Mortgage Broker in Seattle WA | Home Loans | Blue Square Mortgage
Blue Square Mortgage offers many lending options with great rates and exceptional service in Seattle and throughout Washington. Call us at (206) 352-6453.
What is the Cost of Living in Seattle?
Seattle is one of the more expensive places you can live. Sperling's Best Places rates cost of living for locations across the country on a scale where the US average is 100. Those which rate below 100 are less expensive than average, and those which rate above 100 are pricier than average.
Seattle has a rating of 204. Bellevue is even more expensive with a rating of 231.7. For comparison, the rating for Washington state is 131. So it is more expensive to live in Washington than many other US states, but the Seattle metropolitan region is where the higher costs are largely focused.
What makes for these higher costs? The answer is housing. Utilities and health costs are actually less expensive in Seattle than in other parts of the country. Transportation costs are significantly higher. Grocery expenses are about average. But with housing, there is a huge difference.
Housing, like overall cost of living, is rated on a scale where 100 is the nationwide average. The state of Washington ranks in at a rating of 198so housing prices across the state are quite high.
But in Seattle, they are a whopping 407. Bellevue housing costs are rated at 504. So it is extra-important when you are shopping for a home in this area to make sure that you are getting the best possible rates and terms on your mortgage.
How Much Will You Pay in Taxes in Seattle?
One expense we haven't talked about yet is taxes. If you are living anywhere in the state of Washington, you are lucky enough to be paying no individual income tax. If you operate a business however, you will owe business and occupation tax on your receipts.
So that is excellent news. This helps to offset the high cost of housing in Seattle, Bellevue, and the surrounding communities. Sales taxes however can be high, ranging between 7.49% and 9.98% according to data 2017.
The Seattle Employment Market
What can you expect as far as the job market goes in Seattle and the surrounding area? Here, you can be optimistic. Sperling's Best Places reports that the unemployment rate for Seattle is 4%, which is significantly lower than the nationwide average of 5.20%. Unemployment in Bellevue is just 3.90%.
Additional insights are provided by the US Census. The Census reports that the median household income as of 2017 in Seattle was $79,565. The per capita income during that same timeframe was $51,872. 12.5% of the population was impoverished.
Sperling's Best Places to give slightly different estimates, stating that average household income in Seattle is $67,365, and that income per capita is $44,167. Regardless, both these figures and those provided by the Census are significantly higher than the average income for the United States.
While Bellevue is a more expensive housing market, this is offset by higher incomes. Sperling's Best Places lists an average household income of $92,524 and a per capita income of $50,405.
What Does the Average Home Cost in Seattle?
According to Sperling's, the median cost for home nationwide is $216,200. The median housing cost state wide in Washington is $370,000. In Seattle, it is $761,800. In Bellevue, it is $941,700.
Because this is such a competitive housing market, even with a solid income, purchasing a home here is a major investment. You will want to take your time shopping for mortgages so that you can find one which will fit your budget now and over the years ahead.
How are Seattle Schools?
According to Sperling's, the median cost for home nationwide is $216,200. The median housing cost state wide in Washington is $370,000. In Seattle, it is $761,800. In Bellevue, it is $941,700.
Because this is such a competitive housing market, even with a solid income, purchasing a home here is a major investment. You will want to take your time shopping for mortgages so that you can find one which will fit your budget now and over the years ahead.
Getting Around Seattle
There are a number of public transportation options in Seattle. These include the Sounder commuter rail, the Link light rail system, and the RapidRide bus system. Those who enjoy walking to get from place to place will also be pleased to learn that Seattle has received high marks in that regard.
Average commute times in Seattle are quite reasonable. Traveling one direction, it takes workers in Seattle an average of 22 minutes to reach their destination. The US average is four minutes longer. Commutes are much shorter in Bellevue, with a round trip taking only 20 minutes on average.
Leisure and Entertainment in the Seattle Area
In downtown Seattle, you will find plenty of diversions await you, including the towering Space Needle, the bustling Pike Place Market, the Museum of Pop Culture, the Chihuly Garden and Glass, and much more. Bellevue is home to the Museum of Flight, the Bellevue Botanical Garden, and other exciting destinations.
Prefer the splendor of nature? Go hiking in the Olympic National Park or North Cascades National Park, or take advantage of the numerous opportunities for fishing, boating and other water-based activities in your own backyard. You never will run out of things to see and do.
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Blue Square Mortgage is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.
Chris B.
1 month ago
I reached out to Mike while shopping around for loan options. He was upfront, easy to talk to, and took real time to walk me through current loan products and what to look for in competing offers. After reviewing everything, he told me honestly that a competing offer had terms too good to pass up for our situation, then gave me a strategy to reduce costs long term. That kind of care and integrity is so rare. I will definitely be coming back as we restructure in the future. Highly recommend reaching out to Mike as you begin your search and buying process!
Elizabeth C.
5 months ago
Everyone should be so lucky as to work with Mike! I checked with four lenders and Mike found me the best rate and lowest closing costs of all. And he was so patient and informative and expedited the process at every moment. He is a great communicator and made it easy for me to know how to respond quickly all through the loan app process.
Becky B.
6 months ago
Mike Peacore held my hand all the way through my refinance from my initial exploration of the possibilities to the final wrap up procedures. He was responsive, helpful, and available to me whenever I had questions. Quite literally, I would not have been able to complete the process without him, and I am forever grateful for his guidance and assistance. Highly recommend!
Laven T.
7 months ago
I worked with Mike Peacore during my pre-approval and throughout the loan process, and I honestly couldn’t have asked for a better experience. Mike is super helpful, really friendly, and always available — whether it was early in the morning or late at night, he’d pick up the phone or reply right away. Anytime something came up, he got it resolved fast.
He really knows his stuff too. Mike walked me through all the details, explained everything clearly, and made the VA loan process completely smooth. No headaches, no surprises, and closing was super easy because he stayed on top of everything.
Mike also coordinated really well with my buyer agent and the closing team, which took a lot of stress off my plate. On top of all that, the rate and fees he got me were great.
Overall, I had an awesome experience working with Mike and would definitely recommend him to anyone looking for a reliable and knowledgeable lender.
Ko Ko M.
8 months ago
Mike rocks!!! I had a pleasure of working with this gentleman for my recent purchase. I was in a rush to get estimates over weekend which Mike was able to help me get great deal.
Amazing customer service and customer obsession!!!
Kate C.
8 months ago
My husband and I have worked with Mike on our first home mortgage and multiple refi's in the years since. He is always so helpful and responsive. He's a great communicator and makes you feel very supported through the entire process. I couldn't recommend working with him enough!
Megan M.
10 months ago
I had the pleasure of working with Mike on a recent second home purchase that will be used as a short-term rental, and I can’t recommend him enough. From a Realtor’s perspective, he was a true partner throughout the process. He answered the phone every time I called, had excellent communication, and made the transaction smooth from start to finish.
Mike was also wonderful with my buyers—personable, professional, and easy to work with. It’s rare to find a lender who is both so responsive and genuinely great to collaborate with. I look forward to working with him again in the future!
Brian I.
1 year ago
I worked with Mike Peacore on my first home. I knew very little about securing a mortgage, but Mike guided me the whole way through the process, checking in on me frequently, and explaining every document and step of the process. I feel confident that the rate I landed on was the best in town and even more confident that I went with the best mortgage broker in town! He rates were way way WAY below the big banks too.
Thank you Mike!!!
Michael S.
2 years ago
Mike made the mortgage process as pain free as possible! My last mortgage application experience was anything but -- I remember being on the phone with the loan officer constantly, always needing to push things along, correct errors, and generally being constantly frustrated. I felt confident leaving everything in Mike's hands. But Mike was always available at a moment's notice to answer any questions and to grease the wheels. He dealt with sometimes difficult situations so we didn't have to. Mike is well worth every penny! Thank you, Mike!
Eric B.
2 years ago
i contacted Mike because i was interested in purchasing my first home. He was helpful and easy to talk to which i find incredibly important and i could really tell he cared about what is best for me. his vast knowledge really helped me learn a lot in taking my next steps.
Jacob B.
2 years ago
Mike is incredibly knowledgeable and super helpful. I needed help with a second mortgage refi, on a rental property. He took the time to help me even after I ended up using my credit union that I already had a relationship with. When it comes time for us to buy another property Mike is our man!
Gwen H.
2 years ago
Mike offered the most competitive refinance program with the lowest interest rates and no closing costs for us. He was very helpful, responsive, and is definitely our go-to if we require his services again. We will be recommending him to friends and family!
David H.
2 years ago
We had a unique non-conventional situation, and Mike found options for us very quickly. He's collaborative, problem solving, and generous with his time and expertise - carefully explaining all the ins and outs of the scenarios and options. Extremely capable, and quick results - we highly recommend.
Claire N.
3 years ago
Called Michael Peacore to see if I was qualified for a home loan- he was very attentive to my needs and made so much time for me. He was prompt with the information provided and I will definitely use him with any questions or business moving forward. Thanks so much Mike.
Douglas A.
3 years ago
Mike has proven invaluable in my first-time home-buying experience. I've had many questions about many aspects of the process, and he's always been ready with an answer. He is prompt, informative, and resourceful. If and when I do this crazy, property-purchasing ritual again, it'll be him I message.
Henry Y.
3 years ago
Mike Peacore and Blue Square Mortgage were great. The current process for obtaining a mortgage is daunting with increasing additional scrutiny from lenders amid a rising interest rate environment. Mike was with us all the way through the process, pointing out ways in which we could speed the process and save money through it all. He was always available, even nights and weekends and worked diligently to get us answers to questions we asked. I highly recommend Mike and Blue Square and if I ever need another mortgage, will call on him. He provides the sort of customer service you don't see anymore. He is fantastic!
Andrew S.
3 years ago
We had a great experience working with Mike, and successfully completed a cash-out refi under less than ideal circumstances. He was communicative and professional, and rolled with the punches as we trudged through this while giving birth to our second kid. So far, Mike is the best mortgage lender in Seattle that we’ve worked with.
Bob E.
3 years ago
I contacted Mike for advice on refinancing my mortgage and found him extremely knowledgeable and helpful. He responded quickly and answered my questions and concerns in a clear and straightforward manner. He was very easy to talk with and I feel very confident in his advice and recommendations. I definitely recommend him for your mortgage needs.
Amanda W.
3 years ago
Mike Peacore is the most helpful person I have ever met. We were first time home buyers in 2020 and Mike talked us through everything. He would send us a document and instead of us reading through it alone, he would call us and go through it together. Every step was so easy with Mike. When we were confused about anything or had questions Mike was there with an answer or the connections to find the answer. AND...This week 3 years after we bought our home, we had questions about our escrow and property taxes. We called Mike and a problem we dealt with for over a year was settled in a few hours because Mike is that good. He is kind, helpful, resourceful, and even gave me a recipe when I told him I liked to bake but am newly GF. He is just an amazing person, and your home buying experience will be smooth sailing if you use Mike at Blue Square Mortgage.
Dylan M.
3 years ago
Mike guided me through the process of buying my first home, and made it easy. He was able to share his knowledge in a way that was easily understandable for someone like me who didn't know where to start.
Bill T.
3 years ago
Stellar customer service..!! Mike is professional, very responsive and thorough. Thank you for a job well done!
Megan
3 years ago
Mike was very knowledgeable and kind about the homebuying process. He slows down and communicates such a complex process in a way that the average person can understand. Home Buying can be very stressful, but with Mike helping you a lot of that stress is taken away! Highly Recommend his services :)
MA H.
4 years ago
Mike with Blue Square, a really great communicator, ushered us through a long process to qualify for a mortgage loan and we couldn’t be happier with the outcome and his responsiveness and patience. Thank you Mike!
Jason M.
4 years ago
Mike is 100% the person you want to go too for your mortgage needs. I had a tough lending situation and he did not stop working on my case until he was able to resolve my lending requirements. He will dig in and research for the best mortgage options for your specific situation and needs. I love to work with someone like Mike. He really put forth time and effort as if he was getting himself a mortgage. 5 stars for Mike all day.
Emily
4 years ago
We refinanced our mortgage with Mike and recommend him highly! He found us by far the best rate around, and walked us through every step of the process in a friendly and accessible manner. He explained things to us when needed, and was always thinking a step ahead to make sure the process went smoothly and there were no surprises. We feel lucky to have worked with him. Thank you, Mike!