Washington State's Educator-First Mortgage Broker
Rates and APRs shown are sample/average figures updated daily by Edge Home Finance for illustration purposes. Actual rate and APR depend on credit profile, loan amount, down payment, term, and lender fees. Click any product to pre-fill the calculator below. Not a commitment to lend. John P. Cobain · NMLS #374881 · Equal Housing Lender.
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Personalized Mortgage Experience
I've spent 30 years helping Washington State families buy homes — first-time buyers, veterans, self-employed borrowers, and everyone in between. My approach has always been the same: educate first, sell never. As a mortgage broker, I shop multiple lenders to find you the best rate and the right program for
your situation. If you're buying in Tacoma, Lakewood, Gig Harbor, Spokane, or anywhere across Washington State, let's have a real conversation — no pressure, no jargon.
The Home Loan Process
Mortgage Pre-Approval
Get pre-approved from one of our Loan Officers to see how much you can afford.
House Shopping
Work with a trusted Real Estate Agent to find a home you would like to move into.
Loan Application
Complete your home loan application to get the lending process started.
Don't take my word for it
Mortgage Programs
Mortgage programs built for Washington State buyers - from Tacoma and Gig Harbor to Spokane and everywhere in between.
Home Loan Options
Our experienced mortgage advisors will walk you through the best mortgage loan program that will fit your specific scenario.
Conventional Home Loans.
FHA Home Loans.
USDA Home Loans.
VA Home Loans.
Frequently Asked Questions
How often can I refinance my mortgage?
There's no set limit — you can refinance as many times as it makes financial sense to do so. What I
always tell people is that the right time to refinance is when the numbers genuinely work in your favor, not
just because rates moved a little. I'll help you run the break-even analysis so you know exactly what you'd
save and how long it takes to recoup closing costs. That's the only way to make a truly informed decision.
Can I buy a home if I don't have money for a down payment?
You might have more options than you think. VA loans allow zero down payment for eligible veterans and
active-duty service members. USDA loans offer zero down for buyers in qualifying rural and suburban areas
across Washington State — many communities around Tacoma, Spokane, and the Olympic Peninsula qualify. There are also Washington State down payment assistance programs that can cover some or all of your down payment on FHA and conventional loans. Let's look at what applies to your situation specifically.
How do I know which mortgage is right for me?
That's exactly the conversation I like to have before anything else. Every buyer is different — your credit,
your income, your down payment, your goals — and the right program depends on all of those factors
together. I specialize in VA loans, first-time homebuyer programs, FHA, USDA, jumbo, and Non-QM
financing, so I have a wide range of options to work with. My job is to lay out what's available, explain the real
differences, and let you make the call. No pressure either way.
How long will the loan process take?
A typical purchase loan takes around 30 days from application to closing, though it can move faster with
good preparation. VA loans have an additional appraisal step that can add a little time. USDA loans include a
secondary review by the USDA itself, which also extends the timeline slightly. I'll set honest expectations at
the start based on your specific loan type and keep both you and your realtor updated throughout — no one
should ever feel like they're in the dark about where things stand.
Will I qualify for a home loan?
The only real way to know is to have a conversation and look at your actual situation together. I've helped
a lot of buyers who came in thinking they couldn't qualify and walked away with a path forward. Credit,
income, down payment, employment history — there are a lot of variables, and sometimes one small
adjustment changes everything. I'll give you an honest assessment and if now isn't the right time, I'll tell you
that too, along with what it would take to get there.
Why do people refinance their mortgages?
The most common reasons are to lower their interest rate, reduce their monthly payment, or shorten their
loan term. Some homeowners refinance to access equity for home improvements or to consolidate debt.
Buyers who started with an FHA loan sometimes refinance into a conventional loan once they've built 20%
equity — which eliminates FHA mortgage insurance and can meaningfully lower their payment. Whatever the
reason, I'll help you run the numbers so the decision makes sense on paper before you commit to anything.
How much money will I have to pay upfront to buy a home?
It depends on the loan program and your situation. VA loans can be zero down for eligible veterans.
USDA loans are zero down in qualifying areas. FHA loans require as little as 3.5% down, and some
conventional programs go as low as 3%. On top of the down payment, you'll have closing costs — typically
2–3% of the loan amount, though some can be rolled in or covered by seller concessions. Down payment
assistance programs in Washington State can also help cover upfront costs for qualifying buyers. We'll look
at all of it together.
Can I get a mortgage after bankruptcy?
Yes — bankruptcy doesn't permanently close the door on homeownership. Each loan program has
defined waiting periods after a bankruptcy discharge. FHA typically requires two years after a Chapter 7. VA
loans are generally two years as well. Conventional loans are typically four years. The waiting periods after a
Chapter 13 can be shorter if you've been making payments consistently. Once you've cleared the waiting
period and rebuilt some credit, there's often a real path forward. Let's talk about where you are and what the
timeline looks like.
Should I lock my interest rate now or wait?
I track rates every day — multiple times a day, actually — because they move constantly based on
economic data, Fed decisions, and bond market activity. My honest answer is: if the rate available today
makes the payment work for your budget, locking now eliminates the risk of it going higher. Waiting is a
gamble. Rates can improve, but they can also move against you quickly. I'll give you my read on where
things are and what I'm seeing in the market, and then you make the call. That's what I'm here for.
Most Recent Blog Updates
A New FHFA Rule Could Lower What Millions of Homeowners Pay for Insurance Every Month
A New FHFA Rule Could Lower What Millions of Homeowners Pay for Insurance Every Month
A Policy Change That Deserves Far More Attention Than It Is Getting
On March 18, 2026 the Federal Housing Finance Agency announced a change to how Fannie Mae and Freddie Mac handle roof insurance requirements. The announcement was quietly significant. It received limited mainstream coverage despite the fact that it has the potential to reduce monthly housing costs for a substantial portion of mortgage borrowers across the country.
If you are a current homeowner or a buyer who has been watching affordability numbers closely this is the kind of update that is worth understanding clearly and acting on promptly.
What the Rule Change Actually Says
Fannie Mae and Freddie Mac will now accept actual cash value coverage on roofs rather than requiring full replacement cost value insurance. The distinction between these two coverage types is what makes the change financially meaningful for borrowers.
Replacement cost value coverage pays for the full cost of replacing a damaged or destroyed roof with a brand new equivalent regardless of the age or condition of the existing roof. That coverage is priced accordingly by insurers because the exposure is significant. A full roof replacement on a modern home is a substantial expense and the insurer bears that full cost under a replacement cost policy.
Actual cash value coverage pays for the roof at its current depreciated value rather than the cost of a brand new replacement. Because the insurer's exposure is lower under this structure the premium is correspondingly lower. For a roof that is several years old the difference in premium between replacement cost and actual cash value coverage can be meaningful.
The significance of the Fannie and Freddie change is that lenders who sell loans to these agencies, which represents the majority of conventional mortgage lenders, previously had to require replacement cost coverage to satisfy agency guidelines. That requirement is now relaxed to allow actual cash value coverage and the premium savings that come with it.
Why the Timing of This Change Matters
Average homeowners insurance premiums have increased approximately 46 percent since 2021 with the average annual cost reaching nearly $2,948 by the end of 2025. That increase has been felt broadly across the country and for many households it has represented a meaningful and unwelcome addition to monthly housing costs that was not part of the financial picture when they purchased their homes.
As John Cobain explains the insurance cost increase has not been abstract for the buyers and homeowners he works with. It has shown up in debt-to-income calculations that are tighter than expected, in monthly payment surprises at closing, and in affordability conversations where insurance has become a more significant variable than it was just a few years ago.
A policy change that creates downward pressure on those insurance costs addresses a real and current pain point for a large number of borrowers rather than solving a hypothetical future problem.
How Many Borrowers This Actually Affects
Approximately 70 percent of all mortgages in the United States are sold to Fannie Mae or Freddie Mac and are therefore subject to their insurance guidelines. That means the vast majority of conventional mortgage borrowers are in the pool of homeowners who could potentially benefit from this change.
This is not a niche program for a specific subset of buyers. It is a guideline change at the core of the conventional mortgage market and the potential impact runs accordingly broad across the borrower population.
What Current Homeowners Should Do Right Now
If you are a current homeowner the most immediate action worth taking is a conversation with your insurance provider. Ask specifically whether your current policy carries replacement cost coverage on the roof, whether switching to actual cash value coverage is an option under your policy given the updated Fannie Mae and Freddie Mac guidelines, and what the premium difference would look like.
The conversation is straightforward and the potential savings are worth finding out about. Depending on the age of your roof, your current premium, and your insurer the reduction could range from modest to meaningful.
It is worth understanding clearly that actual cash value coverage does provide less protection than replacement cost coverage if a major loss occurs. That tradeoff deserves honest consideration. For many homeowners the premium savings will outweigh the difference in coverage. For others the fuller protection of replacement cost coverage will still be worth maintaining. Your insurance agent can walk you through what makes sense for your specific roof age and overall policy structure.
What This Means for Buyers
For buyers who have been factoring insurance costs into affordability calculations this change is a genuine piece of good news. Lower insurance premiums reduce the total projected monthly housing payment which affects debt-to-income ratios and the overall affordability picture in a favorable direction.
In an environment where insurance has been one of the persistent headwinds to homeownership affordability a rule change that creates meaningful premium reduction potential for the majority of borrowers is worth paying attention to and worth discussing with your loan officer before you finalize your purchase budget.
The Updates That Actually Move the Needle Rarely Make the News
The mortgage and housing industry generates policy changes regularly and the ones that have the most direct impact on what borrowers actually pay are often the ones that receive the least mainstream attention. The Fannie Mae and Freddie Mac roof coverage change is a clear example of that pattern.
John Cobain tracks these kinds of developments and brings them to clients and prospective buyers before they show up in general news coverage because the value of that information depends on knowing it early enough to act on it. Reach out to John Cobain to find out how this specific change affects your situation and to stay ahead of the updates that actually affect your monthly housing costs.
Sources
FHFA.gov FannieMae.com FreddieMac.com YahooFinance.com MortgageNewsDaily.com
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