Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
A low appraisal on a refinance is one of those moments that can feel like the whole transaction is falling apart. I just worked through this with a borrower on an FHA refinance — the appraisal came in below what we needed, and we had to decide quickly how to respond. We got through it, and the experience is a good reminder that a low appraisal is not necessarily the end of the road.
Here’s what your options actually look like when this happens. [Read more…]
One of the more pleasant surprises in a mortgage transaction is when the automated underwriting system comes back and tells you an appraisal isn’t required. It saves time, saves money, and removes one of the more unpredictable variables from the process.
Here’s what appraisal waivers are, what they’re called now, and what you need to know about how they work on conventional conforming loans in Washington state. [Read more…]
In competitive markets, buyers sometimes feel pressure to waive contingencies to make their offer stand out. Before you do — whether it’s the financing contingency, the appraisal contingency, or both — here’s what you need to understand about the risks involved.
The Puget Sound Business Journal recently posted an article about a 1,100 square foot home in Ballard that sold $158,000 over list price. There is no denying that Seattle’s real estate market is hot largely due to lack of inventory and rising rents. (A’ hem…if you have been considering selling your Seattle area home, now could be the time).
