Real estate agent and mortgage broker with 11 years experience in the area. Areas of focus include residential, commercial, and business sales and financing.
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Affordability and a low or no downpayment. In Seattle, this can be difficult without the appropriate financing since the median home price is now $481,000. Young families also look for amenities including 3 bedrooms, appliances, and a nice yard. Many also look for convenient access to restaurants, entertainment, schools, and parks. - Thu Aug 9 2007, 09:36
Stated income loans are provided as a convenience for individuals who write off the majority of their taxable income. However, the cash flow should actually exist. A number of better options exist including no income verification and no ratio. The bottom line is that you should never take on more than you can afford. Please contact me if you wish to discuss this further 206-852-1166. - Sun Jul 1 2007, 16:33
It really depends upon the type of loan you have and when it is scheduled to adjust as well as the cost of refinancing into a new loan versus the cost of keeping your existing structure. In any event, it is something that requires considerable planning. Loans have many variables including duration,margin, index, etc. Interest rates are still at near 40 year lows and many attractive options still exist. Please contact me if you wish to discuss this further 206-852-1166. - Sun Jul 1 2007, 16:25
It really depends upon the cost of the PMI versus the cost of the blended interest rate of the first/second mortgage combination. Tax deductibility is no longer a factor in most cases because the tax laws have changed this year 2007 so that PMI is now tax deductible for borrowers with (AGI) of up to $100,000. Please contact me if you wish to discuss this further 206-852-1166. - Sun Jul 1 2007, 16:17
I would recommend starting the process at least three months in advance so you can find out what you qualify for and allow yourself time to find a property that meets your parameters as well as resolve any credit or budget issues. You should also remember that it could take as much as a month to close on the new property once your offer has been accepted. - Sun Jul 1 2007, 16:09
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