RPM Mortgage Spokane

On December 31, New Year’s Eve, cities worldwide celebrate with firework displays when the clock strikes midnight in their time zones. However, on this same day in 1879, Thomas Edison demonstrated the incandescent lightbulb. According to History, Edison lit up a whole street in Menlo Park, New Jersey, to show how these lightbulbs worked. The Pennsylvania Railroad Company even set up a particular railway line to get people to his demonstration. Though the first incandescent lamp was invented 40 years prior, Edison was able to create a design with more utility.

Who Qualifies For A VA Loan?
Although lenders set their own requirements for certain aspects of qualification, VA loans have more lenient credit requirements than many other mortgage programs.

Not all who have served in the Armed Forces qualify for a VA loan. You must meet at least one of the following criteria to qualify:

You’ve served 181 days of active service during peacetime.
You’ve served 90 consecutive days of active service during wartime.

You’ve served more than 6 years of service with the National Guard or Reserves or 90 days under Title 32 with at least 30 of those days being consecutive.

You’re the spouse of a service member who lost their life in the line of duty or as the result of a service-connected disability. You generally cannot have remarried, although there are exceptions.

1. You need to know how much equity you currently have in your property if you want to take a cash-out refinance. Equity is the percentage of your home that you’ve paid off and own free and clear.

2. You must pay closing costs before you finalize your refinance, just like when you take out a mortgage loan. The specific closing costs you’ll pay depend on where you live, but some common fees you might see include:
- Application fee
- Appraisal fee
- Inspection fee
- Attorney review and closing fee
- Title search and insurance
You can expect closing costs to be equal to around 3% – 6% of your purchase price. Make sure you can pay these costs before you apply for a refinance.

3. Be present for your appraisal and give your appraiser a list of all permanent upgrades you’ve made to your property. Include receipts from contractors, as well as estimates and permits – if applicable. Don’t be afraid to walk through your home with your appraiser and point out all the additions you’ve made. This will help increase the overall value of you

4. There are three major reporting bureaus that issue credit reports and scores: Experian®, TransUnion® and EquifaxTM. Contrary to popular belief, your credit reports aren’t identical.

5. Most refinances take 30 – 45 days. You can ensure that your refinance goes through quickly and smoothly by responding to any inquiries from your lender as soon as possible. Your lender might ask for additional documentation supporting your credit, work or financial history during underwriting.

1. Know your budget
With higher selling prices, first-time homebuyers need to budget for the higher monthly payments and upfront costs associated with higher sales prices. Before you start looking for a home, you need to know how much home you can afford based on your down payment and the amount you want to finance.

2. Be sure you’re ready to commit to a loan
Buying a house for the first time is a major life decision. Most traditional loans carry a term of 15 to 30 years, and you need to be sure you’re ready to commit. Some important questions to ask yourself before applying for a home loan are:
Are you able to contribute to a down payment, and are you aware of down payment assistance programs you might be eligible for?
How is my credit rating?
Do I have a significant amount of debt?
Would more than 30 percent of my income go towards monthly payments?
Do I plan to stay at my home for at least five years?
Do I have an emergency savings account, so I could still pay my mortgage if my employment status changed?
3. Pay attention to property taxes
When thinking about buying a home, you’ll also want to consider the home’s property taxes. Property taxes vary based on the state, city, county and town, so it’s important to review your potential property tax bills along with the home’s property tax history to ensure the costs and timing fit your budget.

4. Get pre-approved
The best time to get pre-approved for a home loan is just before you start looking for homes. The pre-approval process helps you understand what you can afford, allows you to shop for homes within that price range and helps you make more timely offers. That said, just because you get pre-approved for a certain amount, doesn’t mean you want to spend that much on a home. It’s important to also factor in the criteria above before you make any offers.

An FHA loan is a mortgage that is insured by the Federal Housing Administration (FHA). They usually come with a lower down payment requirement and more lenient credit restrictions. In fact, the down payment on an FHA loan can be as little as 3.5% of the purchase price of the home, and they can be taken out on properties with up to four units, allowing qualified buyers to not only own their own home, but to potentially have rental income as well.

Want to know about the benefits and stipulations with a VA Refinance? Visit www.lend.us/va-loans for further information or speak to you local RPM Loan Advisor today!

With some of the most competitive rates for VA loan financing on the market - and a number of Veterans on staff who understand the unique needs of our Veterans, we offer powerful lending options for military families.

Here are some additional benefits in going with a VA Loan: Backed by the Federal Government ​

- Traditionally available at a lower interest rate​
- No down payment​
- Can be done anywhere in the USA as long as they meet Maximum Loan Amounts restrictions ​
- Shorter waiting periods for Derogatory Credit​
- Flexible Underwriting​
- No Mortgage Insurance​

​

We wish you a safe, happy, and colorful Independence Day!

Summer is officially here! What do you keep your AC set at during the summer?

- Resourcefulness is the key to success in any situation.

How much do roofs cost?
Nothing... They’re on the house! 😂🏠
Happy Father's Day to all the dads, grandpas, uncles, brothers, and fatherly figures we love so much! 💙

If you're a realtor then you know presentation is everything in this business. Allow us to take something off your plate with co-branded flyers, automated emails, landing pages for your sellers and informational product packages for your clients.

Want to know more? Reach out today!

RPM Client Win ?
My team and I heard an amazing story this week from a new client and first-time homeowner. Several years back, she was a young mother who had a daughter and a steady income. Unfortunately, she was hit by a truck when crossing the street and fell on hard times due to pain and the loss of her job. It left her oldest daughter living with her father and this mother with a new infant and living in shelters for a period of time. Over time, she pulled herself back up by finding a new job, was graciously allowed a place to stay, and is now ready to purchase her first home.

Her two daughters told the seller that they looked forward to planting flowers and have dreams of running down a hallway. Our buyer said, "This is the first time a home has been within my reach!" I'd like to thank my extended team: Monalynn Kerol, Daina Sciutti and Cyndi Clark with loan set-up, along with Aaron Pitterman and Andrew Dannis for helping with the AC Boost approval, our UW Joan Larson, and The Lock Desk.

Nope! Absolutely not!
- A pre-qualification is a very general overview of your credit and income to estimate what you can afford.
- A pre-approval allows us to review your financial statements and crunch numbers with our underwriters to provide you with a letter stating you’ve been pre-approved for a certain amount. With that letter in hand, you’ll have a competitive advantage to make an offer when you find your dream home.

Ready to get pre-approved? Reach out today to get started!

Due to the , the federal government has been aiding the American population in multiple ways, like mortgage forbearance and providing stimulus checks. However, those with larger families have taken the biggest hit during the pandemic, which is why the federal government enhanced the child tax credit in March 2020. Qualifying for the credit is based on how many children you have, their ages, and your income. You can opt to receive this credit monthly or annually.

CNET has created an easy calculator that will help you estimate if you benefit from the recent changes to the child tax credit. Check out our latest blog post to see what you qualify for!

Welcome home ❤️

If you're in the market to buy a new build, let us help you find the perfect loan solution!

Teamwork makes the dream work 👏🏽 Our co-marketing capabilities will take a huge amount of stress off your plate so that you can focus on nurturing your relationships and growing business!

Let's talk more! Reach out today 📲

It’s unrealistic to assume that everyone who buys a home is be debt-free. Most people have things like student loan debt and car payments. What matters is how much debt you're carrying relative to your total income.

We look at your debt-to-income ratio (DTI). This is found by taking the sum total of your recurring monthly debts and dividing it by your total monthly income.

If your current DTI is too high to be approved at the moment, let’s talk about which solutions will have the biggest impact to get you approved in the future.

🌈✨🏳️‍🌈

Home of the free, because of the brave. Today and everyday, we honor and remember those who paid the ultimate sacrifice for our country.

We want to give a big round of applause for the graduating class of 2021!
All students have faced a crazy school year, to say the least. You are the future and we are inspired by your perseverance and grit! Congratulations!

Steaks and veggies and burgers - OH MY! ???
BBQ season is officially here! Check out these fresh ideas for the grill.

Classic Grilling and Barbecue Recipes to Make All Summer Long Our collection of classic grilling and barbecue recipes includes grilled steak and grilled salmon as well as weeknight favorites like grilled chicken, burgers, shrimp tacos, and grilled pork chops.

RPM Client Win 🏆
"My clients were looking for a vacation home in Truckee, CA with a limited budget but big dreams. After much searching and aligning budgets, we were able to help them lock-in with the perfect home. I came back to my office to find this note on my desk: "Where do we begin? Thank you so much for helping us to find a loan that fit our unique situation. Most lenders told us, "Impossible" and you made the impossible POSSIBLE. We're settling in, and very much enjoying it, thanks to you. And we're forever grateful for that."

Monday: Less than perfect credit does not mean you can't buy a home!

Your interest rate is determined by your score, so make sure your credit is in the best possible shape when you're ready to buy. You can raise your score by making sure your payments are on time and paying above the minimum payment if possible.

Have more questions on how to improve your credit? Reach out today!

With so many options and ways to finance a home, it can be overwhelming. That's why we're here! We will work with you to find the best solution for your family and lifestyle.

Real Estate is changed forever thanks to COVID-19. But how?

WSJ News Exclusive | See the Full Rankings for WSJ/Realtor.com’s Emerging Housing Markets Index A look at the methodology behind the rankings in the Emerging Housing Markets Index.

We are honored to serve military families in our communities with VA loans! If you or a loved ones have served in the armed forces, give us a call today to discuss your home loan options.