Mortgage guides, in plain English
Straight answers from Stephanie — written for real situations, not search engines.
Accessing home equity and refinancing a mortgage serve different goals. A cash-out refinance replaces the existing mortgage, while other equity products add a separate obligation. A break-even analysi
The Washington State Housing Finance Commission (WSHFC) is a publicly accountable agency that administers homebuyer programs throughout Washington, working with approved lenders to offer mortgage prog
Washington offers homebuyer assistance through the Washington State Housing Finance Commission (WSHFC), including down payment assistance for eligible borrowers. Many programs require homebuyer educat
Conforming loan limits are set annually under federal housing finance rules and can vary by county, with high-cost areas such as King County receiving elevated limits. A loan that exceeds the applicab
A loan is considered jumbo when it exceeds the applicable conforming loan limit for the property's county. The limit varies by location, and high-cost areas such as King County receive elevated limits
The FHA 203(k) is a government-insured renovation mortgage administered through approved lenders. The Limited 203(k) is generally for smaller, less complex projects, while the Standard 203(k) supports
A renovation loan combines property financing and approved renovation costs into a single mortgage. Programs include the government-insured FHA 203(k) and the conventional HomeStyle Renovation. Contra
A mortgage broker works with multiple lenders to help match borrowers with appropriate loan programs. Licensing is state-specific; always verify that your mortgage professional is licensed in the stat
A mortgage preapproval is generally valid for a limited period, after which updated documentation may be required. The exact window depends on the lender and program.
The time to obtain a mortgage preapproval depends on how quickly documentation is gathered and reviewed. Preparing income documentation, bank statements, and identification in advance helps the proces
Estimating qualifying income on a bank statement program depends on the deposits a lender counts and any expense factor applied to business accounts. Programs commonly review 12 or 24 months of statem
Bank statement loans and conventional loans prove your income in different ways. Conventional underwriting relies on tax returns and W-2s; bank statement programs read your deposit activity. Here is how to tell which one fits a self-employed borrower.
A bank statement loan is a mortgage that qualifies you from the deposits on your bank statements instead of your tax returns. It is built for self-employed borrowers whose write-offs make their returns understate their real cash flow.