FAQ
Mortgage Questions
What makes up mortgage closing cost?
The amount of mortgage closing cost depends on the following factors: type of transaction – whether it is a refinance or purchase, size of the loan and whether or not you are paying "points".
How quick a mortgage loan closing can be?
It is usually done within 30 days, depending on the time of year and the type of transaction, but can be done as quick as ten business days from application in some cases.
Do you offer rate locks on mortgages? For how long? Does it cost extra to lock in?
Yes, we do. The term can be 30-, 45-, and 60-day locks, or longer. Besides, you can apply for additional fees and/or higher rates. Note that rate locks concern residential mortgages. Contact Us.
Do you have "NIV" (no income verified) mortgage loans?
We do! We have very attractive terms for our "no income/no asset" programs. Contact Us.
Do you offer portfolio mortgage loans, or mortgage loans for someone with less-than-perfect credit?
Yes, we do. For example, no income verified (NIV) loans and no "PMI" 80/20 plans are portfolio loan programs that will perfectly suit for you if you have less-than-perfect credit history or non-conforming property or face high qualifying ratios. Platinum lending will adjust to your situation and chose the most appropriate alternative for you. Contact Us.
Do you offer mortgage loans to purchase investment property?
Yes, we do. Our most popular option requiring low down payment and PMI - program for 1- to 4-unit investment properties. We also offer financing for large, multi-unit properties (5+ units) and mixed-use properties through our commercial lending division. Contact Us.
Do you offer mortgage loans to purchase second homes?
Yes, we do. And we offer not only second, but also vacation home loan with low down payment options, subject to PMI. We also offer financing for three-season homes and summer cottages with one of our portfolio programs. Contact Us.
How much does closing cost?
The amount depends on such factors as the type of your loan program and the size of your loan. It is also important whether you are purchasing or refinancing. But usually first you receive from us a "Good Faith Estimate" and relying on that the counting is made.
When will I be notified of the monetary amount required at closing?
A customer usually receives a call from our Spokane agent twenty-four hours before his or her scheduled closing. In this call the agent tells how much to bring for the closing and whether a certified check also required.
What else will I have to bring to closing except for the money?
A picture identification, copy of insurance binder with paid receipt and a certified check for any monetary amount required.
Will I get a copy of the appraisal? If so, when?
Yes. Usually we provide our clients with a copy right away or sooner, upon request, if your bank had an appraisal performed in conjunction with approving your mortgage request.
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