How to Find the Best Washington Mortgage RatesComments Off on How to Find the Best Washington Mortgage Rates
Finding the Best Washington Mortgage Rates:
With today’s historically competitive mortgage rates, many folks within Seattle, Tacoma, Spokane, and Vancouver appear to be asking what the best way is to obtain the best washington mortgage rates. Here are a few suggestions to assist consumers in identifying the best mortgage rates:
Broker Vs. Banker:
There can be two main types of mortgage providers to consider. The first are brokers who from a technical perspective tend not to fund the transactions using their own money, nevertheless they generally feature the greatest selection of secondary market investors to place the mortgage loans with (these “big banks” being Wells Fargo, Citibank, Chase, and GMAC just to name a few). The downside connected with a broker not utilizing their own funds to actually close your transaction is their outsourcing of essential services. This will sometimes bring about extra headaches for borrowers hoping for the easiest transaction conceivable. As opposed to brokers, mortgage bankers are similar but almost always have in-house underwriters that approve the transaction to fund and they ultimately close the mortgage loans independently which gives them the last authority in accepting closing conditions.
Understanding Cost Structures and How These Banks Bring In Money is really Crucial to Getting You the Very Best Washington Mortgage Rates
It is crucial you fully understand that Broker organizations usually have the smallest expenses which could mean the absolute lowest rates. However, a large number of buyers still shy away from them because they also commonly outsource many of the important aspects that go into getting your loan to the closing table and that can bring about some of the head aches outlined above in Tip #1. On the other hand, the “Big Investors” such as Wells Fargo, Chase, and Citi have the absolute greatest expenses and that often end up charged to to the customer in the form of undesirable rates. The Big Banks have to carry enormous on-going expenses such as billboards, tv and radio commercials, web banner advertisements, countless levels of operations, loss mitigation departments, legal departments, and the list goes on. Due to this, you can usually getgoing with the lender in the middle of the spectrum: the mortgage bankers. Mortgage bankers usually possess relatively low overhead costs however still have the control of crucial services in-house, specifically underwriting and closing departments.
You may have seen some lenders advertising and marketing no costs, especially for refinance transactions. Be cautious though because in most cases they have rolled those fees into the rate in one way or another. For instance, it should be up to you whether you’d prefer the closing fees paid at closing in cash, built into the new mortgage, or, taken care of by the mortgage lender but in exchange for a slightly increased interest rate. Characteristically with mortgage bankers that include Bridgeview Bank, they might cover the majority of or all of your closing costs and still get you a rate that is more favorable compared with any of the “big banks”.
Article author “Joe Mortgage” is a sales pioneer who is owner of hotratequote.com and is focused to delivering his subscribers with important and also valuable information. Take a look at the following url for a Zero cost refinance consulting as well as knowledgeable assistance on how to obtain the best washington mortgage rates.
VA Streamline Refinance Rates – How to Get the Best Deal(1)
VA Streamline Refinance Rates – How to Make Sure You Are Getting the Best Deal
You’ve served your country with honor, now let the VA loan program honor your service as you search for the lowest VA streamline refinance rates. The VA loan program rewards service men and women by being more aggressive that conventional loans in the area of loan-to-value and credit related qualifications. Below are some primary factors to consider when comparing VA streamline mortgage rates:
VA Streamline Refinance Rates – Banks or Brokers?
One important factor to consider is whether its better to work with one of the big banks for your refinance(Wells Fargo, Chase, US Bank, etc) or whether its advantageous to work with a smaller local mortgage broker or banker such as Bridgeview Bank. The “big banks” may have a lot of flashy advertising and tv commercials promoting their VA refinance capabilities but remember, those ads are expensive and often times they are forced to pass along some of that expense to the end customer in the form of slightly higher interest rates and fees. Since smaller banks and brokers have much lower overhead cost, you may find an overall cheaper deal. Also, remember that the VA Streamline Refinance program is virtually identical no matter who you do business with, so be careful not to fall for a big bank using a flashy name to give the impression that their version of the VA program is unique. Banks both large and small can quote you VA Streamline Refinance Rates so get a quote from a variety and go with which ever you feel most confident with.
VA Streamline Refinance Rates – Closing Costs?
Another factor to consider when in search for the best VA streamline refinance rates is closing costs. Since mortgage rates are so low these days, it should be possible for the lender to pay for 100% of your closing costs. You may not end up with the absolute lowest rate, however by using this strategy you will likely still save a good amount on your monthly payment and also then not need to bring any money to closing. Be sure to ask the lenders you’re considering whether they can cover any or all of the closing costs when they are quoting you VA streamline refinance rates.
Finally, once you have narrowed the best refinance lenders down to your top two or three, and you’ve asked all the right questions, its time to compare their rates, terms, cost, and most of all: their reputation and credibility. If you grade the best refinance lenders on their credibility and experience first, you will have the best chance for a smooth and efficient refinance transaction.
Author Joe Karns of Bridgeview Bank is a seasoned mortgage professional dedicated to bringing his subscribers relevant and useful information on how to compare mortgage rates. Want a free mortgage checkup? Check out Joe Karns at the following link for more a FREE refinance consultation and expert advice on getting you the best VA streamline refinance rates.
HARP Eligibility – 2.0 Calculator(38)
HARP Eligibility Calculator
The new HARP 2.0 program seems to be all the rave these days as it is designed to help folks refinance who are deeply “under water”. Still, for most it is still difficult to decipher whether or not their loan and scenario qualify. So what determines HARP eligibility? Here’s a few easy questions to help you figure it out:
HARP Eligibility Question #1 – Is your loan currently owned or guaranteed by Fannie or Freddie?
An easy way to validate this first step of HARP eligibility is to check on each of their websites: Fannie: http://www.fanniemae.com/loanlookup/ and Freddie: https://ww3.freddiemac.com/corporate/ If the answer to this is YES, then you’ve passed the first question of HARP eligibility.
If the answer to this question is YES, then you’ve passed the second question of HARP eligibility. Only loans that were funded AND guaranteed/sold to Fannie or Freddie prior to 5/31/09 are eligible for HARP 2.0.
HARP Eligibility Question #3 – Have you utilized the HARP program already since June 1st of 2009?
If the answer to this question is NO, then you’ve passed the third question of HARP eligibility. The Government apparently doesn’t want you to have already taken advantage of the HARP program.
HARP Eligibility Question #4 – Have you been current on your mortgage payments for the last six(6) months AND have you had no more than one(1) 30-day late payment within the last twelve(12) months?
If you’ve answered this last two-part question as YES, then you’ve passed question #4. Borrowers must not have had more than one late payment within the last 12 months and no late payments at all during the last six months to be eligible for HARP 2.0.
HARP Eligibility Question #5 – Is your home’s mortgage within the allowable conforming loan limit for your area? ($417,000 for most areas but check the Fannie Mae website to double check what the max is in your area).
If you answered this as YES and your mortgage amount is within the allowable conforming limit for your area, then you’ve passed question #5.
HARP Eligibility Question #6 – Is your mortgage currently at 80% LTV (loan to value) or higher?
In other words, do you currently have less than 20% equity in your home based on today’s value? If so, then you’ve passed question #6.
If you’ve answered all of these question correctly then it appears as if you’ve passed and you MAY be eligible for a HARP 2.0 refiannce. You may also qualify for the “no appraisal / streamline” version which means even less headaches. To find out if you qualify for sure and what the rates/terms would be, contact a certified mortgage banker today:
Author Joe Karns is a seasoned mortgage banker and master of getting you the HARP 2.0 Eligibility, is dedicated to bringing his subscribers relevant and useful information. Want a free mortgage checkup? Check out Joe Karns at the following link for more a FREE refinance consultation. Or, click here for a free quote and to determine your HARP Eligibility.
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