When you buy a home and apply for a home loan it is important to work with a trusted Washington mortgage company. The team you choose will review and analyze your personal financial information, and eventually buy the loan that will be in your life for up to 30 years!
Take a deep breath. As with many complex processes, the best way to get started is at the beginning, and train yourself at every step of the process. Create a checklist and hit each item at a time. Bite-sized tasks are accomplished very easily, and if you feel big enough to mark tasks from your list! Usually, online lenders even provide a specific checklist for their personal process. So, this list was drawn up to assist you.
1. Set a savings goal for obvious expenses:
Lenders not only want you to qualify for a large loan, but they also want you to have some money to pay in the bank and a long list of final expenses.
Low fees always seem like a big deal, but you can polish your purchases with small instant home equity by putting them down as comfortably as possible for your benefit. With very low fees – and a small decline in the real estate market – you may have a large debt and a home worth less than you should be paying. If you are forced to take any action it is not a good place.
2. Use your common knowledge:
Does this person return messages or emails in a timely manner? Do they have knowledgeable team members and assistants? Do they fully answer your questions? Any answers will be remembered in writing, and you can go back and review them whenever you want. All lenders must be licensed by their state finance regulations. Want to really dig deeper? You can check that they are currently in good condition and there are no formal suspensions or complaints.
3. Mortgages for first-time buyers:
All of these loan plans (except first-time home user assistance plans) are available to all homeowners, making it your first or fourth time home purchase. Many people mistakenly think that FHA loans are only available to first-time buyers, but again borrowers can qualify as long as the buyer has not had a primary residence to buy for at least three years.
It is largely based on your financial health to select the right loan for your situation: your salary, credit history and ratings, jobs and financial goals. Mortgage lenders can help you analyze your funds to determine the best loan products. They can help you better understand the qualification requirements, which are complex.
4. Ask your lender if you have any insights on how to improve your credit rating:
Each person is unique. Make sure credit card balances are below their limits and do not leave any “Phantom” or unused cards. Charge a tank of gas each month, or make some other small purchase, and then pay the card in full.
Do you have an unpaid medical bill in your report? This is actually very common. Some lenders require you to pay them in full. A wise mortgage broker can help with this. Not enough credit taxes? Look at the credit card you have already paid through your bank. Equifax, Experian & Transunion are the three major credit reporting agencies.
5. Familiarize yourself with credit rates:
As a consumer, it is important that you understand the difference between a lender and a lender against fixed ideal event rates that post real rates based on important information including the consumer. Working with a lender who is transparent with their mortgage rates helps to ensure they are competitive and eliminates big surprises when it comes time to lock rates.