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If You’re Renting, You’re Paying Someone Else’s Mortgage

Blog, Featured Articles, Mortgage, Zero Down Loan April 15th, 2025
One of the most common things I hear from people is that they’re waiting until they’ve saved enough for a big down payment. Some spend years saving—$30,000, $40,000, even $60,000—because they think that’s the only way to buy a home.

Here’s what I want you to know: while you’re saving, you’re also spending. Rent doesn’t build anything for you. Month after month, that check you write? It’s helping someone else pay off their mortgage.

I’ve had conversations with clients who finally reached their savings goal after three years—but by then, home prices had gone up significantly. If they had bought back when they started saving, they’d already be sitting on equity and still have money in the bank.

You don’t need a massive down payment to get started. There are great loan programs available that require much less—some even offer zero down options depending on your situation. What you really need is the right guidance and a plan tailored to where you are now.

The biggest mistake I see is people waiting for the “perfect time” while the market keeps moving without them. Renting feels safe, but long term, it’s costing you more than you think.

If you’re ready to stop paying someone else’s mortgage and start building your own future, let’s talk. I’m here to help you take that first step—with real answers and real options.

Disclaimer:
The information provided in this article is for general educational and informational purposes only and should not be construed as financial, legal, or mortgage advice. Individual situations vary, and specific loan programs, down payment requirements, and eligibility will depend on your unique circumstances and the current market. For personalized guidance, please consult with a licensed mortgage professional or real estate advisor. David Haley and this website are not responsible for any actions taken based on the information provided herein.

Renting vs. Buying in Seattle: Navigating the Ongoing Debate

Featured Articles, Mortgage February 24th, 2025

Seattle’s dynamic housing market has become a hotbed for the ongoing “rent vs. buy” debate. With soaring home prices, robust job opportunities, and an ever-growing population, many locals are weighing the costs—and benefits—of owning a home versus staying in a rental. While current market conditions make renting look more cost-effective in many cases, there are still compelling reasons why homeownership can be worth considering for those who can make it work.

Why Renting May “Feel Like” the Safer Bet Right Now

Lower Monthly Outlay
One study found that in Seattle, the monthly cost to buy a starter home was 61% higher than renting a similar property—about a $2,222 difference each month. With rents stabilizing or even dipping slightly in some neighborhoods, many see renting as the more budget-friendly option, at least in the short term.

Flexibility in a Changing Job Market
The Seattle area is home to numerous tech giants, and periodic market shifts—including layoffs—can make it daunting to lock into a mortgage. Renting allows individuals to move more easily for new opportunities or to adjust their housing expenses without the added complications of selling a home.

Focus on Savings
For some renters, the monthly savings compared to a mortgage can be channeled into building a down payment fund or emergency savings. With interest rates still elevated relative to past years, this can be a strategic way to prepare for a future home purchase once conditions become more favorable.

Why Buying Can Still Be a Smart Move

Building Equity
While renting can free up monthly cash flow, buying a home enables you to build equity over time. Every mortgage payment made toward the principal increases your stake in a tangible asset. When the day comes to sell, that accumulated equity can often be leveraged into your next home or other financial goals.

Fixed Monthly Payments
Unlike rent, which can rise with market conditions or landlord decisions, a fixed-rate mortgage (once secured) provides predictability in your monthly payment. Over the long term, this stability can be a major advantage, especially in a region where rents could trend upward.

Potential for Appreciation
Historically, Seattle’s real estate market has demonstrated strong growth, although no one can guarantee future performance. If demand for housing continues to outstrip supply, homeowners may benefit from price appreciation, which can boost equity faster than paying down the mortgage alone.

Freedom to Personalize
Owning your home means you can remodel, landscape, or decorate any way you choose—no need to ask a landlord for permission. This freedom can enhance your quality of life and potentially increase the home’s value over time.

Finding Balance: When Does It Make Sense to Buy?

Despite current market challenges, many first-time buyers are adopting a “watchful waiting” approach. They continue to rent but closely monitor mortgage rates, new property developments, and any changes in home prices. Here are a few factors to consider if you’re on the fence:

  • Your Financial Health: Before jumping into homeownership, ensure you have a solid emergency fund and manageable debt.
  • Long-Term Outlook: If you plan to stay in Seattle for several years, the benefits of buying—equity building, stability, and potential appreciation—may outweigh the short-term costs.
  • Future Rate Changes: If interest rates decline, refinancing could potentially lower your monthly payment, making homeownership more affordable later on.
  • Market Shifts: Stay informed about new construction projects or price dips in areas you like. The Seattle market evolves quickly, and opportunities can arise in certain neighborhoods.

How we can help!

Navigating Seattle’s competitive housing market can be complex. At David Haley Mortgage, Fairway Independent Mortgage Corporation, our goal is to provide personalized insights to help you determine whether renting or buying is right for your unique circumstances. From exploring different loan products to calculating potential monthly payments, we’re here to support you every step of the way.

  • Tailored Mortgage Options: We’ll discuss your financial goals and help you understand the range of products that may be available.
  • Financial Guidance: Our team aims to simplify complex mortgage concepts, so you can make decisions with greater clarity.
  • Local Expertise: We know the greater Seattle area inside and out. We can offer perspective on neighborhood trends, market conditions, and factors that influence home values.

The “rent vs. buy” debate in Seattle reflects both the city’s rising living costs and the long-term allure of homeownership. While renting can offer short-term financial relief and flexibility, owning a home can yield valuable benefits such as equity growth and payment stability. Ultimately, the right decision comes down to your personal financial situation, career plans, and comfort level with the responsibilities of ownership.

If you’re weighing the pros and cons of renting versus buying, consider reaching out to a trusted mortgage professional for guidance. At David Haley Mortgage, we’re dedicated to helping you chart the best path forward for your specific needs—so you can move confidently toward the future in Seattle’s vibrant housing market.

This content is provided for informational purposes only and does not constitute financial or investment advice. Always consult a qualified professional for guidance specific to your situation.

Should You Wait Until Interest Rates Drop?

Featured Articles, FHA, Home Buyer, Lynnwood, Mortgage February 5th, 2025

Waiting for a lower rate might slightly reduce your monthly payment, but rising home prices and lost equity-building opportunities often outweigh the benefit. Buying sooner allows you to lock in your home’s price and start building long-term wealth. Plus, if rates drop later, you can always explore refinancing to lower your payment—while rent typically keeps increasing.

Meet Sarah, a first-time homebuyer. She is looking at a $500,000 home. At a 7%* interest rate on a 30-year mortgage, her monthly principal and interest payment would be around $3,326*. She thinks about waiting a year, hoping rates drop to 6%*. At 6%*, the monthly payment on a $500,000 mortgage is about $2,998*—a clear savings.

But if prices rise in the meantime—say that $500,000 home jumps to $525,000—Sarah’s monthly payment at 6% becomes $3,147*, which is closer to what she would have paid at 7%* anyway. Meanwhile, she’s missed out on a year’s worth of potential equity and possibly paid rent instead.

Disclaimer: The values marked with * are rough estimates for informational purposes only. Actual amounts may vary based on individual circumstances, market conditions, loan terms, and other factors. This does not constitute financial advice—please consult a professional for precise calculations and guidance.

Opportunity for Growth: By purchasing now, Sarah locks in today’s home price and starts building equity right away. Even if rates drop later, she could refinance to secure a lower payment—but she won’t miss out on potential appreciation or continue throwing money at rent.

Opportunity Cost of Waiting: If Sarah waits and prices climb, that extra cost may offset—or even exceed—her savings from a slightly lower interest rate. Over the long term, missing out on appreciation and the chance to build home equity can be a bigger setback than paying a bit more in interest initially.

Unsure What’s Right for You?
At David Haley Mortgage, we help first-time buyers weigh the pros and cons of buying now vs. waiting—so you can make a smart choice for your future. Contact us today to explore your options!

What Home Price Might Match Your Rent Budget?

Featured Articles January 31st, 2025


This assumption is highly conservative. A popular area in Lynnwood has experienced a 9.13% annual appreciation in home prices over the past 10 years. However, the following example assumes a rate of less than one-third of that.

Using a 30-year FHA loan with a 3.5% down payment at ~8.5% interest, here’s an approximate purchase price that yields a monthly cost (principal + interest + taxes + mortgage insurance) close to each rental amount:

Rent Approx. Purchase Price 3.5% Down Payment Est. Monthly Principal & Interest +1% Property Tax (/12) +$200 MI Total Monthly
$2,000 $200,000 $7,000 ~$1,536 ~$167 $200 ~$1,903
$3,000 $320,000 $11,200 ~$2,458 ~$267 $200 ~$2,925
$4,000 $445,000 $15,575 ~$3,420 ~$371 $200 ~$3,991

Renting vs. Buying: A Quick Overview

  • Rent = “Lost” Money: Your rent payments don’t build equity or benefit from market appreciation. Once paid, that money is gone.
  • Down Payment + Mortgage: When buying, you’ll pay a down payment and monthly mortgage. However, part of each mortgage payment increases your ownership (equity) in the home.
  • Value Appreciation: Assuming a conservative 3% annual growth, homeowners can potentially see returns on their investment over time. Higher appreciation rates in areas like Western Washington may further amplify gains.

Comparison of Years vs. Rent, Home Price, and Potential Asset Gains

Below is a simple table showing:

  • How many years you rent vs. own
  • Total rent paid (assuming $3,000/month)
  • Estimated home purchase price you could afford with a similar monthly payment
  • Potential asset gains after that time with 3% annual appreciation
  • Potential asset gains after that time with 9% annual appreciation

Years Rent Paid (at $3,000/mo) House Price (Approx.) Asset Gain @ 3% Annual Asset Gain @ 9% Annual
5 $180,000 $320,000 $51,000 $172,000
10 $360,000 $320,000 $110,000 $438,000
15 $540,000 $320,000 $179,000 $846,000

Notes:

  • Rent Paid is calculated as $3,000 × 12 × number of years.
  • House Price is a ballpark figure for a home that could be afforded
    with a ~$3,000 monthly payment (including mortgage, taxes, and possibly
    mortgage insurance, depending on exact financing).
  • Asset Gain is the increase in home value over the original purchase price,
    assuming either a 3% or 9% annual appreciation rate. Actual market appreciation
    varies over time.

The First-Time Homebuyer’s Guide After Preapproval: Costs, Upgrades, and Maintenance in Washington

Featured Articles, Home Buyer December 23rd, 2024

The Ultimate Guide for First-Time Homebuyers in Washington State

Buying your first home is an exciting milestone, and if you’re purchasing in Washington State, you’re stepping into one of the most dynamic and beautiful housing markets in the country. With your preapproval ready and your finances in great shape, you’re already off to a strong start. However, there are key costs and considerations that first-time homebuyers need to be aware of to ensure a smooth transition into homeownership. Let’s dive into the essential aspects of purchasing your first home in Washington.

1. Understand the Costs Beyond the Mortgage

While your mortgage payment is a significant part of your housing budget, there are additional costs to account for. Some of these might come as a surprise if you’re new to homeownership:

HOA Fees

If your new home is part of a homeowner’s association (HOA), you’ll need to pay monthly or annual dues. These fees typically cover community amenities, landscaping, and maintenance of shared spaces. In Washington, HOA fees can range widely depending on the property type and location, from under $100 to over $500 per month.

Escrow

Escrow accounts are used by lenders to collect and pay property taxes and homeowners insurance on your behalf. This ensures these expenses are covered without requiring a large lump-sum payment. Your monthly escrow contributions will be part of your mortgage payment.

Homeowners Insurance

Homeowners insurance is mandatory if you’re financing your home. This protects you against potential damages or losses to your property. In Washington, premiums typically range from $500 to $1,500 annually, depending on the home’s value and location.

Private Mortgage Insurance (PMI)

If your down payment is less than 20%, you’ll likely need to pay PMI, which protects the lender if you default on your loan. PMI costs vary but typically range between 0.3% and 1.5% of your loan amount annually.

Utility Costs

As a homeowner, you’ll be responsible for water, sewer, garbage, electricity, and possibly natural gas. Utility costs in Washington can vary by location, with urban areas like Seattle typically being more expensive than rural communities.

Ongoing Maintenance and Repairs

Experts recommend budgeting 1-3% of your home’s value annually for maintenance and repairs. For a $400,000 home, this means setting aside $4,000 to $12,000 per year for unexpected costs like replacing a water heater or fixing a roof.

2. Evaluating the Condition of the House

Before finalizing your purchase, it’s crucial to understand the home’s condition. Even if the property looks move-in ready, underlying issues can lead to costly repairs down the line.

Get a Home Inspection

A professional home inspection will identify potential issues with the property’s structure, roof, plumbing, electrical systems, and more. Pay close attention to:

  • Roof Condition: Replacing a roof can cost $10,000 or more.
  • Foundation: Cracks or shifting can indicate serious structural problems.
  • HVAC Systems: Check the age and efficiency of heating and cooling systems.
  • Water Damage: Look for signs of leaks or mold, especially in basements and attics.

Factor in Age and Maintenance Needs

Older homes often come with charm but may require updates to meet modern standards. Consider the lifespan of key systems:

  • Roof: 20-30 years
  • Water Heater: 8-12 years
  • HVAC: 10-15 years

3. Planning for Maintenance and Upgrades

Owning a home means taking responsibility for its upkeep. Being proactive can save you money and stress in the long run.

Routine Maintenance

  • Lawn Care: Regular mowing, watering, and fertilizing are essential.
  • Gutter Cleaning: Prevent water damage by clearing gutters twice a year.
  • HVAC Servicing: Schedule annual tune-ups to maintain efficiency.

Potential Remodeling Projects

While your home may not need immediate renovations, you might want to plan for future upgrades to improve functionality or increase property value:

  • Kitchen Remodel: A minor kitchen update can cost $10,000 to $20,000, while a full remodel can exceed $50,000.
  • Bathroom Upgrades: Updating fixtures, tiling, and vanities can range from $5,000 to $15,000.
  • Energy Efficiency Improvements: Consider adding insulation, replacing windows, or installing solar panels to reduce utility costs.

DIY vs. Professional Help

While some maintenance tasks can be tackled on your own, others require professional expertise. Know your limits and prioritize safety and quality for major projects.

4. Financing Fixes and Remodeling Projects

If the home you’re purchasing needs significant repairs or updates, you may be able to finance some of these costs into your mortgage. A well-experienced mortgage professional can be a valuable resource in strategizing the loan structure to ensure it aligns with your financial goals and provides the most benefit. They can guide you through options to make large projects more manageable while maximizing your borrowing potential.

5. Final Tips for First-Time Buyers in Washington

  • Be Weather Ready: Washington’s climate varies widely, from rainy western areas to dry eastern regions. Choose a home designed to handle local weather conditions.
  • Consider Future Growth: Look for neighborhoods with good schools and access to amenities, even if you don’t have children. These factors can significantly impact resale value.
  • Leverage State Programs: Washington State offers first-time buyer programs, such as down payment assistance or reduced interest loans. Research options to maximize your budget.

Buying your first home is a rewarding journey. By understanding the costs, assessing the condition of the property, and planning for maintenance and possible upgrades—with the option to finance renovations—you’ll be well-prepared to enjoy the benefits of homeownership in Washington State. With the right knowledge and preparation, your first home can be the foundation for a secure and prosperous future.

Have you ever wondered how the Fed’s rate cuts impact mortgages? Does it really matter?

Featured Articles, Mortgage September 24th, 2024

With the recent decision by the Federal Reserve to cut interest rates, many people are asking how this change affects their plans to buy a home or refinance. Whether you’re a first-time buyer or a homeowner considering refinancing, it’s important to understand how the Fed’s actions could impact your mortgage options — and whether it truly matters.

How the Fed’s Rate Cut Affects Mortgages

The Federal Reserve’s rate cuts don’t directly change mortgage rates, but they do influence them. Mortgage rates are tied to broader financial markets, and when the Fed lowers rates, it can create a ripple effect that often leads to more favorable conditions for homebuyers and refinancers. While mortgage rates may not drop immediately, they tend to stabilize or fall over time, making it easier for buyers to secure better terms.

Does It Really Matter?

The impact of the Fed’s rate cut depends on your timing and financial goals. If you’re looking to buy a home, this cut can give you an advantage by making borrowing conditions more favorable. However, it’s important to remember that mortgage rates are also influenced by other factors like your credit score, loan type, and the length of the loan. So while the Fed’s decision can make a difference, your financial situation plays an even bigger role in the terms you’re offered.

This is where having a knowledgeable loan officer can make a world of difference. Unlike large corporate programs that often focus on volume and overlook the finer details, we provide personalized guidance. Whether you’re ready to buy now or planning for the near future, we can help you uncover opportunities or create a roadmap to achieve your goals.

For Homebuyers: Why Now Might Be the Best Time

If you’ve been waiting to buy a home, the current conditions could present a great opportunity. The Fed’s rate cut has created an environment where borrowing could be more affordable. If you’ve found a home within your budget, now might be the time to move forward before market conditions shift again. Acting sooner could help you avoid rising competition for homes, as well as potential price increases.

With years of experience serving the local community, we understand the market in ways that large corporations might not. Our experience enables us to help you make sound decisions, ensuring you’re not just getting a loan, but finding the right loan that fits your long-term goals.

Refinancing: Evaluate Carefully

If you already own a home and are considering refinancing, the Fed’s move could work in your favor, but it’s important to evaluate your situation carefully. The key is to determine if refinancing will provide enough long-term savings to justify the costs involved. Your decision should also depend on how long you plan to stay in your current home. If you’re staying put for a while, refinancing could help lower your payments or offer better terms, but it’s essential to crunch the numbers first.

Working with us means benefiting from our personalized approach. We take pride in collaborating with clients repeatedly, ensuring that each refinance or mortgage is tailored to fit your needs — something big lenders might overlook as they focus on volume.

Strengthen Your Financial Standing

Whether buying or refinancing, preparing your finances is crucial. Improving your credit score by paying down debt can enhance your chances of securing better mortgage terms. Even though the Fed’s decision creates a more borrower-friendly environment, your personal financial profile is still a critical factor.

Our hands-on approach can guide you through this process, offering wisdom and insights that large lenders often miss. We are not just here to help you secure a loan today, but to ensure that you’re set up for success in the long term.

What’s Next?

At David Haley Mortgage, a branch of Fairway Independent Mortgage Corp, we’re here to help you navigate these changing conditions and make informed decisions based on your unique needs. Whether you’re purchasing a new home or refinancing your existing mortgage, understanding the potential impact of the Fed’s rate cut is key to making the best move. Contact us today to explore your options and take the next step toward your homeownership goals, with the personalized attention and care that only a local expert can offer.

Finding the Right Place to Buy a Home in Lynnwood, Everett, and Bothell: A Practical Guide

Featured Articles, Lynnwood July 27th, 2024

Buying a home is one of the biggest decisions you’ll make, and choosing the right location is key. Whether you’re working with a tight budget, raising kids, planning for a big family, or just starting out as newlyweds, Lynnwood, Everett, and Bothell each have something unique to offer. Here’s a straightforward guide to help you figure out which city might be the best fit for you.

Criteria Lynnwood, WA Everett, WA Bothell, WA
Proximity to Seattle Easy access via I-5 and public transit Further distance, leading to longer commutes Close to tech hubs like Redmond and Bellevue, attracting professionals
Affordability Moderately priced, with growth in new construction Generally more affordable housing Higher home prices compared to Lynnwood and Everett
Employment Opportunities Diverse job market, proximity to major business centers Close to Boeing and other major employers Proximity to tech industry hubs
Shopping and Amenities Home to Alderwood Mall, variety of restaurants, entertainment options Ongoing downtown revitalization efforts Strong community atmosphere with local events
School Districts Strong public schools, well-regarded educational facilities Adequate public schools, but some may require improvement Excellent public and private schools, ideal for families
Traffic Congestion Increasing traffic, especially around mall and highways Less congested than Lynnwood but increasing Significant congestion during rush hours on SR-522 and I-405
Access to Nature Good access to local parks and trails Close to Puget Sound and outdoor recreation areas Abundant parks, trails, and green spaces
Urbanization Rapid growth leading to potential overdevelopment Balanced growth, with a mix of old and new Controlled growth, with a focus on maintaining community and green spaces
Property Taxes Slightly higher property taxes compared to Everett Generally lower property taxes than Lynnwood and Bothell Higher property taxes compared to Everett, reflective of higher home values
Housing Stock Modern homes and diverse housing options due to new construction boom Older housing stock, with some homes requiring updates or renovations Mix of older and newer homes, with some high-end developments
Public Transit Well-connected with public transit options Adequate public transit options, but less extensive Limited public transit options compared to Lynnwood
Weather Typical Pacific Northwest weather, moderate rainfall Slightly wetter and cloudier than Lynnwood and Bothell Similar to Lynnwood, with slightly better overall weather conditions
Community Atmosphere Growing urban feel with ongoing development Developing downtown, with efforts to enhance community spaces Strong sense of community, with various local events and activities

Best Place for a Tight Budget: Everett, WA

Why Everett?
If you’re looking to stretch your dollar, Everett is the most budget-friendly option among these three cities. Homes here are generally more affordable than in Lynnwood and Bothell, making it a great choice for first-time buyers or anyone looking to get the most value for their money.

Pros of Buying in Everett:

  • Affordability: You’ll find lower home prices compared to nearby cities.
  • Job Opportunities: Major employers like Boeing provide solid job prospects.
  • Outdoor Access: Plenty of parks and waterfront areas for weekend fun.

Cons:

  • Longer Commute: It’s a bit farther from Seattle, which means longer drive times if you work in the city.
  • Older Homes: Many houses might need some updating.

Bottom Line: Everett is the best choice if you’re on a budget but still want a decent home with access to jobs and nature.

Best Place for Raising Kids: Bothell, WA

Why Bothell?
Bothell is a top pick for families, thanks to its excellent schools and safe neighborhoods. The city has a strong sense of community, with lots of parks and family-friendly activities, making it a great place to raise kids.

Pros of Buying in Bothell:

  • Great Schools: Some of the best schools in the area, both public and private.
  • Safe and Friendly: A low crime rate and welcoming neighborhoods.
  • Community Feel: Lots of parks, trails, and events that bring people together.

Cons:

  • Higher Prices: Homes here are more expensive, so you’ll pay a premium for all those perks.
  • Traffic: Rush hour can be a pain, especially on the main roads.

Bottom Line: Bothell is ideal for families who prioritize good schools and a safe environment, even if it means paying a bit more.

Best Place for a Large Family: Lynnwood, WA

Why Lynnwood?
Lynnwood offers plenty of space for bigger families, with larger homes and easy access to shopping, dining, and other conveniences. It’s a good balance between cost, space, and accessibility.

Pros of Buying in Lynnwood:

  • Roomy Homes: You’ll find plenty of large houses that can accommodate a growing family.
  • Convenient Location: Close to major highways, shopping centers like Alderwood Mall, and public transit.
  • Newer Homes: Lots of new developments with modern features.

Cons:

  • Traffic: With all the growth, traffic can be an issue, especially near the mall.
  • Higher Taxes: Property taxes here are generally higher than in Everett.

Bottom Line: Lynnwood is great for large families who need space and want to be close to everything.

Best Place for Newlyweds: Bothell, WA

Why Bothell?
For newlyweds starting their life together, Bothell is a great choice. It’s close to tech hubs like Redmond and Bellevue, has charming neighborhoods, and offers a mix of urban and suburban life.

Pros of Buying in Bothell:

  • Great Lifestyle: Beautiful parks, nice restaurants, and cultural activities.
  • Career Opportunities: Close to tech jobs and other growing industries.
  • Room to Grow: A good investment with potential for property value increases.

Cons:

  • Higher Cost of Living: Homes and day-to-day expenses can be higher here.
  • Less Public Transit: Getting around without a car can be tough.

Bottom Line: Bothell is perfect for newlyweds looking for a lively, growing community with good job prospects and plenty to do.

Final Thoughts

Deciding where to buy a home in Lynnwood, Everett, or Bothell comes down to what’s most important to you. Everett is the best bet if you’re watching your budget, while Bothell shines for families and newlyweds with its great schools and vibrant community. Lynnwood is the sweet spot for large families who need space and want to be close to shopping and entertainment. Whatever your needs, one of these cities is sure to be a great fit.

Exploring Top Cities Near Seattle for Your New Home: A Guide by David Haley Mortgage

Featured Articles August 8th, 2024

When considering a home purchase near Seattle, choosing the right city is crucial for your long-term happiness and investment. With a mix of vibrant communities, varying home prices, and distinct amenities, the Seattle metro area offers something for everyone. To help you make an informed decision, we’ve analyzed five of the most popular cities near Seattle: Bellevue, Kirkland, Redmond, Lynnwood, and Everett. Here’s what you need to know about these cities when considering your next home purchase and mortgage.

City Population Growth (2010-2023) Crime Rate (per 1,000 residents) Education Level (Bachelor’s Degree or Higher) Easy Access (Commute Time to Seattle) Median Age Income Levels (Median Household Income) Median Home Prices (2023) Key Amenities/Attractions
Bellevue 23% 18.0 67% 20-30 minutes 38.5 $129,497 $1,360,000 Bellevue Collection, Microsoft, parks
Kirkland 21% 17.2 63% 20-30 minutes 39.0 $116,980 $1,240,000 Google campus, waterfront, tech hubs
Redmond 30% 16.5 70% 25-35 minutes 35.3 $132,188 $1,280,000 Microsoft HQ, Marymoor Park
Lynnwood 15% 28.0 36% 25-35 minutes 38.2 $78,825 $750,000 Alderwood Mall, close to I-5, schools
Everett 13% 39.5 26% 35-45 minutes 36.9 $68,079 $610,000 Naval base, Boeing, historic downtown

1. Bellevue: Affluence and Accessibility

Bellevue is one of the most desirable cities near Seattle, known for its upscale living, excellent schools, and proximity to major employers like Microsoft. With a population growth of 23% since 2010, Bellevue has maintained its appeal, particularly for professionals and families looking for a blend of suburban peace and urban amenities. The crime rate is low at 18 per 1,000 residents, and 67% of the population holds a bachelor’s degree or higher, reflecting the city’s educated workforce. However, the median home price of $1.36 million reflects the high demand and affluence of the area. If you’re looking for luxury and convenience, Bellevue might be the right place for you.

2. Kirkland: Tech Hub by the Lake

Kirkland, with its picturesque waterfront and vibrant downtown, is another top choice for homebuyers. The city has seen a 21% population growth, partly due to the influx of tech professionals attracted by its proximity to Google and other tech companies. The crime rate is slightly lower than Bellevue’s at 17.2 per 1,000 residents, and 63% of residents have a bachelor’s degree or higher. With a median home price of $1.24 million, Kirkland offers a slightly more affordable option than Bellevue, with similar benefits. If you’re in the tech industry or love the idea of living near the water, Kirkland could be your ideal city.

3. Redmond: The Heart of Technology

Redmond, famously home to Microsoft, is a rapidly growing city with a 30% increase in population over the past decade. With the highest percentage of residents holding a bachelor’s degree (70%), Redmond is the heart of the tech industry in the Seattle metro area. The crime rate is low at 16.5 per 1,000 residents, and the median home price stands at $1.28 million. For those in tech looking for a community of like-minded professionals, Redmond is a perfect fit. Its proximity to major employers and a plethora of outdoor activities make it a highly desirable place to live.

4. Lynnwood: Affordability and Convenience

Lynnwood offers a more affordable option for those looking to buy a home near Seattle. With a population growth of 15% and a median home price of $750,000, Lynnwood is a city on the rise. While the crime rate is higher at 28 per 1,000 residents, the city offers easy access to I-5, making commuting to Seattle manageable. Lynnwood is ideal for families and first-time homebuyers who need a balance between affordability and convenience, with access to quality schools and shopping amenities like Alderwood Mall.

5. Everett: Economic Opportunities at a Lower Cost

Everett, with a 13% population growth, is home to key industries such as Boeing and the Naval Station, providing strong employment opportunities. With a median home price of $610,000, Everett is the most affordable city on our list, though it comes with a higher crime rate of 39.5 per 1,000 residents. However, the city’s rich history, waterfront views, and proximity to major employers make it an attractive option for those looking for value. If you’re seeking a budget-friendly option with economic opportunities, Everett deserves your consideration.

Making the Right Choice for Your Future

Choosing the right city for your new home is a significant decision, and it’s essential to consider factors like home prices, crime rates, education levels, and proximity to work. At David Haley Mortgage, we’re here to help you navigate the home-buying process, ensuring you find the perfect home and the best mortgage solution for your needs. Whether you’re drawn to the luxury of Bellevue, the tech-centric environment of Redmond, or the affordability of Everett, we’re ready to assist you every step of the way.

Contact us today to learn more about mortgage options in these cities and take the first step toward your dream home near Seattle.

3-2-1 Buydown Program

Featured Articles June 12th, 2024

North Everett is an accessible yet oft-overlooked neighborhood. And with a major residential project in the works, it may be on the verge of a surge in value.

In nearly two decades of helping folks buy homes with mortgages in Everett, the David Haley team has seen a lot of growth and development. After all, there’s perennial employment with Boeing and the navy, plus a growing base of IT/tech firms. More recently, it’s also been a refuge from King County’s exorbitant costs.

This project in particular signals a shift to the walkable, mixed-use options that younger buyers want but Everett hasn’t traditionally emphasized. This sort of development suggests that North Everett could be a promising but fleeting buying opportunity. Even if a more urban feel isn’t your preference, remember that a rising tide lifts all ships.

But for many would-be buyers, the question remains: how can you get your piece of North Everett’s high potential when rates remain so high?

Interest rate relief with buydown loans

What if you could get a break on the interest rate for up to three years while also making your offer more appealing to the seller?

If your loan meets Qualified Mortgage rules, then a buydown program may open the door to the right home, in the right place, at the right time.

Common buydown program structure

Usually, the seller makes an initial payment called a subsidy. It sits in a dedicated buydown account under the buyer’s name. A portion is released each month for one to three years, effectively subsidizing interest payments during that period.

The buyer pays the lowest effective rate at first, then an additional percentage point per year until reaching the full rate. Depending on the exact buydown program, here’s how reductions are typically allocated over time:

If interest rates drop at any point during or after the buydown program, a savvy borrower can refinance to lock in permanent savings. At that point, any remaining balance in the subsidy account can be used to cover fees.

In many cases, the interest rate savings are greater than you could achieve through a reasonable discount on the sale price. If your agent presents a buydown effectively, it may keep your offer competitive and save more money long-term compared to requesting a discount.

Let’s find the right lending program for you

Lending isn’t a cookie-cutter business, or at least it shouldn’t be. And these days, with more individualized loan products than ever, a consultative and education-first approach is invaluable.

As their online reviews show, David and team simply enjoy helping potential Everett buyers understand their options—whether it results in business now, later, or never. They take joy in making new neighbors, earning long-term trust, and helping build strong financial futures.

Their goal is to help new neighbors find what works for them, period.

In that spirit, the David Haley team will help you understand your buydown eligibility, decide what best supports your financial goals, and pick the ideal mortgage product to help you establish roots in Everett.

Curious to learn more? Reach out today to discuss your options with a friendly team who knows the Everett market like the backs of their hands!

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Daniel’s Homebuying Adventure in Everett

Featured Articles, Mortgage May 30th, 2024

Daniel is excited to buy his first home and has his heart set on Everett, a city known for its rapid development and diverse job opportunities. With a background in aerospace, he’s thrilled about the proximity to the Boeing company and many other aerospace companies all gathered around in the area. Daniel is also excited about the city’s plan to develop up to 15-story tall buildings in North Everett, which promises a modern lifestyle for young couples and professionals.

However, Daniel is new to the world of home buying and feels overwhelmed by the decision between purchasing and leasing. He knows that in Everett, both options have their pros and cons, and the right choice depends on his personal circumstances. Fortunately, he’s been recommended to talk to David Haley, a local expert who has been helping people buy homes in the area for almost two decades.

Illustration of man standing in front of a house for sale in Everett, Washington

Meeting David Haley

David listens to Daniel’s concerns about the current controversial interest rates and his desire for a manageable mortgage. He explains that not all mortgages are the same and introduces him to a 3/2/1 buydown mortgage, a special financing option that could be perfect for him.

Understanding the 3/2/1 Buydown Mortgage

David explains that a 3/2/1 buydown mortgage allows Daniel to pay lower interest rates in the first three years of his loan, gradually increasing to the standard rate in the fourth year and staying constant after that. Here’s how it breaks down:

  1. First Year: Daniel’s interest rate is 3% lower than the standard rate.
  2. Second Year: His interest rate is 2% lower than the standard rate.
  3. Third Year: His interest rate is 1% lower than the standard rate.
  4. Fourth Year and Beyond: He pays the standard rate.

How Does This Benefit Daniel?

David explains that this mortgage type can be especially beneficial in Everett’s evolving market. With the area’s development and job opportunities, Daniel can expect his income to increase over time, making it easier to handle higher payments in the future. Plus, the seller of his new home agrees to pay for the 3/2/1 buydown program, placing the funds in a special savings account to cover the reduced interest portions.

What if Interest Rates Go Down?

David also reassures Daniel that if interest rates drop in the next couple of years, he can refinance his mortgage. The money in the savings account set up by the seller can help cover the fees associated with refinancing, making the transition smooth and cost-effective.

Why Work with David Haley?

David’s expertise doesn’t end with finding the right mortgage. He’s known for thinking in his clients’ terms and enjoys educating first-time buyers like Daniel. His extensive knowledge of VA loans, conventional loans, and other financing options ensures that Daniel gets a mortgage tailored to his needs, not just what’s most profitable for lenders.

Thanks to David’s guidance, Daniel feels confident about purchasing his dream home in Everett. He appreciates having a trusted advisor who genuinely cares about his financial well-being and enjoys helping people become part of the Everett community.

With David Haley’s help, Daniel embarks on his homebuying journey with peace of mind, knowing he’s made a smart, informed decision for his future.

Howard J. Avatar
Incredible team! Jan and David were amazing in helping my wife and I with the purchase of our second home. They walked us through every step and made the entire process as smooth and stress-free as possible. We couldn’t be more grateful — highly recommend working with them!
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H. J. 4/15/2025
Justin H. Avatar
Working with David was fantastic!! I learned more than just what my home loan needed and was going to have to pay, I took away so much knowledge of how to make my money work for me. David very communicative along the way and answered every question even if it didn’t make sense at the moment he would break it down. If you are going to get a loan and care about the details, go to David Hailey! I will always refer anyone I know to David and his Team. Thanks David!!!!
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J. H. 4/04/2025
Angie L. Avatar
David was great to work with. He took extra time to explain loan structure and made sure the process was as simple as possible, providing tips and detailed instructions at every step. Highly recommend!
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A. L. 4/01/2025
Anna W. Avatar
David has been absolutely the most helpful human being through my and my family’s process of purchasing our first home. He was very relatable and easy to work with! His hard work alongside our realtor made our dream come true! I would give him 100 stars if I could. Highly recommend him
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A. W. 4/01/2025
Brianna C. Avatar
Truly amazing process, support, & communication, so grateful for the guidance in a process that seemed so scary in the beginning, to feeling confident as a first time home buyer! Thank you!
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B. C. 3/08/2025
Brianna C. Avatar
Truly amazing process, support, & communication, so grateful for the guidance in a process that seemed so scary in the beginning, to feeling confident as a first time home buyer! Thank you!
[read more]
B. C. 3/07/2025
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