Finance Information

How much home can you afford? Use our finance center to learn about your loan options below. There are several loan programs available, and depending on your credit history, there is bound to be one that is perfect for you. Here are a few examples of the most popular programs offered today:

Fixed-Rate Loans

The fixed-rate mortgage is the most popular mortgage program in use today. Fixed-rate loans offer the borrow a fixed interest rate for the life of the loan, typically 15 to 30 years. Borrowers have peace of mind knowing that their monthly payment will not change over time. Conventional fixed-rate mortgages have underwriting requirements established by Freddie Mac and Fannie Mae, and require certain down-payment and debt-to-equity ratios to qualify. Fixed-rate loans are especially attractive to buyers who plan to stay in their home for more than a few years.

Adjustable Rate Loans

With an Adjustable Rate Mortgage (ARM), the interest rate changes periodically, and payments go up or down accordingly. Rates are tied to an index that reflects the cost of money at any given point in time. Generally speaking, lenders charge a lower initial interest rate for the ARM than for the fixed rate mortgage. If you are expecting interest rates to decrease in the future, or if you are trying to maximize your purchase power today knowing your income will rise in the future, then this loan may be right for you. Adjustable rate loans are attractive for buyers who expect to be in the home for a short period of time.

FHA and VA Loans

The Federal Housing Administration (FHA), offers loans for low-to-moderate-income home buyers. FHA loans have lower down payments, and have relatively easier requirements than conventional fixed-rate mortgages. FHA mortgages have no income restrictions and even those with lower credit scores may be considered. Past bankruptcy does not necessarily disqualify borrowers from using this program!

In addition, the Department of Veterans Affairs (VA) offers a zero-down mortgage program. To take advantage of this program, borrowers need to be among those listed as veterans and service personnel in the U.S. military. One of the biggest benefits of this program is that it eliminates the need for private mortgage insurance!

Local Homebuying Program

There are often many state and local programs available. These programs offer down-payment assistance and programs for local home ownership. Learn more about these local programs, recommended lenders, and other finance options by contacting us today!

Contact Information

Photo of Nick Morelli Real Estate
Nick Morelli
Windermere Real Estate
1429 N. Liberty Lake Rd., Suite A
Liberty Lake WA 99019
Phone: 509-993-3839
Fax: 509-340-8010
Send an Email

 

         Nick Morelli (Windermere Real Estate): Real Estate Agent in Spokane, WA      

 

 

Hot topics in the news.

Japan's most powerful earthquake (8.9-magnitude tremor), since records began, struck the north-east coast producing a massive tsunami. This quake was the 5th largest in the world since 1900. The earthquake unleashed a 23-foot tsunami along the northeastern coast of Japan. The tsunami swept away buildings, cars and ships. Fires burned out of control. The quake was followed for hours by aftershocks.

At a nuclear power plant a state of emergency has been declared because pressure has exceeded normal levels. Japanese nuclear officials said that the pressure inside a boiling water reactor was running much higher than normal after the cooling system failed.

Ted Williams, the former panhandler, turned into a viral video sensation after he was discovered by Doral Chenoweth from The Columbus Dispatch on the streets of Ohio.   Ted “Golden Voice” Williams was a former radio voice who fell on hard times. After the film of his “Golden Voice” was launched on You Tube it was only a matter of days before he was receiving job offers from the Cleveland Cavaliers, Kraft Macaroni & Cheese, MSNBC and various radio stations.

Kevin Garnett plays power forward for the Boston Celtics. This year so far he averages 15.4 points and 9.8 rebounds per game. In the 1995 NBA Draft Garnett was the 5th overall pick and was drafted by the Minnesota Timberwolves. During the off-season in 2007, Garnett's name was mentioned in several trade rumors involving the Los Angeles Lakers, Dallas Mavericks, Golden State Warriors, Chicago Bulls, Indiana Pacers, Phoenix Suns, and Boston Celtics. Garnett was traded to the Boston Celtics after 12 seasons with the Minnesota Timberwolves.

In recent news, Kevin Garnett will be out for a few weeks with a muscle strain in his right calf. He suffered the injury on a first-quarter dunk in a game at Detroit. The Boston Celtics are already playing without their star point guard Rajon Rondo, who has been out with a sprained ankle since December 15th. He is expected to return within the next few games