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FAQ 1. Why did my Real Estate Agent refer me to you?
A high quality realtor knows that the key to a successful transaction means TEAMWORK with a professional Home Loan Consultant. Every experienced realtor could tell you horror stories about times when a client made a poor choice in mortgage company, and ended up with big surprises at the closing table, or worse, not closing at all! A good realtor will form relationships with trusted individuals who have proven themselves, so that they know you will be given the excellent service that you deserve. It is important to know that your realtor is NOT given any compensation or "kickbacks" for referring you to me. As mortgage professionals, we desire more referrals, both from you and your realtor, so consider the extra motivation this provides for my team to take great care with your satisfaction! 2. Why did one of your Past Clients/one of my friends refer me to you?
My business is based primarily off of referral and word of mouth. My clients and friends know that I offer premium service, honest answers, and sound advice. They also know that I will take good care of their referrals and give each referral the same quality service that I extend to them. When working with us, you can trust that your home loan is in excellent and professional hands, and that there will be no surprises at closing. I hope to give you reason to refer someone our way as well! 3. How do I know if I’m ready to Buy a Home?
There are always exceptions, but generally, if you can answer yes to these questions – you are most likely ready to own! 1) Do I have a steady source of reliable income? (typically…a job.) 2) Do I have a good history of paying bills on time? 3) Do I have money saved for a down payment? 4) Do I have few outstanding debts? 5) Can I make my mortgage payment every month, plus additional home-ownership costs? Click Here to view some of our helpful Mortgage Calculators
4. What happens after I’m Pre Approved?
You are ready to shop for a home and put in an offer! You know what you can afford, and have an edge on the competition when you make your offer. It is important to keep us updated of ANY changes in financial information that was previously provided as it may change the conditions of the loan you originally applied for. Click Here to learn more about getting Pre Approved 5. Why do Interest Rates change?
Interest rates change based on fluctuations in the financial markets. Rates can change several times throughout the day, so it is important to have a loan officer that keeps an eye on changes in the market. 6. When should I consider Refinancing?
Many factors go into determining if refinancing is right for you. Depending on how long you plan to stay in your home, your current interest rate, or how your financial picture has changed since you’ve been in your current loan – we’d be happy to analyze your situation and would be happy to provide you with a recommendation. 7. What is an Origination Fee?
An origination fee works exactly like a discount point, and is typically 1% of the loan amount. You can avoid part of, or the entire fee, by paying a higher interest rate. Rates in Washington are typically quoted assuming this fee. 8. What is an Escrow Account, do I need one?
This is an account established by your lender. It is a place to set aside a portion of your monthly mortgage payment in order to cover 1) Homeowners Insurance, 2) Property Taxes, and 3) Mortgage Insurance (if needed). Escrow accounts are a great idea because they always assure that money will be available for those payments. Typically, you can forfeit using an escrow account by paying a higher interest rate.
9. What is Title Insurance for?
Title Insurance guarantees the accuracy of the title work done on your home at the time of purchase. It protects against loss arising from problems to the title in your property. Mortgage lenders require that title insurance be purchased and it protects them until the loan is repaid. You may also choose to purchase an owners policy, which protects you against any loss in the event of legal issues relating to the title of your home.
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