This morning I took my daughter to BECU to open a checking account before she left for her summer adventure. While there, I took advantage of their new University of Washington card, replacing my boring red one with the Purple and Gold (Go Dawgs). Conversing with Tim, the nice account manager, I also stumbled across a piece of fantastic information, which I’d be thrilled to share with you.
BECU does [I think exclusively] portfolio loans, which means they are not farmed out to the secondary market. When a loan goes bad and the house is foreclosed on, BECU lists them on the MLS, but also on their website (keep reading and I’ll give you the link!).
Why would you want to consider a BECU home? For one, they will pay your closing costs. Ka-ching! Savings for you.
If you finance the purchase with them, and you are owner occupied, they will give you a loan for up to 95% LTV, or another way of saying it, you need only put 5% down.
If you are non-owner occupied (investor), you can purchase it for 80% LTV.
And here’s the biggest news of all – as of our speaking this morning, their rate on a 30 year fixed was 3.99% with no PMI. Hello? Shall I write it again? 3.99% with no PMI. Holy cow!
So, where do I find me one of them thar homes, you find yourself asking? Here’s the link. If you find one, give me a call and let’s go see if it’s your dream home!
Wow, that is like Christmas in July.
You are so right about that Dave! I dropped my jaw when Tim told me that. I grabbed the nearest piece of paper and started scribbling.
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LOL at the bottom it says, “Tim says I can blog this.”
He asked, “Why?”
“Oh, you know, it’s a CYA sort of thing.”
“Right, the whole licensing thing, I got it,” and we saw eye to eye on staying legal