The quality and volume of loans we have originated over the years has enabled us to form great relationships with our lending sources, resulting in premium pricing, which we are able to pass on to you the consumer. We do not have a team of loan officers that require us to pay out large commissions, but instead have a core group of loan professionals that do not receive additional compensation for placing our clients into higher rate loans like many of our competitors.
Yes. At Sammamish Mortgage you will find that anytime we offer or advertise no points, it assumes no origination fees as well as no mortgage broker fees. Many banks, credit unions and mortgage companies will advertise 0 points only to disclose later in the loan process that there is a minimum 1% origination fee added to the loan. We feel that this is a deceptive practice and although it is legal, we feel strongly that it should not be allowed.
Yes. At the time of your pre-approval, we can guarantee all the fees associated with your loan. The only exception to this may be caused by your appraised value. Your costs may change if your appraised value comes in lower than expected or if you decide to change your loan amount, as your loan to value is a key factor in pricing your loan.
Sammamish Mortgage can offer loans with no points, no origination fees and no mortgage broker fees by earning a Yield Spread Premium (YSP) from the lender we choose for your loan. A Yield Spread Premium is a rebate that the lender pays to us as our compensation and is not a cost you have to pay. We are able to earn a Yield Spread Premium by offering a slightly higher rate. In return, we can lower or eliminate your up front points, origination fees and/or mortgage broker fees.
Choosing a loan that pays a Yield Spread Premium generally benefits the borrower for the first 4 to 7 years of the loan. This is because you can exchange lower up front closing costs for a slightly higher interest rate and monthly payment. This is a great option for people that do not have excess liquid cash or emergency funds and people that are not sure how long they are planning on keeping the loan. Since most people either refinance or sell their home every 3 to 5 years, this plan can be of great value.
The following are a few factors that can affect your interest rate: your credit score, loan to value (LTV), rate and term refinance vs. cash out refinance, purchase vs. refinance, property type, escrow reserves and loan amount. Please see the FAQ’s page for a more detailed explanation.
Your answers to the following questions will help you determine whether or not it would be beneficial for you to buy down your rate:
How long do I plan on owning the property?
How much cash will it cost to buy down the interest rate?
How much money will I save per month?
If rates are higher at the time your rate lock expires, an example of extension costs are as follows:
7 days = .125 Pts
15 days = .25 Pts
30 days = .5 Pts
The extension policies may vary depending on the lender we select for your loan, but the majority of the lenders follow the guidelines listed above.
All of our lenders have different renegotiation policies; however, generally if the rate drops more than .375% you will be eligible for a renegotiation. The lender may charge a renegotiation fee ranging between .375-.625 points or .125-.25% in rate. You can discuss your specific lender’s policy with your loan specialist when you make the decision to lock.
You will not have a prepayment penalty on any of the loans we offer except for a few Jumbo programs. You can pay off all or part of your loan and refinance at anytime without penalty. If you select one of the few Jumbo programs that do have a prepayment penalty, your loan specialist will explain the specific lender guidelines for the product in advance.
Technology has enabled us the ability to work seamlessly with our clients that do not live within the vicinity of our office. For the majority of our clients, face to face meetings are not necessary; however, if you would like to meet us in person, you can always schedule an appointment to visit us at our office in Bellevue, WA.
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Last Update:
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Wednesday, March 10, 2010
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Broker /Origination Fee: |
0.000%
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Lock Period: |
30 days
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Loan Amount: |
$200000
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The interest rates shown below are general rates and can be higher or lower depending on your situation. Please visit our Instant Rate Quote section to get rates specific to your situation in seconds or call us at 425-401-8787.
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25% down payment assumption
Credit (FICO) Assumption: Excellent = 750, Good = 700, Fair = 620
Please Read the Following:
Rates, points and programs cannot be guaranteed on this web site because rates, fees, APR, and other costs are subject to individual borrower's credit score, loan-to-value, loan purpose, loan amount, and rapid fluctuations in market conditions. Maximum Loan amount for a conforming loan is $417,000. Loan amounts in excess of $417,000 are considered Jumbo loans. Rates and APR's are based on amounts of $200,000 for Conforming Loans and $500,000 for Jumbo Loans. This is not an advertisement for credit as defined by paragraph 226.24 of regulation Z.
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