Bellingham WA Home Loan Rates and Tips

Having a home loan denied can be embarrassing, frustrating and costly if you haven’t done your homework before you write that purchase agreement.  When talking with a loan officer, make sure you give them all your information…and make sure it is accurate.  Here are two things that can get your loan denied:

• You have recently gone from salary to commission.  Lenders typically do not count commission income unless that has been your income source for at least two years.  If this has recently changed, you may need to wait unless your spouse’s income is sufficient for you to qualify.
• Incorrect tax returns.  Lenders can no longer rely on your copies of tax returns as proof of income - they must order transcripts from the IRS to confirm their accuracy.  Common differences include exaggerated income, unreimbursed expenses and second home expenses.  If you have just filed your return, it can take up to five weeks to get a copy of the transcript, so if you are thinking of buying, get your tax return in early. 

Home loan rates as of Wednesday, February 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.

For more information on Bellingham Real Estate or to search for homes in the Bellingham and Whatcom County area visit www.JohnsonTeamRealEstate.com, your one stop Bellingham real estate and community information resource!