Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
If you’re planning to buy a home in Washington State, you’re not alone — and you’re probably using a mortgage between $300,000 and $1,000,000.
That loan range now represents the largest share of homebuyers across Washington, from first-time buyers to relocations and move-up homeowners. But where people are buying has shifted significantly in the past few years.
Below are the top Washington cities attracting homebuyers and what mortgage financing typically looks like in each market. [Read more…]
One of the benefits of a Correspondent Lender is that we work with many mortgage investors and lenders. Some of them are big banks you’ve probably heard of and perhaps others are less commonly known. It’s a great feature that we can not only work with the pricing our investors offer, so we’re able to shop rates for our clients, but we can also use the various mortgage programs. [Read more…]
With the appreciation homes are seeing in the greater Seattle – King County area, home owners who purchased their home a couple years ago using an FHA mortgage may now be able to refinance into a conventional mortgage. FHA mortgages are often used when a home buyer needs a lower down payment option or if credit scores are lower. FHA jumbo mortgages offer home buyers lower down payment with higher loan amounts than what conforming mortgages will permit. There are many reasons why someone might opt for an FHA mortgage when buying a home.
A 10/1 ARM is an adjustable rate mortgage where the interest rate is fixed for the first 10 years and then may adjust at the 121st payment (after the 10 year “fixed period” is over).
After the first adjustment on the 121st month, the rate will adjust annually on the anniversary of the first adjustment date.
There’s been a lot of recent chatter about the possibility of conforming loan limits being reduced in 2014 that home buyers in the greater Seattle area and home owners should be aware of.
Reuters reports that Denise Dunckel, a spokes person for the FHFA recently stated “a gradual reduction in loan limits is an appropriate and effective approach to reducing taxpayer’s mortgage risk exposure”.
