1. DETERMINING WHAT PRICED HOUSE TO LOOK FOR

 

It is my goal to make the process of buying a home as smooth as possible for my buyers.  The following are my suggestions.  Although it is not crucial to use this exact order in the process of purchase, you will find it useful as a guideline.

  1. Call or stop by and talk to a qualified loan representative to find out what is the maximum loan amount you are able to afford.  Then determine how much you are comfortable paying for a monthly payment.  The owner of Professional Mortgage (Bob Steenrod) has provided me with top quality service over the past 18 years.  I receive no financial benefit if you use him.  The benefit I receive is that I have the peace of mind knowing that my buyer's loan is being handled in a professional manner and that they will be happy with that part of the process.  I also find that I don't need to "baby-sit" the loan as I many times do when buyers use loan companies that provide less than satisfactory service.  If you are considering something different than a 30 year fixed rate loan, see choosing the type of loan.                                          Click here to return to our homepage          (206) 870-5050

  2. If you own a home that you are planning to sell, get a rough estimate of the value of your home from a qualified Real Estate agent.  Find out what your net proceeds from a sale would be.
  3. Add the loan amount that you are comfortable with to the estimated net proceeds from your house or to the down payment you have saved and it will total what the maximum price is for the house you plan to buy.  You can use my  Loan Calculator to help with the calculations.
  4. Consider the benefits of coming up with a larger down payment.  See Home Loans  

MORE LOAN CALCULATORS
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Bankrate.com

 Calculator that does not include the property tax and insurance portion of your payment but tells you the benefit of making extra payments on your loan.

 

THREE BASIC STEPS IN THE LOAN PROCESS

Prequalification: This can be done in minutes with a "qualified" loan representative. They need to have you tell them your annual income, available down payment, and any long term debt. This is a minimum to do before looking at houses.  I suggest Click here to return to our homepage.

Preapproval: This can be done in a day. The loan representative will do a quick credit report, have you fax/send them wage and bank statements. This is good although not necessary to have done prior to making a purchase. It will give more strength to your offer as the seller will be more sure of your ability to buy their home.

Final Approval. This is completed after the receipt by the loan company of the appraisal and title report.

STARTING TO LOOK FOR A HOME

    Buying a home is the largest financial decision most people will make.  Having spent 25 years helping people, I've learned how to make this process not only easier but also how to help people find the house they are happy with.  I am confident as you work through the following steps, you will make a decision that you will be happier with in the years to come.