I can’t take credit for the catchy phrase “Marry the house. Date the rate”. It’s being posted by mortgage professionals and real estate agents all over social media. What does this phrase mean? [Read more…]
Marry the House. Date the Rate.
June 22, 2022 by Leave a Comment
The REAL Income Needed to Buy Median-Priced Home in Seattle
February 26, 2019 by Leave a Comment
KOMO News is reporting that it takes an income of $105K to buy a median-priced home in the Seattle area. This is based off a report from HSH.com. When you dig deeper into the report, here’s how HSH.com came up with their numbers: [Read more…]
NEWS FLASH: Mortgage Master now offers Bridge Loans
January 22, 2018 by Leave a Comment
I’m pleased to announce that Mortgage Master Service Corporation is once again, offering bridge loans to our clients. A bridge loan allows a home owner to tap equity from their current home for down payment on their next home before their current home has sold. With a bridge loan, there are no monthly mortgage payments and the interest that accrues is paid off at the closing of the buyer’s listed home. [Read more…]
You just “won” the highest bid on a hot Seattle home… now what?
May 2, 2015 by Leave a Comment
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).
Seattle Real Estate Chat [Video] on Preapproval and Commitment Letters
July 27, 2014 by Leave a Comment
In this episode, Jim Reppond and I discuss Commitment Letters. A commitment letter is kind of like a preapproval letter on steroids. And in this hot sellers market that the greater Seattle area is currently experiencing – many buyers can use a little extra help to stand out from a similar competing offer. A Loan Commitment Letter may be the extra boost that could help some home buyers.
Check out our last episode!
Updating your Preapproval Letter
June 1, 2013 by 2 Comments
I’m often asked by home buyers “does my preapproval letter expire” or “what happens if we don’t find a home in a few months”. Preapproval letters should include two dates: when the letter was prepared and when the preapproval expires. Fear not, most of the time, it should just take providing a couple documents to your loan officer so they can “dust off” your application and provide an updated pre-approval letter.
Is it necessary in Seattle to get preapproved to make an offer on a home?
May 10, 2013 by 1 Comment
Recently one of my out of state clients who is looking to buy an investment home in Seattle asked “Is it necessary in Seattle to get preapproved?”
The short answer: YES! Unless you’re paying cash! And if you are paying cash, be prepared to show the listing agent and seller that you have proof of funds.
Redfin’s “Bidding War Report” reveals Seattle is the 5th most competitive housing markets in the nation with 74.6% of offers “facing competition” (multiple offers) last month.
With Seattle area home sellers having more than just one offer from potential home buyers to choose from, you must be preapproved by a reputable local lender. Listing agents will help the seller review the offers to determine which one is the best for their situation.
According to the Bidding War Report, if you’re buying a home in Seattle, you may want to consider getting your home inspection done BEFORE making your offer (aka a “pre-inspection”). Last month, 14.3% of “winning offers” on Seattle homes had pre-inspections and 19% waived their inspection contingency.
Pre-Inspect-to-Play: This 2-bedroom, 1-bath home in Seattle’s Phinney Ridge neighborhood had 300 showings, 19 pre-inspections (a competitive strategy common in Seattle in which the buyer has the home inspected before submitting an offer so that they can safely waive the inspection contingency), and more than 30 offers….
What did the “winning offers” have for financing in Seattle last month?
- 63.1% used conventional financing
- 4.8% used FHA or VA financing
- 2.4% paid cash
10.7% of “winning offers” waived their financing contingency. 17.9% of “winning offers” included a cover letter, or a “love letter” to the seller about why they want to buy their home.
This is great news for home owners who have been contemplating selling their home. Last night, King 5 aired this story about a couple from Seattle who sold their home in a matter of days for more than they expected with several strong offers to choose from.
Rising home prices will also help home owners who have been waiting for their home values to go up so they can refinance (if they don’t already qualify for HARP or a FHA/VA streamline refi).
ATTENTION HOME BUYERS is the greater Seattle area: you’ve got to get your game on if you want to “win” in a multiple offer situation! Be sure to get preapproved from a local trusted lender. Your preapproval letter needs to be strong enough to give the seller and listing agent confidence that you are the most qualified buyer with the highest odds of having the transaction close quickly and without issues. Here’s a list of what you’ll need in order to be truly preapproved…if you’re working with a lender who has not requested these items, you’re probably just prequalifed and there is a HUGE difference.
If you are considering buying or refinancing a home located in Seattle or anywhere in Washington state, where I’m licensed, I am happy to help you! I have been helping home buyers with their mortgage needs at Mortgage Master Service Corporation for 13 years. Click here for a rate quote or contact me to start the preapproval process.
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