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The Loan Process

The loan process is enough to turn a normal person into a zombie. You may have retired from a stressful career in police work, military service, or sales at Oracle, but that has not prepared you for the mortgage mine field. Trust me. I was an attorney for 20 years, and I know what stress, bureaucracy, and B.S. are, and if you think working for Larry Ellison was a nightmare, you haven’t applied for a mortgage recently.

The Loan Process

Keys in The Loan Process

The loan process can go smoothly, or it can suck the life out of you. Experience has taught me that the very first tip to save yourself from a mortgage nightmare is to hire a local mortgage broker. I’ve written several articles on why this is so important. A mortgage broker outside your market does not know the local real estate requirements for an underwriter, and they are so far away, they often put your file at the bottom of a huge stack. Do yourself a big favor: do not hire some national mortgage company that advertises like crazy. [Read Hire a Local Mortgage Broker]

The second tip is do not hire a new or inexperienced mortgage broker. That has turned into a nightmare for so many buyers, I cannot even count that high. An inexperienced loan officer doesn’t know what they don’t know, and at the 11th hour just before closing they will often hit you will new documentation they could have asked for weeks before, and this can kill your transaction or require a closing extension. A closing extension can create hardships for the buyer and seller in additional costs and rescheduling moving trucks (and sometimes that can’t be done without a mini-nightmare of its own), rescheduling airline tickets, and so on.

The third tip is hire an experienced, professional, and honest mortgage broker. This may sound like the last tip, but is is not the same. I cannot overemphasize this one. The best of the best in every profession always consists of a small percentage of people, and that is true in the mortgage business.

The Loan Process – VA Loans

A VA loan can be a nightmare by virtue of the massive documentation and bureaucracy, but the loan process is especially a nightmare if you have an inexperienced loan officer, and the loan process gets even more problematic if your loan officer is not local. A VA loan also requires VA certified appraisers, which often means the appraiser is not local, and that can create another mini-nightmare as they often under-appraise properties. The parties are then thrown into a legal quagmire as the price must be renegotiated, or the parties must appoint a second appraiser, and all that will require a closing extension, and the parties might not agree on price. The transaction may be terminated, and it’s possible the parties will get into a dispute over who gets to keep the earnest money. This is just the tip of the iceberg when it comes to the loan process for a VA loan and many other loans.

I strongly recommend you connect with the best of the best when it comes to a Realtor, and the best of the best when it comes to selecting a mortgage broker. Save yourself the stress and nightmare by taking these tips from the school of hard knocks seriously. I am certain that the last thing you need going into retirement is a nightmare with the loan process.

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  • Filed under: VA Loans
  • VA Loan Involves Massive Paperwork

    The appeal of a VA loan is primarily the low down payment. Most conventional loans today will require a 20% down payment, and you have to have 20% down in order to avoid the requirement of private mortgage insurance (PMI). Many veterans can afford the mortgage payment but are unable to save 20% in cash. On a $400,000 home, 20% would be $80,000. So the VA loan is alive and well for those who qualify.

    VA Loan

    VA Loan Paperwork

    Unfortunately, there is massive paperwork with a VA Loan. The bureaucrats and regulators have been having a heyday developing new and more regulations for a VA loan, and the qualification process has reached entirely new levels of extraordinary detail. The Purchase and Sale Agreement that is normally used in a real estate transaction will triple in size after you get done signing all the VA loan addendums and additional forms.  

    VA Loan Qualification

    You will be required to join a conference call with a VA loan processor who will talk to your utility company, your Internet company, and your automobile insurance company to find out if you ever had a late payment over 30 days. Every aspect of your credit, your income, and your underwear size will be analyzed. These kinds of detailed inquiries will go on for weeks. We all understand the need to prevent fraud, but qualifying for a VA loan today will require extraordinary patience on your part.

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  • Filed under: VA Loans
  • VA Loans

    The Veterans Administration provides an array of opportunities for America’s veterans and their families to achieve their dreams of home ownership.

    The VA does not issue home loans. Instead, it guarantees them, which provides lenders with a significant degree of protection. In turn, prospective home buyers can obtain competitive rates and loan terms, among a host of other benefits.

    The VA offers several types of loans, from home construction and home loans to energy improvement. Veterans considering a VA loan must first obtain a Certificate of Eligibility (COE), a document that certifies they meet the loan program’s basic requirements.

    Any military member who has served 181 days on active duty during peace time or 90 days during war time may be eligible, along with those who have served at least six years in the Reserves or National Guard. Spouses of service members killed in the line of duty may also be eligible.

    Not everyone who is eligible will ultimately qualify for a loan. The VA will ultimately look at a veteran’s credit and financial history, along with several other key indicators. But veterans with poor or even no credit history can obtain a VA home loan. So can those with bankruptcy or foreclosure in their past.

    VA loans offer qualified veterans a host of low-cost and even no-cost benefits. Borrowers do not have to provide a down payment on their home or make monthly payments for private mortgage insurance. Interest rates are generally lower on VA loans than on conventional loans.

    For active-duty members, the interest rate cannot exceed 6 percent. Many can ultimately switch to interest-only payments, guaranteeing that lenders cannot foreclose on the mortgage. These benefits end three months after the completion of active military service.

    Loan values can be up to 100 percent of a home’s value. But the VA has strict VA loan limits throughout the country. The agency recently increased the loan limit in high-cost parts of the country to $729,000.

    [We thank VA Loan Expert Jay Buerck for this contribution.   Jay can be reached at jbuerck@vamcenter.com]

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    Chuck E. Marunde, J.D.

    Sequim Buyer's Agent (Atty Ret.)
    Founder and Broker of
    Sequim & Port Angeles Real Estate dba iRealty Virtual Brokers
    435 W. Bell St. Suite A, Sequim, WA
    (360) 775-5424
    ChuckMarunde@gmail.com

    From Los Angeles

    It's rare, but once in awhile life provides the perfect collaborator for an important endeavor such as buying your new home. For me that person was Chuck Marunde. His two decade background as a Real Estate Attorney, his prolific career as an author of articles and books on Real Estate and his forthright and moral character made choosing Chuck a no-brainer. Chuck is dedicated, thorough, incredible at the negotiating table, knowledgeable about all local laws & regs but, most importantly, Chuck loves what he does. And what he does is find his client the perfect property. Chuck isn't about making the sale, he's about making the sale that is OPTIMUM for his CLIENT and this makes Chuck a rare bird indeed. I love my new home in Sequim and I am indebted to Chuck for making it happen. Kevin E.

    From Seattle

    I’ve had the pleasure of working with Chuck over the past three years in selling my parent's estate. It was a tough time to sell during the housing recession, but Chuck always kept things on the positive side. With his real estate law background, he offers sound, practical advice. He helps you along with the process using discussions and reason, rather than opinions and speculations. If Chuck doesn’t know the answers, he will get them for you. In several instances, Chuck took the initiative to meet with county officials to get up-to-date facts about zoning and regulations. I was always impressed with his company’s tech savvy communi-cations and internet presence: weekly email updates, blogs, videos, links, Linked-in networking, etc. He is truly pioneering the future of buying & selling real estate. Brian M.

    From Florida

    We do our homework for the task at hand and we look for and expect to enlist partners that do the same. It was our good fortune to select Chuck Marunde of Sequim and Port Angeles Real Estate to represent us as a buyer's broker in our search for a home in the Sequim/Port Angeles area. Chuck's site is all encompassing and super fast compared to many others, he knows the market at every conceivable level and his guidance through the process of selecting and purchasing a home is priceless - above and beyond that of anyone with whom we have ever worked. Add to all this his 20 year background in real estate law and you have discovered a superb asset in the adventure of purchasing a home. Greg and Marilyn

    From Gilroy California

    As an out of state buyer unfamiliar with the area, it was important to me not only to have a real estate agent who knew the area well, but also one who knew the value of the properties. I chose Chuck because he is also a real estate lawyer and it is reassuring to have that extra degree working for you. I selected the houses I was interested in on line before taking a two day trip to Sequim to look at them in person. I sent my list to Chuck, who gave me feedback, then organized our tour so we could see 16 properties in a short time. He was very accommodating, driving me all over Sequim, and rescheduling appointments when we fell behind on our time. On day two, I found my home and we drafted an offer on it that evening. By the time I arrived back home on the plane the next evening, my offer had been accepted. Chuck was honest about what it would take to get me into my new home, while having my back the entire transaction. Since I was unable to relocate immediately after closing, he and his assistant Ade, have been taking care of many additional responsibilities for me. He was a pleasure to work with. Chris D.

    From Corona California

    The best decision I made, once I settled on Sequim as the ideal place to spend the rest of my days, was to hook up with Chuck Marunde as my broker/go-to guy. He happily took on the entire complicated merry-go-round associated with a long distance move that involved selling in Southern California (with a different agent) and buying in Sequim – all in the span of just over a month. The unexpectedly quick sale of my previous home was already a week into a 30 day escrow when I got to Sequim for my house hunt. We had two days to find my slice of heaven. And day one was less than stellar, each home having at least one major issue. The killer was the dream home that turned out to be an unmitigated disaster once we got inside. I was crushed. Chuck had his work cut out for him that night. And he worked his magic. On day two there was one beautiful possibility, but not quite right. Suffice to say, in the early afternoon we pulled into a driveway and the first words out of my mouth were “That’s my house.” 29 days later I took possession of my new home. Every sale has its issues, but throwing in the complications of a short escrow on top of 1200 miles of separation from all documentation, etc. gives new meaning to “challenging”. Thanks to his encyclopedic knowledge coupled with a great sense of humor, Chuck was able to keep me on an even keel when things got dicey. He knows when to step in and when to let it evolve. I cannot imagine making this move without him. Rebecca B.
    Sequim Real Estate

    From Bakersfield California

    "During the months of February and March 2012, Chuck showed my wife and I over two dozen homes from Port Angeles to Port Townsend. We found Chuck to be very helpful, friendly and courteous. With Chuck there is no pressure; It is all about finding the best home for the buyer. As a Buyer's Agent, Chuck will give you his honest opinion of a property, including a fair market price. In one instance Chuck wrote up an offer for us which was accepted. Chuck was very helpful arranging for home and well inspections which involved multiple trips to the property. Unfortunately, escrow failed to close when, during the home inspection process, it was determined that a septic system repair was needed which the seller was unwilling/unable to make. We will continue to work with Chuck as there is no better Buyer's Agent on the North Olympic" Bert and Sally
    Sequim Real Estate Q&A

    From Los Alamos New Mexico

    "Over a year ago, during a visit to the Olympic Game Farm, we developed what we eventually called the “Sequim Syndrome.” We live in New Mexico and decided Sequim was where we wanted to live in retirement. On our second visit to Sequim, we met with Chuck and asked him to help us. Chuck's web site provides such amazing search capabilities. Chuck's site also contains a 1000 blog postings and a real estate video series detailing buying real estate in Sequim. We bought Chuck's book about Sequim real estate and set out to follow his advice carrying on an ongoing email and phone conversation with Chuck. Doing our due diligence “Marunde style” and using his MLS search site, we came up with about 50 homes that met our needs. We narrowed the list down to 15 properties that best met our needs. We came back to Sequim a third time with our list in hand, and Chuck spent two days with us showing us all the homes on our list. Not only did Chuck help us find that dream home, he spent time to educate us about the quality of construction, fair market values of various properties, home layouts, and the joys of Sequim living. We had a great time as we traveled from house to house. By mid afternoon of the second day, my wife said we had found “the house.” Chuck helped us draft our offer and sent our offer to the seller's agent. It turned out there was a second offer made on the property at the same time. Chuck's help to make a clean offer paid off. At breakfast two days later, we got a call from Chuck saying our offer had been accepted by the sellers. We are now back home in New Mexico. Chuck attends every inspection on our behalf, updating us at every turn by email and phone. Our dream home is becoming a reality because of Chuck and because we were smart enough to follow his advice. We absolutely would NOT have been able to do this without Chuck Marunde's expertise and enthusiasm. We recommend Chuck to everyone planning a move to Sequim, Port Angeles, or anywhere on the Olympic Peninsula. Chuck is a gold mine of information and expertise for home buyers everywhere, not just on the Olympic" Larry and Shirley
    Sequim Real Estate Bookstore

    From Sun Lakes Arizona

    "We are ex-Washington residents who currently live in Arizona. We had been searching the Puget Sound area four years for a waterfront property to build a retirement home when we first contacted Chuck Marunde through his website. We had made multiple trips to various areas but most of the Realtors we contacted simply sent us an email, provided no follow up and did next to nothing to help us locate a property. On our first trip to Port Angeles, after connecting with Chuck, we purchased our dream property. We now own a high bank waterfront lot overlooking the Straight of Jaun de Fuca, and are excited to become part of the Peninsula community." Paul and Linda

    From California

    "Andy Romano is a successful motion picture character actor with over 40 years in 'the Biz.' Mr. Romano has a home in beautiful Santa Barbara, California, but he chooses to live most of the time in Sequim, Washington on the Olympic Peninsula in the great Pacific Northwest. Why? In his own words, 'Because it's even more beautiful and surrounded by more beauty in this incredibly peaceful and quiet place. With respect to real estate agents or brokers, well my friend Chuck Marunde, owner of Sequim and Port Angeles Real Estate, is hands down the best there" Andy R.

    From Sequim

    I’ve known Chuck Marunde for several years. My wife and I bought and sold one house through his services, and now have another listed through him for sale. Whether Chuck was representing us as the buyer or seller, I am confident he always had our best interests at heart. He helped us set or negotiate a reasonable price, and made sure there was a clear and open line of communication. He responded rapidly to email and phone calls and always knew the best person to contact for the various services involved in a transaction. I have worked with quite a few real estate agents and Chuck is right at the top of my list of good ones. Actually, Chuck is first and foremost just a good person, and he carries his personal honesty and integrity over into his profession. He has the greatest depth of experience in real estate of any agent or broker I have known. His years of practicing real estate law prior to becoming a broker are evident in the meticulous care he takes with the process and documentation. I am impressed by the way Chuck has integrated internet services into his real estate business. He probably knows more about this process than any other realtor in the country. In this tight market it is important to use every possible means to spread the word about available properties…to reach the few people who might be interested in a particular property. Steve L.

    From The Netherlands

    "We contacted Chuck about six months ago to help find a retirement property in Sequim. We had visited Sequim several weeks before and decided that this was the place for us to retire. We liked the friendly people and the natural beauty of the area. We had been looking for some time in other parts of the country - California, Oregon, North Carolina, and Vermont. In most of these other areas, we found real estate agents that were knowledgeable but did not follow up with us to continue narrowing down real estate possibilities. Once we were out of earshot, communications would stop. That is one of the reasons we were interested in working with Chuck. Besides having great knowledge of both the local real estate market and of law, his testimonials on the internet indicated a willingness to actively communicate with his clients. Chuck demonstrated this immediately. Even before we met, he responded very quickly and helpfully to any email question. After arriving for a second visit to Sequim in September, we finally met Chuck face to face. He was friendly, encouraging, and readily shared good practical information. We worked with him on a number of candidate properties - including an offer on a property while visiting that week. Although we could not come to terms with the owners on the final property price, we look forward to continuing to work closely with Chuck. He is an invaluable resource to help us identify and purchase the retirement property that's right for us." Paul and Virginia

    From Fremont California

    We can't say enough about working with Chuck Marunde. Luck would have it that we discovered his web site, spoke with him on the phone and had an instant feeling that we had found our realtor. And we were right. With Chucks help and expertise, our longtime dream to retire to the Pacific Northwest came to fruition with Chuck assisting us in finding the perfect home for us. Buying a home is always a big decision and these days can be complex with unexpected delays etc. In fact, our whole experience from offer day to closing, was very smooth. Chuck took all the time we needed to explain processes and made us feel at ease, even though we lived 800 miles away, tying up loose ends and getting ready for the big move to our new home in Sequim. We were impressed with Chuck's ability to listen to our needs and understand our concerns in buying from a distance. Chuck kept us informed all along the way, during the process and was so good at getting right back to us if we had another question. All went so well and Chuck really went above and beyond for us, taking time out from his busy schedule to assist us with some details regarding our beautiful property, even after the closing, because we were not yet arrived there. Without hesitation, our son and his wife will be contacting Chuck this summer, as they plan to follow us to paradise in this lovely town. Thanks again Chuck, for everything! Mary and Jerry

    From Fontana California

    My husband and I went to Sequim intending to interview several realtors to find one to help us locate and buy a home in Sequim. We knew we wanted someone we could trust and who would have our best interests in mind. Since we would be handling the transaction from S. California this was very important to us. We met Chuck and looked no further. We felt a connection right away and spent some time looking at homes together so Chuck could get a feel for what we wanted. Well, we left Sequim having made an offer on a home which the owner accepted. Chuck has helped us through the purchase process. We are positive it would not have gone so smoothly without his help. We give him 4 thumbs up. Wally & Cathy

    From Tacoma

    Chuck Marunde’s level of expertise in real estate investment is amazing. His knowledge, experience and legal training have given me a dramatic advantage in real estate investing. He works hard to stay on the cutting edge of real estate marketing, sound advice and value-added service for his clients. Kirk Wald, Financial Planner

    From Wendell Idaho

    My wife and I moved to Sequim six weeks ago, and prior to our move here I contacted Chuck Marunde and enlisted his help as our buyer's agent. Once we got here, it took us about two weeks looking at houses, and Chuck did a superb job of showing us places and letting us make our own decisions and guide us through the purchase of our home. We now completed our transaction and are very happy. We would recommend Chuck to anybody. Don & Marilyn

    From Sequim

    "Buying property either commercial or residential can sometimes be a tricky proposition. That’s why I would recommend Chuck to help you with purchasing or selling property. His background as a real-estate lawyer and his no nonsense to the point advice will help you make the right decisions. Experience and Integrity, what you need when you can’t afford to make a mistake. Dail Hurdlow, CEO, Hurdlow Enterprises

    From Seattle

    I am an experienced real estate buyer, but I am not from the Sequim area. I am somewhat flexible, realistic, but also particular. So the question was, “how do you choose the RIGHT real estate agent?”

    I made my appointment with Chuck on a Sunday morning in March, 2013. He showed me 5 houses. Every house he showed me was within my parameters! I was amazed: a real estate who listened, did his research, and didn't waste my time showing me houses I would never buy! I made an offer a few days later. That was the easy part…

    Buying a house is always a stressful time in life. Advice to Buyers: choose an agent who is competent, communicates well, and has exceptional follow-up and follow-through! You will spend a lot of time with your agent during the process. Choose someone likable. Go with your gut. I got to know Chuck during the process, and he's a great guy!

    You need an agent who is competent to handle and help you negotiate the issues that come up during disclosure, home inspection, appraisal, etc. Chuck's competence is superb! I got truly professional, sound, straightforward advice.

    Chuck's communication skills are exceptional: phone, email, fax. He has a wonderful ability to stay "on-point" with what is actually important and doesn't lead you astray on issues that aren't so important.

    Chuck's turn-around time on questions, issue resolution, etc. was virtually always within 24 hours. He follows-up, follows-through. He does what he says he will do timely. This relieves a lot of Buyer stress!

    Having a difficult time finding the right agent? Simplify your life! Choose Chuck Marunde. I did. [Name withheld by request]

    Intro by Chuck Marunde

    From Sequim to California

    "In our Sequim real estate broker Chuck Marunde we found a Realtor who knew not only how to list a property, but most importantly, he knew how to sell a property. Chuck is very skilled in current technology and uses that skill to advertise your property nationally. We were very pleased with Chuck, his honesty and integrity." Jerry Levitan and Donna "Teva" Tetiva

    Who is Chuck Marunde?

    Chuck Marunde is the #1 Sequim Buyer's Agent, having sold more homes (by volume) to buyers than any other agent or any "team" of agents for the past seven years. He is the author of thousands of articles for buyers on this real estate blog, and he is the author of several real estate books for buyers and one for sellers. He is the creator of many free tools that buyers use and love every day. He is recognized as a national expert on real estate transactions, marketing, and negotiating. Please schedule your appointment to view homes with Chuck well in advance of arriving in Sequim.
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