I had an absolutely incredible experience with Sammamish Mortgage. As a Washington mortgage company, Sammamish Mortgage can help you understand your options as they pertain to discount points and origination fees for mortgages in Washington, Colorado, Oregon, and Idaho. This is the fourth time that we apply or renew the mortgage at Sammamish Mortgage Group. The amount that you can pay down will vary from zero to many points, depending on the lender and your financial situation. We closed in 30 days. Every point, which is prepaid interest, is equal to 1 percent of the total loan. Before you pay points or discounts, see to it that the interest rate is actually lowered. If you consider this home purchase a “starter,” or plan to refinance your home within a few years, it might not make sense to purchase points. Ryan, Tiffany and Sandra did an amazing job; I couldn't be happier with the process and the results. Origination charges and points are two terms that often confuse people. As such, if a mortgage company is charging 2 origination points on a 200,000 loan, you can expect to pay $4,000 in loan origination fees. By purchasing discount points, you have an opportunity to make a significant difference on your monthly payments. Besides these, there are several other financial terms in a mortgage process. But throughout, Sammamish Mortgage remained dedicated, helpful and persistent, and always respectful, and always were working towards the goal of a great mortgage for us.. Ryan was readily available and gave very detailed responses when we had particular questions about the loan options and estimated mortgage payments. I can't say enough good things about them. Bonus points for making accurate, detailed loan rate information available on their website without requiring a bunch of personal information first. They also helped to let me know my home owners insurance was going up and worked with me while I found a new company. It was.I recommend Sammamish Mortgage without hesitation and hope you have the good fortune to have Sandra as your loan officer, although I suspect that all their loan officers have been trained to provide the same excellent service and attention to detail. View Current Mortgage Rates Dec, 31, Thu, 2020, Face The Numbers, A Mortgage That Works For You, Major Home Addition: Why a Detached Garage Can Improve Resale Value, 6 First Things You Should Do After You Move In, How much money you have set aside for closing. The whole process was so easy and stress free. It was so much better than what I have experienced in the past from other lenders. Committed to not only serving my best interests but also spending dedicated time with me to to make sure I understood the process every step of the way. She immediately provided a list of available rates with varying closing costs. We've worked with them several times and each time is efficient and painless. Fast, efficient and very communicative. Working with Sammamish Mortgage was a great experience. The term "point" is slang for 1% of the loan amount; 1 point = 1%. Some lenders also opt to charge a flat origination fee. We were pleasantly surprised by Sammamish Mortgage. As a result, a … This website uses cookies to improve your experience. I will definitely use them again in the future. Mortgage Points and Origination Fees are two of the terms which affect the interest rate of a mortgage, but in different ways. They serve to pay closing costs, and the rate of payment is negotiable. I look forward to recommending them to my friends and family as they were recommended to me. A mortgage means a security that is given to the creditor by the borrower. Communication (Nick and Betty) was outstanding. Great people to work with and great company to work with as well. On average most lenders charge approximately 1 origination point. Whether you are purchasing your first home, buying your dream home or refinancing, our award winning team of mortgage professionals will help get you the best mortgage for your financial situation. Sammamish is the best! to ensure a simultaneous closing date on both houses. Every person we worked with on our loan understood our needs and went the extra mile to make the loan happen. By far the best Mortgage company. Each loan application has started with Ryan Shane, one of the owners of the company. In this sense, "two points" would be 2… I would highly recommend. However, you may have more negotiating room on the number of points they expect you to pay. Credit report fee: In order to obtain a loan, lenders want to know your credit history. Mortgage loan originators, who take mortgage loan applications from consumers seeking to buy a home or refinance a mortgage, include mortgage brokers and loan officers. My first contact was Trevor Shane and then Suzanne Thirtyacre. For practical purposes, however, the IRS views both origination fees and points as prepaid interest. For example, if you have a $200,000 mortgage, each point is worth $2,000. I worked with Nick for a period for 2 years, and never experienced any exhaustion or fatigue from him and the team. They were on top of everything that needs get us closed on time. As a REALTOR, I deal with lenders almost daily, some good some not so good. The number of origination points a company charges varies from lender to lender, so it’s an important question to ask when shopping around for the top mortgage company. The annual Mortgage Closing Cost Survey conducted by the website Bankrate, states that, on an average, to get a mortgage, applicants are paying 6 percent more in 2014 as compared to 2013. New house and refinancing. Buying a home comes with a fair amount of introspection and budgeting – as well as industry jargon. Although there was a little miss on receiving the Wetsign document(The only one needed to be faxed to them), they made it up quickly and have our application closed in time while our area is still in phase 2 reopening. I would very highly recommend their services to anyone. I can honestly say they are unbeatable. Since discount points vary by lender, it’s important to examine the fine print before making any purchasing decisions. Searching for a lender that charges a lower number of origination points can be one way to save on the cost of your loan. Great lender! It was a long experience for us, because there were some unexpected snags. They thoroughly answered all my questions with either an email or quick phone call and their online application process was smooth and efficient. The fee that you pay is just the broker fee, something that is paid for the service rendered to you, nothing else. Loan origination fees or points cover the mortgage company’s costs in processing the loans. 5 stars!!! I can honestly say Sammamish Mortgage is the BEST Mortgage Company I have ever dealt with.They made sure I was kept up to date every step of the way and the entire process was low stress and a pleasant experience! Nice, Bernice, Suzanne, Sandra, and Candi (hope we did not miss anyone) are professional, efficient, patient, and friendly. Before you make a major structural change to your property, consider how this will affect your resale value. Thank you!! Like discount points, the cost of a single mortgage point is 1% of the mortgage loan. We had worked with a lender that referred us and we were not happy with their service. But as soon as you've moved your belongings in, there are a few things you should do soon after, which we will discuss in this article. Nick and Katrina are both attentive, dedicated, and efficient.Sammamish Mortgage deserve more than five stars. Ryan and his team was really helpful throughout the process. For example, a 1% origination fee, or 1 point, on a $200,000 loan equals $2,000. But a loan origination fee does not directly lower your rate, unlike a discount fee. The VA regulates the amount origination fees lenders can charge you. The whole process was easier than I expected, largely thanks to the team at Sammamish Mortgage. I would definitely recommend sammamish Mortgage. Every staff member throughout this whole process has been wonderful, communicative, and very knowledgeable. She responded to all my inquiries and emailed confirmation of all representations she made concerning the loan package. Steve and Stacey helped me through the way, and it was a pretty smooth experience! We have used Sammamish Mortgage many times and each experience has been phenomenal. You may also see it labeled as a point. Origination Points There are two different types of mortgage points: origination points and discount points. The whole loan application process is as stress-free as possible as they claimed. Origination fees … We have worked with Nick and his team at Sammamish Mortgage several times on both purchasing and refinancing. Their client portal is incredibly easy to use and convenient, and they were very open with communication along every step of the process. They also referred us to a wonderful realtor and within two months from the time we contacted Sammamish mortgage, the whole process was complete and we had our new house in WA area. It is typically between 0.5% and 1% of the total loan amount. This is our second time doing business with Sammamish Mortgage. Monthly payment of $422. We bought our first house with mortgage from Sammamish Mortgage company. After the initial application was approved her team verified all information quickly and the loan was forwarded to escrow for completion. Nick, Ryan, Stacey and the whole team made this process easier than I ever could have imagined. The worth of a mortgage point varies daily based on the climate of the mortgage market, and sometimes the amount charged to lower an interest rate does not provide a significant benefit. They had good portal and app integration make a lot process easier. It is usually expressed as a percentage of the loan amount. The concepts of origination points and fees are quite often confused with one another. Not to mention that they were the best deal by far when it came to closing costs and interest rate. In comparison, VA origination fees are a bargain. Let us help you get into the home of your dreams at the best price possible. Sammamish helped us understand the details of getting a loan and were quick to help. Great people to work with who are focused on meeting my needs. Mark Smith and the Sammamish Mortgage team are highly experienced and knowledgeable, responsive, and nice. These can prove difficult to navigate for the first-time homeowner and seasoned veteran alike. Loan origination fees are not. The loan officer normally receives some of this money in the form of a commission check. I've worked with banks, S & Ls, mortgage brokers and online lenders, (online lenders are the worst! As mentioned above, mortgage points are tax deductible. And from the beginning to end your were clear and transparent, no surprises (fee nor process). Exceptionally smooth and easy. I would gladly use them again for myself and I will recommend them to my clients (already have). They were nothing but exceptional throughout the entire process and were also accommodating with our off and on, quick-changing closing date from the selling agent. Once we took a class we learned to be patient and to find a good lender. I'm now very concerned about the security of the data that I already entered into their system, a stressor that I did not need right now!Edit: The CEO followed up with me and handled the situation very professionally. 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