Transcript: First Time Home Buyer? Need a Mortgage Loan? Or Mortgage Refinancing? Family-Owned Since 1992. Sammamish Mortgage Offers Low Rates and Personalized Services for Residents in Washington, Oregon, Colorado, and Idaho. With Full Transparency, Everything Can Be Done on Our Website Anytime, Anywhere on Any Device, 24/7! Live Mortgage Rates! Instant Mortgage Rate Quote! Mortgage Calculator! Easy Online Application! And Much More! Sammamish Mortgage, Your Trusted Mortgage Lender. Great Rates Great Service. Get Started Today!
Here are just some of the mortgage programs offered at Sammamish Mortgage:
If you’re looking to lock in at a certain interest rate, then a fixed-rate mortgage is for you. Fixed-rate mortgages is a fully amortizing mortgage in which the interest rate remains fixed throughout the entire term of the mortgage, hence the name of this product.This type of mortgage is best suited for those who prefer to have their mortgage rates and payments fixed, as they are more predictable and make budgeting much easier.
Further, fixed-rate loans are great if rates are currently very low, in which case you may want to lock in a low rate today in order to avoid getting stuck with a higher rate into the future. This is especially helpful if rates are expected to increase some time soon.
You can choose short- and long-term amortizations when you take out a fixed-rate mortgage, such as:
30-year fixed-rate mortgages. These Home loans come with a term that lasts 30 years, which means you have 30 years to pay off the entire loan amount.
15-year-fixed-rate mortgages. This is a shorter-term loan that allows you to pay off your mortgage faster, but the mortgage payments will be higher than longer-term loans as a result.
An adjustable-rate mortgage is one in which the rate adjusts periodically. These types of loans are great if interest rates are currently very low and you are not planning to live in your home for very long. More specifically, if you plan to sell before the initial fixed-rate period ends, after which rates could increase.
Or, you may find this type of loan beneficial if rates are expected to decrease in the near future, after which you may want to lock in at a lower rate when they eventually go down.
Adjustable-rate mortgages vary in terms of initial fixed-rate periods. For instance, common terms for these types of home loans include 3/1, 5/1, 7/1 and 10/1. With a 5/1 adjustable-rate mortgage, for instance, the introductory interest rate is locked in for 5 years before it changes, which means the first 5 years will come with predictable payments.
A conventional mortgage is one that is not backed by the government, but rather is available through private lenders. A standard conventional loan does not come with any type of high-ratio or insurance premium.
However, if you do not put down at least 20% of a down payment, your loan will require Private Mortgage Insurance (PMI). On the other hand, down payments of at least 20% will not require such insurance.
An FHA loan is a type of mortgage that’s backed by the Federal Housing Administration (FHA). These home loan types allow borrowers to put down as little as 3.5% towards financing a home purchase, and the credit scores needed to secure these loan types are also lower than conventional mortgage requirements.
A VA loan is a mortgage that is guaranteed by the Department of Veterans Affairs (VA) and is offered to members of the military personnel and their families. They often allow eligible borrowers to finance a home purchase with zero down payment and have lax credit requirements compared to standard mortgages.
A mortgage refinance refers to taking out a new home loan to replace an existing one. There are several reasons why homeowners may want to refinance their home, but perhaps the most common reason is to take advantage of much lower rates compared to the rate the borrower is currently locked into. Thus, the homeowner can potentially save thousands of dollars — or more — over the life of their mortgage.
A jumbo loan is a mortgage that exceeds the limit for a conventional conforming loan. The maximum loan amount for conforming loans will depend on the specific country in each state and is adjusted every year to reflect the change in home prices.
A bridge loan from Sammamish Mortgage is a new short-term first lien on a new property being purchased that the borrower can secure permanent financing or remove a current loan obligation. These bridge loans take the new home loan into consideration when calculating the debt-to-income ratio.
Need Help Getting a Mortgage in WA, OR, ID, or CO?
If you’re a buyer who’s ready to find a new home in Washington, Oregon, Idaho, or Colorado, Sammamish Mortgage can help. We’re a local, family-owned mortgage firm based in the Washington area and have been serving the entire state since 1992, in addition to the broader Pacific Northwest region including Oregon, Colorado, and Idaho. Please get in touch with us with any mortgage-related questions or to get a rate quote.