Essentially, the “experts” are predicting that we will mortgage rates trend higher to around the 5% range by mid to late next year. Historically, speaking, 5% is not a high rate… in fact, I’m sure I wrote a blog post about when mortgage rates dipped as low as 5% back around 2008 . Our “problem” is that we have become accustomed to fixed rates in the 3 to 4% range. Mortgage rates have been at artificially low levels for a long period. And I agree that we will see this end as the Fed continues to pull back their support of mortgage backed securities.
Seattle Real Estate Chat [Video] on Preapproval and Commitment Letters
July 27, 2014 by Leave a Comment
In this episode, Jim Reppond and I discuss Commitment Letters. A commitment letter is kind of like a preapproval letter on steroids. And in this hot sellers market that the greater Seattle area is currently experiencing – many buyers can use a little extra help to stand out from a similar competing offer. A Loan Commitment Letter may be the extra boost that could help some home buyers.
Check out our last episode!
Recent Comments