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Found 11 entries for June, 2013.

If you're on the market to buy a house and going through the search process, you've probably noticed the large number of foreclosures.  In May 2013, over 2200 homeowners in Washington went through the initial steps of foreclosure, up 15% from last year. And about half that number of homes reverted to bank ownership, 87% more than in 2012. So it seems like many of your choices in the real estate market will be foreclosed homes. 

How is buying a foreclosed home different from a traditional sale?

Well, first it helps to understand what happens in a foreclosure. When a homeowner stops paying his mortgage, the mortgage owner--usually a bank--will serve the homeowner a notice of foreclosure. At this point both parties might opt to try a short sale (which

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Most veterans are aware of the existence of VA HOME LOANS, but through rumored myths some have never applied for one.The reasons are numerous, ranging from “I have bad credit” to “I don’t know where to begin.” The home loan program for veterans is not as hard to navigate as you would think, and with options for those of us with bad credit, or are first time home buyers, or looking to refinance their existing loan, here are a few reasons to dispel any misgivings about VA loans and apply today.

It’s easy to get in contact with a VA loan qualified expert. Simply search for the type of loan, loan amount and state and you’ll be in contact with someone qualified to take you step by step through the process.

Qualifying is simple. Answering a few questions

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Buying a new home is an exciting course in many people's lives. The novelty of settling in a new area and of finding that warm-hearted domicile sure is a highlight of joy. Finding the right home loans can sometimes become overwhelming and consuming. This article will present information for detailing what kinds of loans will work best for any situation.

The Washington Department of Financial Institutions (DFI) regulates and licenses banks and other lenders that provide home loans to consumers. These regulations are designed to help protect the consumers and the banks. The DFI has provided some information about obtaining a loan and which loans are best for what houses.

Managing Credit

The DFI encourages consumers to take inventory about their

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The housing market has changed.  First time home sellers cannot use the same resources their parents did years ago.  The newspaper has some staying power, but the internet is a gold mine for REAL ESTATE.  Mix that with mobile devices and stiff competition and suddenly you'll realize the home market changed the rules.  Sellers are willing to sweeten the pot by adding extra incentives and taking more time to stage the home.  Buyers have the right to get a home inspection and a seller disclosure form.  It's no longer about making a profit, and after reading this, you'll see why.

The largest number of people looking at the home comes within the first three weeks, and the MLS listings and online viewings are the reason.  Take this opportunity to price the

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If you are thinking about purchasing a fixer-upper or if you are currently living in a home that needs work, you may be considering your options for financing the costs of the repairs. With the current state of the real estate market, many lenders have considerably tightened their underwriting requirements, making it more difficult to qualify for a conventional home improvement loan than before. Even if you find a lender who is willing to loan you the money needed to fix up your home, these loans are typically more expensive than most mortgage loans, and you will have two monthly payments to keep up with. You may be surprised to learn that the FHA has programs available to help homeowners and prospective homeowners make the necessary repairs to their

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As you begin the home buying process, we’re glad that you’ve chosen to work with a REALTOR. Because buying and selling real estate is what we do every day, we know three simple things that will really pay off for you in the long run if you’ll follow our advice. 

1. Our experience tells us one of the smartest financial decisions you can make with regard to buying a home is to contact a Lender before actually going home shopping. We understand that obtaining financing is a lot less fun than looking at houses, but you’ll be so glad you got it out of the way so that the fun part can begin!

When you are pre-approved for a home loan, you know exactly how much you can afford to spend so your REALTOR can do a better job of showing you only those homes that

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VA loans are one of the military benefits offered to both retired and active service members. Typically, obtaining one of these loans involves a simple process of application and acceptance. The necessary paperwork must be in order, but beyond that, the process is quite streamlined.

The applicant applies for pre-qualification that validates the individual’s seriousness about purchasing a home. Once he is pre-qualified, he will receive a certificate of eligibility. Not only does this allow the service member to have a price range to search in, but also, it provides a sense of commitment in purchasing a home to the potential seller.

Service members can obtain a VA loan with reasonable terms in order to purchase a home. Instead of going to a mainstream

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You have your new house under contract at a great price and now need to arrange for a mortgage. Your bank may offer you the option of paying “points” in exchange for a lower interest rate. So, what exactly are points? Furthermore, when should you consider paying them?

A mortgage point is simply 1% of the loan amount. For example, if the mortgage is $300,000, one point would be $3,000. In exchange for paying the lender $3,000 up front, you will receive a lower interest rate (typically one-eighth or one-quarter percentage point lower) during the term of the loan. Let’s look at an example of how this works and how to determine if paying points might be beneficial.

In this example, assume that the purchase price of the home is $300,000 and the bank is

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Purchasing a home isn't for only those who have tons of money. Program upon program exists to help everyone achieve the dream of home ownership. The HUD program is the perfect program to help out those who are having a hard time coming up with the resources necessary to buy a home.

HUD homes have a terrible reputation as homes that need a lot of work. While part of this is true, it's not such a terrible thing to have a house that's a fixer-upper. Homes fall under the HUD umbrella when they go into foreclosure through an FHA loan. It certainly doesn't mean that the home is in serious disrepair.

It is always a good idea to have the home thoroughly checked by an inspector to make sure there is no serious structural damage. You want to make sure the

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Many people choose to take loans with the Federal Housing Administration (FHA) because they require less of a down-payment, which is often seen as a plus for new home buyers.  This type of loan is super flexible and lenient, but it isn't for everyone, and if you apply unaware of the pros and cons of this type of loan, you may be missing out on money saving opportunities in other places. 

An FHA loan, also known as a Section 203(b) loan, is a unique type of loan that is insured against default by the FHA, so in the event that the borrower cannot pay, the FHA will so that the lender does not have to write off the loan.  Because of this, lenders feel a sense of security and are more willing to agree to larger mortage loan sums. 

A the Good about FHA

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