Guide to Refinance, Mortgage,
& Home Equity Loans in
Paine Field Lake Stickney, Washington (WA)

There are very few places in North America that can take your breath away every time you step outside your front door, but Paine Field Lake in Stickney, Washington, is one of those places. Situated right next to Olympia National Park and just a short ferry ride to Seattle, Alaska, and Vancouver, British Columbia, Stickney is a tiny town with a big view. Surrounded by mountains and an amazing lake filled with more fish than you can count, Stickney is truly an outdoorsman’s paradise. And you don’t have to feel too isolated, since you have such amazing cities right around the corner. Stickney is truly a place that, once you visit, you might not ever want to leave. If you already call of Stickney home, you might be interested in getting a refinance package or even a home equity loan to add on that extra room you’ve always wanted. If you are thinking about relocating to Stickney, you might be in need of a brand new mortgage. Here are a few helpful tips for finding your way around your next bank loan.

Refinance

When a lender gets your application for the first time, there are many different things it looks at to see what sort of rate it can offer you and what terms it feels are safe to give you. While it is hard to say which single aspect of your application is the most important, one thing that every lender looks at is your debt to income ratio. Don’t be scared off by the complicated name, though: a debt to income ratio simply looks at how much of your monthly income is tied up by debt payments. Ideally, you want this number to be as small as possible, but, as we all know, that is much easier said than done. One thing you can do to try to keep your debt to income ratio as low as possible is to not enter into any long term debt agreements within a year before you apply to refinance your home. This means you should try to put off buying a car or any other major debt-inducing purchases, and you should also try to pay off as much of the debt you already have. If you bought a car a while back and you’re still making payments, try to get those out of the way. If you are still paying off your student loans, try to take care of those for good. Lightening your debt load is a great way to make sure your refinance application is in the best shape possible.

First Mortgage

When you are looking to get your first mortgage, your debt to income ratio is even more important. Once you have a mortgage and you’ve been making monthly payments on a regular basis for a few years, you’ve proven to your lender, and to other lenders, that you are not a big credit risk, which is why so many people get much better rates on their refinances than they did on their first mortgages. But when you are applying for your first mortgage, you haven’t got that proven track record yet. That’s why it is especially important to pay off as much existing debt as you can before you apply for your first mortgage, and that you put off any large debt purchases like a new car or running up a credit card until after you have your mortgage.

Home Equity Loan

Your debt to income ratio still matters somewhat if you are going after a home equity loan, but the main thing the lenders are going to look at is your equity and work stability. This shows the lender that there is a better than average chance of you paying off your debt.

If you would like more information on getting a home equity loan, a refinance, or an initial mortgage, please fill out the form below and one of our experts will contact you shortly.


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