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At Rainier Pacific Mortgage, we've achieved success for literally thousands of clients over the years. Below are just a few of our favorite stories that will help you see how we can benefit you.
Shawn and Randy Smith, Seattle residents, were frustrated by the high cost of housing for their son, John, who was attending Western Washington University. They came to Rainier Pacific with the idea of purchasing a rental house for their son to live in while he completed his education. The Smith's did not like the higher interest rates and down payment required on a non-owner occupied type loan. Our Rainier Pacific loan officer suggested an FHA loan for students attending a four-year university. This loan is made to the student and the parents using the parents income, debts and credit to qualify. The student does not have to be employed in order to qualify. This FHA program offers a minimum down loan with a competitive market interest rate. It even has the option for the seller to pay the buyers closing costs, prepaids, and reserves. The Smith's selected a three bedroom house with a basement in Bellingham, ten minutes from the campus. They now rent the extra bedrooms to two other students which helps cover the monthly mortgage payment. They were delighted with Rainier Pacific's solution. They found a way to reduce the cost of sending their son to college while at the same time creating a real estate investment for their future. Shannon and Ryan Martin were buying their first home and had saved a 10% down payment. Our Rainier Pacific loan officer developed several loan options for the Martin's to select from. In discussing the various loan types with their loan officer, the Martins did not like the idea of paying private mortgage insurance (private mortgage insurance is required on home loans where the buyer is putting less than 20% down.) Our loan officer listened to their concerns and designed a loan package combining a first mortgage of 80%, a second mortgage of 10%, and their down payment of 10%. This enabled Shannon and Ryan to avoid paying PMI along with the added benefit of the interest on the second mortgage being tax deductible. Jim Shorewood and Erica Web were relocating to Seattle from Montreal, Canada. They planned to be married after Jim's divorce in Canada was final. Jim was an American citizen and Erica was a Canadian citizen. Erica had no resident status in the United States. Because of Jim's pending divorce, under Canadian law he was unable to purchase a home in his name. The challenge came in that Jim had employment in the US while Erica was not employed, choosing instead to stay home to raise their two children. Our loan officer was able to find them a mortgage that would allow a Canadian Citizen to be in title (ownership) of the property without residency status or US employment and allow Jim to act as a cosigner using his income and debts to qualify for the financing.
Corrine and Frank Johnson were being relocated by Frank's employer to Seattle from Boston. Moving to a new city can be an exciting and yet very stressful time for a family. There are hundreds of details to handle, selling your present home, hiring a mover, transferring schools for the children, selecting a new neighborhood in which to purchase a new home, and a mortgage to name just a few. The loan approval process, however, does not have to be one of these. Our Rainier Pacific loan officer prequalified the Johnson's over the phone and presented them with several financing options. The Johnson's selected a loan program and their loan officer sent the application paperwork to them overnight. Rainier Pacific processed the loan while the Johnson's were still in Boston and had the loan approved prior to their arrival in Seattle for their first house hunting trip. Once they selected a home, all that remained to complete their financing was the appraisal and title report. Rainier Pacific's experience with handling the needs of transferring families eliminated a large portion of the stress of relocating for the Johnson family. When Kevin Reed needed a mortgage for his home purchase, he decided to shop around. He called numerous banks and mortgage companies, including Rainier Pacific Mortgage, and inquired about interest rates and fees. He asked the standard question "what is the interest rate for 30-year fixed rate loan and what is your loan fee today? Kevin received a quote from another firm of 7.5% with no loan origination fee. That was the best price he found beating our quote of 7.5% with a 1% origination fee. Kevin scheduled an appointment with the other firm, gathered his financial information, took an afternoon off from work, and drove across town to meet with the loan officer. About an hour into the application the loan officer began reviewing the Good Faith Estimate. Kevin was surprised to find a mortgage brokerage fee of 2%. He questioned the loan officer saying, "I thought there was no loan origination fee." The loan officer explained that there was no loan origination fee, but that there was a brokerage fee. Kevin was very upset by this play on words and left the application appointment immediately. He phoned the loan officer he had spoken to at Rainier Pacific and asked to make an appointment. The Rainier Pacific loan officer went to Kevin's office to complete his application. Kevin asked if he could look at the Good Faith Estimate before beginning the application and was surprised that his loan officer had it already prepared. He liked the fact that there were no hidden or misleading charges with the Rainier Pacific application. Kevin felt that his loan officer went out of her way to clearly explain the loan terms and fees up front. He completed his application and moved into his new home 30 days later.
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