The Lender Lowdown: Answering all your burning questions about financing!

The Lender Lowdown

Your Burning Questions Answered

I teamed up with Anna Wise from UW Credit Union to answer YOUR burning questions about all things loans and interest rates in this market! 

How long does it take to get pre-approved?

To start the preapproval process, you will need to submit an application to Anna. Give yourself about 20 min to get through the questions. She will review the application within 24 -48 hours once it’s been submitted. If the application is complete, and she is able to issue a letter, your preapproval will be good for about 4 months or 120 days.

Is there anything I can do to get a better interest rate?

This is going to be a question best answered once Anna has all your information. You and Anna will discuss if there are options for you to reduce your rate and how that can be achieved!

What is a buy down?

If you are looking to lower your rate, your lender will charge additional points. The more points you pay, the lower the rate will go. However, this may not always be the right choice for you. It’s best to evaluate your situation holistically and see if it makes sense for you to purchase the rate down.

What can I do to avoid paying PMI?

In most fixed rate financing (30/20 year mortgage loans), if you have less than 20% down, you will be required to carry PMI. This is insurance to protect your lender if you were to default on your loan. However, UW Credit Union currently offers a 7-Year ARM that does not require PMI with at least 10% down (some exclusions apply).

What if my credit score is bad, can I still get a loan?

Everyone has their own definition of bad credit. There are many loan options available to those who may not have a high or strong credit score. When credit is pulled for a mortgage loan, the lender pulls from all three agencies: TransUnion, Experian and Equifax. Out of the 3 scores, they will use the lower score. Based on that information, the lender will be able to review your loan options and let you know what your eligibility is.

I want to buy a house but I'm a little intimidated...what's the easiest way to see what I'm pre-approved for?

Purchasing a home for the first time can be overwhelming. If you are unsure of the process and what it entails, it’s always a good idea to give a lender (Anna!) a call. You can discuss the process and if and when it’s the best time for you to submit an application to be preapproved. It’s the best and only way to start the process!

Get in touch and apply with Anna!

Anna Wise
Mortgage Loan Officer

608-286-5225 (cell)
608-232-9000, ext. 2452
800-533-6773 (toll-free)

Apply: Account Login - Loan Application

Posted by Solveig Schroerlucke on
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