Puget Sound Properties & Lifestyle

When navigating the complexities of real estate transactions in Washington State, it’s vital to understand the differences between a title and a mortgage—and why filing a quitclaim deed does not absolve you from mortgage liability. This distinction is crucial to avoid financial and legal pitfalls, especially during life events such as divorce, separation, or transferring property ownership. What Is a Quitclaim Deed? A quitclaim deed is a legal document used to transfer ownership interest in a property from one party to another. Unlike a warranty deed, it does not guarantee that the title is free from liens or encumbrances. In Washington State, quitclaim deeds are commonly used to transfer property between family members, settle divorces, or resolve disputes. However, a quitclaim deed only affects ownership rights; it does not impact the financial obligations tied to the property—namely, the mortgage. Title vs. Mortgage: Key Differences The title represents legal ownership of a property...

  Is It The Right Time To Refinance Your Mortgage? The Mortgage refinance business has been nothing but crickets for the last 2+ years as mortgage rates have been climbing steadily since January 2022. We haven’t seen rates above 7% in nearly 20 years, but that’s the environment our country has been in, since we’ve been tackling skyrocketing inflation. By increasing the cost to borrow, the Federal Reserve has tried to slow the economy without bringing it to a screeching halt.  As recently as August 2024, unemployment numbers are slowly rising and consumer spending has also pulled back. The stock market has seen more swings and corrections and the Fed is looking at making some monetary changes. When the Fed reduces interest rates it doesn’t have a direct correlation to mortgage rates, since those are tied to the 10-Year Treasury. Yet still, mortgage rates have been dropping and are at their lowest rate in 2024.  Family, friends and clients have been asking whether it’s the ...