| General Information There
are many considerations when you purchase or refinance your
Washington home.
The current property value, immediate equity in the form of a down
payment, or equity gained from years of ownership, current credit
standing, mortgage rates, and the cost associated with purchase or
refinancing your home. In some instances, consumers may have
mortgage loan lenders and brokers compete for their mortgage loan
business. As you may find a greater variety of mortgage loan program
rates and terms to choose from.
Generally, a Washington purchase home loan is
normally completed within 30 days. To refinance a mortgage loan may
take up from 30 to 45 days or more, depending on the volume of
business at the lender or broker at the time of your application.
For commercial property loans it is entirely dependent on the
complexity of the loan. The key to expedite your mortgage
purchase or refinance loan, is to have all the paperwork in on time.
Mortgage rates, credit scores, and mortgage
loan amount may especially affect your ability to qualify for
certain types of mortgage loan programs. Each mortgage lender has
their own set of rules and requirements above and beyond Government
Regulations. Some mortgage lenders may require more documentation
and verification than others. If your paperwork is incomplete, or
you wait for several days to send in the requested documents. You
may find yourself extending past your interest rate lock period.
Usually, this means one of several things are about to happen.
1. Washington lenders may extend your interest
rate lock period without an increase in points, origination fees or
interest rate. However, this rarely happens.
2. Washington lenders may extend your interest
rate lock period, BUT, you will need to pay a increase in points,
origination fees or interest rate, or both.
3. Worst Case Pricing. Your interest rate goes to
the current rate available. In addition to any points or origination
fees you are currently paying.
It is strongly recommended that you provide all
requested documentation immediately. No one wants to increase the
cost of doing business. It creates problematic situations for
everyone involved. Stay in touch with your lender or broker to
monitor current and projected progress, scheduling, and situations.
The Big Question??
So, how do I know which Washington lenders or
brokers to work with and what home mortgage loan programs are best
for me? Begin now to collect your information offered by our
Washington lenders and/or brokers. This will help you to
compare different lenders home loan programs, so you find the best
mortgage loan rates and terms! The perfect loan that fits your
needs. Begin collecting the information you need now
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