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Christopher Garceau

Loan Originator |NMLS 1900090
  • Seattle, WA 98146
  • (203) 804-5955
  • cgarceau@umortgage.com

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Meet Christopher!

An East Coast native, I attended the US Military Academy after high school. The Army brought me out to the PNW, where I reside as a full time Loan Officer in Seattle. I'm also a small business owner of a fitness gym in West Seattle, and very passionate about the well-being of others. I currently serve as a helicopter pilot in the Washington National Guard, with over 19 years of serving our nation, and a strong desire to serve our Veteran community. I'm the husband to my beautiful wife, McKenzie, and we're blessed to be raising three small children.

Serving Homebuyers In:

  • Arizona
  • California
  • Connecticut
  • Florida
  • Idaho
  • Missouri

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Your Mortgage Questions, Answered!

Tax Season Secrets for Homeowners: Property Tax, Escrow, & Deductions

Tax season comes with a few extra steps for homeowners. Between your escrow payments, property taxes, and forms specific to homeowners like Form 1098, there are a few things for homeowners to consider as they file taxes themselves or pass off necessary documents to a tax professional. Below is everything you need to know to properly file your taxes and maximize your possible deductions this year. Understanding Your Escrow Account If you’ve ever wondered why your monthly mortgage payment includes more than just your loan’s principal and interest, your escrow account is the answer. This account is set up by your lender to cover property taxes and homeowners’ insurance, ensuring these essential expenses are paid on time and in full. During tax season, your escrow account plays a crucial role. Here’s how: Property Tax Payments: Your lender uses the funds in your escrow account to pay your property taxes on your behalf. You’ll receive a statement from your lender detailing these payments, which can be helpful when filing your taxes. Record Keeping: Keep track of your escrow account’s annual statement to ensure your property taxes are paid correctly. If you notice any discrepancies, reach out to your lender immediately. What To Do With Your Property Tax Bill As you’re preparing to file your taxes, you’ll receive a property tax bill in the mail. You might be confused about whether you need to pay this bill yourself or if it’ll be handled by your escrow account. Here’s what you need to know: If You’re Escrowed: Your loan servicer will pay your property taxes using funds from your escrow account. The bill you receive in the mail is just for record-keeping purposes. If You’re Not Escrowed: Make sure you pay your bill as soon as possible to avoid late fees, penalties, or even a tax lien. If You’re Not Sure: Double check your January and December mortgage statements to confirm that your property taxes are covered by an escrow account. Escrow accounts simplify property tax payments by breaking the payments into smaller monthly increments to help you avoid large, unexpected bills. Deducting Interest Paid on Your Mortgage One of the most significant tax benefits of homeownership is the ability to deduct interest paid on your mortgage. This deduction can save you thousands of dollars, especially in the early years of your loan when interest payments are highest. Follow these steps to claim your mortgage interest deduction: Form 1098: Each year, your lender will send you IRS Form 1098, which details the total amount of mortgage interest you paid. This form is essential for claiming your deduction. Eligible Loans: The deduction applies to mortgages on your primary or secondary home, up to $750,000 in loan principal for loans originated after December 15, 2017. For older loans, the limit is $1 million. Itemize Deductions: To take advantage of this benefit, you’ll need to itemize deductions on your tax return instead of taking the standard deduction. Pro Tip: If you refinanced your mortgage using prepaid interest or points paid at closing, these may also be deductible. Tax season doesn’t have to be overwhelming for homeowners. By understanding how escrow accounts, property taxes, and mortgage interest deductions work, you can maximize your savings and approach tax filing with confidence. If you have any questions about escrow, property taxes, or tax season tips for homeowners, make sure to contact your UMortgage Loan Originator for some insider info!

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Housing Market Update | Week of January 27th

After a relatively quiet week without much market-moving data last week, we’ve started the week with a bit of volatility that’s positively impacted mortgage rates. Reports of Chinese startup DeepSeek’s efficient AI model have sent tech stocks significantly lower while investors flock to trade Bonds which typically offer safer returns. This has helped mortgage rates drop slightly for now. The Federal Reserve concludes its first meeting of 2025 this Wednesday, setting the tone for monetary policy in the year ahead. While markets aren't expecting a rate cut at this meeting, Fed Chairman Jerome Powell's press conference will be closely watched for signals about the timing of potential cuts later this year. Finally, we have our Personal Consumption Expenditures (PCE) report on Friday, which the Fed primarily cites to monitor the rate of inflation. Last Week's Mortgage Rate Recap Rates Were Steady Mortgage rates improved slightly early in the week before settling into a narrow trading range. This initial improvement came as bond traders increased their investment in mortgage-backed securities, providing some welcome relief to the 10-year Treasury yield, which had touched 4.81% in early January. We also saw headlines on Thursday that President Trump will demand that interest rates drop immediately during a speaking appearance at the World Economic Forum. It's worth remembering that the Federal Reserve maintains its independence and bases decisions on economic data—particularly employment figures and inflation metrics—rather than external pressure. This Week's Mortgage Rate Forecast Rates Could Be Volatile The Federal Reserve's first meeting of 2025 takes place Tuesday and Wednesday. While analysts broadly expect the federal funds rate to remain unchanged, eyes and ears will be locked into Powell's Wednesday afternoon press conference. Although we're unlikely to hear explicitly about short-term plans, any hint of a shift in the Fed's stance on inflation and economic growth could influence mortgage rates. At the end of the week, we’ll also get the PCE inflation report, which is famously the Fed’s favorite tool to measure the rate of inflation. Core PCE is expected to remain unchanged at 2.8%. In more immediate news, the stock market has dropped significantly because of news that Chinese AI startup DeepSeek created an AI model similar to ChatGPT which runs more efficiently while delivering results similar to that of ChatGPT. When stocks drop, traders typically buy up bonds, which could make rates drop early in the week. Finally, Trump explicitly highlighted housing growth as a key economic goal in his second term. We dove into the policies outlined by Trump to share how the housing market could evolve as these policies take shape. Check out this blog for an unbiased review to stay ahead of the curve this year.

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How the 2025 Inauguration Impacted the Housing Market

President Donald Trump officially took office for his second term on January 20th, 2025. From day one, the new administration outlined its priorities for housing, inflation, and economic growth. As these policies take shape, here is an overview of how they might influence the housing market and the broader economy. Housing Affordability: A Focus on Reducing Costs During his campaign, President Trump pledged to address housing affordability by cutting regulations and introducing tax incentives aimed at reducing construction costs. These measures are intended to stimulate new home construction and increase housing supply, potentially helping to stabilize high home prices. On the night of his inauguration, the administration released a memorandum regarding an executive order addressing housing relief. The memo stated, “Many Americans are unable to purchase homes due to historically high prices, in part due to regulatory requirements that alone account for 25 percent of the cost of constructing a new home according to recent analysis.” Trump has already followed through on his promise to start cutting regulations on the first day of his second term. The aforementioned executive order includes a freeze on government hiring and the creation of new federal regulations. Additionally, a newly established Department of Government Efficiency will review federal agencies and identify opportunities for regulatory cuts. One such agency is the Department of Housing and Urban Development (HUD), now led by Scott Turner—a former Texas state representative and executive director of the White House Opportunity and Revitalization Council. Turner has expressed a commitment to maximizing existing resources but has not yet detailed plans for federal investments in affordable housing programs. The department’s future budget and priorities will become clearer as the administration’s broader fiscal policies are implemented. Tariffs and Their Potential Effects on Housing Costs A significant area of focus for the administration is the proposed implementation of tariffs. While these measures aim to protect domestic industries, they may also increase the cost of construction materials, potentially driving up prices for new homes and contributing to inflation. President Trump announced plans to enact tariffs on imports from Canada and Mexico starting February 1st, alongside higher tariffs on Chinese goods. Economists warn that these tariffs could lead to higher costs for homebuilders. According to the National Association of Home Builders (NAHB), 70% of sawmill and wood product imports come from Canada, which already faces a 14.5% tariff.Another report from the NAHB shared that China provided the largest share of imported goods used in residential construction at 27%, making homebuilders particularly sensitive to trade policies. Tariffs could also influence mortgage rates through their impact on inflation. A report by Pantheon Macroeconomics estimates that a 10% universal tariff could increase inflation by approximately 0.8% in 2025. Rising inflation may prompt the Federal Reserve to adjust interest rates, further affecting the housing market. Tax Proposals and Household Finances The Trump administration has proposed extending the 2017 Tax Cuts and Jobs Act and introducing new tax reforms, including exemptions for tip income, overtime pay, and Social Security benefits, as well as deductions for auto loan interest. While these measures could increase disposable income for many Americans, the potential rise in consumer goods prices due to tariffs could offset these benefits. During his inaugural address, President Trump reiterated his commitment to policies that prioritize American workers and families, stating, “Every decision on trade, on taxes, on immigration, [and] on foreign affairs will be made to benefit American workers and American families.” However, none of the executive orders signed on January 20th directly addressed tax reforms, leaving questions about the timeline for implementing these proposals. Federal Reserve’s Role in the Housing Market The Federal Reserve has been actively working to maintain a healthy jobs market while completing its coveted "soft landing" for the fall of inflation. Although tariffs create worries about inflation, the Fed seems to have concerns about the impact of mortgage rates rising above 7%, as indicated by a statement from Fed President Christopher Waller during an appearance with CNBC. Likely part of this is the impact that high mortgage rates have on construction jobs. In previous economic cycles where the Fed maintained high mortgage rates, homebuilders began laying off construction workers, and a recession closely followed. Of course, economic health will remain a priority, and rates will continue to be largely driven by inflation and the labor market. As things stand, jobless claims data remains at historic lows while inflation has fluctuated between 2.5% and 2.9% in the final months of Biden's presidency. What Lies Ahead for Homebuyers The coming months will reveal the extent to which these policies impact housing affordability, mortgage rates, and overall economic growth. While some measures, like tax reforms and regulatory cuts, aim to increase homeownership opportunities, others, such as tariffs, may introduce cost pressures. If you’re considering buying a home or refinancing, now may be a good time to explore your options. Connect with a UMortgage Loan Originator in your area to get personalized guidance tailored to your financial goals.

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