Bellingham WA Home Loan Rates and Tips

The jumbo loan rates took a nice tumble this last week – down by over half a percentage point.  A jumbo loan in Bellingham & Whatcom County is for an amount greater than $417,000.  Everything else remained stable – still excellent rates!

A financing tip from Sidney: 

            Define your budget and get yourself approved for a loan before you find a house you want to buy.  This will take very little time and will allow you to identify your price range so that you can be comfortable with your monthly payment.  It is important to factor in all your debts (and let your lender know them) when getting a pre-approval.  Debts are not just credit cards, auto loans & student loans – they may also include alimony, child support or any other regularly scheduled payments.

Home loan rates as of Wednesday, March 17 are in the following table.  For more details, or a custom quote, contact SidneyStonecypher at People’s Bank, 360-676-4597 or sidney.stonecypher@peoplesbank-wa.com.  Remember that many variables come into play in determining the rate a lender will give a borrower.  If you are getting a rate quote from a lender who does not have all your information, that rate may not be real.  What with the low rates and the tax credits, it is a great time to buy a house!

 If you have other questions about financing, don’t hesitate to contact us and we will get you the answer.  If you are wondering, other people probably are as well.  For general financing and market information, check out our website.

Bellingham WA Home Loan Rates and Tips

With loan rates as low as they are, you may be thinking about refinancing.  If you have a second mortgage, your primary loan may still be refinanced, but the process is a bit more complicated because you must get permission from your home equity lender (unless you plan to pay them off as part of the refinance).  The lender doing the refinance will need to submit a request for subordination to the second mortgage holder.  This allows the new mortgage to move into the first position being vacated by the existing first mortgage.  The second position lender (your home equity lender) will usually require a copy of your new loan application, credit report and a copy of the appraisal, together with a fee.  If they don’t agree, the only way you will be able to refinance is by paying off both the existing loans.

Home loan rates as of Wednesday, March 10 are in the following table.  Rates for 30 year fixed rate conventional, FHA & VA loans dropped just a bit, while the 15 year conventional rate held steady and the Jumbo loan rate increased a bit.  For more details, or a custom quote, contact SidneyStonecypher at People’s Bank, 360-676-4597 or sidney.stonecypher@peoplesbank-wa.com.  Remember that many variables come into play in determining the rate a lender will give a borrower.  If you are getting a rate quote from a lender who does not have all your information, that rate may not be real.  What with the low rates and the tax credits, it is a great time to buy a house!

 If you have other questions about financing, don’t hesitate to contact us and we will get you the answer.  If you are wondering, other people probably are as well.  For general financing and market information, check out our website.