State Bank Northwest has served hundreds of your neighbors here in Eastern Washington, many of them more than once. Why? Our people make the difference. There is a great deal of competition in the mortgage lending marketplace, but our customers choose us because of the personalized care we give them. At State Bank Northwest, you can sit down face-to-face and discuss the many options available to you. Another reason is that our process is quick and uncomplicated. Couple that with a wide array of products and you have the recipe for a successful transaction.
What is my interest rate going to be?
That is a fair question! Here are some of the factors:
- What your credit score is
- How much down payment or equity you have
- What loan you select
- Your Loan-to-Value Ratio or LTV (the percentage of the home's value you need to borrow)
- Your Debt-to-Income Ratio or DTI (the percentage of your monthly income that goes towards paying debts)
There are some other questions to consider before selecting your loan:
- How long do you see yourself in this loan and/or home? For most people the answer is less than 5 - 7 years. How about you? How long were you in your last home or loan?
- Do you foresee any significant changes in your income or assets in the next few months or couple of years? Your answers could suggest that we look at other options. Piggy-back or tandem loans often should be considered in these situations.
- What is your level of risk? Perhaps an ARM, 30 due in 7 or a hybrid loan would be right for you.
- Should I pay "points" to buy the rate down? What is the breakeven point on paying points?
If this sounds complicated, don't stress! Make an appointment and one of our knowledgeable loan officers can answer all your questions.
Give us a call at (509) 252-6112. Our first visit will take about 30 to 45 minutes you will leave with answers to your questions and be prepared to make your decision.
The wrong loan at a low rate is still the wrong loan. We are committed to providing you with options and assisting you through the process of selecting the right loan at the right price.
We also offer Home Improvement and Second Mortgage Programs
NMLS # 442958