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loans, Washington National Home Mortgage, lenders, Auburn, WA

Call Washington National Home Mortgage in Auburn, WA at 888-312-8376. Let us guide you through the home buying or refinancing process, and provide ...

Tom Kelly: Old consumer loan method applied to home mortgage

Refinancing continues to be a hot topic. Many homeowners who are planning to stay in their homes for the long term are trying to find ways to lock in low interest rates.

Some borrowers are running into qualification issues for the first time in their lives. They are discovering they do not have enough income to refinance the home they have occupied the past several years – even though the new loan comes with a lower interest rate than their current loan. Loan representatives are reporting their biggest challenge has been explaining to existing customers they “can’t qualify for a mortgage under 5 percent.”

Others are upset because they are facing prepayment penalties on existing mortgages even though they have a flawless payment history and a terrific credit score.

A different wrinkle surfaced recently when a reader brought up an issue we have not explored for years. She had purchased a home with the proceeds from her previous home plus a small balance financed by the owner. She had planned to pay the small balance off within three years and save some interest money but was shocked to discover the loan structure – “the rule of 78s” – did not allow any savings.

Technology streamlines mortgage process

When it comes to purchasing a home, buyers have to put a lot of research and thought into any decision they make. From finding the best fit with a real estate agent, to how much work they are willing to do on move-in day, setting a budget and of course, picking the house itself.

But another aspect deserves just as much thought – where to get their mortgage loan.

With advancements in technology, the options have expanded far beyond the local lender office you drive by on your morning commute to include an almost completely online process that can start from the palm of your hand.

Determining the best route is up to each buyer. What kind of personal experience are you seeking? Are you comfortable reaching out if you have questions? Are you a first-time buyer or are you familiar with the process already? Do you have a complicated financial history that may require more personalized work by a lender?

“No matter where you are at, online or what, the application is all going to be the same,” said Tony Byrne, loan officer and mortgage consultant with Heritage Home Loans in Spokane. Small differences may exist in appearance or approach, but it is the same information being gathered with one end goal, he said.

Which lender we should choose for mortgage loan in Tacoma WA?

We need your opinion there are too many companies and banks in market and we want to know which lender is really best as far as APR and service is concerned.
We are in Tacoma WA and we would prefer in person lender instead just online.


APR depends on YOU more than the bank.