Cascade Mortgage offers a variety of loan programs to meet your needs.  We offer the following type of loan programs for purchases or refinances:

• FHA Financing
• FHA 203K
• VA
• Conventional
• USDA Financing
• Fannie Mae Homepath Homes/Financing

We can finance on the following types of properties:

• 1-4 Units
• Manufactured Homes
• Condos

Cascade Mortgage offers financing for the following residencies:

• Primary Residences
• 2nd/Vacation Homes
• Investment Properties

Conventional loan products typically offer 30, 20, 15 and 10-year fixed rate terms.  In addition an Adjustable Rate Mortgage (ARM) may be available with this option.  Conventional financing does have a maximum mortgage; however, if your loan is above $417,000 it will be considered a JUMBO loan and will have a higher interest rate or additional fees.

FHA/VA are two familiar government programs.  Both programs offer low fixed or adjustable rates and can be either a 30 or 15 year term.  FHA requires a minimum down payment of 3.5% of the purchase price and VA is a zero-down loan.  Both loan programs do allow the Seller to pay a portion or all of the buyer's closing costs. 

USDA is an excellent loan program for those who have moderate income and are comfortable with purchasing property outside the main Spokane Area.  This program allows for 100% financing of the appraised value and does not require monthly mortgage insurance.  It offers fixed-rates similar to those of FHA and there are no pre-payment penalties or recapture fees.  Areas such as Liberty Lake, Newman Lake, Chattaroy, Deer Park, Medical Lake, Cheney and the far south areas of Spokane qualify.  If you are interested in specific locations, please contact our office.

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

2/1 Buy Down Mortgage
The 2/1 Buy-Down Mortgage allows the borrower to qualify at below market rates so they can borrow more. The initial starting interest rate increases by 1% at the end of the first year and adjusts again by another 1% at the end of the second year. It then remains at a fixed interest rate for the remainder of the loan term. Borrowers often refinance at the end of the second year to obtain the best long-term rates. However, keeping the loan in place even for three full years or more will keep their average interest rate in line with the original market conditions.