It has never been a better time to buy a house. If you think that you can’t afford a house or do not know how to buy a house, you might be able to and not even know it.
As rentals continue to go up, mortgage rates drop and with enough education and assistance, you could have access to a mortgage payment that is cheaper than what you are paying in rent. If you plan to live in Bothell, or the North King County area, North Pacific Mortgage will be happy to assist you in buying a home and obtaining the mortgage that fits with your unique situation.
Big News On Mortgage Rates: Lowest percentage rates drop in June 2019
If you own a home, great. Now could be the time to refinance at a competitive rate. If you want to buy a home, great. Mortgage rates dropped in June which means they will continue to decrease in July. Availability differs per customer and situation. Freddie Mac, a leader in Mortgage lending has reported that 30-year-mortgage rates are at 3.82 percent. The lowest seen since October 2017.
Mortgage rates have fallen due to
A better economy- The U.S. nation’s economic output has been steadily growing at a rate of 2-3 percent.
Increasing employment- A strong growth in employment means lower unemployment. The natural rate of unemployment is 4.5 percent. U.S. unemployment is down to 4.1 percent.
Consumer spending has risen-This important data leads to 60 percent of the economy. In 2017, U.S. consumers spent $12 trillion dollars.
U.S. Federal Reserve decisions- In policy and the overall financial structure both in the U.S. and abroad.
Federal Open Market Committee has been discussing extending a program known as Operation Twist program- The plan was to terminate in July 2019. The program was intended for the Federal Open Market to sell short-term debt and buy long-term securities. The plan directly impacts low-interest rates.
Harvard University's Joint Center for Housing Studies released a report that supports housing recovery- It is making a come back but is very slow in the process which in turn lowers interest rates.
Foreclosed inventory has yet to be reported to the market, which impacts a drop in median households but heeds to interest reduction.
What does all this jargon mean to a home-owner or potential buyer?
It means that interest rates are at their lowest, and it is a good time to refinance. It's an excellent time to buy and lock in the rate for the security of the loan's future.
How Can a Mortgage Banker like North Pacific Mortgage Help You Refinance or Buy a House?
The most important thing to realize is that there are very good people and businesses like North Pacific Mortgage who understand the home buyer’s and refinancing market. They will get through all of the red tape and confusion and make it easy and simple to understand. It’s what they do and it’s what they get paid for.
All you need to know is that North Pacific Mortgage is available “To put people in loans at competitive terms.”- Phil Painter, Branch Manager, Loan Originator
North Pacific Mortgage will guide you through any type of residential loans including
Conventional Loans- A loan that is not guaranteed or insured by any government agency.
Jumbo Loans- A loan with a high credit quality but has an amount higher than conventional loans. They are set by government-sponsored enterprises, Freddie Mac, Fannie Mae.
Multi-Family Loans- A loan that is obtained based on the conventional mortgages' receivables for multifamily residences such as condominiums, apartment buildings, etc
FHA- A loan from the Federal Housing Administration, of which HUD is a part. Lower credit scores and higher DTI are accepted, and it is easier to get after a bankruptcy or foreclosure.
VA- A loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs.
USDA- A loan from the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.
You are an ideal client if you are
Purchasing a home
All Snohomish County Residents
Most King County Residents
North Pacific Mortgage will also help you with credit repair and no-down-payment home loans
North Pacific Mortgage is a small boutique customer-driven branch.
Why North Pacific Mortgage is Always Customer Driven
North Pacific Mortgage is different than other companies because they provide a custom service that is tailored specifically for you, the client. The service is one-on-one.
You will never talk to a person that is "generally" qualified like an every-day lender that does not take the time to know their product or customers.
North Pacific Mortgage is virtually open 24/7. They will call you and keep in touch with you. You are always welcome to call them when in need of assistance or have questions.
The team at North Pacific Mortgage is exceptional in the Mortgage industry. The group goes far and beyond to get to know you and take all efforts to make you comfortable. Call the team directly to secure your loan at 206-629-8365
Please visit our Disclosures page for more details for all loan types.