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F I N A N C I N G
By Mark J. Hanna,
Director’s Mortgage, Chairman/CEO (NMLS-91462, CL-91462)
As we begin to edge from a Buyer’s Market toward a Seller’s Mar-
ket, it is still a great time to purchase and now becoming a good
time to sell. The market has shown signs of strengthening with
increasing number of sales, offers per home and home values. At
the same time, mortgage interest rates are still near historic lows.
While rates are not at all-time lows, they are still very low from
a historical perspective. As the economy continues to gain more
traction, there will be more pressure for rates to go rise as the Fed
starts to ease off the monetary policy that helped keep rates low
for the past couple years. While no one holds a crystal ball to see
the future of rates, the overwhelming investor sentiment pointing
toward a strengthening economy, among other factors, will make it
difficult for rates to decrease from where they are now.
Now is the time to take advantage of the low rates, if you are
in a position to do so, before they continue to rise. Getting pre-
approved by Your Local Mortgage Specialist is a great first step to
moving forward. This gives you the advantage of knowing your
buying power and identifying any areas that may need attention.
You and Your Local Mortgage Specialist can sit down and decide
on your comfort level of monthly payments (which the interest
rate impacts) and determine the loan program that best suits your
needs. A pre-approval benefits you in several ways including giv-
ing you a higher chance of your offer being accepted, purchasing
a home at a better price due to the added credibility of your offer
being submitted with a pre-approval letter, and allowing for fewer
surprises throughout the process. Preparation is critical in most
things, but especially when obtaining a home loan and purchasing
a home.
The now limited inventory coupled with an increased demand
for homes and near-historic low mortgage interest rates has created
an increase in construction loans. Renee Serface, Sr. Mortgage Spe-
cialist (NMLS-174038, MLO-174038), in Salmon Creek at Directors
Mortgage notes, “Buyers are seeing the opportunity to purchase a
newly constructed home with their personal style built-in without
necessary repairs or remodeling. With buyers looking at new con-
struction as an option, the myth that ‘new construction homes are
much more expensive than a home being resold’ is being busted.”
She sees more clients finding new construction to be an advanta-
geous solution for their needs and is seeing a higher demand for
construction loans. Renee explains that as new construction has
increased, so has the need for available land. It is an increasing
opportunity for land owners that have been holding their property
until the market recovers to develop the land.
There are several signs of the market making a comeback for
sellers. Now is a great time to take advantage of the homes starting
to once again appreciate in value and low interest rates before the
window of opportunity to purchase a home or refinance your home
closes further.
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The Shifting Marketing: Buyers vs. Sellers
Financing Facts
By Jason Hill,
HomeStreet Bank
Founded in 1921, HomeStreet Bank is one of the larg-
est community banks in the Pacific Northwest, with over
1200 employees and 50 banking and mortgage branches
throughout the Pacific Northwest and Hawaii. We offer
a full range of financial services including commercial
banking and lending, consumer banking, mortgage
lending, residential construction financing, commercial
real estate financing and insurance services.
Our commitment to the communities where we do
business is part of our legacy, earning us
consistent
recognition by the federal government as “Outstand-
ing” under the Community Reinvestment Act
. We give
charitable contributions as part of active partnerships
with organizations that focus on specific housing needs,
and to organizations that are supported by HomeStreet
Bank employees. In the Vancouver area, we have strong
partnerships with the Community Housing Resource
Center, Second Step Housing, Share and the Evergreen
School District Foundation. We are also active in busi-
ness associations such as the Greater Vancouver Cham-
ber of Commerce, the East Vancouver Business Asso-
ciation and the Clark County Asset Building Coalition.
HomeStreet has recently become the
official banking
partner of the Seattle Seahawks and Seattle Sounders
,
and received recognition as the
Winner of the 2013 In-
novative Community Banks of the Year Award
.
We take great pride in supporting our communities
and developing long-term relationships with our cli-
ents. Countless home builders rely on HomeStreet for
their home lending needs through our unique preferred
builder programs. To learn more about our guaranteed
interest rates and f lexible programs, contact Jason Hill,
Branch Manager at 360.314.3520, or visit
www.jasonhil-
lonline.com
. .
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Presenting sponsor spotlight: HomeStreet Bank
Information deemed reliable but subject to change without notice. This is not a commitment to lend. Qualified buyers only, subject to credit approval. Equal Housing Lender. Consumer Loan License NMLS-3240, CL-3240.a