Mortgage

The Department of Housing and Urban Development just announced the new FHA loan limits for 2016. 188 counties had an increase in loan limits – including King, Pierce, and Snohomish counties. Effective January 1, 2016, the FHA loan limit for these three counties will increase from $517,500 to $540,500 (a 23K increase) for single family residences. …  Read More 

As real estate agents, we get to see lots of lots of real estate transactions. There are smooth, surprise-free deals, but there are also pain-in-the-butt, super-stressful ones. If a real estate transaction is going to go haywire for a home buyer, 9 out of 10 times it is because they made a poor choice of …  Read More 

If you get a mortgage to purchase a home, one of the steps in the process is to have the home appraised. The appraiser will present a report that gives their opinion of the fair market value of the home. Can you trust this number to be an accurate depiction of the actual market value …  Read More 

The internet gives home buyers and owners the flexibility to shop for mortgage lenders across the country. Many borrowers will stumble across seemingly attractive rates or fees from a lender clear across the country. Other borrowers may have a bank relationship in a location where they used to live. Is it a good idea to …  Read More 

If you have an FHA loan and would like to see if you can take advantage of lower interest rates, FHA streamline refinancing programs may be a way for you to re-fi at minimum out-of-pocket costs and without the worry of a low appraisal. In order to qualify, you do have to have an FHA-insured …  Read More 

One of our recent buyers just completed a rehab of her Mercer Island condo using an FHA 203(k) Rehab Loan. The rehab loan is a great way to get immediate money to renovate your home, as the renovation costs are rolled directly into your mortgage. The process is fairly pain-free and does help home owners breathe new …  Read More 

When getting a mortgage, there are two primary types of mortgages. One is called a conforming loan, which means that the loan amount is under the conforming loan limits. Conforming loans have the most attractive loan rates and qualification criteria because the loans are being purchased by large secondary market companies like Fannie Mae/Freddie Mac, …  Read More 

Taking out a mortgage to buy a home or to refinance an existing mortgage usually comes with a variety of loan fees and closing costs. Some lenders will advertise a “no-fee loan” to entice borrowers who don’t want to pay the fees, but is it really a good deal? No-fee mortgages still have fees, but …  Read More 

Buying a condominium using a mortgage involves a more stringent set of lending criteria than when you buy a stand-alone home. While it is not difficult to obtain a condo mortgage, it pays to understand the mortgage requirements upfront so that you don’t have any nasty surprises. It also will impact you when it comes …  Read More 

Wouldn’t it be nice to not have to worry about your monthly mortgage payment? Well, if you are willing to have your house painted with advertising, this company is offering to pay your mortgage! Adzookie is a mobile advertising network, and it looks like they are trying a novel approach to billboards, tapping homeowners across …  Read More 

Getting a mortgage for a home purchase can be a daunting task to the uninitiated, but it pays to understand the process upfront and pick the right mortgage companies to work with to ensure a quick closing. When getting a mortgage, there are three key individuals in the process: the loan officer, the loan processor …  Read More