Purchasing a Home

Purchasing a Home

WA First Mortgage Home Purchase

In the world of lending nothing takes the place of experience.

Home Buyers: Understanding the variations on every loan program, while understanding the Home Buyer’s needs comes from years of experience.

Purchase

 

Whether it is the first-time you have bought a home or the 2nd or the 3rd, getting the right mortgage loan takes the right team who have access to the right options. Our Loan Officers at WA First Mortgage have access to our in house bank line or can shop over 50 National and Local Lenders, giving our Loan Officers hundreds of mortgage loan programs and pricing options. Washington First Mortgage Loan Corporation’s Loan Officers are here to educate and help you understand the details of your mortgage loan as well as communicating through every stage of your loan process. This ensures that you have a smooth and comfortable purchase transaction. We’ve found that  education and communication through the loan process gives our borrowers peace of mind by helping to reduce the stresses of purchasing a home.

To better serve our borrowers, WA First Mortgage is solely dedicated to Mortgage Lending. Proudly serving borrowers in Washington, California, and Oregon.


A Guide to Loan Programs 

30-Year Fixed-Rate Mortgage

The most popular type of mortgage is the 30-year fixed-rate loan. It is most appealing to borrowers who want to stay in their homes for a long period of time and who want  consistent interest payments.

Key Features:

  • Build home equity 
  • This mortgage can require a low down payment, sometimes only 3 or 5 percent.
  • Payments are stable — your monthly mortgage payment will not increase.
  • The 30-year fixed-rate mortgage provides maximum interest deduction for tax savings.
  • Streamline Refinance
  • First & Second Mortgage combo’s to avoid Mortgage Insurance

20-Year Fixed-Rate Mortgage

With a 20-year fixed-rate mortgage, you can build up equity in your home more quickly than with a traditional 30-year mortgage and save interest over the life of your loan. As with all fixed-rate mortgages, the interest on your loan never changes, bringing you peace of mind that your principal and interest payments will remain level over time. However, higher monthly mortgage payments may make the 20-year fixed-rate mortgage more difficult to qualify for compared to the 30-year fixed-rate mortgage.

Key Features:

  • Build home equity quicker than a traditional 30-year mortgage
  • Save interest
  • Interest Rate never changes
  • Principal & Interest  remain level over time
  • First & Second Mortgage combo’s to avoid Mortgage Insurance

15-Year Fixed-Rate Mortgage

You pay off a 15-year fixed-rate mortgage in half the time it would take you to pay off the traditional 30-year fixed-rate mortgage. This shorter term makes it possible for you to build up equity in your home faster, which can let you move up more quickly to a more expensive home or save more in preparation for retirement or a child’s education. Fifteen-year mortgages are usually offered at interest rates lower than those available with 30-year mortgages. However, higher monthly payments may make it more difficult to qualify for the 15-year fixed-rate mortgage compared to the 30-year fixed-rate mortgage.

Key Features:

  • Build home equity quicker than a traditional 30-year mortgage
  • Save interest
  • Interest Rate never changes
  • Principal & Interest  remain level over time
  • First & Second Mortgage combo’s to avoid Mortgage Insurance

Adjustable Rate Mortgage | ARM

3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM

This type of adjustable-rate mortgage (ARM) maintains the same initial interest rate for the first three, five, seven, or ten years of your loan, depending on the term you choose and can be amortized over 30 years. Your interest rate then adjusts annually and can move up or down as market conditions change. Be sure to ask your Fannie Mae lender partner about the interest rate caps for both the annual adjustments and for the life of the loan.

Key Features:

  • Plan to stay in their home for a  relatively short period of time
  • Want lower initial monthly payments and can handle potential payment increases in the future.
  • Want to qualify for a larger mortgage amount, and expect income to go up over time

Fixed- Period, Adjustable Rate Mortgages    

 3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM: This type of Adjustable-Rate Mortgage (ARM) maintains the same initial interest rate for the first three, five, seven, or ten years of your loan, depending on the term you choose and can be amortized over 30 years. Your interest rate then adjusts annually and can move up or down as market conditions change. Be sure to ask your Fannie Mae lender partner about the interest rate caps for both the annual adjustments and for the life of the loan. 

Key Features:

  • Want lower initial monthly payments and can handle potential payment increases in the future.
  • Want to qualify for a larger mortgage amount, and expect income to go up over time
  • Bank Statement or no income verification loan
  • No pre-payment penalty

Still have questions? Click here to be contacted by a loan originator!