Seven Common Mistakes…

7 Common Mistakes After Financial Approval

THERE ARE MORE BUT THESE ARE THE BIG ONES…

Congratulations! You’ve found a home to buy and have applied for financing! Before you make any big purchases, move money around, or make any big-time life changes, consult your loan officer. They will be able to tell you how your decision will impact your home loan.

With that, here are the seven PREVENTABLE mistakes when getting financing for your home.

1. Don’t change jobs, quit your job, or change the way you are paid! Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well. Getting a raise, well, that is always acceptable.
2. Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.
3. Don’t make any large purchases like a new car or new furniture for your new home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios… higher ratios make for riskier loans… and sometimes qualified borrowers no longer qualify.
4. Don’t co-sign other loans for anyone. When you co-sign, you are obligated. As we mentioned, with that obligation comes higher ratios as well. Even if you’re not the person making the payments, the payment will count against you.
5. Don’t change bank accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer money between accounts, talk to your loan officer.
6. Don’t apply for new credit. It doesn’t matter whether it’s a new credit card or a new car. When your credit report is run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO score will be affected. Lower credit scores can determine your interest rate and your eligibility for approval.
7. Don’t close any credit accounts. Many clients have believed that having less available credit makes them less risky and more likely to be approved. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both those determinants of your score.
Finally, any impact on assets or credit should be reviewed and executed in a way that ensures your loan will be funded. Fully disclose your plans with your loan officer before making any financial decisions during the process, they will be happy to guide you. 
For more information on financing, visit our preferred lender, 1st Security Bank HERE.

Cory Howerton, Housing Consultant


It’s the First Day of Spring…Cleaning

Written By – Michael Dux, Service Manager

With the first day of spring arriving tomorrow, March 20th, it’s time to look forward to enjoying the amazing beauty that is the Pacific Northwest. It’s also a good time to do a little spring cleaning and home maintenance.

Spring Home Maintenance

We’ll leave the spring cleaning checklist to you, though here’s a list that might help with taking care of the home itself.

  • Clear any debris inside the gutters.
  • Look to make sure that the gutters are still flush to the fascia and that the down spouts are still straight and drain away from the home.
  • Some manufactured homes have a vent along the marriage line roof where the two sections come together. Look for loose shingles or debris that might have blown in.
  • Look for missing shingles or shingles that have popped up.
  • Check the chimney for signs of damage.
  • Examine any decks, stairs, or landings for damaged or splintered wood.
  • Check caulking at windows and doorways, and trim. Rework as necessary.
  • Remove any debris that may have piled up near or around the home.
  • Check the hose bibs, though it might not be time to take those insulating covers off just yet. 
  • Check your multi use fire extinguisher to make sure it’s full and in a good location.
  • Clean out the clothes dryer exhaust vent.
  • Check and replace any burnt out light bulbs. Consider changing to LED lighting for cost savings, and change the batteries in your smoke / carbon monoxide detectors.
  • Clean / Replace the Air Handler (Furnace) filter.
  • Inspect your exterior heat pump or AC for debris both inside and outside.

Time Is Money…

For over twenty years, I have stopped almost every day at Starbucks. I don’t want to calculate how much I have given to this company over the years, but it’s my one vice and I will continue to do it.

When I started visiting my favorite coffee shop, the cost of my “Quad Venti Non-fat Vanilla Latte” was $3.00. Today, while I order a different drink now, in a smaller cup, it’s $5.25. I think back to when I was a kid growing up in Sumner, I would swing by a local restaurant in the morning and get a to-go cup of coffee for less than a dollar.

Why am I sharing with you the price of coffee and what appears to be a severe caffeine addiction?

Prices on just about everything are going up, every day. In fact, I have never experienced a price decrease at my favorite coffee stand.

Just like Starbucks, the prices of homes are going up too, at times, several times a year. That’s why if you’re ready to make a decision, now is the time.

Last month a couple visited our sales center in Puyallup and mentioned to me that they had been in a year before and the home they wanted was $8,000 more than the last time they were in. I shared with them that the same home would be another $4,000 in the next twelve months. I said to them, “If you’re ready now, you should place your order.” They did and we helped them save thousands of dollars.

We would love to continue our conversations and see where we might be able to assist in your process and help you make the best decision possible for you. Feel free to call us at 253.840.6773 and let’s schedule a time to continue our discussions or have me answer any questions that you might have.

We are here and ready to serve you however we can, making sure your experience in purchasing a new home is a memorable one. 

Cory Howerton Housing Consultant

YOU CAN’T GO, THE DATES ARE BOOKED

We have all been there…

You have decided to go camping this weekend, and when you’re looking for good spots for your weekend getaway, because it’s July, there are none. The RV sits in the driveway for another week. Personally, I love RV’s and camping, but I don’t enjoy fighting other people for great spots, having desirable dates that I can’t go because I tried to book too late, or looking at my RV in the driveway 50 weeks out of the year.

RETURN ON YOUR INVESTMENT

The average cost of an RV in the United States is around $100,000. What if I told you that you could have a great outdoors experience that fits your recreational lifestyle for around the same investment, and it comes with two great benefits.
1) A return on your investment
2) None of the hassle I outlined above.

The alternative investment is a custom manufactured home from DeTray’s Custom Housing. You read that right. A custom manufactured home.

This retreat provides you a guaranteed place to recreate or simply relax when ever you want to, without fighting for good dates like the 4th of July, Mother’s Day weekend, St. Patrick’s Day or the random Saturday in June or August when you can’t find good camping locations.

It also appreciates in value, but that’s not the return on investment I am talking about.

Airbnb OR VRBO

I am a huge fan of both of these sites, and have used them quite a bit. You control the calendar, so you can block out the dates you want in advance, and have access to your prime location, whenever you want, while generating a return on your investment.

We live in the most beautiful part of the country, and a properly placed manufactured home will be highly sought after, providing you an excellent opportunity for an additional income.

You will benefit from the marketing on these platforms, and a turn key operation from start to finish. Alone, Airbnb operates in 191 countries and both services have great reputations for both service and execution.

GUARANTEED TIME WHEN YOU WANT IT

The great news is you won’t be fighting with others for campsites, or other desirable locations when you simply want to pick up and want to go. If you decide on a Thursday that you want to visit your retreat, you can block out that date and go. The years of having to budget for gas on your vacations are over, and you won’t have to watch your investment depreciate in your driveway for years.

THE CRAFTSMAN

This year, DeTray’s will be showcasing your future vacation home at the Seattle RV Show.
If you’re looking for more of a traditional design, the Craftsman style blends well with whatever look and feel is right for you. The design is timeless and features 9? high flat ceilings throughout. At 798 square feet it is the perfect vacation home for weekend getaways, longer vacations or simply spending one night. The open concept layout allows for great family time together in a wonderful setting, and can be close to your preferred recreational activities. See more information on the Craftsman Cottage.

Disclaimer: Craftsman exteriors are available in 14’9? floor widths only. Exterior depiction are artist renderings only. Due to window sizes, room dimensions, and other optional features, actual exterior design is always floor plan specific.

Come See Us

It’s not easy to adequately describe the benefits in a single posting, so I am encouraging you to come visit us at the Seattle RV Show, February 7-10 at the CenturyLink Field Event center. You can get your tickets by visiting seattlervshow.com. We look forward to seeing you there!

Corey Howerton, Housing Consultant

Home for the Holidays

During this busy holiday season of family, friends, and endless hours of house cleaning, I wanted to remind you that at DeTray’s Custom Housing, we put the “home” in “Home for the for the Holidays”. Welcoming family over for the holidays is one of the most important parts of the year and having a home to welcome them is one of the most important accomplishments of our lives.

The importance of having a home that you can be proud of can’t be overstated and at DeTray’s Custom Housing, we’ve spent the last half century of doing business, focused not only on the home, but also the homeowner. Whether it’s your dream home or a Christmas wish granted, no two homes are the same and certainly no two homeowners are the same. We treat each customer as an individual with their own unique vision and help guide them through the entire process. Imagine a home full of family and friends.

Usually, everyone’s favorite gathering place is the kitchen. Now imagine the kitchen of your dreams, in the home of your dreams, while having the holiday of your dreams. During this time of year, we see a lot of homes being built with special focus on the kitchen. There are kitchen packages available with Lazy Susans, Spice Racks, Cookie Sheet Storage, and Roll Out Trash Cans built-in to the solid wood cabinets. Also available is a stunning Frigidaire 21’ Frost Free Refrigerator with Icemaker and double ovens for all those Christmas cookies!

Another great feature is the wood/gas burning fireplace to hang your stockings on. We welcome you to come tour our model homes and turn your holiday wishes into reality.

Wishing you and yours a very happy holiday season!

Jason Lockhart
Housing & Design Consultant


How to Get Rich Slowly – Rent or Own?

Everyone needs a place to live. The options are to rent or own.

When you rent, it is easy to relocate, and someone else is responsible for upkeep. However, it can be difficult to get out of a lease. There may be neighbors above, below and beside you. You may not be able to have pets. Parking can be limited. You can’t paint or decorate your way. The Landlord could sell the property, or move in and evict you. You are paying the mortgage for someone else. Rent increases every year. Your payments will go up, up, up. At the end of 1, 3, 5, 10 years, you have nothing but a stack of receipts, and the rent will be much higher than it is now.

At first, renting or owning have similar costs each month. While rents go up each year, a Fixed Rate Mortgage will have the same principle and interest payment for 30 years! While your income increases, your housing costs will be a smaller and smaller portion of your expenses.

Each monthly payment acts as a kind of forced savings. As you pay down principle, your equity (the amount of your home you actually own) grows.

Home Equity Grows Over Time

In addition, history shows that overall, homes become more valuable. According to the Federal Housing Finance Agency, home values have surpassed their pre-recession peaks by 16%. The overall trend is that home values and equity have gone up and will likely continue to do so. Think of what your parents paid for their home, and what it would be worth today!

It’s smart to build equity and financial stability while you enjoy your home. The equity in your home can eventually become liquid cash that you can access, either by selling your home, or borrowing against it. When you own a home, it is more than just a place to live; it’s also a financial asset. What is the leading wealth producer for average Americans? Home Ownership!

At DeTray’s Custom Housing, we design and build homes that are exactly suited to each family’s needs and desires. We can put together the whole package: land or community, development, and house. We have 8 furnished model homes to tour. You can have the joy and satisfaction of home ownership. Let DeTray’s staff show you how. Call, or come see us today.

Lora WhitemarshLora Whitemarsh

Housing Consultant

Customize Your Customization!

In a world where the possibilities and options seem to be endless, I’d like to introduce you to TRUE CUSTOMIZATION.  At DeTray’s Custom Housing, our primary focus is on each and every customer’s unique vision for their home.  We take the time necessary to carefully listen to our customers’ needs and wants and we expand upon that to help you turn your vision into your dream home.  Both of our home builders (KIT & SKYLINE) offer many customizable options such as your choice of flooring, countertop materials, interior and exterior paint colors, appliance packages, cabinets, hardware, siding, doors, roof style, and even your home’s layout.


DeTray’s Custom Housing has an entire room devoted to the many color options and material choices that are available. We call it the décor room.  It’s in this room that we carefully pull together elements of color, materials and layout, into a home plan that meets the customer’s needs.  Why get stuck with a floor plan that doesn’t accommodate your family or wishing you could have had the option to make some important changes to your current home?  Why not truly define your customization with us at DeTray’s Custom Housing?   We have the latest and greatest décor trends and options and we would love an opportunity to show you around our stylish manufactured model homes and the décor room!

Jason Lockhart
DeTray’ Custom Housing
Housing & Design Consultant

New Flooring Option

Hey everyone, Brian here. I started with Detray’s during this year’s May RV Show in Puyallup with featured manufactured housing. I’m excited to share a little bit about our new flooring option because I’m all about sustainability. But before I start there, let me share a little bit about myself.

I am originally from North Dakota and moved to Washington State around 8 years ago. I’ve had a wide variety of blue-collar jobs including welding, construction, electrician, etc. My hobbies include gardening, camping, and fishing. I’m all about sustainability. I grow and harvest my own vegetables, I raise quails for eggs, and I like making everything from scratch, like bread, sausage, brats, and bacon. I like to go the extra mile, in my home life and my work life. I recently purchased my first home using an FHA mortgage with the goal in mind of buying land and a manufactured home with the equity, so I’m familiar with the struggles of home buying in today’s market. This is what sparked my interest in manufactured housing and landed me at Detray’s. But enough about me, let’s get to the new flooring option.

I would like to introduce everyone to Endura Flooring. It is a natural PVC-free rubber that is super sustainable and includes the use of post-consumer recycled content. Endura provides impressive durability and comfort in a variety of colors. It’s unique rubber formulation is highly slip resistant and helps reduce noise from footfall. Endura is also water-resistant and is a comparable option to laminate and other flooring choices. The reason I decided to spotlight Endura flooring is to highlight how manufactured homes are becoming more sustainable. By incorporating more recycled materials that help reduce our environmental impact, a manufactured home makes a great option for eco-friendly living. We carry samples on-site so stop by to check it out.

Go Green Homes

Thanks for your interest in DeTray’s Custom Housing. Feel free to come out and tour our beautiful model homes. I look forward to helping you pick the perfect home to fit your lifestyle and needs.

Brian Stokkeland, Housing Consultant

Fun at the Puyallup RV Show

It is now three weeks following the Puyallup RV Show which also featured beautiful Manufactured Housing. DeTray’s Custom Housing and their skilled support team coordinated the exhibit of two custom homes, “The 1st Cabin”, crafted by Kit Custom Homebuilders, and Skyline Homes’ “The Cozy Abode” doublewide. These homes attracted thousands of interested attendees and rarely disappointed onlookers. Diane DeTray continues to demonstrate her skilled talent for selecting unique furniture pieces and tying them into a theme, depicting lifestyles that the average NW families find comforting and yes, even cozy.
Show specials offered by both Factories, Kit Custom Homebuilders, and Skyline Corporation, helped to bring a record number of buyers and shoppers into DeTray’s exhibit area.

Did you place your order for delivery this summer? If not, please come by to view our beautiful show room homes here at 149th and Meridian in Puyallup South Hill. For those new to the area, we are 15 minutes south of the Western Washington State Fair Grounds on Hwy. 161 toward Graham, WA. We have a small but enthusiastic staff ready to assist with all our guests so feel free to call and make an appointment. Saturdays are quite busy, so you might want to consider a weekday 9-6 or Sunday Noon to 5 pm.

Before driving over, check out our floor plans on our website, www.detrayscustomhousing.com

 

Thank You and See You Soon!
Mike Buck, Housing Consultant & DeTray’s Staff

Modular or Manufactured Home – What’s the Difference?

People often mix up the terms when asking about their housing options. There are distinct differences in the products. I could list them until your eyes glaze over, but I’ll keep it simple.

Modular Homes (MODS) and Manufactured Homes (MFH) are built in the same factory, using an assembly line for efficiency. MODS are built to local building codes, for a specific address. MFH are built to national HUD codes so they can go anywhere in the country.
When they arrive on site, MODS lift off the steel frame used for the assembly line and go onto a standard stem-wall foundation. Then it is back-filled. MFH stay on the steel frame and are set on blocks on a Runner foundation (3 slab). Then they are strapped down to the foundation. Split-faced concrete blocks are used as “skirting” around the perimeter to keep animals out, and back filled. Only the top block of the crawl space shows for a very low to the ground, site-built look.

MODS need 2X10 floor joists because there will be no steel frame under the home. MFH can use 2X6 or 2X8 joists because the steel frame is also giving support. There are other construction details that are slightly different, but the home will look exactly the same on the inside and out. You cannot tell them apart by looking, except for the HUD tag in the corner.

The big difference in a MOD is time and money. The factory specs are for HUD homes. When you choose a MOD, the specs all have to be changed. Then they have to be approved and stamped by an engineer. Then they go to the local L&I Department for approval. MODS can take 3 months or more to work through this process. After such approval is given, special insignias are issued and sent to the State, that inspects the home as it is being built. Additional fees are required for each of these special approval processes. MODS can cost $35,000-$40,000 more than the same home built at as MFH.
Some people think a MOD is a better investment because the appraiser can use site-built homes as “Comparables” for higher appraisals. In this market, that may not be wise. Higher appraisals mean higher taxes. The loan amount will be more, so monthly payments will be higher. If you are paying cash, you will have less in your investments, earning dividends.

If you do not plan to sell, it makes no sense to pay more for a MOD. If you do plan to sell, you pay more for a MOD, and may get more when you sell. An MFH costs less. If you get less when you sell, you have still saved money while enjoying the same beautiful home.
I live in an MFH home. It has gone up in value every year, except during the recession, just like site-built homes. Our owners, Diane and Dana DeTray, chose a beautiful MFH home. They added a 3-car garage and lots of options instead of choosing the higher cost of a MOD. Our Senior Housing Consultant, Marlene Lemoine, lives in her 5th MFH home, and made money on all 4 previous sales.

We believe MFH homes are the best value for your housing needs. At DeTray’s Custom Housing of Puyallup, we “Walk Our Talk”. Let us custom design a beautiful Skyline or Kit West home for your family.

 

Laura Whitemarsh,
Housing Consultant