Home - Allied Home Mortgage Capital Corp Spanaway WA

"Just the Facts" or "The Final Answer"

What is the lowest rate on...?

Every telephone call to a lender usually contains this "shopper" type question. As people shop for the best rate, most lenders are going to try to tell you what you think you want to hear to secure your business or they avoid answering this question. Many factors need to be found out before a rate is quoted. An example: The lowest rate is currently 2.95%. You might think this is great, but it may be the wrong type of loan for your situation. When you apply with me, I will ask questions to find the type of loan best suited for your individual situation, then I will "shop" to get you the best rate.

What is an APR?

First of all, it is NOT your interest rate on your loan. The truth-in-lending statement you recieve is the governments attempt to show you the true cost of your money. This noble form is the most often miscalulated form in the mortgage. There is a correct way to calculate it, but many lenders use their own formulas resulting in different APRs even on the same exact loan. As you compare APRs, remember, it is best to look at the bottom line cost of getting a loan as a determination of value recieved.

Prequalified? Preapproved? Whats the Difference?

Most lenders use to term "prequalify" to mean the taking of your monthly income and debt and then applying those figures to a standard formula to determine what kind of house payment you should be able to get a loan for. You notice I said "should". Prequalification does not mean loan preapproval. When I say "preapproval", I mean that your entire credit package has been sent to and approved by the underwriting department and YOU HAVE A LOAN COMMITMENT from a lender to provide you a loan. A BIG DIFFERENCE!

Do I Need to Get Preapproved?

Yes, you should get preapproved! It puts negotiating power on your side, and reduces the worries about getting the loan. It also quickens the loan process.

What is a Lock?

It is an agreement between you and the lender that the interest rate and points paid for a loan will not change between the time you fill out your loan application and the closing of your loan at escrow. I can even lock your loan and allow you time to shop for your home.

Allied Home Mortgage Capital Corp 16218 Pacific Ave S. Suite B3 Spanaway, WA 98387
Phone: (253) 536-LOAN; ext.304 Toll Free Phone: (866) 350-6140 Fax: (253) 536-7375 E-mail: gary@cme4loans.com