You may already know that you can use your VA entitlement to buy a home with no down payment.
That feature by itself is a game changer, but there are some other reasons why the VA loan is such a great deal, such as the following:
Lenders are always conscious of risk. When they agree to loan you a large sum of money, they are asking themselves, “What happens if these people don’t make their payments?” Even though you may have a flawless payment record for every account you have ever had, lenders are still asking themselves this same question.
One of the most important risk factors lenders consider is the “Loan To Value Ratio.” This refers to the relationship between the value of the house and the size of the loan. A $300,000 home with a $240,000 loan has an LTV of 80%. The same home with a loan of $285,000 has an LTV of 95%. Statistically, the lender figures that a buyer with a smaller down payment is more likely to default than one with more cash involved. So they require mortgage insurance when there’s a smaller down payment.
Mortgage insurance—which the buyer pays for each month—protects the lender if there is a default. It can add $200 per month or more to the cost of that $285,000 loan.
VA loans work differently. They are not insured. They are guaranteed by the VA. That means that even if a veteran borrower goes into default, the VA steps in and makes sure the lender doesn’t take a loss. There is no mortgage insurance on a VA loan—even if the loan is 100% of the purchase price
of the home.
VA loans have lower rates than conventional mortgages — generally about .5% lower than for conventional loans.
If rates happen to drop, you can refinance your VA loan with no appraisal, almost no paperwork and very low cost, with a Rate Reduction Refinance Loan.
Getting approved for a VA loan is quite a bit easier than for a conventional loan. They are more forgiving of “dings” on credit reports than conventional loans.
The amount of time you need to have served to be eligible depends on when you served. It could be as little as 90 days if you were deployed during a time of active conflict, such as the Gulf War (1990-present). You should contact us with your own circumstances to find out for sure. Most categories of discharge other than “dishonorable” are acceptable.
Finally, if you are the spouse of a service member who died in the line of duty or as the result of a service-connected disability, you’re eligible.
There are other criteria for qualification, like credit profile and income, but we’ll get into those parts later.
The first answer to this should be obvious: home ownership is the American Dream. Most of us long to put down roots—and owning our own home lets us do just that.
When you own your home, you are not subject to the whims of a landlord, who may decide that he can be making more money—so he raises your rent. Or, worse, he decides he wants to sell to take his profit. And you have 30 days to find a new place to live.
Owning your own home carries some significant tax benefits. Most homeowners will be able to write off mortgage interest and property taxes on their state and federal tax returns, potentially saving thousands of dollars a year. (You should check with your tax advisor for the details).
As a homeowner, you will build up equity in two ways: first, with each monthly payment, you’ll be reducing the balance of your mortgage. Even though you will be paying mostly interest in the early years, you’ll move a $300,000 mortgage down to $270,000 in the first five years — $30,000 in savings!
The second way you will build equity is through appreciation. There is no guarantee that your home will increase in value as the years go by, but history tells us that it’s highly likely. That means that if your $300,000 home appreciates at a modest 3% per year, it will be worth close to $350,000 in five years. Add to that the lower loan balance, and you have close to $80,000 in equity. And you started with zero.
Finally, there is “pride of ownership.” You may have the nicest landlord in the world, but he or she won’t be inclined to put any unnecessary money into the property. This means “apartment” grade carpet, rather than the luxurious kind that makes you want to walk around barefoot. Or the best appliances and cabinets. The goal of owning rental property is ultimately to make a profit. Most landlords are reluctant to put any money into their properties that they don’t absolutely have to. When you own your home, you decide what will go into the property.
Once you have decided to get started, you should begin by contacting a lender. That is where we come in. We will help you get your documents together and guide you through the process.
You need a document called a Certificate of Eligibility (COE). In most instances, we will be able to get this from the VA online. In some cases, though, you’ll have to provide more information so they can process your request. For that, you’ll need your DD-214 (Certificate of Release or Discharge from Active Duty). If you are currently on active duty, you’ll need a document from Personnel called a Statement of Service. The VA usually issues the COE within a few days.
If you receive any disability money from the VA, you will have some additional benefits available to you. Your COE will have a notation recognizing that you have a “service connected disability.” If this is the case, you will be exempt from having to pay the VA Funding Fee. More about this in a few pages, but for now, be aware that this will save you several thousand dollars on your loan.
It’s a lot harder to sell a home today than it was just a few years ago. Because of this, sellers want to be reasonably sure the deal will go through before they accept your offer. That’s where preapproval comes in.
Preapproval means that the lender has gone through all your paperwork and has decided that you’re an acceptable risk even before you’ve selected a property to buy. It takes just a short time to go through the process. Once we have preapproved your application, we write a letter certifying that we have gone through all your paperwork, and we’re just about ready to give you the money. Without a preapproval in hand, most sellers won’t even give your offer a second look.
You’ll provide two years’ tax returns, a current month’s pay stubs, two months’ bank statements and your photo ID. We’ll pull credit from the three major credit bureaus and put everything together in a loan application package.
Once a seller accepts your offer, we will update your pay stubs and bank statements. As we process and underwrite your loan, we will be coordinating with the real estate agents, the title company, the appraiser and other companies involved in completing your purchase.
The credit report is a critical part of your loan application. It tells a lender who is considering lending you a large sum of money that you handle your financial affairs properly.
Your credit report will list the accounts that are currently active: car loans, student loans, credit cards and mortgages, if you have any. The report will list the dates the accounts were established, the current balances and the monthly payments.
If you have made any of your payments more than 30 days past the due date, this information will be recorded as well. The credit report will list the number of late payments, how late they were and when they occurred. Late payments stay on your report for seven years. There are “credit repair” companies that promise to remove bad credit—for a fee. They do this by repeatedly disputing derogatory information, hoping that a creditor will accidentally neglect to update the information. If the information is correct in the first place, there is a high likelihood that it will return to your report even after it has been temporarily removed by disputing it.
If, on the other hand, an account has been reported incorrectly, it is not difficult to correct the record.
The credit bureaus use the information in your credit report to calculate a three-digit number called a FICO score ranging from 300 to 850. Each of the three credit bureaus (Experian, Equifax and TransUnion) has its own slightly different formula for calculating your score. Higher is always better, but you need at least a 580 score to qualify for a VA loan.
What if your score is below 580? Are you forever stuck in low-FICO hell? Not at all. The first thing you should know is that your credit score is constantly changing—and the older a negative entry is, the less effect it has on your score. A 30-day late payment may drop your score by 40 points if it happened a month ago. A year from now, it will reduce your score by 25. After two years, the impact may be just 10 points.
Credit cards can lower your score even if you faithfully pay on time. If the balance on any credit card exceeds about 30% of the high credit limit, it starts to pull your score down. You can increase your score quickly by paying down these accounts. If you have a credit card with a $3,000 limit and a balance of $2,800, you could be losing 30 points on your score. Paying the balance down to $1,000 could raise your score by that much.
The most important thing for you to realize is that you don’t have to be perfect. Even if your credit report shows some battle scars, you shouldn’t be discouraged. Because your loan will be guaranteed by the VA, the lenders are a lot easier on you than for other types of loans.
While it’s true that your VA home loan won’t require a down payment, there are some costs that you will have to cover. These costs can be a shock if you’re not expecting them. I’ll talk about some ways of handling closing costs in just a bit.
Non-recurring vs. Prorations and Prepaids
There are two kinds of closing costs. The first, “non-recurring closing costs,” are those items that are only paid once, at closing. These include title and escrow fees, lender fees (underwriting, processing, document preparation), appraisal, notary, recording and a few other miscellaneous costs. The second category, “prorations and prepaids,” are items that you will pay for as long as you own the home. The prepaid items include your first year’s insurance policy and prorated interest.
Normally, you pay interest on your mortgage for the previous month when you send in your payment. This is called “interest in arrears.” If you close escrow on your home on March 15, you won’t make a payment until May 1. That payment will cover the interest on your loan for all of April. But you’ve had the use of the lender’s money for the second half of March—so they’ll collect interest in advance from the day you get the money to the end of the month.
You will also deposit money into a separate account, called an “escrow account” or “impound account.” The lender will hold your money in this separate fund to pay your property taxes twice a year and renew your insurance annually. You will pay 1/12 of your annual tax bill and 1/12 of your insurance premium each month with your mortgage payment. The lender will take care of the taxes and insurance from that account. The amount of your initial deposit depends on the month you close escrow. It could be as few as 2 months’ taxes or as many as 9. It’s still your money; the lender just has control of it for paying the taxes and insurance.
Your total closing costs will vary depending on the price of your property and the time of year you close. To give you a rough idea, though, you can figure that for a $300,000 property, total closing costs (including the initial deposit to your impound account) will be between $7,000 and $10,000.
This is a large number—especially when you are not rolling in cash. There are several ways of dealing with closing costs when you don’t have the money to pay them out of pocket.
The first is to ask the seller to pay the costs for you. While this may seem like a tall order, it happens often. Sellers are often willing to assist a buyer with closing costs if they are getting the cash they need out of the sale.
You should be aware, though, that when the seller agrees to pay some or all of your closing costs, they are really adding the closing costs to the cost of the property. Every seller looks at the cash they will receive at close of escrow, and paying your costs for you would mean they’d receive less cash for the sale. So, they increase the price of the property to compensate. If you pay $8,000 more for the property because the seller is paying all your closing costs, your monthly payment will increase by about $40.
The second approach is to have the lender pay your closing costs.
Not everyone is aware that lenders often pay buyers to borrow money from them. It is not at all unusual for a lender to give a cash credit of $8,000 or more for a $400,000 mortgage.
This may seem like some sort of a scam—or at least an offer with a big “gotcha” in the fine print, but there is none. It has to do with the way lenders actually handle mortgages.
The first thing you should realize is that the lender who gives you a mortgage is going to sell that loan to an investor. The investor pays the bank more than the face amount of the mortgage. They will hold it for a long time, so they will get their rate of return over a period of years, as you make your monthly payments. The price they pay the bank for your loan depends on the interest rate you have agreed to pay. The higher the rate, the more the investor pays for the loan. The bank gets a premium price because of the higher interest rate you selected, and they give you the excess in the form of a rebate at close of escrow.
If a 30 year VA loan has a rate of 3.75% with no points (one point is equal to one percent of the loan amount), you could choose a 4.25% rate to get a rebate from the lender. Raising the rate .5% above the no-points rate will typically get you a lender rebate of around 2% of the loan amount. If your loan amount is $400,000, your rebate would be $8,000. That will often cover all your closing costs.
It is always up to you to decide whether you want the lowest rate available with higher closing costs, or a slightly higher rate with lower (or no) closing costs. The difference in payment is not as great as you might think; for a loan amount of $400,000, your payment would increase by about $115 a month—but you receive a rebate at closing of around $8,000.
Your VA loan will be guaranteed by the Department of Veterans Affairs. This means that the lender making the loan to a veteran is protected from loss if the veteran defaults on the loan. This guarantee serves the same purpose as mortgage insurance on conventional loans—it limits the lender’s risk. Without that, the lender won’t make the loan.
For conventional loans, that protection comes at a price. If you were to buy a $400,000 home with a 3% down payment ($12,000), you could expect to pay between $340 and $480 each month for mortgage insurance, depending on your credit score. A VA loan doesn’t require mortgage insurance—but there is something called the Funding Fee. This helps cover VA’s cost of administering the VA Home Loan Program.
2.3% of the borrowed amount through a VA home loan. That fee increases to 3.6% for those who have already used the VA loan program in the past.
For most veterans, the funding fee will amount to 2.3% of the base loan amount for their first use of the program, and 3.6% for subsequent uses. For a $400,000 home, the first-use funding fee would amount to $9,200. While the funding fee is a cost, it is not an out-of-pocket cost, since it is typically added to the base loan amount; so a $400,000 purchase would carry a loan amount of $409,200.
For those veterans who have some form of service-connected disability—even 10%—the VA waives the fee altogether. If you receive a monthly check from the VA, you probably qualify for the exemption. Your DD-214 will note whether you have a service-connected disability.
You will get a statement from your mortgage company each month. The payment will be made up of the interest on your loan, a little bit to reduce the principal, your taxes and your homeowner’s insurance.
For example, you’d pay property taxes in California twice a year—in November and in March. The lender will collect 1/12 of the total tax bill with each monthly payment and pay each installment of taxes as it comes due.
Insurance works the same way: you’ll pay 1/12 of the annual premium each month with your mortgage payment, and the lender will renew your insurance each year when it comes due.
Property taxes can change a little each year, so your mortgage payment may change a little from one year to the next. This isn’t because the lender is trying to pull a fast one on you; it’s because of changes in your property tax bill.
A big portion of your monthly payment is interest on your mortgage and property taxes. If you bought your home for $300,000 and your rate is 3.75%, you’ll pay about $11,000 in interest in the first year of ownership. You’ll also pay about $3,800 in property tax. You’ll be able to deduct both items from your income tax—close to $15,000 in deductions. That can save you a bundle. Talk to your tax adviser for specifics.
You should keep in mind is that many home sellers are reluctant to accept an offer with a small (or no) down payment. This is not a rational position, since they will receive the same amount of cash regardless of your down payment — but it is a fact of life nonetheless. If you are trying to buy in a competitive market where there are offers from multiple buyers on each property, you should recognize that you may not get the first home you offer to buy. Persistence is key.
When you make an offer, you will attach a check payable to the title company. This is called an “earnest money deposit.” It shows the seller that you are serious. In legal terms that money is called “consideration,” and is necessary to create a valid contract when the seller accepts your offer.
You are not risking a single penny of this money. The check will not be deposited until your offer is accepted by a seller, and if your loan does not go through for some reason, you’ll get the money back.
You should make as large a deposit as you can. This can help assure the seller that you are serious—even if you plan to buy with no money out of your pocket. If you structure your purchase to cover all the closing costs, you will receive the entire amount of your deposit back at close of escrow.
The second thing you should do is write a personal letter to the seller. Yes, I know this sounds corny, but it does increase your odds of the seller’s accepting your offer. Buying and selling a home is a personal, emotional process. Your letter may well convince the seller to accept your offer instead of someone else’s.
You will make your offer in writing. Your Realtor will handle the details for you. The offer will spell out the exact terms under which you are willing to buy the property: price, loan amount, deadline to complete the transaction (typically 30-45 days from the time the seller accepts your offer) and outlining who will pay which fees.
Your Realtor will include the preapproval letter we have given you, the personal letter you write to the seller (optional, but highly recommended) and your check payable to the title company.
You’re not under any obligation to offer the seller’s asking price. If he thinks he can get more than what you are offering, he may give you a counter offer for a higher price. Every aspect of the transaction is potentially subject to negotiation until you and the seller finally agree to price and terms in writing. Your Realtor should be highly skilled in this process.
Once you and the seller have come to an agreement and everyone has signed the offer and counter offer (if any), you are “in contract.” Your Realtor will give you copies of the signed (“executed”) contract and will deposit your earnest money with the title company.
Now you are in escrow.
There is no maximum VA loan; however, the loan can’t exceed the lesser of the home’s appraised value or purchase price. That said, lenders typically will not make a zero-down payment loan any larger than $417,000 as a result of secondary market limitations.
There are many areas that are considered “high cost areas,” like Seattle and San Francisco, where the guarantee is higher.
What if you can qualify for a more expensive home, say, $1 million? You won’t be able to get a loan for 100% of the home’s value with a VA loan, but you will be able to get a very large loan. VA will guarantee a loan for the maximum county limit—let’s say $625,500—plus 75% of the excess. The amount the VA would loan you would be $906,375. That means your down payment would be less than 10%—with an interest rate below the prevailing market and no mortgage insurance.
The lender needs to know that the property you’re buying is worth what everyone says it is. An appraisal accomplishes that. Here’s how it works.
An appraiser, who is licensed by the state, will make an appointment to visit the property. He will inspect public records about the property, measure its dimensions and take photos. He will also look for significant defects related to health and safety. The appraiser is primarily looking for things like exposed wiring, badly peeling paint or other problems that could represent health and safety problems with the property. The VA wants to be sure that you get a home not only with very good financing, but one that is sound.
After the appraiser has taken measurements and photos, he will use that information to describe the property in a standardized way: living space, room count, amenities, lot size, etc. Then he will find at least three similar, comparable properties (“comps”) that have sold within the last six months. He will describe these properties in the same way. Then he will make dollar adjustments to each of the comps to compensate for differences in living area, room count, conditions and amenities. He does this to make them the equivalent of the property you are buying. He calculates the estimated value of your home using all this information.
In most cases, the appraiser’s opinion of value will be the same as the price you have agreed to pay. If he determines that the property is worth less than you have agreed to pay, you have some choices.
First, you can walk away from the deal. You will get your deposit back (although you will still have to pay for the appraisal—about $475).
You could negotiate a lower price with the seller. If you have agreed to pay $300,000 but the appraiser says the property is worth $290,000, you can ask the seller to drop his price to the lower figure. They are not obligated to do so, but they are generally aware that a low appraisal can indicate that their asking price was too high in the first place.
In some cases, you may negotiate a price with the seller that is somewhere between the originally agreed price and the appraised value. Your loan amount will be based on the lower of the appraised value or the purchase price. This means that you would have to come up with some additional cash to make up the difference between the appraisal and the agreed price.
Once you have given all your paperwork to us, we will organize everything and enter the information into your loan application. Once the application is complete, we will send you an email with a link to our secure server, where you will be able to sign most pages electronically. There are a lot of forms besides the application, so signing electronically is quick and easy. There are a few documents that you will print out, sign manually and fax back to us or upload directly to our secure server.
Now that your application is complete and you have an accepted offer, we will be busy behind the scenes. We will enter your information into the VA Information Portal and order the appraisal through the same system. We will upload a copy of the signed purchase agreement, so the appraiser knows what value we are hoping for. He will also know all the terms of the sale.
The title company will send us a copy of the Preliminary Title Report. This will give us the legal description of the property, the property taxes and any liens that may be attached—such as the loan the seller will be paying off when you buy the home. When we have a complete loan package, we will transmit the entire file to the underwriter to review. He or she is looking at several numbers.
Loan-To-Value Ratio (LTV)
The LTV is the size of the loan as a percentage of the property’s value. The lender will use the lower of the agreed purchase price or the appraised value. For your VA loan, it will probably be 100%.
Debt-To-Income Ratio (DTI)
This figure tells the underwriter how much of your income is being used to pay debts, including your mortgage. If the total payment on your new $300,000 home is $1,800 and you owe another $400 a month in car payment and credit cards, your total debt is $2,200. If your gross income is $5,000 per month, your DTI is 44%.
Although the process to approve a VA loan is slightly more complicated than using DTI, a good rule of thumb is that your total debt can go as high as 50% of your gross monthly income. In some cases, an underwriter may approve you for a larger amount—but do you really want to spend more than half your monthly gross income on payments?
Once the underwriter has reviewed your file and has looked over all your documents, she will issue a “conditional loan approval.” This means that your loan is approved, but there are certain conditions we must satisfy before we can draw your loan documents and close escrow. These conditions may be routine, such as asking for an updated pay stub, or a question about the appraisal—which the appraiser would address.
When the underwriter has signed off all the conditions, we will order your loan documents for signature. These will be sent directly to the title company, where the escrow officer will put them together with other documents involved in the transaction. In all, you’ll sign a stack of papers about an inch thick.
The escrow officer will put the signed documents together into a “funding package.” The lender will review it, and wire funds into escrow. Certain documents are recorded with the county that day or the next (it depends on what time the title company receives the lender’s funds) and you get the keys to your new home.
You will receive a monthly statement from the lender detailing your exact monthly payment, including property taxes and insurance. Your first payment typically will be due more than 30 days after close of escrow — so if you closed escrow on March 15, you wouldn’t make a payment until May.
One piece of advice: you will have a 15-day grace period before the lender hits you with a late charge (4% of the payment), but your life will be simpler if you set up an automatic payment with your bank. That way, you won’t even have to think about making the payment on time.
You’re now well equipped to obtain a VA loan. Here’s what to do next.
Once you have gotten to this stage, you are ready to look at homes and make an offer. Don’t get discouraged if your first offer doesn’t get accepted. The market today is very competitive, and there are often multiple offers on each home. You have to persevere.
Do you have questions about home loans? Are you ready to apply for a mortgage to buy a home? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire Colorado state, including Boulder, and its many amazing neighborhoods like Whittier, Mapleton Hill, Foothills, and Longmont. We offer many mortgage programs to buyers all over the Pacific Northwest and have been doing so since 1992. Contact us today with any questions you have about mortgages.
Updated at 2021-06-22
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About These Terms
This Agreement is a contract between you and Sammamish Mortgage (referred herein as “Sammamish Mortgage”, “us”, “we” or “our”) and the services accessible from the Websites (which are collectively referred to in the Agreement as the “Services”). Sammamish Mortgage includes the Services provided on our Rates and Money website discussed below.
If you do not agree to this Agreement, please do not use the Services. In the Agreement, “you” refers both to you as an individual and to the entity you represent. If you violate any of this Agreement, we reserve the right to cancel your account or block access to your account without notice.
Sammamish Mortgage grants you a revocable, non-exclusive, non-transferable, limited license to download, install and use its website (https://www.sammamishmortgage.com/ and https://www.ratesandmoney.com/ (the “Websites”) strictly in accordance with the terms of this Agreement.
You agree not to, and you will not permit others to:
- License, sell, rent, lease, assign, distribute, transmit, host, outsource, disclose or otherwise commercially exploit the website or make the platform available to any third party.
- Modify, make derivative works of, disassemble, decrypt, reverse compile or reverse engineer any part of the website.
- Remove, alter or obscure any proprietary notice (including any notice of copyright or trademark) of Sammamish Mortgage or its affiliates, partners, suppliers or the licensors of the website.
Any feedback, comments, ideas, improvements or suggestions (collectively, “Suggestions”) provided by you to Sammamish Mortgage with respect to the website shall remain the sole and exclusive property of Sammamish Mortgage.
Sammamish Mortgage shall be free to use, copy, modify, publish, or redistribute the Suggestions for any purpose and in any way without any credit or any compensation to you.
Links to Other Websites
This Agreement applies only to the Services. The Services may contain links to other websites not operated or controlled by Sammamish Mortgage. We are not responsible for the content, accuracy or opinions expressed in such websites, and such websites are not investigated, monitored or checked for accuracy or completeness by us. Please remember that when you use a link to go from the Services to another website, this Agreement is no longer in effect. Your browsing and interaction on any other website, including those that have a link on our platform, is subject to that website’s own rules and policies. Such third parties may use their own cookies or other methods to collect information about you.
Changes To the Agreement
You acknowledge and agree that Sammamish Mortgage may stop (permanently or temporarily) providing the Services (or any features within the Services) to you or to users generally at our sole discretion, without prior notice to you.
If we decide to change this Agreement, we will post those changes on this page, and update the Agreement modification date.
Modifications to Our Websites
Sammamish Mortgage reserves the right to modify, suspend or discontinue, temporarily or permanently, the Websites or any Services to which it connects, with or without notice and without liability to you.
Updates to Our Websites
Sammamish Mortgage may from time to time provide enhancements or improvements to the features/ functionality of the website, which may include patches, bug fixes, updates, upgrades and other modifications (“Updates”).
Updates may modify or delete certain features and/or functionalities of the Websites. You agree that Sammamish Mortgage has no obligation to (i) provide any Updates, or (ii) continue to provide or enable any particular features and/or functionalities of the Websites to you.
You further agree that all Updates will be (i) deemed to constitute an integral part of the Websites, and (ii) subject to the terms and conditions of this Agreement.
Term and Termination
This Agreement shall remain in effect until terminated by you or Sammamish Mortgage.
Sammamish Mortgage may, in its sole discretion, at any time and for any or no reason, suspend or terminate this Agreement with or without prior notice.
This Agreement will terminate immediately, without prior notice from Sammamish Mortgage, in the event that you fail to comply with any provision of this Agreement. You may stop using the Services at any time. You do not need to specifically inform us when you stop using the Services. You acknowledge and agree that if we disable access to your account, you may be prevented from accessing the Services, your account details or any files or other materials which is contained in your account.
Upon termination of this Agreement, you shall cease all use of the Websites and delete all copies of the Websites from your computer.Termination of this Agreement will not limit any of Sammamish Mortgage’s rights or remedies at law or in equity in case of breach by you (during the term of this Agreement) of any of your obligations under the present Agreement.
Copyright Infringement Notice
If you are a copyright owner or such owner’s agent and believe any material on our website constitutes an infringement on your copyright, please contact us setting forth the following information: (a) a physical or electronic signature of the copyright owner or a person authorized to act on his behalf; (b) identification of the material that is claimed to be infringing; (c) your contact information, including your address, telephone number, and an email; (d) a statement by you that you have a good faith belief that use of the material is not authorized by the copyright owners; and (e) the a statement that the information in the notification is accurate, and, under penalty of perjury you are authorized to act on behalf of the owner.
You agree to indemnify and hold Sammamish Mortgage and its parents, subsidiaries, affiliates, officers, employees, agents, partners and licensors (if any) harmless from any claim or demand, including reasonable attorneys’ fees, due to or arising out of your: (a) use of the website; (b) violation of this Agreement or any law or regulation; or (c) violation of any right of a third party. You agree to indemnify Sammamish Mortgage in full for all claims, expenses, and damages related to or caused in whole or in part by your failure to notify Sammamish Mortgage if you change your telephone number, including, but not limited to, all claims, expenses, and damages related to or arising under the Telephone Consumer Protection Act. We reserve the right to assume the exclusive defense and control of any matter subject to indemnification by you and at your expense and, in such a case, you agree to cooperate with our defense of such claim. Further, you shall not settle any claim without the prior written approval of Sammamish Mortgage.
The website is provided to you “AS IS” and “AS AVAILABLE” and with all faults and defects without warranty of any kind. To the maximum extent permitted under applicable law, Sammamish Mortgage, on its own behalf and on behalf of its affiliates and its and their respective licensors and service providers, expressly disclaims all warranties, whether express, implied, statutory or otherwise, with respect to the website, including all implied warranties of merchantability, fitness for a particular purpose, title and non-infringement, and warranties that may arise out of course of dealing, course of performance, usage or trade practice. Without limitation to the foregoing, Sammamish Mortgage provides no warranty or undertaking, and makes no representation of any kind that the website will meet your requirements, achieve any intended results, be compatible or work with any other software, systems or services, operate without interruption, meet any performance or reliability standards or be error free or that any errors or defects can or will be corrected.
Without limiting the foregoing, Sammamish Mortgage does not make any representation or warranty of any kind, express or implied: (i) as to the operation or availability of the Websites, or the information, content, and materials or products included thereon; (ii) that the Websites will be uninterrupted or error-free; (iii) as to the accuracy, reliability, or currency of any information or content provided through the Websites; or (iv) that the Websites, their servers, the content, or e-mails sent from or on behalf of Sammamish Mortgage are free of viruses, scripts, trojan horses, worms, malware, timebombs or other harmful components.
Some jurisdictions do not allow the exclusion of or limitations on implied warranties or the limitations on the applicable statutory rights of a consumer, so some or all of the above exclusions and limitations may not apply to you.
Limitation of Liability
To the maximum extent permitted by applicable law, in no event shall Sammamish Mortgage be liable for any special, incidental, indirect, or consequential damages whatsoever (including, but not limited to, damages for loss of profits, for loss of data or other information, for business interruption, for personal injury, for loss of privacy arising out of or in any way related to the use of or inability to use the Websites, third-party software and/or third-party hardware used with the website, or otherwise in connection with any provision of this Agreement), even if Sammamish Mortgage has been advised of the possibility of such damages and even if the remedy fails of its essential purpose.
Some states/jurisdictions do not allow the exclusion or limitation of incidental or consequential damages, so the above limitation or exclusion may not apply to you.
If any provision of this Agreement is held to be unenforceable or invalid, such provision will be changed and interpreted to accomplish the objectives of such provision to the greatest extent possible under applicable law and the remaining provisions will continue in full force and effect.
Except as provided herein, the failure to exercise a right or to require performance of an obligation under this Agreement shall not affect a party’s ability to exercise such right or require such performance at any time thereafter nor shall be the waiver of a breach constitute waiver of any subsequent breach.
No failure to exercise, and no delay in exercising, on the part of either party, any right or any power under this Agreement shall operate as a waiver of that right or power. Nor shall any single or partial exercise of any right or power under this Agreement preclude further exercise of that or any other right granted herein. In the event of a conflict between this Agreement and any applicable purchase or other terms, the terms of this Agreement shall govern.
The Agreement constitutes the entire agreement between you and Sammamish Mortgage regarding your use of the Websites and supersedes all prior and contemporaneous written or oral agreements between you and Sammamish Mortgage.
You may be subject to additional terms and conditions that apply when you use or purchase other Sammamish Mortgage’s services, which Sammamish Mortgage will provide to you at the time of such use or purchase.
Updates to this Agreement
We may change our Services and policies, and we may need to make changes to these Terms so that they accurately reflect our Services and policies. Unless otherwise required by law, we will notify you (for example, through our Services) before we make changes to this Agreementand give you an opportunity to review them before they go into effect. If a revision is material we will provide at least 30 days’ notice prior to any new terms taking effect. What constitutes a material change will be determined at our sole discretion. Then, if you continue to use the Services, you will be bound by the updated Agreement. If you do not want to agree to these or any updated Agreement, you can delete your account.
The website and its entire contents, features and functionality (including but not limited to all information, software, text, displays, images, video and audio, and the design, selection and arrangement thereof), are owned by Sammamish Mortgage, its licensors or other providers of such material and are protected by United States and international copyright, trademark, patent, trade secret and other intellectual property or proprietary rights laws. The material may not be copied, modified, reproduced, downloaded or distributed in any way, in whole or in part, without the express prior written permission of Sammamish Mortgage, unless and except as is expressly provided in this Agreement. Any unauthorized use of the material is prohibited.
Applicable Law and Venue.
THIS AGREEMENT IS GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF WASHINGTON. NO CONFLICT OF LAWS OR PROVISIONS OF ANY JURISDICTION WILL APPLY TO THESE TERMS AND CONDITIONS. YOU AGREE THAT ANY ACTION AT LAW OR IN EQUITY ARISING OUT OF OR RELATING TO THESE TERMS AND CONDITIONS WILL BE FILED ONLY IN A STATE OR FEDERAL COURTS OF KING COUNTY, WA, AND YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT AND SUBMIT TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS OVER ANY SUIT, ACTION, OR PROCEEDING ARISING OUT OF THESE TERMS AND CONDITIONS. ALL DISPUTES MUST BE ADJUDICATED IN THE ENGLISH LANGUAGE.
Agreement to Arbitrate
This section applies to any dispute EXCEPT IT DOESN’T INCLUDE A DISPUTE RELATING TO CLAIMS FOR INJUNCTIVE OR EQUITABLE RELIEF REGARDING THE ENFORCEMENT OR VALIDITY OF YOUR OR Sammamish Mortgage’s INTELLECTUAL PROPERTY RIGHTS. The term “dispute” means any dispute, action, or other controversy between you and Sammamish Mortgage concerning the Services or this agreement, whether in contract, warranty, tort, statute, regulation, ordinance, or any other legal or equitable basis. “Dispute” will be given the broadest possible meaning allowable under law.
Notice of Dispute
In the event of a dispute, you or Sammamish Mortgage must give the other a Notice of Dispute, which is a written statement that sets forth the name, address, and contact information of the party giving it, the facts giving rise to the dispute, and the relief requested. You must send any Notice of Dispute via email to: [email protected] Sammamish Mortgage will send any Notice of Dispute to you by mail to your address if we have it, or otherwise to your email address. You and Sammamish Mortgage will attempt to resolve any dispute through informal negotiation within sixty (60) days from the date the Notice of Dispute is sent. After sixty (60) days, you or Sammamish Mortgage may commence arbitration.
If you and Sammamish Mortgage don’t resolve any dispute by informal negotiation, any other effort to resolve the dispute will be conducted exclusively by binding arbitration as described in this section. You are giving up the right to litigate (or participate in as a party or class member) all disputes in court before a judge or jury. The dispute shall be settled by binding arbitration in accordance with the commercial arbitration rules of the American Arbitration Association. Either party may seek any interim or preliminary injunctive relief from any court of competent jurisdiction, as necessary to protect the party’s rights or property pending the completion of arbitration.
Any award of the arbitrator or a majority of the arbitrators will be final and binding, and judgment on such award may be entered in any court having jurisdiction. This arbitration provision will be enforced and interpreted exclusively in accordance with applicable federal laws of the United States, including the Federal Arbitration Act. Any costs, attorneys’ fees or taxes involved in confirming or enforcing the award will be fully assessed against and paid by the party resisting confirmation or enforcement of said award.
This Agreement to Arbitrate will survive the termination of your relationship with us.
You and we agree that each of us may bring a Dispute against the other only on our own behalf, and not on behalf of a government official or other person or entity, or a class of persons or entities. You and we agree, if we are a party to the proceeding, not to participate in a class action, a class-wide arbitration, a claim brought in a private attorney general or representative capacity, or a consolidated claim involving another person’s use of the site or our services. You and we agree not to combine a claim that is subject to arbitration under this Agreement with a claim that is not eligible for arbitration under this Agreement. You and we agree to waive the right to a trial by jury for all disputes.
Sammamish Mortgage may, from time to time, include contests, promotions, sweepstakes, or other activities (“Promotions”) that require you to submit material or information concerning yourself. Please note that all Promotions may be governed by separate rules that may contain certain eligibility requirements, such as restrictions as to age and geographic location. You are responsible to read all Promotions rules to determine whether or not you are eligible to participate. If you enter any Promotion, you agree to abide by and to comply with all Promotions Rules.
Additional terms and conditions may apply to purchases of goods or services on or through the Services, which terms and conditions are made a part of this Agreement by this reference.
We, through the Services, may provide a venue through which you can obtain information and you can find third-party service providers, such as financial institutions (“Third-Party Providers”). We do not endorse or recommend the products or services of any Third-Party Provider and are not an agent or advisor to you or any Third-Party Provider. We do not validate or investigate the licensing, certification or other requirements and qualifications of Third-Party Providers. It is your responsibility to investigate Third-Party Providers. You acknowledge and agree that Third-Party Providers are solely responsible for any services that they may provide to you and that we are not liable for any losses, costs, damages or claims in connection with, arising from, or related to, your use of a Third-Party Provider’s products or services. You acknowledge and agree that you rely on your own judgment and your advisors in selecting any products or services offered by Third-Party Providers.
No Guarantee Relating to the Services Provided by Third-Party Providers.
We do not make any warranties or representations regarding the quotes, fees, terms, rates, coverage or services offered or made available by Third-Party Providers. We do not guarantee that quotes, fees, terms, rates, coverage or services offered by Third-Party Providers are the best available.
You hereby release us of any and all losses, costs, damages or claims in connection with, arising from or related to your use of a Third-Party Provider’s products or services, including any fees charged by a Third-Party Provider.
Requests for Quotes
We may share your information with third parties when you use the Rates and Money website to request a rate, quote, service, approval, or information from those third parties (a “Request”).
IF YOU SUBMIT A REQUEST, THIRD-PARTY PROVIDERS MAY CONTACT YOU DIRECTLY WITH QUOTES VIA MAIL, TELEPHONE, TEXT MESSAGE, FAX, EMAIL, AND OTHER MEANS OF COMMUNICATION. YOU MAY RECEIVE TELEMARKETING CALLS AS A CONSEQUENCE OF SUBMITTING A REQUEST THROUGH OUR SERVICES, EVEN IF YOU ARE ON THE NATIONAL DO NOT CALL REGISTRY OR ANY OTHER DO NOT CALL REGISTRY.
By submitting a Request, you are expressly consenting to the third party conducting any research necessary to provide you with information about your Request. Third parties may need to share your information to conduct such research to provide information that may assist in determining eligibility for credit card offers.
If you do not want third parties to conduct necessary research to provide you with a quote for your Request, then you should not submit a Request.
Sammamish Mortgage is not responsible for any content, code or any other imprecision.
Sammamish Mortgage does not provide warranties or guarantees.
Sammamish Mortgage is a distributor and not a publisher of the content supplied by third parties; as such, Sammamish Mortgage exercises no editorial control over such content and makes no warranty or representation as to the accuracy, reliability or currency of any information, content, service or merchandise provided through or accessible via the Sammamish Mortgage Service. Without limiting the foregoing, Sammamish Mortgage specifically disclaims all warranties and representations in any content transmitted on or in connection with the Sammamish Mortgage Services or on sites that may appear as links on the Sammamish Mortgage Service, or in the products provided as a part of, or otherwise in connection with, the Sammamish Mortgage Services, including without limitation any warranties of merchantability, fitness for a particular purpose or non-infringement of third party rights. No oral advice or written information given by Sammamish Mortgage or any of its affiliates, employees, officers, directors, agents, or the like will create a warranty. Price and availability information is subject to change without notice. Without limiting the foregoing, Sammamish Mortgage does not warrant that the Sammamish Mortgage Services will be uninterrupted, uncorrupted, timely, or error-free.
Don’t hesitate to contact us if you have any questions.
Email: [email protected]
Phone Number: (425) 401-8787
This Link: https://www.sammamishmortgage.com/
This Address: 3055 112th Ave NE Suite 203 Bellevue, WA 98004