Frequently Asked Mortgage Questions

Frequently Asked Mortgage Questions

1. What is the first step to getting a mortgage in Washington State?

The first step is getting pre-approved, beginning with a discovery call where we talk about your goals. As a local mortgage advisor, I’ll review your credit, income, and goals to help you understand what you can afford. A Pre-approval also strengthens your offer when buying a home in competitive markets like Seattle or Bellevue.

2. How much do I need for a down payment in Washington?

Down payments can range from 0% to 20% or more, depending on the loan program. Options like FHA, VA, and even some conventional loans allow for low or no down payments. I’ll help you find the best fit based on your budget and goals.

3. What are current mortgage rates in Washington?

Mortgage rates change daily based on market conditions. I provide weekly rate updates on MortgagePorter.com and can give you a personalized quote based on your credit, loan type, and property. Contact me to get today’s best rate for your scenario.

4. Can I buy a second home or vacation home in WA or out of state?

Yes! I help clients finance vacation homes throughout Washington—like the San Juan Islands or Pacific Coast—and across the U.S. Requirements are slightly different than for primary homes, but I’ll walk you through every step.

5. Is it a good time to refinance my mortgage?

It depends on your current rate, loan term, and financial goals. Refinancing could help you lower your payment, shorten your loan term, or access cash for other needs. I’ll provide a free mortgage review to help you decide.

6. What types of loans do you offer?

I specialize in a wide range of home loans, including:

  • Conventional (fixed and adjustable)
  • FHA, VA and USDA
  • Jumbo loans
  • Investment property financing
  • Vacation home loans
  • Construction and Rehab loans
  • Reverse Mortgages

Whether you’re a first-time buyer or seasoned investor, I can help.

7. Do you only help people in Seattle?

No! While I’m based in Seattle, I serve homebuyers and homeowners throughout Washington State and the U.S. If you’re looking for a local loan expert with nationwide reach, I’m here to help.

8. What makes working with you different than going to a bank?

As a Mortgage Advisor with New American Funding, I offer personalized guidance, faster communication, and more loan options than many big banks. My goal is to help you make an informed mortgage decision, not just push a loan. Unlike a bank, I work with several lenders and can shop their programs and rates for you. We also have our own portfolio products.

9. How long does the mortgage process take?

Most purchases and refinances take about 30 days from application to closing. I work closely with my clients and their agents to keep things moving smoothly and on time. As we have our own in-house processing and underwriting, we can close faster than 30 days, if needed. Please reach out to me to discuss what your needs are.

10. How do I get started?

Let’s talk! You can apply online, call, or schedule a free consultation. I’ll help you understand your options and take the stress out of the mortgage process. Start here with a pre-application or here if you would like to begin with a discovery call.

Visiting Open Houses? You Need to Be Fully Preapproved

It’s fun to visit open houses on the weekends. You may be picturing yourself living in the home, enjoying the backyard or perhaps making a few home improvements to really make it “yours”.

If you’re even thinking about buying a home, I strongly encourage you to get fully preapproved before you find yourself at an open house wanting to present an offer.

Here are some steps I recommend for anyone considering buying a home. [Read more…]

Steps in the Mortgage Process when you are Refinancing a Home

iStock_000003709509SmallThe process of getting a mortgage consists of several stages and typically takes anywhere from 30 – 45 days (or more) depending on how prepared you are, what mortgage program you have selected and if it’s a purchase, the closing date may dictate how long the process will take. With this post, I’m focusing on the steps involved with obtaining a refinance (aka refi) which are slightly different than the process when you are buying a home.

The steps below may not take place in the exact order I have listed and some steps may happen simultaneously. In addition, some lenders may have different procedures with how they process a mortgage.

[Read more…]

Steps in the Mortgage Process when You are Buying a Home

iStock_000003709509SmallThe process of getting a mortgage consists of several stages and typically takes anywhere from 30 – 45 days (or more) depending on how prepared you are, what mortgage program you have selected and if it’s a purchase, the closing date may dictate how long the process will take. The steps below may not take place in the exact order I have listed and some steps may happen simultaneously.

[Read more…]

Steps in the Mortgage Process

iStock_000003709509SmallEDITORS NOTE 10/23/2015: This post has been updated to include the new disclosures and wait periods required per the Dodd Frank Act effective on loan applications dated October 3, 2015 and later. Click here to read the updated post.

The process of getting a mortgage consists of several stages and typically takes anywhere from 20 – 40 days (or more) depending on how prepared you are, what mortgage program you have selected and if it’s a purchase, the closing date may dictate how long the process will take. The steps below may not take place in the exact order I have listed and some steps may happen simultaneously.

[Read more…]

Who does what in the mortgage process?

There are a lot of people involved in processing a closing a mortgage transaction at a mortgage company. With recent regulations, newer positions have been created adding to the hands that are involved in the process. Here’s a list of some of the positions involved in the mortgage process – please keep in mind that this varies from company to company and often times, titles may vary as well.

[Read more…]

Do’s and Do Not’s of the Mortgage Process [Video]

In our last Seattle Real Estate Chat, Jim Reppond and I discuss what home buyers need to while in the mortgage process or considering buying a home.

Tune if for our next Seattle Real Estate Chat via our live Google Hangout on Tuesday, September 17, 2013 at 10:00 am Seattle time.
You can follow Seattle Real Estate Chat on Twitter at @SeattleREchat or #SeattleREchat

Considering refinancing or buying a home? UNPLUG YOUR SHREDDER!

2013-06-15_0831_001If you are like me, you probably shred just about any documents that has your personal information on it…it’s just habit or second nature. I often sort through my mail right next to our shredder.  If you are considering buying a home or refinancing your current mortgage, this is a practice you will need to reconsider.

The mortgage process will require that you provide all sorts of documentation.

[Read more…]