home equity

Your Mortgage and Home Equity should be part of your Financial Planning

January 9, 2024 by Rhonda Porter Leave a Comment

Market Watch recently published “I really don’t want to work until I’m 67, I’m 57, make $100,000 a year, and have $300K in my 401(k). But I’m worried about my spending and have debt. Who can help?” The article provided some basic tips such as recommending this person use their income to pay off the debt (vs using their savings), change their spending habits and make sure they’re funding their retirement. [Read more…]

Filed Under: cash out refi, Debt Restructuring, Financial Planning, heloc, Offset Mortgage, Retirement, Selling your Home Tagged With: all in one loan, debt, financial planning, home equity, offset mortgage, retirement

What is an Offset Mortgage?

June 19, 2023 by Rhonda Porter Leave a Comment

An “offset mortgage” also known as an “all-in-one loan” is basically a 30-year home equity line of credit that includes a sweep-checking account where the deposits go directly to paying the principal balance. Homeowners can still access the funds they deposit (and their home equity) from the account, using it to pay their day-to-day bills, vacations, home improvements, whatever the credit line has available. It is essentially a “normal” checking account. [Read more…]

Filed Under: cash out refi, Debt Restructuring, Financial Planning, heloc, Investment Property, Offset Mortgage, Reverse Mortgage, Second Home Tagged With: cash out refi, home equity, investment property, offset mortgage, reverse mortgage, second home

A First Time Home Buyer’s Story

February 22, 2019 by Rhonda Porter Leave a Comment

I’m so excited for some clients I helped buy their first home a couple of years ago. I thought I’d share their story – at least the Readers Digest version! 🙂

This couple attended a home buyers class that I was teaching back in 2014. They purchased their first home in Seattle in 2014 using a down payment assistance program we offer through the Washington State Housing Finance Commission. [Read more…]

Filed Under: Down Payment Assistance, First Time Home Buyer, Home Advantage Program, Uncategorized Tagged With: appreciation, down payment assistance, first time home buyer, home advantage, home equity

What is Delayed Financing?

February 26, 2015 by Rhonda Porter 2 Comments

In today’s competitive housing market, we are seeing more buyers using “all cash” to purchase their homes. Delayed financing allows home buyers who pay cash for a home to obtain cash out, using a refinance, without it being treated as a “cash out” refi. A “cash-out” refi has stricter requirements, including having to wait 6 months after closing before being able to refi. Delayed financing allows home owners to recoup the cash used to purchase the home.