March :: SoundBiteBlog.com 2007 :: SoundBiteBlog.com

At some point in time, you may need a mortgage.  What term or length will you select for that loan?  There are several options out there including 7, 10, 15, 20, 30 and even 40 year mortgage loans. Which one is the right one for you?  There are several things to take into consideration when it comes to selecting any of these.  The bottom line is a combination of what you can afford and what you can save.  You see, the longer the term of your mortgage, the more you will ultimately pay for your home.

Terms: What They Mean

The term of your loan is something you need to decide on right from the start.  The “Term” is the length of the loan. With a good mortgage lender, you will be able to talk about your choices as well as your best option. Trust is a very big factor when choosing your mortgage lender.

Short VS Long Loans

In a shorter term mortgage loan, you will save money ultimately.  To help you, it is necessary to break down all of these factors before getting started.Here’s a comparison.

Interest Payments

Imagine you need to borrow $100,000 for your home.  For this example, the interest rate will remain the same for the 15-year and the 30-year loan, although these are definitely different depending on the loan you select.  That rate is set at seven percent here. 

In a 30-year mortgage with those factors, you will pay about $665 per month on the home.  You would have paid $139,509 in interest alone on this home on top of your principal.

In a 15-year mortgage with those same factors, you will pay about $900 per month.  On top of paying your principal, you will also pay $61,789 in interest.

The difference is $133,331 $77,720 in interest alone!  That is a lot more money to pay for the very same home. Isn’t it? 

Interest Rates

In most cases, the shorter term loan will come with an interest rate that is a fraction lower than the longer term loan.  Of course, this also depends on your credit score as well as what is available on the market at any given time.

Your Monthly Payment

As you can see from above, one of the big reasons that people will invest in a 30 year loan over that of a 15 year is the lower monthly payment.  It is considerably smaller and that can be a real benefit for extending the terms of your loan.  In fact, for many, it is the only way to get into a home at all. 

What’s Best For Me, Then?

It would be nice to pay off your home in 15 years.  Yes, it would be nice to be able to have the lowest monthly payment available, too.  While these things are very important, it is important to analyze just what you can afford to do.  Now, when the word “afford” is used, it is meant to talk about the short term and the long term affordability of any mortgage loan.  Here are some questions to ask yourself before deciding.

• What amount of money can I comfortably afford to pay per month for my home?
• What is the lowest interest rate that I qualify for?  (Improving your credit can help you to drop the rate and therefore still benefit in the long term.)
• What is the most that I can pay and still have a savings account, to meet the home’s demands and care for my family?

The bottom line, here, is that you need to pay as much per month as you can to pay off the mortgage in the shortest amount of time possible.  When you do this, you will have been able to do what you need to do, but you will also be giving yourself the most affordable option out there.  Base your decision on the best possible solution for your personal and financial needs.  Working with a financial planner can also help you to determine the best route for your future.

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Posted in Buyers, Miscellaneous, Mortgage Bites, Real Estate Bites | 3 Comments »

One of the great things about being a real estate agent and living on the Kitsap Peninsula in scenic Washington State is that you’re surrounded by water and some of the most breathtaking scenery in the Pacific Northwest 

If you were familiar with the Puget Sound area you would know that it is one of the premier locations around the country for pleasure motor boating. From the Washington state capitol of Olympia, all the way up through the Strait of Georgia in British Columbia, boating enthusiasts are offered some of the finest waters and harbors in the world.

Here on the Kitsap Peninsula we have several excellent marinas:

Poulsbo – Poulsbo has three marinas: the first is Liberty Bay Marina, with no guest moorage; the second is Poulsbo Yacht Club with reciprocal privileges; and the third is the Port of Poulsbo Marina, right in downtown Poulsbo. You can moor at the Port Marina where there’s moorage for about 130 guest boats. A park and picnic area are right at the marina, which also has clean restrooms, hot showers and laundry, fuel float with gas and diesel, and a pump-out station.

Brownsville Marina – the Brownsville marina is about 3 miles farther south down from Poulsbo on the west side. There’s a great marina here with guest moorage for about 60 boats, restrooms, showers, laundry and a fuel float with gas, diesel and propane. There’s a deli with groceries, wines and marine supplies.

Port Orchard Marina – The Port Orchard Marina is one of Puget Sound’s most popular destinations. The Port Orchard Marina offers excellent facilities and services. Within walking distance are restaurants, antique malls, library, post office, banking services and marine supplies.

Bremerton - Located in downtown Bremerton, you are a short walk from the Puget Sound Navy Shipyard, the Naval Museum, and the historic Navy destroyer, U.S.S. Turner Joy. Bookstores, restaurants, marine supplies and gift shops are all within walking distance. Washington State Ferries offer service between Bremerton and Seattle.

Silverdale – Since 1920 the Port of Silverdale has been working hard to create a quality facility for Mariners. Our boaters will enjoy transient moorage complete with power, fresh water, vehicle/trailer parking, and deep water boat launch.

Kingston - The Port of Kingston currently has 262 permanent mooring stalls ranging between 24 and 60 feet in length. Water, phone service, electronic access and 30 amp power are available. Area shops, restaurants, and services are within walking distance. The Washington State Ferries also use this harbor for service across the Sound to Edmonds.

Driftwood Keys – The secured marina provides 20, 30 and 40 foot slips which may be leased as well as open moorage available for 2 to 3 days at a time. With a locked gate and ample tow parking, the paved boat ramp and auxiliary docks are available to launch your boat into the protected bay waters.

Two future marinas worth mentioning are Seabeck Marina, located on the eastern shore of Hood Canal, and Port Gamble Marina, just north of the Hood Canal Bridge. Seabeck Marina was closed down for safety reasons and was recently purchased by an investor group. Look for construction to begin in the near future.

In addition, there are many state and county boat ramps and docks located throughout the peninsula. Check the following websites for more information:

Kitsap Peninsula Visitor & Convention Bureau 

Kitsap County Recreation and Parks Department

Washington State Parks

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Posted in Kitsap County Bites | 3 Comments »

Applying for a mortgage is stressfull under the best of circumstances. Even experienced borrowers feel a little twinge of anxiety at the thought of taking on hundreds of thousands of dollars worth of debt. There are things you can do to reduce the stress. Lists such as this one can be found on all mortgage websites, yet no real estate related site is complete without one. So here’s SoundBiteBlog’s list of Do’s and Don’ts.

The mortgage approval process is forgiving of many things, but these items will throw a serious wrench in the works. The following is a list of things that I see most often as a Loan Officer, that derail the process of getting approved for a mortgage loan.

1. Don’t quit your job.
2. Don’t pay your bills late.
3. Don’t procrastinate getting stuff to the loan officer.
4. Don’t lie to your loan officer.
5. Don’t withhold information from the Loan Officer.
6. Tell your loan officer in advance if you plan on making a large purchase.
7. Don’t open any new credit card accounts.
8. Do take your time. Make sure you understand everything that is happening.
9. Do overestimate expenses and underestimate income. Be conservative.
10. Do have fun!

On occasion, you might have to break one of the rules in this list. Life happens and there is just no way to make it a perfect one. When you simply must break one of the rules (with the exceptions of #4 and #5!), let your Loan Officer know about it right away. Let him or her know in advance it at all possible. There are ways to compensate for almost any sitution that can arise during the mortgage loan approval process. But it is much easier to anticipate a problem, than it is to pick up pieces after the fact.

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Posted in Buyers, Credit Bites, Miscellaneous, Mortgage Bites | 9 Comments »

Tags: bremerton real estate, kitsap real estate blog, port orchard real estate, poulsbo real estate, real estate blog, seattle real estate blog, silverdale real estate

If you’re looking for a unique and enjoyable dining experience, look no further than

 “The Boat Shed Restaurant & Bar!”

Serving Kitsap County since 1979, The Boat Shed is a family restaurant located under the Manette Bridge on the North shore of the Washington Narrows, across from Bremerton, near the quaint artisan town of Manette.

Whether you are looking for something casual and classy, or intimate and cozy, The Boat Shed offers fine dining with spectacular views of the Bremerton waterfront. In the summer months, take full advantage of the incomparable weather and sit outdoors on the waterfront deck.

Dinner entrees include certified Black Angus prime steak, Dungeness crab, Pacific salmon & halibut, fish & chips, poultry and pasta dishes. Lunches feature creative salads, savory sandwiches, and satisfying homemade soups. The beverage selection also includes a complete selection of micro brews, carefully selected wines and a full service bar. For small children, The Boat Shed offers an extensive kid’s menu. They can also accommodate parties of up to 35 people; complete catering services (their place or yours), weddings, birthdays, family reunions, and business banquets.

Perhaps one of the best ways to enjoy your meal at The Boat Shed is to arrive by boat! Pull up to the floating dock and walk right in! Your table, superior friendly service, and exquisite food await you!

Boat Shed Restaurant, 101 Shore Drive
Bremerton, WA 98311  (360) 377-2600

 Hours:

Open everyday: 11am to Midnight

Happy Hour 3pm-6pm & 9pm to Closing

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Posted in Bites of Washington, Bremerton WA Real Estate, Business Bites, Kitsap County Bites | No Comments »

Tags: bremerton business, bremerton real estate, kitsap business, kitsap real estate, kitsap real estate blog

We all have different strengths. Some people are creative geniuses yet housekeeping disasters. Some people paint. Others can do complex mathematical equations in their heads. We all have things we do well. We also have things we don’t do well at all.

Many men are taught from childhood that being completley self-sufficient is a sign of manliness. Women seem to ask for help more easily and naturally. It seems they automatically know that ,as individuals, we can’t be great at everything and it only makes sense to collaborate. When it comes to building and maintaining really good credit, the “I don’t need anyone’s help” mentality can be a serious roadblock.

Play to your strengths and delegate the rest.

If one of your non-strengths (notice I didn’t call it a weakness) is in the area of consistency when it comes to bill paying, consider asking for help. With couples, one of partners will generally be good at this while the other partner is not. That’s great if you are in a commited relationship, but if you aren’t? It doesn’t mean you can’t use the same technique to advantage. Do you know someone you trust who is really good at budgeting and has the credit to prove it? This could be a brother or sister, it could be a close friend, it could even be an uncle or a grandparent. Be open minded about who you can approach to get help. I have several clients each year who are fisherman in Alaska but reside in Washington State. They all have someone in WA handling the chore of getting the bills paid while they are fishing for months at a time. It seems to work very well for all of them. Why can’t the same thing work for a non-fisherman?

How do you pay them back?

How do you even up the scorecard if someone agrees to take on the task of managing your bills? Be creative and think about the old-fashioned idea of barter. When America was young, settlers had very little cash. They traded skills back and forth. The farmer traded grain for livestock. The blacksmith traded horseshoes for clothing. The same system can work vey well today. You probably have a skill that you are good at. Are you a roofer, or a handyman? Believe me, there are many folks who wouldn’t know where to begin tackling jobs like those. Trade what you are good at for the help of someone who is good at maintaining great credit. Do you have more money than time? Cash is always in demand.

Don’t let your ego trip you up.

If you have ever been in a management position you know that one of the most powerful tools a manager has is delegation. Important tasks are assigned to the employee who is best able to handle the task well. Approach your credit report as a manager, not as an employee. If someone else is better suited to handle that job, delegate it. When managers do this they are viewed as efficient, they are not viewed as lacking skill. You do not need to be great at everything to reap the benefits of a great credit report. That is your ego talking.

Don’t let your ego get in the way of a great credit score, or your credit score will end up hurting your ego.

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Posted in Credit Bites, Miscellaneous | No Comments »

Tags: bremerton real estate, credit tips, kitsap real estate blog, port orchard real estate, poulsbo real estate, seattle real estate blog, silverdale real estate