Bellingham WA Home Loan Rates and Tips

Rates across the board dropped this week, anywhere from .125% to .25%.  The soft economy does have some upside.

A financing tip from Sidney: 

Interest Only Loans are Still Available:   Fannie Mae will still buy interest only loans (which means lenders will still offer them), but there have been some changes.  Refinance loans with cash back to the borrower or loans on investment properties are no longer eligible for interest only.  Primary residence loans are available with interest only payments, provided that the borrower has a credit score of at least 720 and the loan to value ratio is no more than 70% (the appraisal must come in at least 30% higher than the amount of the loan).  Other investors will also do interest only loans on these terms, with one additional requirement:  the borrower must have verifiable reserves of at least 24 months of payments.  

Home loan rates as of Thursday, May 20 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.  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, it is still 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!