Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
Last Friday, NAR (the National Association of Realtors) announced a settlement which included a major change to real estate commissions. This settlement still needs court approval to be finalized.
Several media sources have been spreading misinformation about commissions with headlines including that buyers agents will no longer be compensated. This is far from accurate. [Read more…]
Editor’s note: This post was originally published in April 2010 and has been substantially updated to reflect current FHA assumption requirements and today’s rate environment. This is not legal advice; consult an attorney for guidance specific to your situation.
If you have an FHA-insured mortgage at a rate well below today’s market, that loan could become one of your biggest selling points when it’s time to move. FHA loans are assumable, meaning a qualified buyer can take over your existing mortgage — rate, balance, and remaining term — instead of opening a brand-new loan at current rates. In a market where new mortgage rates run meaningfully higher than rates from a few years ago, that’s a real advantage over a comparable listing without an assumable loan. [Read more…]
