Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
HUD just announced that the mortgage insurance on FHA mortgages will be reduced by 30 basis points on most mortgage loans.
FHA mortgages typically have two forms of mortgage insurance. Borrowers pay for both an upfront premium, which is often added to the loan amount and financed over the life of the loan and an annual premium, which is paid monthly. The mortgage insurance which has been reduced is the annual mortgage insurance. [Read more…]
Last month I wrote about advice I’ve been seeing popping up in my Facebook feed from Dave Ramsey on mortgages. There are several points that I just don’t find realistic for the average person who wants to buy a home, such as only using a 15 year amortized mortgage with 20% down payment and limiting your mortgage payment to 25% of your take home pay. I promised that I would share a follow up post where I review different scenarios comparing his advise to real life scenarios. [Read more…]
Most homeowners think about refinancing to get a lower interest rate. But there’s another reason to refinance that often gets overlooked — eliminating FHA mortgage insurance. In some cases, refinancing from an FHA loan into a conventional mortgage can actually lower your monthly payment even if your new interest rate is higher.
If you have an FHA loan from 2019 through 2022 — when rates were historically low — this scenario may apply to you right now. [Read more…]
When borrowers start researching FHA versus conventional mortgages, they often encounter the same inaccurate information — repeated across real estate websites, agent newsletters, and well-meaning advice from friends. These misconceptions can lead buyers to dismiss loan options that might actually work better for their situation, or to make decisions based on outdated assumptions.
Here are six of the most common misconceptions about FHA and conventional mortgages — and what’s actually true. [Read more…]
More families are choosing to live together across generations — whether to care for aging parents, support adult children, or simply share the costs of homeownership. If you’re considering buying a multi-generational home in Washington State, here’s what you need to know about how financing actually works. [Read more…]
