Real Estate Weekly February 7, 2020

INSIDE

This Issue

Q&A

Ask Our Broker PAGE 6

Mass transit appeal creates suburban home bargains page 6

BYE-BYE PMI page 7

CLASSIFIEDS page 7

Feb 7-13, 2020

RE-Weekly.com

INSIDE

TABLE OF CONTENTS

visit re-weekly.com to easily search for local real estate listings!

PAGE

7

Q&A

Ask Our Broker.......................................................................P6

Mass transit appeal creates suburban home bargain............................................P6 Bye-bye PMI.......................................................................P7 CLASSIFIEDS......................................................................P7

RE-Weekly.com easy to use tools & the most up-to-date information for finding local real estate

To advertise in RE-Weekly or other Skagit Publishing publications, Call: 360.416.2180 or Email: ads@skagitads.com ©2020 by Skagit Publishing | All rights reserved.

All real estate advertised in Real Estate Weekly is subject to the Federal Fair Housing Act, which makes it illegal to advertise “any preference, limitation, or discrimination because of race, color, religion, sex, handicap, familial status, or national origin, or intention to make any such preference, limitation or discrimination.” We will not knowingly accept any advertising which is in violation of the law. All persons are hereby informed that

all dwellings advertised are available on an equal opportunity basis.

For further information call HUD Toll Free at 1-800-669-9777.

All Houses subject to prior changes without notice. Neither advertisers nor Skagit Publishing are responsible for any errors in the ad copy.

Skagit Publishing reserves the right to refuse any advertising, which we deem unsuitable for our

publication.

Unless otherwise noted, all photographs, artwork and ad designs printed are the sole property of Skagit Publishing and may not be duplicated or reprinted without express written permission.

Skagit Publishing is not responsible for typographical or production errors or the accuracy of information provided by advertisers.

BURLINGTON

320 S Burlington Blvd Burlington, WA 98233 (360) 755-9494

Territory NW

$249,900

Mount Vernon

$250,000

BellinghaM

$329,000

27 ACRES Own your own piece of paradise. Terrific opportunity if you love wild spaces and want a slice of heaven to build on. Property like this does not come up for sale very often! Two potential building sites on your own private lake. MLS #1496104

Beautiful sweeping views of the sound and the valley below from this 1 acre lot in Saratoga Passage Development! Enjoy time spent watching the valley activities unfold beneath you. Come and see for yourself the site of your new home. MLS #1457782

Gorgeous home on large, bright corner lot. This home features tons of natural light, an open floor plan that is functional & beautiful. Features are vaulted ceilings, skylights, kitchen with numerous cabinets, a deep pantry. 3 BD’s, 1 3/4 Baths, large deck, 2 car garage w/ overhead loft. All of this comes with everything that Sudden Valley has to offer. MLS #1531291

Call elizaBeth, 708-8800

Call Charlie, 708-1415 or Jeannie, 708-9645

Call Mike, 540-1341

G TIN LIS W NE

G IN ND PE

OPEN HOUSE SaTURDay 02/08 1:00-3:00

4643 nooksaCk loop, Mount Vernon

$389,000

LD SO

sedro-Woolley

$254,950

Mount Vernon

$524,950

Directions: From I-5, take Exit 225, go R on Anderson Rd, continue on LaVenture Rd, R on E Division, Left onto Skagit Highlands Pkwy, Left on Nooksack Loop, home on the L. This 4+ BR, 3 1/2 BA home has 2 Master sites on upper level + an office/den w/1/2 bath on the main level. Great open floor plan with laminate flooring on entire first floor, SS appliances, island in kitchen, lg closet in great room under stairs. Laundry room off kitchen offers a walk-in pantry before going to the attached 2 car garage. Huge landing upstairs + 4 BR’s all w/ceiling fans, 3 w/walk-in closets. MLS #1560941

Cute & Clean 2 bedroom, one bath home on a small lot. Attached single car garage and room for storage too. Front and back porches. Gas heat, open floor plan, everything one would want in a tight package - be green and live here. Priced right. MLS #1552206

Unique 9.58 AC homestead east of Mt Vernon. Pastoral setting w/ level acreage. Nookachamp creek flows thru property with a stout bridge to a 3432 SF dream shop. Custom built 2 bed 2 ba home w/open floor plan.

Kitchen open to lg living area w/ woodstove. Master features a full bath, walk in closet & slider to deck. Addl outbuildings. Come view this incredible property. MLS #1539559

Call Charlie, 708-1415 or Jeannie, 708-9645

Call WilMa, 661-1631

Call ron, 333-1045

Wilma Louia Designated Broker/Owner 661-1631

2

Charlie & Jeannie Boon 708-9645

Jim Stransky 708-1681

Lisa Boon Meyer 420-6608

Kirk Campbell 770-7470

Ron Van Pelt 333-1045

RE-Weekly.com

Elizabeth Detillion 708-8800

Ivana Wood 770-3550

Mike Welling 540-1341

Kati Shannon 391-1203

Traci Erickson Property Manager 755-5555

February 7, 2020

1991478

sedro-Woolley

www.SkagitValleyRealEstate.com

Shelley Miner Burlington Escrow Manager/LPO 360.707.2312

Eldon Brown Skagit County Manager 360.707.2158

Christa Canell Freeland Escrow Manager/LPO 360.331.4838

Kari Pittenridge Anacortes Escrow Manager/LPO 360.299.0565

554 TIMBERLAND LOOP, MOUNT VERNON

360-757-6013 www.brownmcmillen.com

Brandi Jensen Stanwood Escrow Manager/LPO 360.629.9737

OPEN HOUSE SATUrdAy, 2/8 • 11-2PM

Service you deserve with people you trust Visit any of our 5 locations in Oak Harbor, Burlington, Freeland, Stanwood and Anacortes

Ltco.com

1898385

Amazing 4100 Sq Ft Custom Log Lodge home on 3.54 acres fenced Equestrian acres with spectacular sunset San Juan Islands view & separate second rental/Guesthouse. MLS 1292285

W NE

1975772

Anacortes Office

Mount Vernon Office

2788 E College Way Mount Vernon, WA 360-416-6500 • adrskagit.com

Like American Dream Real Estate Mount Vernon

www.adrhomes.net

8989 E. PRESSENTIN DRIVE, CONCRETE

NT RO RF TE A W

CALL ANITA KOHL 360-961-7795 *PARK LIKE 8+ ACRES W/ORGANIC GARDEN BEDS, FRUIT TREES, & 2 GREENHOUSES *UPGRADED 3 BEDROOM 2 BATH TRIPLEWIDE W/GRANITE KITCHEN *HEAT PUMP, GENERATOR, HUGE 30 X 40 SHOP!!

2610 E. SECTION ST. ‘’LITTLE MTN. ESTATES’’ MT. VERNON

$129,500

(UN IT #7 )

$319,500

CALL SANDI RILEY 360-770-8670 YOUR HOME FEATURED HERE! CALL FOR A CURRENT ‘’MARKET APPRAISAL’’ SANDI RILEY 360-770-8670 2610 E. SECTION ST. ‘’LITTLE MTN. ESTATES’’

+) (55

$126,000

(UN IT #7 3)

*TIMBERLAND BEAUTY W/’’MOTHER IN LAW’’ APARTMENT DOWN *TOTAL OF 3 BEDROOMS, 3 BATHS + FAMILY ROOM *CREEK FRONTAGE, VIEW DECK & GAZEBO, MUST TO SEE! 808 BURLINGAME ROAD, MT. VERNON

$248,900

DING

PEN

CALL SANDI RILEY 360-770-8670

CALL ANITA KOHL 360-961-7795

CALL SANDI RILEY 360-770-8670

*MARLETTE QUALITY INSIDE & OUT, QUIET VERY DESIRABLE WEST/OUTSIDE LOT LOCATION *2 BEDROOM, 2 BATH W/LG. OAK TYPE KITCHEN *HEAT PUMP & A/C, LOVELY COVERED PATIO, 55+ LIVING AT IT’S BEST!

*VERY NICE 2 BEDROOM, 2 BATH W/NEW FLOOR COVERINGS *GAS HEAT, A/C, INCLUDES ALL APPLIANCES *ENJOY CLUBHOUSE ACTIVITIES & GATED PRIVACY!

*OPEN PLAN LIVING/DINING/KITCHEN W/WOOD LAMINATE FLOORS, GAS STOVE *SHY 1 ACRE LOADED W/POTENTIAL, FIXER 2 BEDROOM 1 BATH *LOCATION IS GREAT, COUNTRY FEEL CLOSE TO TOWN!

23734 RUTH LANE ‘’CONWAY’’ MT. VERNON

$448,900

SOLD

“Fulfilling Northwest Family Dreams” 1202 Commercial Ave Anacortes, WA 360-588-1515 • adrhomes.net

$435,000

G! TIN LIS

+) (55

Terrific condo in one of Mount Vernon’s best kept secrets! Northridge complex features a quiet single entrance hilltop unit estate on Scott Mountain overlooking community yards, sidewalks mature landscaping.

2 story corner features 2 bedrooms, 1.5 baths, 2300 Sq Ft ofw/large Street level Prime Retail & Corner Space on Impressive the Skagit Valley, Mountains, Sanceiling Juan College Way located a busy multi patio, tenant2nd complex large living room, dininginroom, private flr deck, private garage, tonsOlympic of storage, laminateand floors, home was designed for right on heat, the corner of College Way &features Parker clubhouse, Way. Islands. radiate newly painted!

Complex indoorThis pool,Tuscan sportscharacter court & gym.

Reasonable dues entertaining w/multiple living spaces that would share MLS 1417681 include water, sewer, garbage cable of & this internet! the beauty incredible area. MLS 1514996

Twin Brooks...55+, Better than new. One level, 2bd/2ba home with office/den. Beautiful spacious kitchen w/loads of cabinets, center island, & all kitchen appliances stay.

Large patio off dining area with a portion covered & fenced backyard. Convenient to town, hospitals, freeway, & shopping MLS# 1540564

770-8670

32392 S. LYMAN FERRY ROAD, SEDRO WOOLLEY

This dynamic Live/Work opportunity brings together flexible spaces to meet an array of needs. Entrepreneurs, telecommuters, small businesses, & home office professionals seeking to own their work space in vibrant community, balancing life & work in a way not normally seen. MLS 1518123

Shelah Inman 3606610145

Sandi riley

american dream real estate services, inc.

2 bedroom condo in Northridge MLS#1511968 • $198,000

$487,000

Brown mcmillen Real Estate 235 W. Rio vista Avenue Burlington, WA

Katey Von Hagel Marketing Representative 360.707.1076

Holly Mathers Island County Title Manager 360.675.2246

LAND TITLE AND ESCROW W

FEATURED HomE FRom covER:

1986108

Cathy West Oak Harbor Escrow Manager/LPO 360.679.5055

961 SUMMER MEADOWS COURT, SEDRO WOOLLEY

$358,900

SOLD

3314 ROCKEFELLER AVE. EVERETT

$448,900

SOLD

CALL SANDI RILEY 360-770-8670

CALL SANDI RILEY 360-770-8670

CALL SANDI RILEY 360-770-8670

*3 BEDROOM, 2 BATH RAMBLER W/LARGE FAMILY ROOM *DESIRABLE CONWAY SCHOOL DISTRICT, SOUTH COUNTY FOR E-Z I-5 COMMUTE! *PARK LIKE 1.27 ACRES, NICE SHOP, DEAD END ROAD PRIVACY

*QUIET CUL DE SAC LOCATION, 3 BEDROOM, 2 BATH RAMBLER *GAS HEAT, VAULTED CEILINGS, CLOSE TO SCHOOLS & SERVICES *DOUBLE GARAGE, LARGE DECK, GREAT LOCATION!

*HUGE 2 CAR GARAGE, FENCED YARD, CLOSE TO SHOPPING & SERVICES *UPDATED CUSTOM RAMBLER W/PARTIAL BASEMENT, GAS HEAT *3 BEDROOMS, 2 BATHS, NEARLY 1800 SQ. FT.!

1988966

February 7, 2020

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3

NORTH PUGET SOUND ASSOCIATION of REALTORS® Mount Vernon, WA 98273

360) 416-4902

www.npsar.realtor

Devastatingly effective wire fraud scams are becoming more and more common in real estate transactions. Sophisticated hackers are monitoring client and/or broker email accounts and waiting for a window to steal monies from clients.

The scammers convincingly impersonate the broker or escrow agent, and then send messages urging the clients to wire funds to fake accounts set up by the scammers. The clients are left with no recourse to recover the stolen funds.

STAT Real Estate Stat

34%

Are you prepared to protect yourself?

Washington REALTORS® in cooperation with the NWMLS, the Department of Licensing, Department of Financial Institutions and the Office of the Insurance Commissioner have created several resources to educate our members and consumers about this widespread but preventable fraud.

 

Obtain the phone number of your real estate broker and your escrow agent at your first meeting.

Call the known phone number to speak directly with your broker or escrow officer to confirm wire instructions PRIOR to wiring.

The percentage of millennials who are most likely to forego a garage.

Source: Born2Invest CTW Features

Mission Statement: The Nor th Puget Sound Association of Realtor s advocates for Realtor s and their clients, and promotes the protection of property rights.

360.757.6013 800.869.7084

Brown McMillen

w w w. b r o w n m c m i l l e n . c o m • 235 W. Rio Vista Avenue, Burlington AY NW

W BO

CO TK

Bow Rambler on .41 acres...3BD/1.75BA, move in ready! New kitchen open to family rm, & dining rm off kitchen adjoins spacious living rm w/ beautiful territorial views. Convenient to I-5, town of Edison & school. $400,000 #1558476

ICE

EW

A AW TT A M

PR

N

Bayview Farmhouse w/gorgeous views...New kitchen, Living/dining rm w/original shiplap, wood floors, new gas insert w/built-in bookcases.

3bd/1.75ba, 1752 SF, lots of storage. Detached 2 car garage & fenced 25x30 garden. $525,000 #1546613 Yvonne Brown Galen Kindred Holly Hilts Jeff Ingman

4

Build your dream home in the much desired and beautiful Conway area. Level 1-acre lot with Perc, water and option to have approved rain catchment system for water. Make an offer! $149,500 #1556891

840-4375 770-7083 661-5538 202-2859

Partner

Let us help you buy or sell your home!

Give us a call today for a FREE Comparative Market Analysis Report.

Great vacation spot, or permanent residence! Enjoy the sunshine most of the year, & all that Desert Aire Golf Community has to offer! This home is over 2000 SF with 3bd/2ba. In-ground pool, low maintenance, & all at a low price! Make an offer! $299,500 #1555766

Shelah Inman Jodi Dynes Ron Wortham Mary Jo Reitsma

661-0145 333-7783 661-1500 770-6013

Travis Lohman Tod LeHecka Jan Scally Dale Owenby

RE-Weekly.com

661-4533 333-1032 421-5160 913-8662

Dana Holmes Katie Hilsinger

770-6716 391-3796

1975779

525 East College Way, Ste. J

February 7, 2020

Residential NE

W

!

2725 E Fir St Unit #102, Mount Vernon $84,900 2 Beds/1.75 Baths/1,428 SqFt/.033 acre lot Double-wide manufactured home on a spacious lot in popular Park Village. Kitchen w/NEW refrigerator & microwave opens to family rm with sliding doors to outside deck. Spacious master has a walk-in closet and ensuite bathroom. A second bedroom, guest bath, large laundry room, outside shed, and carport too!

Christine Mays 360-298-4431 #1560261

NE

W

Vacant Land NE

W

!

NE

3930 Autumn Wy, Mount Vernon $445,000 3 Beds/1.75 Baths/1,886 SqFt/.150 acre lot Incredible one level living in Summersun Estates! White millwork, vaulted ceiling & engineered wood floors. Large dining & living area w/gas fireplace. Kitchen offers granite, tile splash, grand island & great counter & storage space. Spacious Master w/huge walk-in; bath w/dual sinks & oversized shower.

Elizabeth Miller 360-420-3607 & Travis Miller 360-420-7291 #1559975

W

!

NE

15729 Mountain View Rd, Mount Vernon $685,000 3 Beds/2.75 Baths/3,457 SqFt/2.9 acre lot Luxury home; wood floors, gourmet kitchen, 2 decks, AC. Grand entrance w/cathedral ceilings leads to elegant living room w/gas fireplace & huge windows w/views. Wind up custom stairs to master suite w/private deck & fireplace.

Down the hall are 2 beds, office, bonus room, & loft.

Shelly Hanson 360-420-2565 Cory Kiehn 360-441-1760 #1560844

W

!

16 Airport Perimeter Wy, Decatur Island $70,000 .780 acre lot Great location near the private airstrip and road to community dock. Installed 3BR septic system with easement to off-site drain field. Sunny and level with a scattering of plum trees and roses; this could be an excellent property for solar. Driveway is in and the lot is cleared and ready to go.

Sarah Jones 360-333-2783 #1558810

!

OPEN HOUSE SUNday 2/9 1-4 Pm

747 Westpoint Ct, Burlington $285,000 3 Beds/1.75 Baths/1,124 SqFt/.120 acre lot Energy Efficient 3 bed 1.75 home close to town w/hydronic radiant heat. Large living room upstairs with updated flooring. Remodeled kitchen with stainless refrigerator opens to dining area. Slider to the back deck overlooks large fenced backyard. Large bedroom upstairs with bathroom access. 2-car garage.

Cory Kiehn 360-441-1760 #1560436 NE

W

!

74 Hoh Place, La Conner $499,000 3 Beds/2.5 Baths/4,371 SqFt/0.341 acre lot Excellent water view sets the stage for this main level living home. Living room has towering wood ceiling, fireplace & many windows to the view & ad joining den/library. Large dining room with glass door to deck. Kitchen has walk-in pantry. New decks! Lower level huge recreation room+2BR/ BA, shop area.

Jackie Stone 360-661-2247 #1554051

NE

W

2102 Pennsylvania Ct, Anacortes $690,000 5 Beds/2.75 Baths/2,617 Sqft/.191 Acre Lot Like new home at the end of a quiet cul de sac.

Main level living w/ an open concept kitchen. Enjoy the outdoors spaces and peek a boo view from deck conveniently located off kitchen for BBQ’ing etc. Craftsman style exterior w/ covered porch.

Great central location to town or NAS Whidbey.

Jessica Notaro 360-202-1441 #1527693

2102 Highland Dr, Anacortes $229,000 0.220 acre lot Beautiful sloped building lot in the Skyline Community. Gorgeous saltwater views over Skyline Marina, Burrows Island, Burrows Bay and the Salish Sea. Near Washington Park and Washington State Ferry Terminal – just 10 minutes to downtown Anacortes. Build your NW dream home in highly desirable Skyline.

Barb Robinette 360-298-8754 #1542743

!

OPEN HOUSE SUNday 2/9 1-3Pm

5459 Park Ridge Place, Sedro Woolley $600,000 3 Beds/2.5 Baths/3,038 SqFt/4.900 acre lot On nearly 5 acres of stunning land, this updated light & bright 3 bed 2 ¾ bath home has a comfortable open concept main living area w/cozy fireplace, territorial views & hand milled fir floors. Impressive new kitchen. Plenty of space downstairs Plumbed for kitchen/MIL apartment. 5 car garage & 2 car shop.

Caroline Baumann 360-202-7327 & Rebecca Chamberlain 360-421-5021 #1560348

4408 Orchard Ave, Anacortes $949,000 3 Beds/2.75 Baths/3,313 SqFt/.346 acre lot Traditional elegance w-rich timeless details & the commanding views are hallmarks of this home! Walls of windows allow light-filled spaces.

Open floor plan w-multiple view-oriented rooms. Chefs Kitchen w- lots of work space & storage. Outdoor decks & patio w-outdoor Kitchen expands living spaces. LL includes 2nd Kitchen, Living, BR, BA,Den & Laundry...perfect for MIL Steps to Forestlands & close-in.

Leigh Zwicker 360-333-9975 #1417015

NHN Oakes Ave, Anacortes 0.344 acre lot

$310,000

Build on this large view lot or subdivide in to 2 lots.

View of islands and Guemes Channel. Gentle slope, easy to build lots.

Cynthia Aanestad 360-610-0120

#1547315

1986013

2607 Creekside Lane, Anacortes $440,000 3 Beds/1.5 Baths/1,857 Sqft/.092 acre lot Creekside Village condo with views of Mt. Baker and Fidalgo Bay! Gourmet kitchen, master suite and a spacious back deck. New interior paint, appliances in the kitchen updated. New gas furnace and water heater. Two car garage, quiet neighborhood with gated entry. Fenced secure RV/Auto storage.

Cheryl Frazier 360-202-4789 #1560753

February 7, 2020

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5

Mass transit appeal creates suburban home bargains

Marilyn Kennedy Melia CTW Features t may not be obvious, but the cost of what’s sitting in the garage has a significant impact on the price of the home.

While “location, location” has long been a real estate mantra, it’s taken on added importance, with buyers increasingly drawn to urban areas with access to public transportation.

This popularity drives up prices. A recent study from the National Association of Realtors {NAR} and the Ameri-

I

can Public Transportation Association found that homes near public transit had a four to 24 percent higher median sales price between 2012 and 2016 than comparable homes, not in suburban or more rural areas, without easy access to transit.

But while they’ve been paying more for their home, urban homebuyers save on average, between $2,500 and $4,400 on transportation costs, with some forgoing a car.

Now, however, other research from realty

firm Redfin finds that suburban and more far-flung areas known as “exurbs” are seeing buyer demand, in part because buyers are finding prices to be unaffordable in “walkable” neighborhoods served by trains and buses.

Of course, many home seekers want a “detached home with lots of space,” and are willing to drive longer to work, and hop into the car for errands, notes J. Michael Collins, director of the Center for Financial Security, University of Wisconsin.

The challenge, though, is figuring out whether the temptingly low price on a spacious suburban property is affordable – given the tab for filling the tank, increased maintenance, or the necessity of a second car.

Some help is offered

Increasing Loan Limits QUESTION:

Our lender said mortgage loan limits have increased for 2020. I’m guessing that’s good, but what impact will higher loan limits really have on mortgage borrowers? Will the real estate market see a big impact?

ANSWER:

When you go to get a mortgage, you will find that mortgage programs have a variety of standards. You might be required to have a certain credit score to qualify. Your monthly debt payments will be limited to a percentage of your income — the debt-to-income ratio. You can be required to put so much down.

Another standard concerns loan size. Most mortgage financing is set up to qualify for sale to Fannie Mae or Freddie Mac or insurance under programs such as those operated by the FHA and VA. That means no matter how much your income or how good your credit, you can only borrow so much.

6

In the case of Fannie Mae and Freddie Mac, “the 2020 maximum conforming loan limit for one-unit properties will be $510,400, an increase from $484,350 in 2019,” according to the Federal Housing Financial Agency, the government regulator that oversees the two companies. That’s a one-year increase of $26,050. Also, in a limited number of high-cost areas in the lower 48 states as well as in Alaska, Hawaii, Guam and the U.S. Virgin Islands, the limit will be $765,600.

HUD has announced that FHA-insured loan limits are set at $331,760 for one-unit properties in low-cost areas, $765,600 in high-cost areas, and $1,148,400 in Alaska, Hawaii, Guam, and the U.S. Virgin Islands.

The situation with the VA is different. All VA-qualified borrowers have an “entitlement.” The VA entitlement is a guarantee which says in the event of foreclosure the VA will pay off up to 25% of a mortgage taken out by a vet. That guarantee, however, has a dollar

RE-Weekly.com

by free or low-cost housing counseling provided by agencies listed at hud.gov.

“Counselors should discuss all aspects of post-purchase costs as they develop an affordable budget for the housing payment,” says Collins.

Exurb and suburban buyers should plan to stay a few years to avoid losing money on a resale.

“Homes farther out have less consistent demand,” Collins notes, and buyers can’t rely on steady price increases.

Q&A

ASK OUR BROKER

By Peter G. Miller

limit. It means that the ability of vets to borrow larger amounts has been difficult if not impossible in highcost areas such as California and major metro areas such as Seattle; Washington, DC; New York; and Boston.

However, under the Blue Water Navy Vietnam Veterans Act of 2019 the rules have been changed.

The VA will now guarantee jumbo loans above local loan limits but only if the vet has the income and credit to qualify for such financing.

First, the loan limits are higher for owner-occupied properties with two, three, and four units. This means the borrower must live in one of the units while the others can be rented out.

Second, financing above loan limits — so-called “jumbo” mortgages — is widely available.

Third, it used to be that loan limits were important because jumbo financing was more expensive. Those days are gone.

February 7, 2020

B C

Y

r y s r a a y i i m d y M b g s h o d g t t w a c p l “ l g e p F

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CLASSIFIEDS Alpine Ridge Retirement Apartments in MV is accepting applications for 2 Bdrm apts. Income limits apply. 360-424-9622 for more info.

PRICE REDUCED! OPEN HOUSE Sunday, February 9, 1-4PM

PUBLISHER'S NOTICE

1402 Virginia, Mount Vernon Country living in town.

Large cozy home with room for everything. 4 Bdrm, plus bonus room, 2 car detached garage with work area. Fenced backyard. 0 down financing available. $334,950.

Refreshments.

MLS #1550313

Bye-bye PMI

By Erik J. Martin CTW Features ou’ve been saving up every penny to purchase a home. Interest rates are enticingly low, and you’d like to pull the trigger soon – before home prices rise any further. But there’s an extra cost you may not be aware of that could apply to your loan: private mortgage insurance (PMI), which could increase your monthly payments by hundreds of dollars, depending on the terms of your loan.

Mortgage lenders like it when borrowers have “skin in the game” in the form of a substantial down payment. If you have less than 20 percent of the purchase price to put down on a conventional mortgage or refi, the lender sees this as an increased risk. So they require you to pay PMI, which serves as an insurance policy for the lender in case you can’t make your payments and default on the loan.

“PMI is applied when your loan-to-value (LTV) ratio is greater than 80 percent,” explains Eric Jeanette, president of Dream Home Financing and FHA Lenders.

Y

February 7, 2020

How to avoid or get rid of private mortgage insurance The LTV ratio is a metric that demonstrates the size of your loan versus the value of the home. LTV is determined by dividing the loan amount into the home’s total value. If your desired property costs $300,000, and you have $40,000 saved for the down payment, you’d need to borrow $260,000; $260,000 ÷ $300,000 = 86.7 percent. In this scenario, you’d need to pay PMI to get a mortgage on this property.

If you are interested in purchasing a home with an FHA mortgage loan, this insurance is called MIP (mortgage insurance premium). FHA loans with an LTV between 70 percent and 90 percent require MIP to be paid for 11 years; if your LTV is over 90 percent, you’ll pay MIP for the entire life of the loan and can’t get it removed.

Make no mistake: whether it’s PMI or MIP, the expenses add up quickly. PMI often costs between 0.5 percent to 1.5 percent of the loan’s total amount, broken up into monthly payments attached

to the monthly mortgage amount you pay. This is a big reason why many borrowers want to avoid PMI/MIP in the first place or get it removed relatively soon after buying a home.

“Eliminating PMI for my mortgage allowed me to save $260 per month. This gave me substantially more cash flow to invest or spend as I choose,” says Chase Lawson, an Austin, Texas-located personal finance expert and author of “Financial Freedom: Breaking the Chains to Independence and Creating Massive Wealth” (Amazon, 2019).

To get PMI removed automatically, you have to wait until your LTV reaches 78 percent; that means making regular payments for several years.

But if you don’t want to wait that long, you have options.

First, if you’ve not yet closed on the mortgage loan, your lender may allow you to pay the full PMI premium at closing.

“Another way to get PMI to drop off early is to pay extra toward your principal in the

early years of your loan, which will lower your LTV and increase equity more quickly,” recommends Phil Georgiades, Realtor at FedHome Loan Centers, headquartered in San Diego.

But be forewarned: Some lenders may require you to submit a PMI cancellation request in writing once your LTV has dipped below 80 percent, Jeanette notes.

“Also, PMI typically cannot be removed in the first two years of the loan, unless you made improvements to the property,” Lawson adds. “After two years and before five years, in order to remove PMI, your LTV must be 75 percent or less; after five years, the LTV requirement moves to 80 percent.”

An additional strategy for nixing mortgage insurance is to refinance your conventional or FHA loan into a new conventional (non-FHA) loan in which you put 20 percent down. However, refinancing comes with a price: You’ll have to pay for a new appraisal and closing costs. And it doesn’t make sense to refinance anyway unless you can lower your interest rate and/ or the length of your loan.

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All rental and real estate for sale advertising in this newspaper is subject to the Fair Housing Act which makes it illegal to advertise any preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status or national origin, or an intention, to make any such preference, limitation or discrimination Familial status includes children under the age of 18 living with parents or legal custodians, pregnant women and people securing custody of children under 18. This newspaper will not knowingly accept any advertising for the rental or sale of real estate which is in violation of the law. Our readers are hereby informed that all dwellings advertising in this newspaper are available on an equal opportunity basis.

To complain of discrimination call HUD at (206) 220-5170.

“There is a risk that your home will not appraise at a high enough value in which case you’ll be out the cost of the appraisal and still stuck with PMI,” cautions Lawson.

If you haven’t yet closed on your original mortgage loan, review the fine print carefully.

“Always establish what the lender’s guidelines are to remove PMI before you sign the closing documents. Once you understand the rules,

10 - January 29, 2019

Call Dianne Dalbey Hendrickson Realty 360-855-HOME (4663) 360855home@gmail.com

2 Bdrm house with loft on ¼ acre, needs remodeled but is livable, tax value $180,000 asking cash out $139,500. To view call 360-630-3334.

then you can develop a plan to eventually remove PMI,” Jeanette advises.

Lastly, if the lender offers a “lender-paid PMI” option, know what you’re getting into.

“If a lender is advertising no PMI, they are probably giving you a higher interest rate to compensate for it. In this scenario, it could be cheaper to pay the PMI yourself,” Georgiades says.

CTW Features 7

4628 PARKVIEW LANE, EAgLEmoNt

oPen HoUse, sUnday 1-3 Pm

$689,000

Brand new home in sought after Eaglemont Golf Course Community! Luxury living in this custom 3,315sq.ft.home,lightandbright4bedroom31/2bath.

Lg kitchen w/SS appliances, granite counters & island.

Great room w/gas fireplace, deck overlooking nature.

Main floor living w/master & bath w/jetted tub, shower & walk-in closet, utility room. Upstairs w/ 2nd master & bath +2 bedrooms. Additional SF downstairs ready to complete, AC & tankless water heater. Situated on a quiet peaceful street!

MLS#1405852 Elva Hunter 360-202-3086

5590 PARK RIDgE PLACE, sEDRo WooLLEy

$435,000

Country setting with five (5) acres and private lane to 3 bedroom, 1 3/4 bath home and detached garage. 1120 square feet fully functioning woodworking shop with 220 service in huge metal roof barn with wood stove and loft. Quiet neighborhood, great views; high yield blueberries; extra storage buildings. Gated, fenced yard.

Danya Wolf MLS#1548887 360-708-8294 45232 NEsIKA tRAIL #2D36

$39,500

45249 NEsIKA tRAIL #2D33, LAKE tyEE $52,000

0 N tILLCum LooP #3B78 CoNCREtE, WA 98237 $24,500

This fantastic property at Lake Tyee includes a well-maintained 2002 Forest River Sierra with Northwest Package. It is protected with a metal roof cover & has an open deck. Included is an 8x10 storage shed. You can enjoy now as a nice winter get-away or be ready for rest, relaxation and recreation for your summer retreats. This deeded property at Lake Tyee can be used throughout the year for a total of 210 days. A life full of wonderful memories, priceless.

Sherry Ruderman This lot, 3B78, priced at $24,500.

360-540-1552

18 tRILLIum LANE, CoNCREtE, WA 98237

$39,000

1760 s BuRLINgtoN BLVD, BuRLINgtoN

CommerCial sale and/or lease

$600,000

Great visibility commercial property: plenty of parking; former auto sales; small storage building in back.

Property is set up for offices on main level with basement access from both inside and outside. Second story offers two additional rooms, one with a sink.

Danya Wolf 360-708-8294 MLS# 1560401

320 mooRE st., sEDRo-WooLLEy

$450,000

Charming home with lots of character inside and out. Abundant natural light, tankless water heater, spacious kitchen, metal roof. Park like setting for entertaining around your unique outdoor Lovely future building site requisite using water catchment

fireplace and gazebo with hot tub. Plenty of garden

system to obtain building permit. Currently precluded from

space and outbuildings. Separate lot included

using wells in development. Power to property. Nicely treed

with tons of potential:

level tract of land with open area ready for

mixed

building in the future. Paved street. Walking

zoning

commercial/residential.

distance to Rasar State Park!

MLS# 1475444

use

Danya Wolf

360-708-8294

MLS# 1529755

45297 KAmooKs tRAIL #2D21, LAKE tyEE $16,000 22904 BumBLEBEE LANE, mouNt VERNoN $950,000

Suzanne Jenkins

Carla Fischer

360-941-2983 360-982-0010

BuILD youR DREAm homE IN EAgLEmoNt! 4629 BEAVER PoND DRIVE s.

$115,000

Eaglemont Golf Community offers an 18 hole Championship public golf Fantastic community! Adorable park model tucked away with a great deck in a great cul de sac just up the hill from the lake.

Start planning now for this summer's getaway. In fact, it's a perfect place for a winter retreat. Be sure to call and set an appointment for this private/gated community.

Lake Tyee is a beautiful community with a newly remodeled club house, 2 pools, 2 hot tubs, basketball court, tennis courts, beach, boat launch, Sherry Ruderman hiking, fishing and so much more. MLS# 1551671 360-540-1552

Beautiful vacation property at Lake Tyee. 2016 Cavco Park Model with stackable w/d h/u. Sunny lot with comfort station just one property away. Just up from the lake and easily accessible from the main or back gate. Full size appliances and ready for you to make your very own. Enjoy all the amenities ie. pools, hot tubs, basketball, volleyball, tennis, horse shoes, miniature golf, hiking, fishing and lake. Call now to view your new property.

45104 KAChEss tRAIL #3C21, LAKE tyEE

1611 E DIVIsIoN st., mouNt VERNoN $1900/mo

$39,900

Sherry Ruderman

MLS# 1446939

360-540-1552

Nice corner lot with green space. Fantastic location just up the hill from the lake. Comfort station is just a few lots away.

There is so much potential for you to make this just the way you want your vacation spot with your trailer, build up to 400sf of decking and you can even enclose up to 300sf of the deck for more living space. Beautiful! MLS# 1451178

1212 s 3RD, mouNt VERNoN

Sherry Ruderman

360-540-1552

Special property on a very private 1.5 acres minutes from town. Custom handcrafted, Craftsman home featuring 2278 sqft, office, main level master & a second master upstairs.

Dining & living room showcasing custom stain glass windows.

Kitchen w/granite counters, handcrafted cabinets. Beautiful oak floors. Detached MIL home is 702 sqft, 1 bed/1bath with a 2 car garage. Separate 1080 sqft shop; Pond and Waterfall. Fabulous home!

Danya Wolf Elva Hunter 360-708-8294 360-202-3086 MLS# 1494916

course, Clubhouse and Fitness Center, enjoy dining at the Fireweed Restaurant and Lounge with fabulous views and sunsets!

Elva Hunter

MLS# 1504177

360-202-3086

$850/mo

for voting US CommerCial lease This fantastic, very private property adjacent to greenbelt at LakeTyee includes a well-maintained 2012 travel trailer w/2 slide -outs. It is protected with a metal roof cover & has a covered deck. Included is an 8x10 storage shed. Property sits above the road for less noise. You can enjoy now as a nice winter get-away or be ready for rest, relaxation and recreation for your summer retreats. Call for appt. This deeded property at Lake Tyee can be used throughout the year for a total of Sherry Ruderman 210 days. MLS# 1559192 360-540-1552

Commercial/professional/medical/ office space for lease. Great location, high visibility near Skagit Valley hospital. Former location of ESP optical, includes display cases (optional).

Exam room, large lobby area, one bathroom, office area with sink. Ample off street parking.

Danya Wolf Carla Fischer MLS# 1546389 360-708-8294 360-982-0010

renTal Studio apartment attached to lovely historic home with a convenient downtown location.

Separate entrance with private fenced area.

3/4 bath and kitchen area with sink, refrigerator, two burner cooktop and microwave. Street parking. Utilities Carla Fischer included. Pets negotiable.

360-982-0010

360.424.0300

“2019 Skagit’S BeSt” 2 YEArS BESt rEA EStAtE officE, rEAl MoSt coMMUnitY MindEd BUSinESS

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 1975819

8

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February 7, 2020