Seattle Shoreline Master Plan Receives Final Approval

Linda Bagley
Seattle Shoreline Master Plan Receives Final Approval Ecology Director Maia Bellon signed the final approval for the City of Seattle’s Shoreline Master Program on Monday June 1, 2015. The updated SMP will go into effect on June 15, 2015! A process that began nearly 8 years ago is finally coming to completion.  In 2007, the Department of Planning and Development began a process to update the Seattle Shoreline Master Program. … Read More
KevLin-2010-Sketch

New Houseboat Lending from Sound Community Bank

Linda Bagley
New Houseboat Lending Program from Sound Community Bank The KevLin We are very pleased to announce that with new Houseboat regulations, Sound Community Bank is creating a new Floating On Water Residence lending package that improves both rates and terms offered for houseboats. Details of this program are shown below. Over the past 5 years, Kevin and Linda Bagley and Lake Union Liveaboard Association have worked hard to create a … Read More

VantageScores

Linda Bagley
New Credit Scoring Available to Consumers and Lenders This is pretty exciting news for those of us who prefer not to use credit cards and prefer to pay cash for what we buy. You will now have a number and a grade A, B, C, D or F to determine you credit worthiness. While it still remains important to have and use credit VantageScore will evaluate credit worthiness by taking into account … Read More

Your Access to Free Credit Reports

Linda Bagley
The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies: Equifax, Experian, and TransUnion to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to … Read More

Land Contract

Linda Bagley
Land Contract An alternative to a non-conforming loan is the use of a land contract, which is allowed in some states. A land contract is an agreement between a buyer and a seller, where the buyer agrees to make periodic payments to the seller. The title to the property only transfers to the land contract buyer on fulfillment of the land contract obligations. A land contract can be helpful for … Read More

The No-Cost Thirty Year Fixed Rate Mortgage

Linda Bagley
The No-Cost Thirty Year Fixed Rate Mortgage There really is no such thing as a “no-cost” mortgage loan. There are always costs, such as appraisal fees, escrow fees, title insurance fees, document fees, processing fees, flood certification fees, recording fees, notary fees, tax service fees, wire fees, and so on, depending on whether the loan is a purchase or a refinance. The term “no-cost” actually means that your lender is … Read More

Types of Mortgage Lenders

Linda Bagley
Types of Mortgage Lenders Mortgage Bankers Mortgage Bankers are lenders that are large enough to originate loans and create pools of loans which they sell directly to Fannie Mae, Freddie Mac, Ginnie Mae, jumbo loan investors, and others. Any company that does this is considered to be a mortgage banker. Some companies don’t sell directly to those major investors, but sell their loans to the mortgage bankers. They often refer … Read More

Where Does the Money Come From for Mortgage Loans?

Linda Bagley
Where Does the Money Come From for Mortgage Loans? In the “olden” days, when someone wanted a home loan they walked downtown to the neighborhood bank or savings & loan. If the bank had extra funds laying around and considered you a good credit risk, they would lend you the money from their own funds. It doesn’t generally work like that anymore. Most of the money for home loans comes … Read More

Items You Need for When Applying For a Loan

Linda Bagley
Items You Need for When Applying For a Loan Have These Items Ready When You Apply For a Loan It used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest is often in speed and getting answers quickly, so “alternate documentation” has become more widely used. Alternate documentation means that underwriting answers … Read More