You often read about what to do before applying for a mortgage to buy a home. However, despite all the attention paid to the housing market and restrictive lending standards over the past few years, it is still quite common for home-buyers to be unaware of what “NOT” to do before, or during their application for a mortgage. Let's discuss some of the critical and potentially costly mistakes home buyers make when applying for a mortgage to buy a home. Don’t Change … [Read more...]
It Pays to Be Fully Prepared for a Mortgage While it has gotten "easier" for home buyers to apply for a mortgage during the past couple years, don't be mislead - it's still an arduous process, as many of our Seattle area clients will tell you. Thus, it truly pays to be to be fully prepared before seriously looking for a home, as knowing what's ahead can save a home buyer thousands of dollars long-term. All mortgage applicants, regardless of income or financial … [Read more...]
Mortgage rates have been on steady decline in Seattle and Washington State since the start of 2012. But mortgage rates aren't the only homeowner expenses dropping - the closing costs associating with buying and/or purchasing a home have also dropped. And in 2012, Washington State's closing costs rank well, with loan origination fees and title & escrow expenses among the lowest in the country. According to Bankrate.com's annual Mortgage Closing Cost Survey, … [Read more...]
Thinking of buying a home in Seattle soon? For today's home buyers, the value of "good credit" has never been higher. Virtually all Mortgage loan approvals will depend on your FICO score, as does your final mortgage rate, which varies depending on what range your FICO score falls into. If you're shopping for a home in Seattle, or contemplating a refinance, be aware of how credit behaviors can affect your FICO score. Even small events can make a big impact. For … [Read more...]
Buying a new home and applying for a mortgage? For the next 2-3 months, you should consider paying off your credit card balances in full just prior to the “statement date.” Why??? Yes... yes... I know, you proudly pay all your balances in full, and you carry no debt. So what’s the problem? Why on earth would you want to pay your balance before the statement date? Because if you don’t, your credit card charges and balance as of the statement date will be … [Read more...]
Be Cautious When Buying a New Car Before Applying for a Mortgage It is quite often the case, where a prospective new Seattle homeowner also decides to purchase a new car before buying a home. I have worked with several Seattle area home buyers recently who needed to purchase a car before moving to Washington state. I always caution home buyers about the potential pitfalls of buying a new car where it concerns their credit and debt to income ratios. Surprising to most, … [Read more...]
