Zillow Advice RSS: Question-Discussion-Guide,All Real Estate Advice Topics,WA http://www.zillow.com/advice/WA/all/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate How is the home buying process different for foreign buyers? http://www.zillow.com/advice-thread/How-is-the-home-buying-process-different-for-foreign-buyers/475245/ The first question is if they will be paying cash or looking to obtain a mortgage.<br \><br \>0 replies Mon, 21 Jan 2013 19:45:00 GMT http://www.zillow.com/advice-thread/How-is-the-home-buying-process-different-for-foreign-buyers/475245/ 2013-01-21T19:45:00Z Bad credit home loan ? http://www.zillow.com/advice-thread/Bad-credit-home-loan/496851/ Here's an <a href="http://www.zillow.com/mortgage-rates/buying-a-home/finding-mortgage-with-bad-credit/">article</a> that could help you, it's about finding a mortgage with bad credit.&nbsp;<br \><br \>0 replies Tue, 11 Feb 2014 19:18:00 GMT http://www.zillow.com/advice-thread/Bad-credit-home-loan/496851/ 2014-02-11T19:18:00Z buying investment property in Seattle http://www.zillow.com/advice-thread/buying-investment-property-in-Seattle/177451/ Ok, here is my situation.&nbsp; I currently own two houses in Seattle, the one I live in and one that I own as an investment.&nbsp; My rental income is about double the <a href="http://www.zillow.com/mortgage/">mortgage</a> on my investment house and I currently have about $250k in equity in that house and another $100k that I have available to invest.&nbsp; <br/>I've done the math and I think that I can buy another fixer in Seattle and get it up and running with at least a small profit (I'm fairly handy and know when I'm getting over my head) but my question is, what is the best way to finance this?<br/>Should I take out an investment mortgage?&nbsp; Pull equity out of my other investment property? Or just wait a little while until I have enough cash to buy a house outright?<br/>I'm banking on the thought that it can't be that bad for that long.&nbsp; <a href="http://www.zillow.com/local-info/#metric=mt%3D18%26dt%3D1%26tp%3D5%26rt%3D14%26r%3D102001%2C394913%2C394806%2C394463">House prices</a> are getting low enough in Seattle that the market is opening up a lot of first time buyers that could not have afforded to buy here a few years ago.&nbsp; And I think that this will bottom out the market.&nbsp; But even if it continues to tank I think that I can make at least a modest profit from rental income.&nbsp; <br/>Who should I even be talking to about this?&nbsp; <br/><br \><br \>13 replies Tue, 16 Dec 2008 14:46:00 GMT http://www.zillow.com/advice-thread/buying-investment-property-in-Seattle/177451/ 2008-12-16T14:46:00Z Is my broker charging a fair fee in Washingto? 1.75%+$850+$595 processing fee+$495 application Fee? http://www.zillow.com/advice-thread/Is-my-broker-charging-a-fair-fee-in-Washingto-1-75-850-595-processing-fee-495-application-Fee/265404/ A) You have not said what the rate is or what your credit score is so the question cannot be answered<br/><br/>B) Zillow does not <a href="http://www.zillow.com/mortgage/">loan</a> money. You can request a quote from participating lenders through Zillow by clicking the <a href="http://www.zillow.com/mortgage/">mortgage</a> tab above and filling out the form<br/><br/>C) The situation with you relocating and having 2 <a href="http://www.zillow.com/fha-loan/">FHA loans</a> (That's what it sounds like you are saying) also requires more information to determine your eligibility.<br \><br \>0 replies Fri, 07 Aug 2009 05:59:00 GMT http://www.zillow.com/advice-thread/Is-my-broker-charging-a-fair-fee-in-Washingto-1-75-850-595-processing-fee-495-application-Fee/265404/ 2009-08-07T05:59:00Z How can we get the loan out of our name? http://www.zillow.com/advice-thread/How-can-we-get-the-loan-out-of-our-name/424335/ My husband and I signed for a <a href="http://www.zillow.com/mortgage-rates/">loan</a> for our son's house. &nbsp;He and his wife had previously had a home where the foreclosure process was started, so they did not have they credit to sign for this current house. &nbsp;The house is in our name, but my son makes all the payments to us and we pay the <a href="http://www.zillow.com/mortgage-rates/">mortgage</a> from our bank account. &nbsp;Unfortunately, the home is in AZ as was purchased close to the top of the market. &nbsp;It is currently $130 thousand under water. &nbsp;My husband and I need to sell the large, family home that we live in as we are getting older and would like a home on one level. &nbsp;Would we qualify for a new loan, as retirees and having our name on the mortgage of the house in AZ? &nbsp;That loan is not assumable, but is there a way to make it assumable? &nbsp;How do you <a href="http://www.zillow.com/refinance/">refinance</a> a home that is underwater? &nbsp;Thanks in advance for any advice that leads in the right direction.<br \><br \>7 replies Wed, 30 Nov 2011 03:08:00 GMT http://www.zillow.com/advice-thread/How-can-we-get-the-loan-out-of-our-name/424335/ 2011-11-30T03:08:00Z Will I get a loan modification even if I haven't defaulted? http://www.zillow.com/advice-thread/Will-I-get-a-loan-modification-even-if-I-haven%27t-defaulted/226836/ I recommend speaking with a HUD Approved Mortgage Counselor before speaking with any one else. Here's a link to an office near you&nbsp; <a href="http://www.dfi.wa.gov/consumers/homeownership/" rel="nofollow">http://www.dfi.wa.gov/consumers/homeownership/</a><br/><br/>Good Luck and hope this helped<br \><br \>0 replies Fri, 29 May 2009 02:51:00 GMT http://www.zillow.com/advice-thread/Will-I-get-a-loan-modification-even-if-I-haven%27t-defaulted/226836/ 2009-05-29T02:51:00Z Mortgage for a 2nd home that will be Primary http://www.zillow.com/advice-thread/Mortgage-for-a-2nd-home-that-will-be-Primary/532351/ My wife and I are looking to purchase a second home.<br/>We currently have a home, with an existing FHA mortgage (Streamline Refi 1 year ago).<br/><br/>Our goal is to turn our current property into a rental and make the new property our primary residence.<br/><br/>We have cash reserves for ~6 mos. payments for both mortgages, plus 4%-5% down payment, plus closing costs. &nbsp;We'd obviously like to have more down, but the mortgage payment reserves prohibit that at this time.<br/><br/>DTI is 24%, including the new mortgage.<br/>Credit Scores are 760+ for both.<br/><br/>So my questions are...<br/>1: &nbsp;Are there any options other than FannieMae?<br/><br/>2: &nbsp;What am I missing?<br/>What potential bumps/pitfalls should I be watching for and/or how to avoid them?<br/><br/>Thanks!<br \><br \>6 replies Fri, 14 Mar 2014 19:45:00 GMT http://www.zillow.com/advice-thread/Mortgage-for-a-2nd-home-that-will-be-Primary/532351/ 2014-03-14T19:45:00Z What can I do to get more (or better) quotes for my loan request ZR-YJFCBLN? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-YJFCBLN/512294/ I've been told by my current mortgage company that we qualify for a HARP refi, even with it being an investment property, but the rates seem a bit high at 4.75 for a 20 or 30 year fixed.&nbsp; I'm looking to see if the rates are competitive or if I should be shopping around.<br/><br/>Thanks,<br/><br/>Camielle<br \><br \>4 replies Sat, 21 Sep 2013 16:09:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-YJFCBLN/512294/ 2013-09-21T16:09:00Z Any benefits to refinancing our NEW house now that we have renters for OLD house? http://www.zillow.com/advice-thread/Any-benefits-to-refinancing-our-NEW-house-now-that-we-have-renters-for-OLD-house/487606/ Hi Natalie,<br/><br/>Yes, FHA mortgage insurance is higher than conventional mortgage insurance. For an investment property refinance I can go to 80% LTV with a couple lenders but the best rates and most options are available at 75% LTV. (assuming loan amount is under $417K)<br/><br/>If you bought under market and you have made improvements and you have had property value increases it is possible you are at 80% or below on the LTV.<br/><br/>Have the real estate agent you used to buy the property do a CMA on your home now to get a ballpark value and go from there.<br/><br/>Doug<br \><br \>0 replies Fri, 12 Apr 2013 15:56:00 GMT http://www.zillow.com/advice-thread/Any-benefits-to-refinancing-our-NEW-house-now-that-we-have-renters-for-OLD-house/487606/ 2013-04-12T15:56:00Z i have a recent bankruptcy and my home is going into foreclosure will i ever b able to buy again? http://www.zillow.com/advice-thread/i-have-a-recent-bankruptcy-and-my-home-is-going-into-foreclosure-will-i-ever-b-able-to-buy-again/287017/ <p>Sorry for you current situation.&nbsp; With current <a href="http://www.zillow.com/mortgage-glossary/Underwriting/">underwriting</a> guidelines, it will take at least three years.&nbsp; However, you will have to re-establish your credit and score before you can obtain another mortgage.</p><br \><br \>0 replies Sat, 10 Oct 2009 00:56:00 GMT http://www.zillow.com/advice-thread/i-have-a-recent-bankruptcy-and-my-home-is-going-into-foreclosure-will-i-ever-b-able-to-buy-again/287017/ 2009-10-10T00:56:00Z Qualifying for an FHA loan - I have very good credit, my significant other does not http://www.zillow.com/advice-thread/Qualifying-for-an-FHA-loan-I-have-very-good-credit-my-significant-other-does-not/547791/ Good Morning,<br/><br/>I have a great mortgage broker in Kirkland that can help you with the pre approval process and help you decide what is best.<br/><br/>Contact me at your convenience for their info. There are lots of good programs for first time home.<br/><br/>I am happy to help you any way that I can.<br/><br/>Have a great 4th!<br \><br \>0 replies Wed, 02 Jul 2014 16:37:00 GMT http://www.zillow.com/advice-thread/Qualifying-for-an-FHA-loan-I-have-very-good-credit-my-significant-other-does-not/547791/ 2014-07-02T16:37:00Z What is a hybrid 5/1 loan and should I do it. It will start at 3.6 and only go up 1% a year up to a http://www.zillow.com/advice-thread/What-is-a-hybrid-5-1-loan-and-should-I-do-it-It-will-start-at-3-6-and-only-go-up-1-a-year-up-to-a/336400/ There are dozens of types of Adjustable Rate <a href="http://www.zillow.com/mortgage/">Mortgages</a>. &nbsp;Who ever is offering this "hybrid 5/1 that starts at 3.6%" is required by law to fully disclose on a <a href="http://www.zillow.com/mortgage-glossary/Good-Faith-Estimate-%28GFE%29/">good faith estimate</a> the rate, payments and terms.<br/><br/>A typical 5/1 ARM <a href="http://www.zillow.com/mortgage/">loan</a> will have a fixed 5 year period and the remaining 25 years will be adjustable "once" per year. &nbsp;There will be rate caps, max rate, and margins that you need to know. &nbsp;These will tell you the limitations of the adjusting rate. &nbsp;<br/><br/>General rule of thumb, if you do not plan on keeping the property or already know you will be refinancing within 5 years, then the 5/1 ARM is a relatively safe financing tool. &nbsp;<br/><br/><br/><br/>&nbsp;<br \><br \>0 replies Mon, 22 Mar 2010 19:39:00 GMT http://www.zillow.com/advice-thread/What-is-a-hybrid-5-1-loan-and-should-I-do-it-It-will-start-at-3-6-and-only-go-up-1-a-year-up-to-a/336400/ 2010-03-22T19:39:00Z Rent or sell ? http://www.zillow.com/advice-thread/Rent-or-sell/524649/ &nbsp; THe first thing you need to know is what is your total cost to hold the unit. &nbsp;This is your mortgage payment but also HOA fees if any, taxs, insurance, etc. all the costs to own the unit. &nbsp;Next you need to talk to a couple of local property mangers to see what the rental rate for this unit would be and by comparing the 2 numbers you can see what the cash flow would be on the unit. &nbsp;Get an idea also on what your vacantcy factor would be, what typical repairs would be based on age of the unit, weather in your area, etc.<br/>&nbsp; First comparison will tell you quickly if renting it is possible and about how profitable it would be to rent the unit out.<br/>&nbsp; Next, what is the fair market value of the property currently and if you sold what your net would be. &nbsp;You did not mention if you recently moved out of the unit and if you can claim it as your primary occupancy and take any gains tax free or if it has been a rental and you would need to pay tax on the gains. &nbsp;Talk to your accountant to see what the benefits of selling would be versus renting.<br/>&nbsp;Next thing you need to consider is what is projected for market values in your area for this type of house. &nbsp;Is the population going up or down? &nbsp;Are jobs being created or being lost? &nbsp;IF you can break even on the annual cost of holding the property then renting it and letting somebody else pay for a house for you is a good way to build equity but this is ONLY if you will be building equity and not just risks repairs while the value of the property goes down.<br/>&nbsp; ALL real estate is about LOCAL markets and your tolerance for risk with somebody else living in a property titled to you or a company you own.<br \><br \>0 replies Thu, 16 Jan 2014 00:26:00 GMT http://www.zillow.com/advice-thread/Rent-or-sell/524649/ 2014-01-16T00:26:00Z How do I get use the conforming loan limit of $506K for King County, WA? Zillow shows these as jumbo http://www.zillow.com/advice-thread/How-do-I-get-use-the-conforming-loan-limit-of-506K-for-King-County-WA-Zillow-shows-these-as-jumbo/199079/ Ross,<br/><br/>The best way is simply to contact any mortgage professional. <br/>However I believe that there are currently two tiers for conforming loans. The second tier, which is not permenant,&nbsp;should allow for a $506,000 loan to be conforming. &nbsp;But again I am not a mortgage expert and suggest that you contact one for the specifics. <br/><br/>Also try this Fannie Mae link <a href="http://www.fhfa.gov/GetFile.aspx?FileID=134" rel="nofollow">http://www.fhfa.gov/GetFile.aspx?FileID=134</a><br \><br \>0 replies Sun, 15 Feb 2009 18:20:00 GMT http://www.zillow.com/advice-thread/How-do-I-get-use-the-conforming-loan-limit-of-506K-for-King-County-WA-Zillow-shows-these-as-jumbo/199079/ 2009-02-15T18:20:00Z First Steps: How Much Home Can You Afford? http://www.zillow.com/advice-thread/First-Steps-How-Much-Home-Can-You-Afford/361097/ The question can go deeper too. For example first time home buyers may need to look at other costs they do not now have that they will have (maint., water for yard, etc.). These may reduce the amount you are willing to pay. However, most of your mortgage payment will go to interest which is currently deductable and therefore may/can lessen your withholding and ultimately taxes thus increasing your available cash to make that payment with.<br \><br \>0 replies Sun, 08 Aug 2010 01:09:00 GMT http://www.zillow.com/advice-thread/First-Steps-How-Much-Home-Can-You-Afford/361097/ 2010-08-08T01:09:00Z Does FSBO boycotting (agents not showing their clients FSBOs) really occur? http://www.zillow.com/advice-thread/Does-FSBO-boycotting-agents-not-showing-their-clients-FSBOs-really-occur/271603/ Maybe the government should step in and make the whole <a href="http://www.zillow.com/mortgage/">mortgage</a> and home sales market a level playing field. The client (buyer) pays for all their services and seller pays for all their&nbsp;realtor services. none of the fees&nbsp;can be loaded into the <a href="http://www.zillow.com/mortgage/">home loan</a> since it doesn't add to the homes value.&nbsp;<br/>&nbsp; This would get equal showing for fisbos and <a href="http://www.zillow.com/directory/real-estate-agents/">realtor</a> represented homes. <br/>Looking at the whole realtor relationship. It seems like a big strong&nbsp;Union is forcing a seller to pay everything. Isn't there a word for this?<br \><br \>0 replies Mon, 07 Sep 2009 00:15:00 GMT http://www.zillow.com/advice-thread/Does-FSBO-boycotting-agents-not-showing-their-clients-FSBOs-really-occur/271603/ 2009-09-07T00:15:00Z 30 yr refinance rate http://www.zillow.com/advice-thread/30-yr-refinance-rate/199086/ You can check current, up-to-the minute rates in Zillow Mortgage Marketplace:&nbsp;<a href="http://www.zillow.com/Mortgage_Rates/">http://www.zillow.com/Mortgage_Rates/</a>&nbsp; or from any page, just hover on the Mortgage tab and click the Mortgage Rates link from the drop-down.&nbsp; Once on the Rates page, you can use the filters on the left side to match your current situation (loan type, credit rating, % down, location) to get a better sense of the rates that are applicable to you.&nbsp; When you are ready, you can then (anonymously) fill out a loan request to get your own custom loan quotes.&nbsp; Start with the mini-form below the chart on the Mortgage Rates page, or click the Get Custom Quotes link in the Mortgage tab on any page.<br \><br \>0 replies Sun, 15 Feb 2009 17:33:00 GMT http://www.zillow.com/advice-thread/30-yr-refinance-rate/199086/ 2009-02-15T17:33:00Z Question about short sale http://www.zillow.com/advice-thread/Question-about-short-sale/521578/ As wetdawgs said, ask your agent.<br/><br/>I will tell you that the seller may not have any money, even though they've probably not been paying their mortgage for the past several months. They absolutely have not been repairing things as they break, and they quite possibly have been breaking things. They are probably behind in their utility bills, as well. There is no point in suing a deadbeat.<br/><br/>Short sales are a gamble. The seller may have left the house in the same condition as when you saw it, and they may leave on closing day and perhaps even cleaned up behind them as they left.<br/><br/>But, hey - at least the price was right!<br/><br/>All the best,<br \><br \>0 replies Sat, 14 Dec 2013 17:30:00 GMT http://www.zillow.com/advice-thread/Question-about-short-sale/521578/ 2013-12-14T17:30:00Z what is a enhanced loan? http://www.zillow.com/advice-thread/what-is-a-enhanced-loan/402772/ Usually refers to a credit enhancment, for example mortgage insurance is a form of enhancement, it reduces the risk to the owner of the loan.<br/><br/>Some Fannie and Freddie loans are ineligible for HARP refinance because they were enhanced, in some cases due to circumstance completely beyond your control.&nbsp;&nbsp; If that is the case, the loans are ineligible for the program.<br \><br \>0 replies Mon, 13 Jun 2011 20:48:00 GMT http://www.zillow.com/advice-thread/what-is-a-enhanced-loan/402772/ 2011-06-13T20:48:00Z Mortgage Rates and APR http://www.zillow.com/advice-thread/Mortgage-Rates-and-APR/433635/ <p>Hello,<br/>Could someone please tell me if this is a good deal for us?<br/>We applied for pre-approval yesterday and our median score was 763 which the lender used for a GFE.<br/>We are buying a house between 500-650k in the Seattle area and this loan would be for a high balance conforming loan in King County, WA where we would borrow a maximum of 506k and we would pay cash for the rest. So 144k as a down payment. We have sufficient income to borrow up to 850k if needed.<br/>Our&nbsp;mortgage&nbsp;rate would be 4% and our&nbsp;APR would be 4.091% this is without paying any points. The origination fee is 1% and the lender is discounting that by 0.25 so 0.75% origination.<br/>We are first time homebuyers and want to make sure our great credit scores and large down payment are going to get us the best rates out there. So good or bad deal??? And if anyone can do better please let me know!!<br/>Thanks!!</p><br \><br \>8 replies Fri, 02 Mar 2012 05:00:00 GMT http://www.zillow.com/advice-thread/Mortgage-Rates-and-APR/433635/ 2012-03-02T05:00:00Z