commercial mortgage, Washington WA

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commercial mortgage - Washington WA: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

What do the words amortization, escrow, principal, foreclosure, PITI, and closing mean?

What is refinancing, and when should I apply for it? Refinancing involves obtaining a new mortgage loan on a property already owned - often to replace existing loans on the property. When the mortgage rates are low, it may be a good time to refinance. Refinancing can save you money on your monthly mortgage payments.

If you have questions about the equations used, or need more information about your specific situation, you should consult your real estate professional or a mortgage lender.

How to Really Shop for a Lender The best way is to get a referral (from a Realtor or a friend), then shop other lenders. Do it properly, telling the lenders how much you are willing to pay in points and how long you want to lock in the rate. Make all your calls on the same day. Tell the lender you have already filled out an application and that you are willing to fax it in, so the rate has to be something he can deliver.

Mortgage Rates and Pricing

Another way to find out how much you can spend on a home -- and to actually have your loan approved before you find a house to purchase -- is to take advantage of a mortgage pre-approval service, which is offered by many lenders.

What is a Home Equity Loan?

How is it figured? Typically, private mortgage is calculated based on your down payment. Take the percentage multiplied by your loan amount and divide by 12 to figure your monthly “PMI”. This is added to your principal, interest, taxes and homeowners’ insurance to make up your total monthly payment when figuring your “ratios”.

How long before I can get my loan? The settlement closing of a loan requires about 30 days from the date of the locked-in rate. While at settlement, you will read and sign numerous documents related to the purchase or refinance of your property. Your settlement agent will be able to answer any questions you may have regarding these documents. Settlements usually run smoothly and are completed within 60 minutes.

Is my interest rate guaranteed? It is important to ask the lender how long they guarantee the quoted interest rate. Some lenders guarantee the rate for 20, 30, 45, 60 or 90 days. Other lenders may only agree to set a rate when the loan is approved. On occasion, lenders will not set a rate for the loan until just before closing. A longer guarantee period allows you to protect the rate for a longer length of time, which could be beneficial to you in a volatile interest rate market. Also, be sure to inquire whether long guarantee periods are available and what additional costs may be involved.

What Factors Affect Mortgage Payments? The amount of the down payment, the size of the mortgage loan, the interest rate, the length of the repayment term and payment schedule will all affect the size of your mortgage payment.

Now get out your bills and total them up to determine what you spend monthly on debt. Do not include your auto insurance or your utilities. Just creditors. For credit cards, use the minimum required monthly payment unless it is less than ten dollars. The rest should be fairly straightforward.

The first, most widely available reverse mortgage in the United States was the federally-insured Home Equity Conversion Mortgage (HECM), which was authorized in 1987.

When does it make sense to pay points? Points are a one-time fee that a borrower pays to lower the interest rate. Points are defined as a percentage of your loan amount, with one point being equal to one percent of your loan. For example, if you borrow $200,000, one point would be equal to $2,000. Paying one point will generally reduce your interest rate by approximately .25%.