Frequently Asked Questions

 

What type of loans do you offer?

  • Primary residence, vacation and investment properties (up to 4 units)
  • Manufactured or Modular homes (no wheels and with a foundation)
  • Purchase or Refinances

We do:

  • Conventional Fannie Mae and Freddie Mac - min 3% down
  • Jumbo up to $3 Million.
  • FHA - 3.5% down, VA - $0 down, USDA - $0 down.
  • FHA 203k Rehabilitation loans
  • Coming soon : Bond program mortgages
  • Coming soon : Construction to permanent financing
  • Fixed rate and adjustable rate mortgages are available at various maturities

What types of loans do you not offer?

We do not offer HELOC’s, reverse mortgages, raw land/lots, non-warrantable condos, and commercial property loans.

What is the maximum loan amount?

$3,000,000

What do you mean by “no lender fees?

No origination fees, no processing fees, no underwriting fees. No admin fees, period. Plus, on loans greater than $150,000 we provide a credit of $1,000 against third party fees such as appraisal, escrow, recording fees, title insurance, and more.

With no lender fees, will you be adding to the interest rate to make up for the lost revenue?

No. We do not inflate the interest rate to offset lost fee revenue. Instead we run a low cost, online model with higher volumes and lower costs than traditional mortgage lenders. Our competitors have local offices, MSA’s, purchased leads, sponsorship agreements, and high advertising costs all of which create a financial disadvantage for them. It is difficult for them to match our rates and our no lender fee model.

Are your rates competitive?

Yes! We pay for surveys of competitors to make sure we’re very competitive in our markets. We also have pricing exceptions that can be made where sensible.

Can I get a rate sheet?

We do not give out rate sheets. Everything depends on the applicants. We have very competitive rates and charge no lender fees. Once the application is submitted and the client is pre-approved, we do a customized rate and fee estimate. Without the client information it is just a theoretical exercise.

Do you have loan officers in multiple locations?

All MLO’s will be in Bellingham, WA, where we can better leverage their time and activities. In order to eliminate lender fees, we must manage productivity and costs carefully.

How much can consumers save?

Amount varies by size of the loan, by market and by lender. By waiving the origination fee, all admin fees (still charging pass through fees for third-party charges) and a $1000 lender credit, the consumer can save as much as $5,000 on a $300,000 loan.

Will buyers still need to pay for appraisals, credit reports, title insurance and other 3rd party fees?

Yes. Those are fees charged by 3rd parties, but on loans greater than $150,000, we provide a $1,000 credit to help offset those costs.

How much is the appraisal fee?

Approximately $700-$750, which is very competitive for our area.

How are applications submitted?

Applications are submitted on a desktop PC through a website, or via an app for apple or android, or by phone with a loan officer.

What is expected turnaround time on pre-approval, and underwritten pre-approval?

We offer pre-approvals in minutes and fully underwritten pre approvals in 48 hrs or less.

Is there online verification of assets / employment / income?

Yes. Our Digital Mortgage app is fully capable of obtaining this information for many applicants.

Where can I find the app?

The BKCO Mortgage App is available in the App Store and Google Play Store. This allows the borrower to follow the progress of the loan in real time.