home purchase - The Mortgage Porter

NEWS FLASH: Mortgage Master now offers Bridge Loans

January 22, 2018 by Rhonda Porter Leave a Comment

UPDATE: Please visit our updated guide on Bridge Loans for homes in Washington state.

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…]

Filed Under: Home Buying, Mortgage Programs Tagged With: bridge loans, home purchase, noncontingent

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).

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Filed Under: Home Buying Tagged With: appraisal, bidding war, home purchase, low appraisal

Seattle Real Estate Chat [Video] on Preapproval and Commitment Letters

July 27, 2014 by Rhonda Porter 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!

If you are thinking about buying a home and getting preapproved, I’m happy to help you! Let’s chat!

Filed Under: Home Buying Tagged With: #SeattleREchat, home purchase, loan commitment, preapproval, seattle

Updating your Preapproval Letter

June 1, 2013 by Rhonda Porter 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.

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Filed Under: Home Buying Tagged With: home purchase, preapproval

What Sales Price Can I Buy with $100,000 Down Payment

May 23, 2013 by Rhonda Porter

EDITORS NOTE: More loan programs and improved guidelines are now available… and of course the rates quoted below are expired. If you would like me to review your scenario and provide you with a free rate quote for your home in Washington state, please click here.

I recently met with clients who have saved $100,000 to use for down payment and closing cost for a home in Bellevue. They easily qualify for the mortgage payment with their combined incomes and the both have excellent credit with scores of 740 or higher. They are most interested in seeing what sales prices they could qualify for with the $100,000 they had saved for down payment and closing cost using available mortgage programs.

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Filed Under: Residential Purchase Tagged With: down payment, home buying, home purchase