RPM Mortgage Spokane

Home
United States
Spokane, WA
RPM Mortgage Spokane

RPM Mortgage Spokane's goal is to empower, educate and facilitate financial decision making that ena

01/02/2022

On December 31, New Year’s Eve, cities worldwide celebrate with firework displays when the clock strikes midnight in their time zones. However, on this same day in 1879, Thomas Edison demonstrated the incandescent lightbulb. According to History, Edison lit up a whole street in Menlo Park, New Jersey, to show how these lightbulbs worked. The Pennsylvania Railroad Company even set up a particular railway line to get people to his demonstration. Though the first incandescent lamp was invented 40 years prior, Edison was able to create a design with more utility.

12/29/2021

Who Qualifies For A VA Loan?
Although lenders set their own requirements for certain aspects of qualification, VA loans have more lenient credit requirements than many other mortgage programs.

Not all who have served in the Armed Forces qualify for a VA loan. You must meet at least one of the following criteria to qualify:

You’ve served 181 days of active service during peacetime.
You’ve served 90 consecutive days of active service during wartime.

You’ve served more than 6 years of service with the National Guard or Reserves or 90 days under Title 32 with at least 30 of those days being consecutive.

You’re the spouse of a service member who lost their life in the line of duty or as the result of a service-connected disability. You generally cannot have remarried, although there are exceptions.

12/22/2021

1. You need to know how much equity you currently have in your property if you want to take a cash-out refinance. Equity is the percentage of your home that you’ve paid off and own free and clear.

2. You must pay closing costs before you finalize your refinance, just like when you take out a mortgage loan. The specific closing costs you’ll pay depend on where you live, but some common fees you might see include:
- Application fee
- Appraisal fee
- Inspection fee
- Attorney review and closing fee
- Title search and insurance
You can expect closing costs to be equal to around 3% – 6% of your purchase price. Make sure you can pay these costs before you apply for a refinance.

3. Be present for your appraisal and give your appraiser a list of all permanent upgrades you’ve made to your property. Include receipts from contractors, as well as estimates and permits – if applicable. Don’t be afraid to walk through your home with your appraiser and point out all the additions you’ve made. This will help increase the overall value of you

4. There are three major reporting bureaus that issue credit reports and scores: Experian®, TransUnion® and EquifaxTM. Contrary to popular belief, your credit reports aren’t identical.

5. Most refinances take 30 – 45 days. You can ensure that your refinance goes through quickly and smoothly by responding to any inquiries from your lender as soon as possible. Your lender might ask for additional documentation supporting your credit, work or financial history during underwriting.

12/15/2021

1. Know your budget
With higher selling prices, first-time homebuyers need to budget for the higher monthly payments and upfront costs associated with higher sales prices. Before you start looking for a home, you need to know how much home you can afford based on your down payment and the amount you want to finance.

2. Be sure you’re ready to commit to a loan
Buying a house for the first time is a major life decision. Most traditional loans carry a term of 15 to 30 years, and you need to be sure you’re ready to commit. Some important questions to ask yourself before applying for a home loan are:
Are you able to contribute to a down payment, and are you aware of down payment assistance programs you might be eligible for?
How is my credit rating?
Do I have a significant amount of debt?
Would more than 30 percent of my income go towards monthly payments?
Do I plan to stay at my home for at least five years?
Do I have an emergency savings account, so I could still pay my mortgage if my employment status changed?
3. Pay attention to property taxes
When thinking about buying a home, you’ll also want to consider the home’s property taxes. Property taxes vary based on the state, city, county and town, so it’s important to review your potential property tax bills along with the home’s property tax history to ensure the costs and timing fit your budget.

4. Get pre-approved
The best time to get pre-approved for a home loan is just before you start looking for homes. The pre-approval process helps you understand what you can afford, allows you to shop for homes within that price range and helps you make more timely offers. That said, just because you get pre-approved for a certain amount, doesn’t mean you want to spend that much on a home. It’s important to also factor in the criteria above before you make any offers.

11/04/2021

No Upfront mortgage insurance
No Mortgage insurance required with 20% down payment
Less strict appraisal standards
Mortgage insurance can be eliminated at 80% LTV
Can be used for investment property

10/28/2021

An FHA loan is a mortgage that is insured by the Federal Housing Administration (FHA). They usually come with a lower down payment requirement and more lenient credit restrictions. In fact, the down payment on an FHA loan can be as little as 3.5% of the purchase price of the home, and they can be taken out on properties with up to four units, allowing qualified buyers to not only own their own home, but to potentially have rental income as well.

10/21/2021

Want to know about the benefits and stipulations with a VA Refinance? Visit www.lend.us/va-loans for further information or speak to you local RPM Loan Advisor today!

10/14/2021

With some of the most competitive rates for VA loan financing on the market - and a number of Veterans on staff who understand the unique needs of our Veterans, we offer powerful lending options for military families.

10/07/2021

Here are some additional benefits in going with a VA Loan: Backed by the Federal Government

- Traditionally available at a lower interest rate
- No down payment
- Can be done anywhere in the USA as long as they meet Maximum Loan Amounts restrictions
- Shorter waiting periods for Derogatory Credit
- Flexible Underwriting
- No Mortgage Insurance

07/04/2021

We wish you a safe, happy, and colorful Independence Day!

06/22/2021

Summer is officially here! What do you keep your AC set at during the summer?

06/21/2021

- Resourcefulness is the key to success in any situation.

Address

157 S Howard Street, Suite 103
Spokane, WA
99201

Telephone

+15106475328

Website

https://www.rpm-mtg.com/branch/spokane/

Alerts

Be the first to know and let us send you an email when RPM Mortgage Spokane posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to RPM Mortgage Spokane:

Shortcuts

Want your business to be the top-listed Finance Company in Spokane?