Call Us Today! (425) 401-8787
Call Us Today! (425) 401-8787
Frequently Asked Questions
X close
There is not a “best” loan program that will be a perfect fit for everyone. When determining which loan is right for you, consider the following questions: How long do I plan on owning the property? Do I have enough emergency reserves in case something unexpected occurs? Do I expect my income to increase significantly over the next few years?
X close
An adjustable rate mortgage (ARM) is a loan that offers a lower initial interest rate and is fixed for a set period of time. After the fixed period of time, your interest rate on the note is periodically adjusted based on an index. An ARM mortgage would be beneficial for someone planning on owning their home for less than three to five years.
X close
PMI will be automatically cancelled when your loan balance reaches 78% of the original property value at the time the loan was secured. You may be able to request in writing that PMI be removed sooner, but the decision is made at the sole discretion of your lender.
X close
You may be able to set up automatic payments on your new mortgage if the lender offers this service. You can set this up after your loan closes with your lender or you may be able to request it at closing. Not all lenders offer this service.
X close
You may be able to schedule bi-monthly payments with your new lender if this service is offered; however, there may be additional fees to do so
X close
In some circumstances your loan can be closed in the name of a trust. Please notify us as soon as possible and provide us with a copy of the trust so that we can send it to the lender for review and approval. We cannot close a loan in the name of an LLC.
X close
We do offer financing on investment properties; however, there will be risk based pricing adjustments associated with the loan. The minimum down payment requirement on an investment property purchase is generally 25% in order to avoid higher fees.
X close
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.
Frequently Asked Questions
X close
There is not a “best” loan program that will be a perfect fit for everyone. When determining which loan is right for you, consider the following questions: How long do I plan on owning the property? Do I have enough emergency reserves in case something unexpected occurs? Do I expect my income to increase significantly over the next few years?
X close
An adjustable rate mortgage (ARM) is a loan that offers a lower initial interest rate and is fixed for a set period of time. After the fixed period of time, your interest rate on the note is periodically adjusted based on an index. An ARM mortgage would be beneficial for someone planning on owning their home for less than three to five years.
X close
PMI will be automatically cancelled when your loan balance reaches 78% of the original property value at the time the loan was secured. You may be able to request in writing that PMI be removed sooner, but the decision is made at the sole discretion of your lender.
X close
You may be able to set up automatic payments on your new mortgage if the lender offers this service. You can set this up after your loan closes with your lender or you may be able to request it at closing. Not all lenders offer this service.
X close
You may be able to schedule bi-monthly payments with your new lender if this service is offered; however, there may be additional fees to do so
X close
In some circumstances your loan can be closed in the name of a trust. Please notify us as soon as possible and provide us with a copy of the trust so that we can send it to the lender for review and approval. We cannot close a loan in the name of an LLC.
X close
We do offer financing on investment properties; however, there will be risk based pricing adjustments associated with the loan. The minimum down payment requirement on an investment property purchase is generally 25% in order to avoid higher fees.
X close
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.

Instant Rate Quote
                   Get Rates Now!

Instant Rate Quote
                   Get Rates Now!

Seattle Loans & Loan Programs

If you’re in Seattle or the greater state of Washington and are interested in purchasing a home, Sammamish Mortgage has a wide variety of Seattle home loans and loan programs at interest rates that take advantage of today’s economy.  Whether you are interested in purchasing or refinancing, your mortgage home loan program should integrate with your current financial needs.

If you’re in Washington State and are thinking about applying for Seattle or Bellevue home loans you are certain to have many questions.  Whether you’re a first time home buyer, looking to invest in real estate, financing a summer home or just looking to take advantage of the low interest rates available today, Sammamish Mortgage has the mortgage loan experts to help you figure out the best loan program options for your situation.

Choosing a Loan Program
Trying to find the right loan program can be intimidating.  There are several factors to consider when choosing which loan is best for you.

Conventional and Jumbo Loans
Conventional loans are loans that are secured and sponsored by the GSE’s of which Jumbo Loans are loans that are above the loan limits determined by the GSE’s.  Sammamish has financial experts for these situations.

Fixed Rate Mortgages
Fixed rate mortgages are the most common types of mortgage loans that include monthly payments for interest and a principal that does not change.

Adjustable Rate Mortgages (ARMs)
Though the interest rates may be lower with adjustable rate mortgages, those interest rates may change throughout the life of the loan.  Our experts can help you decide if an ARM is right for you.

Introductory Rate ARMs
The adjustable rate mortgage usually starts with a low interest rate and changes over time during the life of the loan.  Sammamish can explain the different factors that may influence the change in interest rate.

Standard ARMs and the Differences
The professionals at Sammamish can help you understand the differences between the kinds of adjustable rate mortgages that are available.

Cost of Funds Index (COFI)
Determining what your home loan interest rate will be is dependent on many factors. The Cost of Funds Index may be one of those factors.

London InterBank Offered Rate (LIBOR)
Find out more about the London InterBank Offered Rate and what the Eurodollar has to do with the loan you are applying for.

Interest Only Loans
While interest only loans may sound like a good idea because of the low monthly payments, there are more inherent risks to consider when deciding whether or not to apply for one.  Let us help you decide if an interest only loan is right for you.

Graduated Payment Mortgages (GPMs)
If a conventional adjustable rate mortgage is not right for your situation then applying for a graduated payment mortgage may be better.  We can help you decide if a GPM is the best loan program for you.

Interest Rate Buydowns
Mortgage lenders sometimes adjust interest rates to over the first two years of a loan to make it easier for first time buyers to qualify.  Learn more about how the interest rate buy down can help you secure your loan today.

 
Copyright 2010 Sammamish Mortgage
Privacy Statement | Terms Of Use
powered by OpenClose Mortgage Software
|