home purchase - The Mortgage Porter

Prequalified vs. Preapproved for a Mortgage: What’s the Difference?

April 8, 2026 by Rhonda Porter Leave a Comment

If you’re getting ready to buy a home, one of the first things you’ll hear is that you need to get preapproved. But what does that actually mean — and how is it different from being prequalified? And what about a loan commitment letter, or being pre-underwritten?

These terms get used interchangeably, but they are not the same thing. The difference matters — especially in a competitive market where sellers are evaluating the strength of every offer on the table.

Here’s a simple breakdown of each level and what to look for. [Read more…]

Filed Under: Home Buying Tagged With: credit scores, home purchase, loan commitment letter, preapproval, preapproved, prequalified

2026 Conforming Loan Limits: What Washington Homebuyers Should Know

December 5, 2025 by Rhonda Porter Leave a Comment

Low-Down-Payment Programs, Renovation Loans & Down Payment Assistance Options

The 2026 conforming loan limits are giving homebuyers and homeowners across Washington State more borrowing power and more flexibility. Higher limits mean more buyers can qualify for competitive conforming mortgage programs—often with lower down payments, reduced mortgage insurance, and expanded underwriting options. [Read more…]

Filed Under: Home Buying, Mortgage Programs Tagged With: conforming, credit scores, down payment, down payment assistance, dpa, fannie mae, first time home buyer, freddie mac, home advantage, home buyer, home possible, home purchase, Home Ready, loan limits, pmi, renovation, renovation mortgage, wshfc

Why It Makes Sense to Buy Before Mortgage Rates Move Lower

August 5, 2023 by Rhonda Porter Leave a Comment

Seattle area Real Estate Broker, Kim Mulligan, posted this on Facebook a couple of days ago regarding a recent listing:

“For those of you that were clamoring to be my neighbor, I have bad news. A pricing war ensued and an offer was chosen last night. Ends up we had well over 80 parties tour the home in two days, several offers came forth, and a lucky buyer will get to share a fenceline with me. Why do I mention this? Many people think that there isn’t a market right now because of interest rates. Yes, buyers are careful and shy. The truth is some people have to move in any market. Sellers don’t need to be afraid to list their homes. Yes, buyers are choosey, but priced and presented well, and with the right lender where you can change your interest rate when it drops down again, your home could sell within 3 days as well!” [Read more…]

Filed Under: Home Buying Tagged With: appreciation, bridge loan, cost of waiting, home purchase, interest rates, inventory, seattle

Marry the House. Date the Rate: What It Really Means for Washington State Buyers

June 22, 2022 by Rhonda Porter Leave a Comment

“Marry the home, date the rate.”

If you’ve been shopping for a home in Washington State over the past few years, you’ve almost certainly heard this phrase — from your real estate agent, your mortgage advisor, social media, or all three. It’s become one of the most repeated pieces of advice in the housing market.

But what does it actually mean? When is it good advice? And when should you push back on it? [Read more…]

Filed Under: Home Buying Tagged With: home purchase, interest rates, refinance

You just “won” the highest bid on a hot Seattle home… now what?

May 2, 2015 by Rhonda Porter 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).