Your First Mortgage-Buying a Home in Seattle Can Be Very Profitable

Posted by sonnykwan

July 29, 2008

Did you know?

Low interest rates have enabled record numbers of people to become homeowners over the last few years and home ownership in Seattle is tops on forbes list of places to live. A buyer-friendly market has also motivated many to seek good deals in Seattle real estate. If you’re in the market to buy, one of the most important steps is learning about mortgages.

Your Budget

One of the first things you need to do is examine your finances very closely; this will help you determine how much of a home you can buy in Seattle. Depending on your income, you may actually qualify for a larger loan than you can afford to make monthly payments on, so it’s up to you to take stock of your income and expenses, both current and projected. Keep in mind, too, that other fees such as mortgage insurance, homeowner association dues, and property taxes can also be rolled into your monthly payment, so you need to account for those items when determining what you can afford. Buying a home in the Seattle city limits or outside of Seattle proper makes a huge difference on home value.

Your Finances

Investing time to gather all your personal and financial records can expedite the loan process. The loan application will ask for information about your job tenure, employment stability, income, assets, and liabilities. The lender will run a credit check on you to analyze your credit status and you will also have to supply additional documentation such as paycheck stubs, bank account statements, divorce decrees, and proof of insurance. Before you start your home search in Seattle, you should consider getting pre-qualified for a loan. This will give you a better idea of what you can afford which will streamline the search process. Prequalification could also give you a leg up if you choose to make an offer on a house you like. If you are deemed creditworthy your loan will be approved and the lender will hire a professional appraiser to insure that your home is worth the amount you have been approved for.

Your Mortgage Consultant

More important than shopping for the best rates or deal is finding a mortgage consultant you trust. Making a connection with a professional who understands your circumstances and wants to help you reach your homeownership goals is the best way to ensure that your needs are met. If you are thinking about beginning the home-buying process, I would be happy to discuss your options and refer you to a professional mortgage consultant.

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