You can Still Shop for Mortgages
Posted by admin | Mortgage | Posted on January 13th, 2010
Seattle home mortgage for the majority, are conventional Fannie Mae and Freddie Mac Commercial Bank instruments with the best interest rates and most flexible approval guidelines. The exception is for the way they deal with personal credit scores and down payment amounts. Those familiar number points now have new meaning and the wide range between these points are well marked and significantly adjust the expected down payment amounts required.
It used to be that credit score was a broad general number that some mortgage brokers would just work within the number you were at. This is still true as far as Seattle mortgage rates are concerned but is now heavily weighted in the down payment area. Now, mortgage brokers like the Eastside Mortgage Professional will want to work on your credit score first if you are seeking a conventional mortgage and the down payment is an issue. They also have access to down payment assistance through their association with Guild Mortgage.
Guild Mortgage is an approved company for the State of Washington’s House Key program that provides down payment assistance for mortgage seekers with targeted income restraints. This exciting new association has enabled some Seattle home mortgage seekers to obtain a convention or ARM mortgage with a previously unheard of no down payment. The days of mortgage shopping are not over. The rules have changed to make home ownership a viable, affordable and sustainable proposition. Just make sure you have a Seattle home mortgage professional along with you.
This article written by Phillip Thow