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


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

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

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

Loving Your Home

Happy February to all. Since it is the month of love and many celebrating Valentine’s Day, I thought it only appropriate to write about why so many people have fallen in love with their home from DeTray’s Custom Housing here in Puyallup.

We carry two of the top builders in the industry, KIT and Skyline. Both of these builders offer a beautiful and high quality product with amenities and options to make every dream come true.

Whether you are looking for a single wide unit or a large triple, you will be pleased with the abundance of floor plans offered by both builders. Our builders start from the ground up with quality construction from floor to ceiling. Exterior options such as siding, roofing, porches and more. Interior walls that are tape and textured with rounded corners and a choice of several interior colors. Beautiful linoleum, carpeting and more for flooring. A wide range of appliance options allows you to create your dream kitchen, which is the focal point for many of our homeowners.

The ability to customize their new home and make it their own is just one of the reasons why customers design their home with us and refer their friends and family to DeTray’s.
Our main focus at DeTray’s is not just building your dream home but building relationships. We take the time to learn about every customer’s needs and wants. We encourage you to visit our models and talk with one of our amazing housing consultants. We know once you see the quality of craftsmanship, array of customization and competitive pricing, you too will fall in love with your new home. We look forward to seeing you soon.

Happy New Year – 2018

Just a quick word about the “Healthy You”. Walk with vigor, this can lower blood pressure and Cholesterol. Give a “hug” or get a “hug”, this will release a feel-good hormone!

Per AARP the Magazine…
New Year, new thoughts about future decisions in relocating, housing and affordability.

According to AARP the Magazine, the population in numbers are; ages 89 and older equals 3 million people, ages 71-88 equals 26.2 million people, and 52-70 equals 72.9 million people. De Tray’s Custom Housing has seen an influx of these folks going on 2 years now. Folks that want to downsize, relocate back to Washington state and live in a single-story home.

You are able to place a manufactured home on a piece of land or go into a planned community near golfing, restaurants, churches and clubhouse activities. Life is good!
Here at DeTray’s Custom Housing in Puyallup, we are able to offer the most updated options available. Items such as a farmhouse sink with apron, subway tile for back splash, ceramic tile for showers, appliance packages from white, black and stainless steel. Many of our plans are custom-ordered for you!

Please feel free to visit our Sales Center Lot in Puyallup. New Year, New Homes.

 

Marlene LeMoine
Senior Housing Consultant

Holiday Greetings 2017

Holiday Greetings from DeTrays Custom Housing

As the 2017 year comes to a close, our thoughts turn to gratefulness for another successful year and the people we were able to help with new homes. We truly enjoy working with people to enable them to customize their personal choices into a home they will enjoy for years to come.

We look toward 2018 with great optimism and will be attending the Puyallup RV Show in early May with a new cabin-style model. I personally really enjoy going to the shows as we get to speak to folks we otherwise may not get to see. It is always fun and interesting to hear comments about our homes like, “Wow, I had no idea these homes are this beautiful” or “What is this? A manufactured home? I think my grandma had one once”.

Our homes definitely aren’t your grandma’s mobile home anymore. We build the most energy efficient, cost effective, innovative custom homes in the Northwest. Please take a look at a few of our models at detrayscustomhousing.com or better yet, visit our Puyallup location and see several model homes, fully furnished and decorated so you can envision your next home.

Wishing you and yours Happy Holidays, Merry Christmas, Happy Hanukah, Happy Kwanza, Happy Boxing Day, and if I forgot someone, Happy Day to you too.

Dana DeTray, General Manager

Interesting Facts About Today’s Manufactured Homes

The Manufactured Homes of today are nothing like Grandma’s old “Trailer” or “Mobile Home”.  No factory has built a “Mobile Home” for over 40 years.  Congress passed the “Manufactured Housing Construction and Standards Act of 1974” which became law on June 15, 1976.  This Federally mandated, national construction standard is known as the HUD Code.  The HUD Code has been updated regularly to improve storm resistance and quality. Homes manufactured since 1976 are built to the HUD Code.  They are classified as “Manufactured Homes”.

Manufactured Homes are built in huge enclosed factories utilizing assembly-line techniques.  Team members specialize in building one part of the home, then the home moves down the line to the next production area.  We build hundreds of homes every year.  Our factories get huge bulk discounts on components and there is almost no waste.  Those savings are passed along to our customers.  Manufactured homes are never exposed to the elements until the roof is in place.

Manufactured homes use the same materials: roofing, siding, sheet rock, appliances, as site built homes.  The media images of destruction in the aftermath of hurricanes are of “Mobile Homes”, not HUD built Manufactured Homes.  Our homes have already traveled from the factory to the site, bouncing down the road at 65 mph.  They sustain “stormy weather” for 5-8 hours during delivery!

Manufactured homes, tied to the foundation on private property, are considered “Real Estate” and qualify for VA, FHA and Conventional mortgages.  Manufactured homes in Parks are financed as personal property or “Chattel Loans”.  DeTray’s works with banks to help secure your loan.

Manufactured homes can appreciate in value similar to other homes.  Appreciation depends on the stability of the area, supply and demand, how the home is maintained and location.

DeTray’s Custom Housing is the best choice for a beautiful Manufactured Home.  Our team can develop the property, customize the home to meet your needs and service the home when it arrives on site.  DeTray’s has been in business 55 years.  We know how to work through the process and we do it right.  We would love to help design your dream home so you can “Live happily ever after”!

 

 

Lora Whitemarsh

Housing Consultant