Frequently Asked Mortgage Questions

Do you have questions about the mortgage process? Here are some of the questions I hear most often from homebuyers and homeowners in Washington State. If you don’t see your question here, please reach out to me directly, I’m always happy to help!

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

The first step is a conversation. I offer a free discovery call where we talk through your goals, timeline, and financial picture. From there, we move into pre-approval — reviewing your credit, income, and assets so you know exactly what you can afford and can make a confident offer when the right home comes along.

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

Less than you might think. Down payments can range from 0% (VA and USDA loans) to 3–5% for many conventional and FHA programs, up to 20% or more if you want to avoid mortgage insurance. Washington State also has several down payment assistance programs and grants that can help. I’ll help you find the right fit for your budget and goals.

3. What are current mortgage rates in Washington?

Mortgage rates change daily based on market conditions, your credit profile, loan type, and property details. I publish weekly rate updates here on The Mortgage Porter, and I can give you a personalized rate quote based on your specific scenario. The rate you see advertised online is rarely the rate you’ll actually get — let’s look at yours.

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

It depends on your current rate, remaining loan term, and financial goals. Refinancing can lower your monthly payment, shorten your loan term, or give you access to equity. I’ll run a free mortgage review to show you exactly whether the numbers make sense for your situation — no obligation, no pressure.

5. Can I buy a second home or vacation home in Washington or out of state?

Yes! I help clients finance vacation homes throughout Washington — including the San Juan Islands, the Pacific Coast, Eastern Washington and mountain communities — as well as properties in other states. The qualifying guidelines are a bit different than for a primary residence, and I’ll walk you through every step.

6. What types of loans do you offer?

I work with a wide range of home loan programs, including conventional (fixed and adjustable rate), FHA, VA, USDA, jumbo, investment property, vacation home, renovation, construction, and reverse mortgages. As a Mortgage Advisor with New American Funding, I also have access to portfolio products that aren’t available at most banks. Visit the Mortgage Programs page for a full overview.

7. Do you work with clients outside of Seattle?

Absolutely. I’m based in the Federal Way/Seattle area and serve homebuyers and homeowners throughout Washington State. Most of the mortgage process happens remotely — via phone, email, teleconference (like Zoom) and secure online portals — so location is rarely a barrier.

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

As an independent Mortgage Advisor, I’m focused entirely on finding the right loan for you — not on meeting a bank’s sales goals. I offer more loan options, more personal communication, and more flexibility than most banks can provide. I’ve also been doing this since 2000, so I’ve seen just about every mortgage scenario there is. We also have the ability to shop many different lenders (including banks) for their products and interest rates. We maintain servicing on a majority of the applications that we originate and have the ability to broker loans when needed. We have in-house processing and underwriting and offer excellent service (be sure to check my reviews).

9. How long does the mortgage process take?

Most purchases and refinances close within 30 days of a completed application. Because we have in-house processing and underwriting at New American Funding, we can often move faster when needed. Timeline can vary depending on the complexity of your file and how quickly documents are provided — I’ll set clear expectations from the start and keep you updated throughout.

10. How do I get started?

The easiest first step is a free discovery call — no paperwork, no commitment, just a conversation about what you’re trying to accomplish. If you’re ready to move forward, you can also start a pre-application online. Either way, I’ll make sure you feel informed and confident every step of the way.

11. Can I get a mortgage in Washington if I am self-employed?

Yes. Self-employed borrowers can qualify using traditional tax returns (typically 1–2 years of personal and business returns) or through specialized non-QM loan options like bank statement programs. We review your overall financial picture to determine the best path for your situation. Learn more about Non-QM options.

12. How do first-lien HELOCs or sweep accounts work for paying off a mortgage faster?

A first-lien HELOC replaces your primary mortgage with a flexible line of credit, allowing your income to sit directly against your loan balance to reduce daily interest accrual while keeping your cash accessible. We can evaluate whether this strategy aligns with your cash flow and financial goals. More on the First Lien HELOC – Sweep Account.

13. Can I get a loan for an investment property based on rental income instead of my personal income?

Yes — that’s what a DSCR loan is for. It qualifies based on the property’s rental income rather than your personal income, which makes it a good fit for investors who don’t want to document income the traditional way. More on DSCR loans.

14. What is the Buyer’s Pass?

It’s a free digital credential included with your pre-approval — you keep it in your phone’s wallet and share it with a QR code scan at open houses, so listing agents instantly see your pre-approved status and get your buyer’s agent’s contact info. Read more about the Buyer’s Pass.

15. My loan officer stopped responding after closing — can you help?

Yes. I adopt mortgages that other originators walked away from after closing. If you’re not getting answers about your existing loan, I’ll do a free review to make sure you’re in the right mortgage and have someone responsive in your corner.

16. Do you have mortgage options for people nearing retirement?

Yes. I work with clients nearing or in retirement on mortgage solutions built around retirement income and goals — including reverse mortgages, senior HELOCs, and other strategies to use home equity to support your income in retirement. More on retirement mortgages.

17. Do you have mortgage options for people with significant assets but lower reported income?

Yes — this is a common scenario, especially for retirees, investors, and business owners whose tax returns don’t reflect their full financial picture. Asset-based qualifying options let us use your assets, rather than income alone, to help you qualify. Learn more about Non-QM options.

18. How do I finance building an ADU or DADU in Washington State?

Financing an accessory dwelling unit (ADU) or detached accessory dwelling unit (DADU) typically involves either a renovation loan or a cash-out refinance, depending on whether you’re building new or adding to an existing structure. I’ll walk you through which financing path fits your project and property. More on ADU & DADU financing.

19. What documents will I need to apply for a home loan?

Typically you’ll need recent pay stubs, W-2s or tax returns, bank statements, and a photo ID. Depending on your situation, we may also need documentation for other income sources, assets, or gift funds. I’ll give you a clear, personalized checklist once we talk through your specific scenario.

20. What is a Family Opportunity Mortgage?

It’s a program that lets you buy a home for an elderly parent or a family member with a disability, using owner-occupied loan terms and rates — even though you won’t be living in the home yourself. It’s a helpful option for families who want to support a loved one without taking on investment-property pricing. More on the Family Opportunity Mortgage.