Financing
Financing Tips for Real Estate
 The way you approach mortgage shopping can literally save thousands of dollars. Take time to understand the system and make educated decisions. Doing so may very well cost you less over a shorter period of time.
If we can explain any steps along the way, please ask. We're always happy to help.
Check out your finances or sit down with an advisor
Before applying for a mortgage or speaking with a bank make sure you completely understand your own finances. You don't want any surprises that a lender will pick up before you. Get copies of your credit report and go over it in detail. Correct any mistakes and make sure everything is accurate. If there is something that needs explaining, make sure it's in written form and you have done everything you can to correct it ahead of time.
Find a lender you trust and get a pre-approval letter
Once you know your own finances inside and out, find a lender you can be comfortable with and shop around for the best fees and rates. You can shop several places and let them know you are doing so. This can make them re-evaluate their costs. Lenders can be banks, credit unions, private lenders or mortgage brokers. Each has their own benefit so you want to really be sure. Banks and credit unions are really tied into their own programs but mortgage brokers can choose from a wide range of options and programs. They tend to cost more but in the long run may be more worth the extra money.
Once you have sat down with a lender, they will go over all your finances and determine how much in a mortgage payment your income can handle. Once this is determined, they will issue you a pre-approval letter. This letter can be submitted to sellers when presenting an offer proving you can actualy afford the home. [Our connection in Carroll county real estate offers helpful finance tips]
Make sure you have some reserved set aside.
Although buyers can still purchase a home with little to no money down, it makes the entire process more stressful. By having some funds set aside during the transaction for costs such as earnest money deposits, inspection costs and anything else that might pop up, it will take the stress level down several notches. Inspection costs will typically be out of pocket and can run around $300 - $800. A larger earnest money deposit can show sellers you are a very serious buyer.
With these simple tips, you can set yourself up for home buying success. Give us a call today for more information on La Grande homes and any Union county real estate.
USEFUL SITES: Packard and Associates is your source for all Lynnwood homes and Bothell real estate. We are experts in our field and can help buyers and sellers of Edmonds homes, Everett homes and all Snohomish county real estate.
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