Home Purchase Loans
At Northwest Mortgage Experts we understand that purchasing a home can be an exciting and sometimes overwhelming experience. We make the Home Loan Process easy by determining how much house you can afford, calculating the required the down payment, and by structuring a Home Loan Programs tailored to meet each client’s specific needs.
We are a Full Service Mortgage Team who coordinates real estate agents, title & escrow, and all other parties to ensure a timely closing. In the past eight years we have closed hundreds of Home Loans in the greater Seattle area and throughout the Northwest.
You can rely on our local expertise to get the job done!
Home Loan Basics
A mortgage is a loan which is secured by a property (typically a house) and is paid in regular installments over a set period of time. The mortgage is used to secure the borrower’s commitment to pay back the lender.
There are many types of home loans, each with its own pros and cons. It is important to work with a trusted advisor who can select the best loan program for your unique situation.
Questions to ask your Mortgage Advisor:
- Are my finances in position to comfortably make a monthly mortgage payment?
- How much house can I afford?
- How much down payment will be required?
- What are the advantages/ disadvantages of a fixed rate home loan?
- What are the advantages/ disadvantages of an adjustable rate home loan?
- How does the loan process work?
- What kind of documentation will be required?
Fixed-Rate Loans
- Secure a long term fixed rate that will remain the same throughout the term of loan.
- Attractive to clients who are planning on staying in their home for a more than 5-7 years and want the predictability a fixed rate offers.
- 30 Year Fixed Rate Loans are the most common.
Adjustable-Rate Mortgage (ARM)
- Most ARM products offer a 3 5 7 or 10 year fixed rate term before any rate adjustments begin
- Adjustment period begin after the fixed period and are based on pre-selected terms
- An adjustable rate mortgage typically offers lowers monthly payments than a long term fixed rate loan
- Attractive to clients who want a lower monthly payment, and or plan to sell or refinance within the next 3 to 10 years.
Interest-Only Loans
- Attractive to borrowers who want and who want the lowest monthly payment possible
- These are larger mortgage with loan amounts between $400,000 and $1,500,000 and generally require greater down payment.
