Seafirst Financial Services

Seattle & Wenatchee, WA

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You don’t pay for our services

June 17, 2019 By Seafirst Financial

making a paymentPut that credit card away! Mortgage brokers (such as ourselves), don’t cost you anything.

Wait…  what?!  Really?!

That’s right! You get a personal loan shopper working on your behalf, and you don’t pay our service fees.

How does that work?

We’re paid by the lenders, not you.

Are you worried that might have us putting the lender’s interests before yours? Don’t be. Here’s why:

Our fees are the same no matter which lender we choose. And since the lenders want your business, they want to make their loans “more attractive” than their competition. Who benefits from that? You!

Whether it’s with lower rates, appraisal waivers, or faster closings, when they sweeten the deal it’s YOU the borrower that comes out on top.

Now to avoid potential confusion, there are services that may need to be paid by the borrower (you) during the loan process. For example the appraisal. We collect your payment information to schedule and compensate the appraiser who comes to look over your house. But ALL of that money goes to the appraisal company, not us. We just act as the middle man. And we promise, any costs such as an appraisal will be discussed and explained to you beforehand.

Have questions? Ask away! We’d love to explain how the industry and process works so you can be informed.

First time home buyer government programs in Seattle WA
First Time Home Buyer Government Programs in Wenatchee WA

Filed Under: Education, Why Seafirst

What does escrow mean? A glossary of common mortgage terms

February 12, 2019 By Seafirst Financial

Adjustable Rate: An interest rate that changes periodically according to an index. (ARM)

Amortization: A repayment schedule detailing how payments are applied to principal and interest.

Appraisal: A written report of a property’s current market value, based on recent sales information for similar properties, the current condition of the property, and how the neighborhood might affect future property value.

Closing Costs: Fees incurred in a real estate or mortgage transaction and paid by a borrower and/or seller during the mortgage loan closing. These typically include a loan origination fee, discount points, attorney’s fees, title insurance, appraisal, survey and any items that must be prepaid such as taxes and insurance escrow payments. The cost of closing is usually about 2-5% of the mortgage amount. Closing costs may vary based on property location.

Closing (or Settlement): Meeting between the buyer, seller, and the lender or their agents, at which the property and funds legally change hands.

Convertible ARMs: ARMs with the option of conversion during a fixed rate loan during a given time period.

Debt-to-Income Ratio: The ratio, expressed as a percentage, that results when a borrower’s monthly payment obligation on long-term debts is divided by gross monthly income.

Down Payment: Money paid for a house by the home buyer toward the purchaser price. The down payment will be the difference between the purchase price and mortgage amount.

Equity: Value of ownership built in a home or property that represents the current market value, less any remaining mortgage balance(s).

Escrow: The neutral third party that holds money and/or documents until the escrow instructions are fulfilled. Escrow can be a title company or attorney, depending on state regulations.

Fixed-Rate Mortgage: A mortgage with an interest rate that doesn’t change for the life of the loan, guaranteeing fixed payments.

Grace Period: Period of time which a loan payment made be made after its due date without incurring a late penalty.

Home Equity Loan: A loan secured by equity in the property. These are sought for a variety of purposes, including home improvements, major purchases or expenses, and debt consolidation.

Index: A published rate used by lenders to calculate interest adjustments on ARMs (index + margin = interest rate). Some indexes are more volatile than others.

Interest Rate: The periodic charge, expressed as a percentage, for use of credit.

Lien: A claim against the property by the bank or lender to secure repayment of the debt, usually in the form of a mortgage.

Loan Origination Fee: A fee a lender charges to process a mortgage, usually expressed as a percentage of the loan (or points), which pays for the work of evaluating and processing the loan.

Lock or Lock-In:  A lender’s guarantee of an interest rate for a set period of time, usually between loan application and loan closing. This protects borrowers from rate increases during that time.

MIP (Mortgage Insurance Premium): Insurance required on an FHA mortgage to protect the lender in the event of a default.

Mortgage: A document that creates a lien on a property as security for the payment of the debt.

PreQualification: The process of determining how much money a prospective home buyer may borrow, prior to application of the loan.

Principal: The amount of debt, not counting interest, on a loan.

Private Mortgage Insurance (PMI): Insurance purchased by the buyer on a conventional loan when a down payment is less than 20% of the purchase price to protect the lender from default.

Refinancing: The process of paying off one loan with the proceeds of a new loan secured by the same property.

Term: The number of years until a loan is due to be paid in full.

Title/Deed: A document that gives evidence of ownership of a property, as well as right of ownership and possession.

Underwriting: The process of verifying data and evaluating a loan application. The underwriter gives the final loan decision.

 

First time home buyer government programs in Seattle WA
First Time Home Buyer Government Programs in Wenatchee WA

Filed Under: Education

Don’t let these fool you!

December 17, 2018 By Seafirst Financial

Don’t let these old home buying myths fool you! Your new home is not as elusive as you think! Watch the video below, and then ask Myles to find out what you really need to do to conquer your dream of home ownership!

First time home buyer government programs in Seattle WA
First Time Home Buyer Government Programs in Wenatchee WA

Filed Under: Education, Home Buying

Home Loans 101: What to expect during a property appraisal

November 6, 2018 By Seafirst Financial

Is this your first home and the first time you’ve had a property appraisal done?

Are you an experience homeowner that is just curious to learn more about the process and what the appraiser is looking for?

Either way, the property appraisal is an important part of the mortgage process, whether you’re applying for a purchase loan or a refinance. Click below to find out more!

 

 

 

 

You may also be interested in:
Home Loans 101: What is the initial document review?
Home Loans 101: What is underwriting?

First time home buyer government programs in Seattle WA
First Time Home Buyer Government Programs in Wenatchee WA

Filed Under: Education

Home Loans 101: What is the initial document review?

August 10, 2018 By Seafirst Financial

You’re at the beginning of your mortgage application process. You’ve talked to Myles, everything sounds great and you’re ready to go!  Then you receive the list of documents that we need from you to get started. And your excitement turns to a groan…

Here are some examples of items we typically need:

  • Paystubs or other proof of income
  • Bank Statements
  • Asset statements (401ks, IRAs, investment accounts, etc.)
  • Tax returns
  • W-2’s
  • Driver license

(Don’t worry, we know it can seem a little overwhelming at first!)

You could be wondering, why do we need all of this? What do we do with it, and what are we looking for? What can you do to help the process along?  All very important questions! Watch the video below to find out what happens during the “initial document review.’

You may also be interested in:
Home Loans 101: What is Underwriting?

First time home buyer government programs in Seattle WA
First Time Home Buyer Government Programs in Wenatchee WA

Filed Under: Education

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SEATTLE LOCATION

(206) 315-9203

100 W. Harrison St, #520
Seattle, WA 98119

Email: myles@seafirstfinancial.com

 

WENATCHEE LOCATION

(509) 885-5119

29 S. Wenatchee Ave
Wenatchee, WA 98801

Email: melissa@seafirstfinancial.com

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Seafirst Financial Services (NMLS #1952864) 7411 196th St. SW Lynnwood, WA 98036 Ph: : (425) 835-0758, a licensed branch of and provides mortgage services through CTC Mortgage services (NMLS #1952757) 5252 21st Ave SW, Seattle WA 98106. Ph: 206-899-5452
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