Now is a good time to be a homeowner in the Seattle/Renton/Tacoma areas. That is because the level of mortgage delinquencies and foreclosures are at some of the lowest levels we have seen in recent years.
A new study from CoreLogic determined that across the U.S., only 4 percent of mortgages fell into the category of being delinquent in January. That is the lowest point for that stat in the last two decades. Delinquent loans are those that have past-payment dates of over 30 days.
In addition, stats from Attom Data Solutions show that the number of foreclosures in the country is at the lowest mark in 11 years. Further, foreclosures dropped 23 percent in the first quarter of 2019.
These are two strong indicators of a healthy real estate market. This has been attributed to job/income growth, home appreciation and quality underwriting procedures.
Speaking of underwriting, we have some of the best in the business! Underwriting is an important part of the home loan process in which we review your financial documentation to make sure you can close on the loan. Documentation may be required of you during this phase of the process, such as pay stubs, tax returns, proof of employment, etc.
Our underwriters are thorough and move fast to ensure your loan closes as quickly as possible and you can get to your new home. After you go through underwriting, the loan approval will take place and you should close.
If you have any questions about the loan process or purchasing real estate in the Seattle/Renton/Tacoma areas, don’t hesitate to contact us today. We will take the time to understand your unique financial picture and set you on a path toward home ownership!