Loan Programs

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?

What is an ARM?

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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.

When can I get rid of PMI?

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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.

Can I set up automatic payments for my new mortgage?

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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.

Can I make bi-monthly payments?

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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

Can I close my loan in a trust or LLC?

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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.

Do you offer financing on investment properties?

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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.

How can Sammamish Mortgage handle my loan if I am not in your area?

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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.