Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
When it comes to getting a mortgage, how much you earn matters — but so does how you earn it. A W-2 salary looks very different to an underwriter than an hourly wage, a part-time paycheck, or income from a second job. And if you’ve recently started a new position or are expecting a pay increase, there are specific guidelines that govern whether that income can even be used to qualify.
Let’s break it all down. [Read more…]
A few years ago, a mom called to make an appointment — not for herself, but for her two adult children. She was proud of them, both hard-working and responsible, and she thought they should be buying a home instead of renting. They came in together, and it turned out to be one of my favorite kinds of consultations.
They were doing a lot of things right. But they were also missing a few pieces that lenders look for: established credit history, a longer employment track record, and some savings set aside. Rather than push them into a loan they weren’t fully ready for, we put together a plan. A year or so later, they were in a much better position.
That kind of conversation happens more often than you might think. And it’s one of my favorite parts of this job — helping people get their financial house in order before they buy a home, so they can do it with confidence and on the best possible terms.
If you’re not quite ready to buy yet but want to be, here’s what I typically recommend. [Read more…]
It’s Jobs Week — and with a packed economic calendar ahead, the bond market is on alert. Here’s what’s happening with mortgage rates, what to watch this week, and why the “just wait for rates to drop” strategy may cost more than you think.
When you’re buying a home with a mortgage, your lender needs to know where every dollar used for the down payment, closing costs, and reserves is coming from. This isn’t optional — it’s a federal requirement, and it applies regardless of loan program. The lender has to document, verify, and approve the source of your funds before your loan can close.
This guide covers what counts as an acceptable source of funds for closing in Washington State, what documentation is typically required, and a few sources that won’t fly with lenders — no matter how legitimate they feel to you. [Read more…]
