October 18, 2017

Seattle Home Loan Application Questions

Below is a summary list of questions we have received regarding home loan applications taken here at the Mortgage Reel.

1.  Is there an upfront cost for a Pre-Approval or Good Faith Estimate? Many retail banks are taking loan application deposits to lock you in as a client which prevents you to shop for the best rates possible.  We do NOT charge or require an upfront deposit or application fee.  With a complete application we will provide a pre-approval letter if you are purchasing a new home or provide a Good Faith Estimate if you are refinancing a home.

2.  What documentation is required for a complete loan package? The easiest method is to gather the documents listed below in one folder.  Most recent 30 day cycle of Pay Stubs, 2 months of bank statements (all pages), W2 or 1099, Tax Return (all pages), 401k, stock, bond, investment account statement (all pages).  If you have other sources of income please provide a 2 year history with all documents.

3.  Am I required to pay any fees upfront? The first fee involved is for the appraisal which is ordered through an Appraisal Management Company (AMC).  You will pay the AMC directly with your credit card to cover the cost of the appraisal which ranges from $400 or higher depending on your home.

4.  How do I secure an interest rate? We do NOT charge a fee to secure an interest rate.  At the time of securing a rate, we would actively move forward with your complete loan package submission to meet rate lock deadlines and order your appraisal.

5.  How long can I secure an interest rate for? Standard interest rate lock for a refinance or purchase transaction is 30 days. We are confident 30 days will allow enough time to close a purchase or refinance. Depending on your loan scenario, the process can take longer then 30 days.  Available options to secure an interest rate for 15, 30, 45, 60 day periods.

6.  I secured a rate for 30 days but I need 32 days? You have the option for extending your rate lock.  Depending on the situation, if it is an error on us, we will cover the cost of the extension.  If the extension is caused by you, the extension fee expense will be paid by you.  Strategically planning from start to finish should allow a rate lock extension to be prevented in all situations.

7.  Next Step?  Purchasing – You can shop confidently with your pre-approval letter.  Your Real Estate Professional will be able to provide listings that meet your real estate and financial goals.  Communication is very important during this time.  All updates will be provided with a simple phone call or email.

8.  Next Step?  Refinancing – With the complete loan package submission, we will work confidently to close your transaction on time.  Communication is very important during this time.  All updates will be provided with a simple phone call or email.

For specific questions, please contact us.




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(206) 219-3088


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