Second Mortgage

Is the debt consolidation company in Washington you’re considering the right choice for you?

There are dozens of reputable debt consolidation companies that will successfully help you to pay down your debt and re-establish your credit history. Unfortunately, there are just as many, if not more, less-than-ethical agencies out there as well.

According to Washington State’s real state rules and regulations, any of your debt consolidation company would ask you to pay the first month’s payment on all of your bills up front. In this case, you should be charged only a nominal flat fee each month or a small amount per debt handled by the agency. Read the rest of this entry »

Do you want to try local lenders who offer less rates on second mortgage?

If you live in Washington state, and know some companies are nation wide, but looking for some general reputations and APR’s, here is what you can look for:

Normally, larger companies like Wells Fargo and Bank of America seem to be a lot more organized than the local appraisers. Also they do not bug you as much because they are doing 100 or so other loans at the same time. They seem more efficient. Still you can try to apply online with a lending service. You can try eloans.com or lendingtree.com. Read the rest of this entry »

So you have a condo in the Washington. What are some second mortgage companies with good rates and fewer points?

Honestly, most of the brokers pull from the same “money pool”. Initially, you will have a broker tell you that they can do a loan for 4.75% with NO POINTS, but by the time it closes it will be 5.75 – 6.5%. So be wary of “the deal that sounds too good to be true”. Typically, the lower the rate, the higher the points you will pay and the more points you pay, the lower the rate.

In Washington, you can check with Nationwide Advantage Mortgage. They have good rates and reasonable costs. You can get approved fast without paying an application fee. You can get as low as 5.875% on a 15 year fixed. Read the rest of this entry »

New Law Regulates Mortgage Professionals in Washington State

Since early this year, Washington State’s Governor Christine Gregoire signed House Bill 2340 which will regulate all Loan Originators in the brokering of residential real estate loans. According to Washington Association of Mortgage Brokers the new legislation requires the lenders to keep the home owner’s interest.

By raising the bar for practitioners in the real estate industry, it will help weed out those in the industry who do not have the mortgage borrower’s best interest in mind and creates a revocable license for those that employ unethical and illegal practices. Read the rest of this entry »