When the sun is still shining, the BBQs are still going strong, and Everett residents are trying to squeeze every last drop of summer fun before the leaves turn—there’s another seasonal opportunity you don’t want to miss: locking in a competitive rate on a conventional loan. In the lending world, August can be a golden month for buyers who want to act before the market shifts and rates potentially climb. Let’s break down why, how, and what you need to do to snag that low rate before fall arrives.
Conventional loans are the bread-and-butter of the mortgage world—they’re versatile, widely accepted, and can be customized to fit your financial goals. In Everett’s competitive housing market, securing a loan that’s flexible, potentially lower in cost over time, and not tied to government program restrictions can be a game-changer.
The late summer window is prime time because:
Market inventory is still active from the spring and early summer rush.
Interest rates can be more favorable before year-end market adjustments.
You can close before fall and be settled in your new home in time for cozy sweater weather and Seahawks Sundays.
While FHA and VA loans have their perks, conventional loans often reward buyers with strong credit and steady income with lower interest rates and better long-term savings. In Everett, where home prices are still more accessible than Seattle’s core, this could mean hundreds in savings each month.
You might think “conventional” means 20% down or bust—but that’s old school. Many lenders in Everett now offer conventional loan options starting at just 3–5% down, especially for first-time homebuyers. This keeps more of your cash in your pocket for moving expenses, furniture, or—let’s be real—your pumpkin spice latte budget come September.
If you put 20% down, you can skip private mortgage insurance (PMI) altogether. Even with less down, PMI can be removed once you build equity—something FHA loans can’t match without a full refinance.
Historically, rates can edge upward in the fall as market conditions adjust. Acting in August gives you a chance to lock in a rate before those increases happen.
Mortgage processing can slow down during the holiday season. Starting now means you’ll likely close faster and avoid the backlog.
There’s something special about your first autumn in a new Everett home—decorating the porch with pumpkins, hosting football watch parties, or baking pies in your kitchen. It’s a season worth planning for.
A higher credit score means better terms. If you’re not sure where you stand, get a credit check early.
In Everett’s competitive market, sellers want serious buyers. A pre-approval letter can put you at the top of the pile.
Local lenders understand Everett’s unique market conditions, property types, and even neighborhood-specific considerations that can affect appraisal and underwriting.
If you’re in Everett and considering a move, now is the time to act. With conventional loan options tailored to your situation, you could lock in a lower rate, save on long-term costs, and start your homeownership journey before the first leaf falls.
Ready to make your move? Contact our team today to get pre-approved and explore your best options for a conventional loan in Everett. Let’s get you home before the rain sets in.