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A conventional loan is a type of loan that doesn't have government backing or insurance, unlike FHA, VA, and USDA loans, which are insured by the government. Conventional mortgage loans, whether conforming or non-conforming, usually require a slightly larger down payment than some government loans. However, conventional loans offer more flexibility and fewer restrictions for borrowers, especially those borrowers with good credit and steady income.
Your credit payment history is recorded in a file or report. These files or reports are maintained and sold by "consumer reporting agencies" (CRAs). One type of CRA is commonly known as a credit bureau. You have a credit record on file at a credit bureau if you have ever applied for a credit or charge account, a personal loan, insurance, or a job. Your credit record contains information about your income, debts, and credit payment history. It also indicates whether you have been sued, arrested, or have filed for bankruptcy.
On a conventional mortgage, when your down payment is less than 20% of the purchase price of the home mortgage lenders usually require you get Private Mortgage Insurance (PMI) to protect them in case you default on your mortgage. Sometimes you may need to pay up to 1-year's worth of PMI premiums at closing which can cost several hundred dollars. The best way to avoid this extra expense is to make a 20% down payment, or ask about other loan program options.
It's generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment would then be $700, now you're saving $70 per month. Your savings depends on your income, budget, loan amount, and interest rate changes. Your trusted lender can help you calculate your options.
An Appraisal is an estimate of a property's fair market value. It's a document generally required (depending on the loan program) by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. The Appraisal is performed by an "Appraiser" typically a state-licensed professional who is trained to render expert opinions concerning property values, its location, amenities, and physical conditions.
Welcome to Oxbow Mortgage Company LLC, your go-to mortgage broker for all your loan needs in the beautiful state of Washington! At Oxbow Mortgage Company LLC, we pride ourselves on providing top-notch loan solutions, tailored to fit your specific requirements. Whether you are in the market for FHA, VA, USDA, Jumbo, Conventional, Commercial, Reverse, Nonqm, or Bridge Loans, weve got you covered. Our dedicated team is committed to helping you navigate the complex world of mortgages and finding the perfect solution for your unique situation. We understand that each customer is different, and we work tirelessly to ensure that you receive the best possible loan options to suit your needs.
Pierce County:
Nestled in the heart of the magnificent Pacific Northwest, Pierce County is a vibrant community known for its stunning natural beauty and rich history. At Oxbow Mortgage Company LLC, we are proud to serve the residents of Pierce County with our comprehensive range of mortgage solutions. Whether you are a first-time homebuyer or a seasoned property investor, our team is here to guide you through the loan process and help you achieve your homeownership dreams.
King County:
Home to the bustling metropolis of Seattle and surrounded by picturesque landscapes, King County is a diverse and dynamic region that offers something for everyone. At Oxbow Mortgage Company LLC, we are dedicated to assisting the residents of King County with their mortgage needs. From conventional loans to commercial mortgages, our expert team is here to provide personalized assistance and support every step of the way.
Snohomish County:
Nestled in the stunning Puget Sound region, Snohomish County is a place of natural wonders and thriving communities. At Oxbow Mortgage Company LLC, we are delighted to offer our comprehensive mortgage solutions to the residents of Snohomish County. Whether you are interested in a reverse mortgage or a Non-QM loan, our team is here to provide expert guidance and support to help you achieve your homeownership and investment goals.
Other:
At Oxbow Mortgage Company LLC, we are committed to serving the diverse needs of our customers throughout the state of Washington. Whether you are located in these three key counties or elsewhere in the state, we are here to provide you with top-notch mortgage solutions tailored to your specific requirements.