How To Prepare For Getting a Mortgage

Buying a home is an exiting time; at Cherry Creek Mortgage Company, we know the thrill of home ownership has no equal. However, before you can close on your new place, you will need to apply for a mortgage. Here's what you need to know: 

- Save for a down payment

Depending on your exact circumstances, you're likely to need anywhere from a 3% to 20% down payment for your Bellevue mortgage. Once you know you're going to be in the market, it's a good idea to start saving for your down payment. Ideally, you'll start saving at least one year in advance.

- Know your credit score

Bellevue home loans depend heavily on credit score. A year before you're going to apply, it's a good idea to have Cherry Creek Mortgage pull your credit report to see if there are any mistakes. Additionally, please don't apply for any new credit cards in the weeks or months leading up to your application.

- Gather information

At Cherry Creek Mortgage Company, we're going to need quite a bit of information from you for your Bellevue mortgage application. One month before you're going to apply, start gathering up the last few months worth of paychecks, bank statements, tax forms, and employment information. 

- Figure out what you can afford

At least 6 months before you start your application you should contact Cherry Creek Mortgage, start playing around with mortgage calculators to see just how large of a home you can afford, make sure the calculator you use includes taxes and insurance or better yet let Cherry Creek make these calculations for you. Keep this number in mind when you're looking at home listings.

Financial markets - Monday, March 30, 2015

By Louis S. Barnes                                                   Monday, March 30, 2015      Financial markets are in a bit of spring break, common to the last week of every month while waiting for the often-explosive data released in the first days of each new month. Hence here both a review and a look forward -- first domestic, then overseas (never in modern US history have foreign matters been so important to US markets), then bring it together.      Mortgage rates have again bottomed in the same place, twice so far this year near 3.75%. I think we should take seriously the pattern. These bottoms have taken place despite generally soft US data which should have helped rates: orders for durable goods in February were especially poor, down .4% versus forecasts for a similar gain. Several analysts think inflation is showing signs of future increase, toward the Fed’s target, but modeling like that is terribly unreliable in today’s changed world.      Long-term rates also failed to fall during late-week air pockets in the stock market, something to do with overbought technology shares, the loopiest of all. This week’s reports of new “selfie-tools:” a powered selfie-stick (camera holder), and a toaster made in Vermont (buy USA!) which will scorch into bread the image of your favorite selfie. Jam on that. Thus we rely on technology as a key component of growth.      Other supports for bonds and lower rates faltered: the dollar stopped its relentless climb, which had attracted buyers for our securities, and oil stopped its drop, which had provided faith in low inflation ahead. Right there we move overseas.      Reviewing foreign conditions is a lot like each morning for us old folks, making exploratory function and pain checks before getting out of bed. Start with the Middle East: are new upsets pushing up oil prices? Probably not. The US is obviously disengaging, allowing ancient scores to be settled directly by the people who live there, a good thing. In the new battle of Tikrit American advisors are safely inside our wire. We apply limited air power to support our Iraqi Sunni tribal friends, joined by Iraqi Shia militia supported by Iranian forces, our friends and Iran’s together fighting ISIS Sunni bad guys just like the ones who Marines pushed out ten years ago. Yemen: we have pulled our special ops, and the Saudis and other Sunnis have intervened on their own to prop the Sunni Yemen government against Houthi Shias supported by Iran.      Got that? Clear? If locals-on-locals is a threat to financial markets, I don’t see it. Same for Ukraine: presumably Vladimir is readying new nibbles, but Europe won’t fight.             The ECB is proceeding with QE, but European rates are already so low (German 10s pay 0.19%) that the ECB is just buying cash with cash. Europe will begin to show better numbers, but based on currency devaluation -- zero-sum versus damage to the US and China. A Greek exit could happen at any time, and would help rates briefly, but would cause serious upset only if exit were contagious to the rest of Club Med, and it does not seem so. Not now, not yet. Japan is... Japan, implosion at a snail’s pace.      That whole overseas rundown is less scary than any time in a year or more, which is too bad because worry is most helpful to bonds and low mortgage rates.      With foreign help dwindling, stick with simplicity for the cause of bottoming rates: the Fed is coming. The bond market has done a splendid job maintaining denial, but cracks are showing in that resolve. For the Fed to delay liftoff, and to rise on low slope, it will need a steady feed of poor US data. Hence a very big deal immediately ahead.         The ISM survey will arrive Wednesday, and the all-important payroll and wage data on Friday, April 3. Which is also Good Friday and Passover -- markets staffed only by short-straw rookies, which will magnify the effect of any job/wage surprise. Beware long weekends: the worst of my mortgage-market life was Volcker’s Massacre over 1979 Columbus Day weekend. The second-worst: the Fed had just begun a tightening cycle in 1994 (from 3% to 6% in one year, gulp), and we got a positive job-market surprise on Good Friday-Passover. Mortgage rates rose a half-percent over the weekend. Not predicting, just sayin’.      For complete chaos, and canceling all rate worry above: a weak report on jobs.

What Is A Mortgage?

Most people who buy a home borrow money to do so. Such a loan is called a mortgage. Mortgage lending has roots going all the way back to the 1780s, when the first commercial banks were formed in the U.S., but it wasn't until after World War II that the market started to function like it does today.

What kind of loan is a mortgage?
A mortgage is a type of loan called a secured loan, which means it is secured by the property it pays to buy. If you default on your Bellevue mortgage, then the mortgage lender can foreclose on your home and sell it to pay off your debt.

Applying for a mortgage
When you want to buy a home, you can do one of two things: You can go to a bank or mortgage company, such as Cherry Creek Mortgage Company, and get pre-approved or pre-qualified for a loan before you start looking, or you can find a property you want to buy first and then apply for a loan after. Approval for a home loan depends on a number of factors, including your income, credit score and down payment. You definitely want to get a quote from Cherry Creek Mortgage Company.

How does a mortgage work?
Mortgages are long-term loans, usually 15 or 30 years. In addition to principal (the amount) you borrowed and interest, your Bellevue mortgage payment includes monthly installments toward property taxes, homeowners insurance and mortgage insurance if you need it. Home loans are amortized, meaning more of your payment goes toward interest costs in the early years of your loan, and more goes toward your principal in later years. The difference between what you owe on the loan and what your home is worth, meaning an estimate of what you could sell it for, is called your equity.

Home Mortgage Consulting

Are you looking for a home mortgage consultant? If you’ve been told that you need bellevue mortgage consulting but you don't know the importance of having one then read this article and be informed about the many advantages of having a home mortgage consultant.

There are actually a lot of benefits when you have a home mortgage consultant. The benefits include having available options on which home buying method you should go with. Your consultant will do all the tasks for you. They ensure that you are getting the right and the best choice that is suitable for you and your situation, the choice of course will be giving you most benefit. Like if you are planning to buy a home, it is the job of the home mortgage consultant to go through package lists to get the best package suitable for you and your needs. You know that buying a new home is a complicated process with loads of paperworks to deal with and with many terms and requirements that are harder to comprehend. 

Firstly, a mortgage consultant is an intermediate from the client and the mortgage provider. Your home mortgage consultant commission you their services such as aiding into making you determine your budget. Your consultant does this by having a full and private examination on your credit history as well as income to know which mortgage you know you can qualify.They get quotes from different lenders without the necessity of you having to apply with a lot of lenders. Your home mortgage consultant will also provide references to certified realtors. The number one job that they do for you is helping you to select the right mortgage that is suitable for you, in other terms they help you in choosing the most feasible mortgage loan for you according to your financial situation. Mortgage consultants are experts in this field therefore they’d do most negotiations at better interest rates since obviously they already have connections and better understanding of the business.

Finally your home mortgage consultant will help you with all the legalities involved in the home buying process. When you plan on having bellevue mortgage consulting, dont have second thoughts on making queries such as asking about their commission on an option. And you can have advice from others too, not only from your home mortgage consultant.

The Best Long Term Financial Planning in Bellevue

In terms of long term financial planning, Bellevue is the best when it comes to financial planning. Financial planning is important in everyones lives because it improves the quality of life for so many people. The goal of the company is to continue the tradition that is making the Cherry Creek Mortage Company the leading company for bellevue long term financial planning. Cherry creek mortage company is the best in providing the best long term financial planning. They have been in the industry for so many years. They have been in the industry that is improving the quality of life for so many people. Their number one priority is the satisfaction of their clients with the service they get in financial planning. They have been in the industry since 1987. From their humble beginnings in their early years in 1987, they started with a three person office and now their company has 600 employees that is serving the needs of thousand borrowers to help them in their daily tasks.

Their company has been the helper of borrowers yearly. They attribute the success that the company has acquired through great service and hard work. They have contributed the success that the company had for their unique position in the marketplace, They also have contributed to the success to the company for the foundation of the company and also their active management style. They are dedicated in doing business right that gives the company great flexibility as they consider new ways to serve their customers and clients better. They also invite new ideas and strategies in remaining true to the conservative business that allows the company to succeed and improve in many ways. The ownership of the company is active in so many ways. We could say that the kind of service that they give to their customers and clients are superb. They are very credible in making their customers satisfied. The experience of being the best long term financial planning in bellevue makes them very consistent in making good grades for the customers feedbacks and comments. 

The company is very open and flexible to what the customers might say to the kind of service the company provides. They are welcome to any kind of suggestions or feedbacks to make the quality customer service more improved and for the wholesome of the customer to be satisfied in any aspect possible that includes financial planning. The reputation of the Bellevue long term financial planning has been very high because of the history of satisfied customers. They prioritize the customers or borrowers first before themselves.

Happy St. Patricks Day !!

March 2015 Economic Markets Update

Listen To What Our Clients Our Saying

Kelly Carlin:"About 12 years ago you were helping me try to refinance my condo in my name alone while I was going through a divorce with my ex-husband. On the day that the value was coming out to for the assessment of my condo the company I was working for laid off all the staff and I was out of a job. It was all unexpected and devastating for me. As a result I was not able to proceed with the refinance and was forced to sell my condo.  When I called you to see if I could settle the $600 bill for the assessment out of the goodness in your heart you told me not to worry about the bill and hoped I would recommend you to other potential buyers in the future.  This was a wonderful act of kindness that stays with me today. I don't know if you remember any of it but I do and sometimes even share the story with others. Have a wonderful holiday season."

The Nguyen Family:
"It is us who should have thanked you for your support, kindness, and professionalism that have helped us realizing our dream in purchasing the homes we dreamed of.

We count our association with you throughout the years as a special blessing that we have been given."

Mark Hutcheson
Partner/Chairman - Davis Wright Tremaine LLP:
"Ron Black, Julie Bailey and the rest of the team at Cherry Creek are absolutely wonderful to work with.  They are efficient and effective and get things done in a very timely manner.  If you are looking for guides to lead you through the paperwork maze of mortgage financing or refinancing, you will not find anyone better than Ron and Julie.  They will not let you down".

Lew and Barbara White:
"Ron Black and his team did our last mtg at Sterling Bank.  We followed them to Cherry Creek because of their past service level.  They did a great job, again".

Kim Simmons:
"Ron Black & Julie Bailey were great to work with as usual"

Danielle Anderson:
"I cannot say enough wonderful things about the Ron & Julie team.  I only wish every experience in life could be as easy as it was buying a HOUSE with you guys!  Thank you to the moon and back!"

Rates Respond to Yellen Comments

Comments from Fed Chair Yellen on Tuesday were favorable for mortgage rates. A wide range of economic data released this week was roughly neutral. The net result was a small decrease in mortgage rates, the first weekly decline in February. Yellen's semi-annual testimony to Congress caused investors to push farther in the future when they expect the Fed to begin raising the fed funds rate. Now the consensus outlook is for the first rate hike to take place in September. Yellen explained that the Fed can remain "patient" in tightening monetary policy because inflation remains below the Fed's target level of 2.0%. Also, the labor market contains enough slack to allow room for further improvement without causing inflationary pressures.  The housing data for January released this week contained mixed news. Unusually bad winter weather played a role and likely will have an impact on next month's reports as well. Of note, both New Home Sales and Pending Home Sales are at or near multi-year highs, while Existing Home Sales fell 5% from December, to the slowest pace since April of last year.  Although all three reports cover activity in January, Existing Home Sales counts closings, while Pending and New Home Sales measure signed contracts (on existing and new homes). As a result, the latter two reports reflect more current activity, providing a reason to be optimistic about future closings. Next week, the important monthly Employment report will be released on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Before that, ISM Manufacturing and Core PCE will be released on Monday. The Core PCE price index is the Fed's preferred inflation indicator. The ADP Employment Change and ISM Services will come out on Wednesday.