Sammamish Mortgage - Guaranteed costs

	FAQs
Q1. How can Sammamish Mortgage offer such low rates and fees? Q2. Who would benefit from choosing a loan with a Yield Spread Premium vs. paying points, origination fees and/or mortgage broker fees? Q3. What are the main factors that can affect my interest rate? Q4. What can cause my loan to be considered a cash out refinance? Q5. Should I pay points to get a lower rate? Q6. Is there a cost or obligation for completing an application? Q7. Does Sammamish Mortgage charge a fee to lock? Q8. What happens if I decide to cancel my loan after I have locked a rate? Q9. What happens after I submit a full application? Q10. How long will the loan process take? Q11. What happens if my loan does not close within my lock period? Q12. What documentation will I be required to provide? Q13. What is the cost of a lock extension? Q14. What if rates drop after my loan has been locked? Q15. Will I have a prepayment penalty? Q16. Do you offer any stated income or no doc loans? Q17. Do you offer any construction or land loans? Q18. Should I submit an application even if I haven’t found a property? Q19. What is PMI (Private Mortgage Insurance) and is it required? Q20. When can I get rid of PMI? Q21. Am I required to pay off my existing second mortgage during a refinance transaction? Q22. What is an escrow/reserve and/or impound account Q23. What is the best loan program available? Q24. What is an ARM? Q25. What is prepaid interest? Q26. What is the difference between your interest rate and your APR? Q27. Is comparing an APR the best way to shop for a loan? Q28. What is title insurance and why is required? Q29. What is a three day right of rescission? Q30. What happens during the closing process? Q31. How can Sammamish Mortgage handle my loan if I am not in your area? Q32. Do I have to use your escrow/closing agent and title insurance companies? Q33. Can I close my loan in a trust or LLC? Q34. Can I set up automatic payments for my new mortgage? Q35. Can I make bi-weekly payments? Q36. How will I receive my funds from a cash out refinance? Q37. If I am going to be out of town at the time documents need to be signed what are my options? Q38. What happens if the lender that provides me with a home loan goes out of business after my loan closes? Q39. Will I get a copy of the appraisal report? Q40. Can I use an appraisal I already have? Q41. What options do I have if my appraised value is lower than expected? Q42. If the appraised value comes in higher than the purchase price, can I base my loan to value on the higher appraisal? Q43. What is the cost of the appraisal and how is it paid? Q44. Do you offer financing on investment properties? Q45. If there are inaccuracies on my credit report, how can I get them fixed Q46. Will I get a copy of my credit report? Q47. What can cause my loan to be considered a cash out refinance? Q48. Is Sammamish Mortgage Licensed? Q49. How can Sammamish Mortgage offer loans with no points and no mortgage broker fees?

FAQs