Seattle Mortgage Rates: Money and Loan Information

Make sure you ask your loan broker how many discount points you will have to pay. Also, make sure you find out what the origination points are too. Points are often used to disguise the real rates you will be paying. If you take out a loan at 5%, but also have to pay 3 points (3 percent of the loan at closing), is that really a 5% interest rate? No. It is not. That is why it is important to take your Good Faith Estimate to your financial advisor. Points are points, whatever they are called. It is money out of your pocket.

When applying for a loan make sure the mortgage broker expalins to you all the documents you are going to need. It is a good idea to gather this documentation together well before you apply for loans. Make copies of everything. This will help when the lender "mis-places" your documents during the application process. Also, if you do not have one already, it pays to invest in a fax machine for your home. You will be faxing documents back and forth for several weeks. Make sure delays on the lender's end do not become delays on your end.

It can take from several days to several weeks to process a loan application. The length of time depends on the mortgage environment, the size of the lender, and many other factors. Be realistic. It may take several weeks for your loan to go through. If your loan is not particularly profitable, expect it to take even longer. Money talks. Make sure your broker knows you will be looking at other options too. This will help to keep thing moving. Make sure your rate lock is long enough to cover any delays that "might" occur (assume that there will be delays).

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