Buying your own house is a milestone moment in every person’s life. And sometimes, like many others, you may need a little help in the form of a home loan to realize your dream.
If you are in the market for a home loan, it helps to know a few essential facts to compare and pick the right one for your needs. Here’s what you need to know about home loans in Yakima, WA.
1. There is a wide range of options available
When it comes to choosing home loans in Yakima, WA, you have options. You can choose from conventional fixed-rate loans for 10-, 15-, 20- or 30-year terms. If an adjustable rate is more your style, you can opt for a 3-, 5-, 7- or 10-year term.
When you work with a great lender, such as Solarity Credit Union, you get access to all types of loans suited to meet the different needs of different borrowers. First-time homebuyer, USDA and zero-down home loans make it possible to purchase a home with no or little down payment. If you already own a home and are looking to refinance or access your home equity, HELOCs, bridge loans and cash-out refinances are options.
Not sure what option is best for your situation? Working with a home loan expert can help you make the best decision for your budget, needs and lifestyle. At Solarity, our Home Loan Guides work directly with borrowers as a valuable resource and guide through the home loan process.
2. You can complete the loan process online
Gone are the days when you had to physically be present at a lender’s office to complete the loan formalities. From application to closing, when you get a home loan in Yakima, WA, you can complete the entire process online.
For instance, Solarity offers an eSigning Experience, which is a convenient and secure way to close your loan. It is 100% online, and you can sign from anywhere using your mobile device. It’s easy to review all documents before signing, opt for Remote Online Notary for certification and work with your Solarity team and closing partners. And after you close, you can make your monthly payments online.
3. Don’t underestimate the importance of pre-approval
Home loan pre-approval by a lender refers to evaluating the creditworthiness of a potential borrower and pre-approving the loan amount they will be able to borrow and their chances of securing a loan in the market. It helps you to set a budget when you are house hunting. Moreover, when you present your pre-approval letter to the seller and real estate agent, it indicates that you are serious about making an offer and better able to follow through if that offer is excepted.
Pre-approval also helps you close out the mortgage application more quickly once your offer on a house has been accepted. You don’t have to fill out mounds of paperwork and wait to hear back from the lender whether you are eligible to borrow. You can directly apply for the loan and go ahead with the underwriting process.
Solarity Credit Union offers a convenient pre-approval process for any loan you want to apply for. Simply submit the following details to get started online:
- Present residential address
- Driver's license and Social Security number
- Bank statements for the past two months
- Employment history for the past two years
- 30 days of paystubs
- Tax returns for two years
- List of current debt
4. Interest rates are competitive
Interest rates are a critical component of home loans – after all, it’s the price you pay to a lender for borrowing money from them. There is no universal rate that applies to all. Residential mortgage rates can vary based on a number of factors. The type of loan matters, for example, as well as the loan term. The size of your down payment, if you have one, can impact your final interest rate too. Lenders also determine the applicable interest rate for a loan based on the borrower’s credit profile, and the rates advertised on their website are usually for those borrowers with a good credit score and no outstanding debt.
Shopping around and comparing rates using a payment calculator is a great way to find the best mortgage rates in Yakima, Washington. When you work with a lender such as Solarity, you’ll have access to affordable rates and Home Loan Guides who can help you find a rate that fits your lifestyle.
5. Will the lender sell your mortgage?
You may know friends or family members who took a home loan from a bank or mortgage company only to discover that the mortgage was sold to another bank or financial institution. This is a widespread practice in the mortgage industry and doesn’t even require the borrower’s consent.
When you work with Solarity Credit Union, however, you can be confident that your loan will stay right here in Yakima, WA. We service all of our home loans for the life of the loan. No need to worry about your mortgage changing hands. Solarity will always remain your lender from your first payment to your last.This is where you score the most when you choose Solarity. Every one of our borrowers has access to a wide array of resources and services. Work with home loan experts to secure the perfect home loan, refinance your mortgage, access your home equity or just discuss your options. If you’re ready to apply for home loans in Yakima, WA, Solarity Credit Union has everything you need. Contact us today and get started.