Seattle Home Financing Resource
In the past 6 years, the mortgage process has definitely become more challenging, and it demands more from the mortgage originator and the borrower. Borrowing money for a home purchase is still very realistic for millions of Americans, but one of the most critical steps for a home buyer or homeowner is working with a person that provides the service and products to effectively guide a borrower from start to finish.
With rates as good as they are right now, the first step everyone should be doing is to start talking with someone who can help you understand what position you are currently in, and how the state of current market can potentially help you better your position, or, at the very least, to help you understand and reaffirm that your current position is the most advantageous based on your future game plan. This type of analysis is more then just letting you know if you can qualify for a refinance, or not, and is why it is important to work with someone that will work with you and give you an honest options/perspective on what will best serve your current and future perspectives.
Also, our government has rolled out changes to the HARP program by the removing any loan to value ratio restrictions. Under the new rules, it doesn’t matter how far under water your mortgage is currently, you will still be eligible to refinance. In fact, most loans will not even require an appraisal, which will save money on closing costs too.
There have also been changes made to the risk based adjustments for the HARP program. I know this sounds technical, but, in plain English, this means the interest rates will be even a bit more competitive on this program now. In short, if you have been told you can’t refinance over the past couple years because you are too far underwater, now is the time to check into the refinance scenario again. This is an amazing opportunity for many home owners that is likely to (actually) have the impact desired by the government… for a change.
Call me anytime with questions. My office is located in Seattle and Bellevue, but I frequently serve clients throughout Western Washington and act as a resource to many others.
Tom
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