To determine how much house you can afford, many experts agree that people should spend no more than 28 percent of their gross monthly income on housing expenses and no more than 36 percent on total debt -- that includes housing as well as things like student loans, car expenses, and credit card payments. There are many types of home loans offering different terms and rates, some requiring lower down payments than others. Use this [...]
Typically, if you’ve never owned a home, you are considered a first-time home buyer. Additionally, if you have not owned a primary residence for the last three years, you may still be considered a first-time home buyer. There is maximum financing and flexibility for first time homebuyers, with as little as 3% down. FHA loans are very popular for first-time buyers due to low down payment requirements of 3.5%.
Pre-approval allows you to get pre-approved for a specific loan amount prior to finding the home you want to purchase. The loan documents are reviewed, and the lender commits to a specific loan amount. A strong pre-approval can provide an advantage if someone else is interested in the same home simultaneously. Drop us your details online or call us (425-748-9990) to get an accurate pre-approval right away. With your loan pre-approved, you can shop for [...]
You can lock or float your interest rate at any time once you are in contract to buy a home and a closing date has been determined. Your loan officer will advise you and discuss options at the appropriate time.
Initially, there is no fee collected for a pre-approval. Appraisal fees that may apply to your request will be collected if you choose to move forward with your loan.