Bellingham WA Weekly Financing Tip and Rates

There are red flags that may get your loan application turned down.  Over the next few weeks, we will be highlighting some of the most common.  This week, let’s look at repairs and appraisals.

Repairs:  Cracked windows, broken appliances, visible water damage or a leaking, mossy roof are examples of things that could cause your lender to turn down the property as collateral.  Failure of the buyer & seller to provide the lender with copies of any agreements regarding repairs may be considered bank fraud, and a felony under the law.

Appraisal:  While in the real-estate “bubble” appraisers were accused of collaborating with the lenders to make their number meet the purchase price.  New rules make the appraisal process very different and the communication between a lender and the appraiser is very limited.  Some lenders are also checking the appraiser’s number using a desk-top value analysis system and refusing to allow the full value of the appraisal. 

Home loan rates as of Wednesday, February 3rd are in the following table.  For more details, or a custom quote, contact Sidney Stonecypher at People’s Bank, 360-676-4597 or sidney.stonecypher@peoplesbank-wa.com.

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.