Buyer Resources

Start with whatever’s on your mind. I’ve put together a few guides for buying a home in Greater Seattle, from figuring out the numbers to knowing what to look for at a showing.

Renting vs. owning over 5, 10, 20, and 30 years

Here’s what I like about owning over the long run. Part of each mortgage payment pays down the loan. Keep doing that for years and the amount you owe can fall by hundreds of thousands of dollars, even if the home never goes up in value. Once the mortgage is paid off, you’re still paying for taxes, insurance, and upkeep, but the principal and interest payment is gone.

Let’s say you buy a $600,000 home with $120,000 down and borrow $480,000 at a hypothetical 6% fixed rate for 30 years. Principal and interest would be about $2,878 a month. Here’s roughly how much of the loan you’d pay off if you make the scheduled payments.

  • 5 years: $33,000 paid down. If you need to sell this soon, closing and selling costs can take a big bite.

  • 10 years: $78,000 paid down. More of each payment is going toward the balance.

  • 20 years: $221,000 paid down. This is where staying put can really start to show up in your equity.

  • 30 years: $480,000 paid down. The original mortgage is paid off.

Those numbers are principal paid down, separate from the down payment, and they assume no change in the home’s value. They aren’t profit or a forecast. For a fair comparison, put your actual rent next to the full cost of owning, including taxes, insurance, HOA dues if any, repairs, and buying and selling costs. Then ask what you could save or invest if renting costs less. If you can comfortably afford the home and expect to stay, the chance to build equity and eventually pay off the loan is a big reason to consider buying.

CFPB’s homebuying cost guide

Does buying a home have to feel scary?

It’s a big decision. It’s OK to take it one step at a time. I’d start with a monthly payment you’d feel comfortable with, then talk with a lender about what you’d need at closing. Once you have a range, we can look at a few homes and see what you actually get for the money.

If you find one you like, we’ll go through the offer together. I’ll explain what you’re agreeing to, what the deadlines are, and where an inspection or financing contingency can give you room to make a decision. You can ask questions at any point. You can also take more time or walk away before making an offer.

If you’re trying to decide whether to rent a little longer or start looking, call or text me at (425) 880-2761. I’m happy to talk through where you’re at.

Jump to: Condo Checklist · Local Market Update · Mortgage Rates & Loan Options · FHA Condo Approval

How soon can I refinance if rates go down?

If you’re shopping in King or Snohomish County, there’s a real reason to look now. Northwest MLS reported that October 2026 active listings were up 32.8% in King and 41.7% in Snohomish from a year earlier. Median sale prices for homes and condos combined were down 4.1% and 5.4%, respectively. That gives you more to compare. On a home that’s been sitting, I’d ask whether there’s room on price or whether the seller might help with closing costs. A well-priced home can still get multiple offers. October Northwest MLS report

Here’s how I’d look at the trade-off. A lower purchase price means borrowing less if the down payment stays the same. A seller credit can help cover eligible closing costs, subject to lender limits. A higher rate can still make the payment more than you want to carry. If rates fall, more buyers may come back and some sellers may offer fewer concessions. Prices could rise, but nobody can promise when rates will fall, how much they’ll fall, or what home prices will do. Earnest money is a deposit generally credited at closing. A bigger deposit can mean more cash due earlier, but it isn’t automatically a higher closing cost.

Buy now or wait? Here’s a quick example

Say you’re putting 20% down and comparing two hypothetical 30-year fixed loans. I’m using the same $15,000 in estimated closing costs and prepaids in both cases to keep the comparison simple.

  • Buy now: $600,000 price at 7%, with a $10,000 seller credit. Monthly principal and interest: $3,193. Estimated cash to close: $125,000 ($120,000 down + $15,000 costs − $10,000 credit).

  • Wait: $650,000 price at 6%, with no seller credit. Monthly principal and interest: $3,118. Estimated cash to close: $145,000 ($130,000 down + $15,000 costs).

In this example, waiting saves about $76 a month in principal and interest using the unrounded payments, but takes $20,000 more upfront. Taxes, insurance, and any HOA dues are extra. Cash to close is shown before subtracting any earnest money already paid. The prices, rates, and credit are examples, and the credit is subject to lender rules. I’d ask your lender to run both scenarios with your numbers. How to read a Loan Estimate

What I’d ask the lender

  • How soon could I refinance this exact loan? Timing depends on the program, lender, and type of refinance. Ask about waiting periods, payment history, equity and appraisal requirements, and whether any down payment assistance would need to be repaid or handled separately. For example, FHA Streamline generally requires at least six payments, six full months since the first payment was due, and 210 days since closing. HUD’s FHA Streamline guide

  • What would I actually save? Ask for the new payment, closing costs, points, and loan term. If it costs $6,000 to refinance and saves $250 a month, a simple break-even is about 24 months. Ask how rolling costs into the loan or starting a new 30-year term changes what you pay over time.

  • What happens if my situation changes? For a standard refinance, expect to apply again. The lender may check credit, income, debts, and the home’s value. Compare written Loan Estimates, then review the final terms before closing. The new loan pays off the old one. A lower rate alone doesn’t guarantee you’ll qualify or come out ahead.

My take: if you find a place you’d be happy to stay in and the payment works at today’s rate, it’s worth looking while you have more choices. You can start paying down the loan now, and if a refinance makes sense later, great. If the deal only works after a refinance, I’d keep looking. Want to talk through a listing or what a seller credit might look like? Call or text me at (425) 880-2761.

What I’d check before buying a condo

I’d start with the unit and then take a good look at the building and the HOA. Here’s what I’d ask for early.

  • Dues and what they cover. Ask what’s included and whether an increase is planned. Compare the full monthly cost, including dues and your own insurance.

  • Reserves and repairs. Read the budget, reserve study, and recent meeting minutes. Ask about roof, siding, or plumbing work and any approved or proposed special assessments.

  • Insurance and rules. Ask what the association’s policy covers and what you’ll need to insure. Check the rules for pets, rentals, parking, and renovations.

  • Financing. Ask your lender to check the specific building early. If you’re using FHA, ask whether the project is approved or whether the unit could qualify for single-unit approval. HUD’s condo financing overview

King and Snohomish market update

Active listings at a glance

October 2026 vs. October 2025

King County: +32.8%
Snohomish County: +41.7%

October 2026 · Northwest MLS

There was more to look at in both counties than a year ago. Active listings were up 32.8% in King County and 41.7% in Snohomish County. The median sale price for homes and condos combined was $851,250 in King and $699,250 in Snohomish.

King County condos had about seven months of inventory at October’s sales pace. If you’re shopping for a condo, I’d take the time to compare buildings and ask what’s been sitting. A specific home can still draw competition, so I’d look at recent sales and similar listings nearby before deciding what to offer. Read the Northwest MLS report.

Current mortgage rates

Check Freddie Mac’s weekly mortgage rates. It’s a national average. Ask your lender what rate and monthly payment you’d be looking at for the home and loan you’re considering.

ARMs and rate buydowns

Adjustable-rate mortgages (ARMs). An ARM usually starts with a rate that stays put for a few years. After that, the rate can go up or down. I’d ask your lender: When can it first change? How often can it change after that? What index and margin set the new rate, and what are the caps? Ask them to show you the starting payment and the highest payment you could face. CFPB’s guide to ARM rate caps

Rate buydowns. A temporary buydown lowers what you pay in the early years. Paying discount points upfront can lower the loan’s rate. If someone says “buydown,” I’d ask which one they mean, who pays for it, and how much it costs. For a temporary buydown, ask to see the payment each year and the full payment after it ends. For points, ask how long it would take for the monthly savings to cover the upfront cost.

My first ask would be to see the numbers side by side with a fixed-rate loan without a buydown. I’d want to know the cash needed at closing and what the payment looks like if I keep the loan and never refinance.

How FHA approval works, especially for condos

If you’re thinking about FHA financing, I’d start with your lender. Ask what they need to review your income, credit, debts, and down payment, and what you’d need at closing. If you’re looking at a condo, send them the project name and unit address early. Your preapproval is one step. The lender also needs to check whether the condo qualifies.

FHA condo approval at a glance

  1. Get preapproved. Ask what the lender still needs from you.

  2. Send the condo address. Ask whether the project has current FHA approval. You can also look up the project with HUD.

  3. Ask about the unit. If the project isn’t approved, ask if the lender handles FHA Single-Unit Approval and whether this unit might qualify.

  4. Check the timeline before you make an offer. Ask what the lender needs from the HOA, who will request it, and how much time to allow. If FHA won’t work here, ask what other loan options you can compare.

I’d save those four questions on your phone before you tour. If you find a condo you like, you’ll know what to send your lender right away. More on FHA condo approval from HUD.

How much should I put down in earnest money?

Earnest money is a deposit that shows you’re serious. I’d look at what’s customary for that price range, how much competition there is, and what you can comfortably have tied up. Before you choose an amount, let’s go over when it’s due, who holds it, how it’s credited at closing, and when you could lose it. Those answers come from your contract and its deadlines.

Why I usually recommend a home inspection

A showing tells you how the home feels. An inspection gives you a chance to learn what needs attention and what you might spend after moving in. Before making an offer, ask how an inspection contingency works, what it lets you do, and when your decisions are due. If the inspector flags a problem, get a specialist’s opinion and a written quote before deciding how to proceed.

What should I look for in a roof?

From the ground, I’d look for missing or curling shingles, sagging, or patches that look newer than the rest. Indoors, look for stains near ceilings, vents, or the chimney. Ask the seller for the installation invoice, warranty, or permit records where available. If the age is unknown, an inspector can look for visible wear, leaks, and ventilation issues where accessible, and tell you whether to bring in a roofer. They may be able to estimate age or condition, but paperwork is better for confirming the installation date.

As a rough starting point, one Seattle contractor’s 2026 guide puts a typical asphalt replacement around $12,000–$22,000. Size, slope, materials, access, and damaged decking can move the price. I’d get written local bids for the actual roof. Seattle contractor cost guide

Can I get a home loan with credit below 650?

Possibly. I’d ask a lender which programs fit your score and what they need to see for income, debts, and cash to close. FHA guidelines allow different loan-to-value limits depending on credit score. Lenders can set stricter requirements, and a score by itself doesn’t tell you whether you’ll qualify. Ask for a breakdown of the payment, mortgage insurance, and anything you could do to improve your options. HUD’s FHA handbook

Washington down payment assistance

If you’ve heard about Washington’s Covenant Homeownership Program, ask a participating lender if you meet its specific eligibility rules. I’d also ask them to compare any Home Advantage options you qualify for. Get the details on how much assistance you can use, whether it’s a second loan, and what happens if you sell or refinance. Washington State Housing Finance Commission’s Covenant FAQ

Can I get a first look without a hard credit check?

Ask the lender up front whether they offer a soft-pull estimate or prequalification, and whether they’ll need a hard inquiry for a formal preapproval. A soft inquiry doesn’t affect your score. A formal preapproval can help you shop in a workable price range and show a seller you’ve started the financing process. Ask what the lender has actually verified, how long the letter lasts, and what still needs to happen for final approval. CFPB’s guide to lender credit checks

Looking at a specific house and wondering what to ask first? Call me or text me at (425) 880-2761. We can talk through the house, the offer, or what to ask your lender.