Ryan Ward, Seattle Mortgage Banker, talks about locking your interest rates and when is the best time to lock your interest rate.
Locking your interest rate means that your lender is guaranteeing a rate on your loan even if the market rates change before closing. Most lenders will allow you to lock your rate 30 to 60 days before closing, with the option to extend the rat ...
Ryan Ward, Seattle Mortgage Banker, talks about what will be inculded in the payment of a typical 30 year fixed rate loan.
For they majority of borrowers, each monthly payment will go towards the following areas:
Ryan Ward, Seattle Mortgage Banker, talks about what you should bring with you when you are applying for a home mortgage.
If you have evertyhing with you when you visit your loan consultant, you'll save a good amount of time. If you are applying for a home loan with Ryan Ward, please bring the following: 1. social security numbers for both you and your spouse, if both of ...
Ryan Ward, Mortgage Banker, explains the differences between a fixed rate mortgage and an adjustable rate (ARM) mortgage.
Home mortgages consist of two types of loans; fixed interest rate or an adjustable interest rate. With a fixed-rate mortgage, the interest rate never changes and your payments remain stable throughout the life of your loan. With an adjustable-rat ...
Ryan Ward, Mortgage Banker, explains a simple break down of your typical closing costs.
There are a number of factors that will determine the amount of your closing costs - including type of mortgage, lender, location, and purchase contract. Closing costs will usually consist of the following:
Ryan Ward, Mortgage Banker, what discount points are and when it makes sense to pay discount points on your home loan.
Discount points are pre-paid interest that you can pay upfront to your lender at closing in exchange for a lower interest rate. You will often hear of homeowners "buying down" the rate, which means they opted to pay discount points upfront to lower th ...
Ryan Ward, Mortgage Banker, explain Private Mortgage Insurance.
Private Mortgage Insurance, or PMI as its commonly called, is basically your lenders way of recovering their investment if you are unable to repay the loan. PMI is usually required when the buyers down payment is less than 20%. If the amount of the mortgage is more than 80% of what the home appraises for, th ...
Ryan Ward, Mortgage Banker, talks about what options are availible for people with credit problems.
Credit history and credit score are only one of the factors that are evaluated when somebody is applying for a mortgage. Now, somebody with a history of timely mortgage payments is going to have more financing options avalible, this does not mean that somebody with ...
Ryan Ward, Mortgage Banker, explains what lenders are looking at when you apply for a home mortgage.
While there are many factors that lenders will consider when evaluating your loan application. The following four areas are what will have the biggest impact on your application being approved or denied.
Ryan Ward, Mortgage Banker, gives his explanation of a Pre-Approval and why it is so important in today's real estate market.
When a potential home buyer gets pre-approved it means they have received a loan commitment from their mortgage company before making and offer on a property, based on review of credit and finances. Having a credit pre-approval shows sellers t ...