Have you considered the benefits of a first time home buyer loan in Seattle and how taking advantage of available programs could help you purchase your first home? The American dream is still alive- owning your very own home is easier and more affordable than you may think. Inquire about Washington State’s Seattle down payment assistance loan program when you call Seattle’s Mortgage Broker at 206-251-0818. Our lenders are quick to loan money to first time home buyers, even if you’ve not had time to establish a credit history or have a less-than-perfect score.
5 Tips For First Time Home Buyers
1. You may not be ready to buy a home just yet, but in time, you may find it advantageous to own a home rather than rent. In the meantime, you can work toward paying off any existing debt and building a savings account. Lenders look favorably on borrowers who have demonstrated the ability to pay down debt with an eye on their future. Seattle’s Mortgage Broker works with first time homebuyers in Washington.
2. To determine how much you can afford to pay on a mortgage, use what experts in the industry call the 25% rule. Add up all of your monthly housing costs to include your mortgage, taxes, homeowners insurance, HOA fees, etc., then make sure they don’t amount to more than 25% of your total monthly income.
3. Steer clear of adjustable rate mortgages, FHA loans, and VA loans; instead, ask one of our agents about the best first time homebuyer programs in Seattle. A mortgage with an initial low interest rate could seem attractive, however, as with an adjustable rate loan, things could change drastically- and not to your advantage. When you’re ready to start looking at programs, we’ll be here for you with sound advice.
4. Get pre-approved for a home loan before you begin looking at houses. Not only will your realtor appreciate the fact that you’ve taken an initiative to get your pre-approval in place, but you’ll have a better idea how much you can spend, as well. In the past, real estate agents would show homes to anyone who asked; things have changed a lot over the past decade or so. If you want a tour of the home you’re interested in buying, you’ll need a pre-approval letter from a lender to see the inside.
5. One of the most important tips for first-time homebuyers is to think long term and have patience when searching for a home. It can be exciting planning the next phase in your life, but without restraint, you may end up buying a house that’s too expensive, too large, too small, or in the wrong part of town. By taking your time and exercising patience, you’ll be more likely to find a home that’s perfect for your family.
Inquire about first time buyer assistance home loan programs when you contact Seattle’s Mortgage Broker today. Owning a home is within your reach when you partner with our loan experts to ensure you’re approved for a first time home buyer loan in Seattle.First Time Home Buyer Loan Seattle
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