Bellingham WA Home Loan Interest  Rates and Tips

Interest rates are incredible right now – a radio news program today said they are at a 50 year low. 

A financing tip from Sidney: 

You Must Disclose All Debt:   When making application for a home loan, be sure to list ALL debts to creditors – it’s a good idea to take a look at your latest bank statement so that you don’t forget automatic payments.  Sometimes a brand new line of credit, credit card or car loan may not show up on your credit report for a while, but it will show up as a credit inquiry.  Many lenders are now requesting a letter from the borrower to explain any recent credit inquiries and resulting balances owed.  If any additional liabilities or an increase in existing credit are found during the loan application process, the lender is required to re-qualify the borrower based on the new information.  Re-qualification may impact the interest rate, points & borrower’s ability to qualify based upon current program guidelines.  One big No-No…don’t buy furniture for that new house on your credit card before you close on the house…you may not have a place to put it.

Home loan rates as of Wednesday, May 26 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 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!