Don’t let these fool you!
Don’t let these old home buying myths fool you! Your new home is not as elusive as you think! Watch the video below, and then ask Myles to find out what you really need to do to conquer your dream of home ownership!
First time home buyer government programs in Seattle WA
First Time Home Buyer Government Programs in Wenatchee WA
6 steps to a quicker loan process
Looking to purchase a home?
Here are a few tips to help your loan process go quickly and smoothly, so you’ll be unpacking in no time.
1) Make sure your credit is in good shape.
- Check your credit score.
- Excellent Credit: 750+
- Good Credit: 700-749
- Fair Credit: 650-699
- Poor Credit: 600-649
- Try to get your credit card balances below 40% of the limit.
- It’s best to have at least 3 open and active accounts listed on your credit report.
2) If you’re renting, pay by check.
- Have documented proof of your last 12 months of payments if often required by the lender
3) Obtain proof of employment for the last 2 years.
- W-2’s and tax returns
- Paystubs covering 30 days
- Be prepared to explain any gaps in employment
4) Avoid large deposits or withdrawals from your bank account.
5) Determine a down payment amount based on your available funds.
6) Obtain a pre-approval letter from an Independent Mortgage Professional. (That’s us! Call or email Myles right now to get pre-approved.)
First time home buyer government programs in Seattle WA
First Time Home Buyer Government Programs in Wenatchee WA
Make your move a little smoother
There’s not many things more exciting than purchasing a new home. But we’re not going to lie, it can also be stressful. From finding the perfect home, getting a loan, and then (cringe!) the actual move itself; finally crossing that finish line and falling into bed in your new home can feel like running a marathon.
With spring on it’s way and summer not far behind, we’re heading into some of the busiest times for home sales and purchases. We make it our goal to take the stress our of your financing, but there’s not a lot we can do to help when it comes to the dreaded task of moving.
If you think a move might be in your future, here’s some tips to (hopefully) take away a bit of the stress and let you enjoy the excitement.
5 Home Buying Myths Busted
There are a lot of myths about buying a home that are easy to bust. Here are a few of the big ones:
1) I need a 20% down payment. This goes back to the days when lenders had far fewer options. Now, you can get a mortgage for as little as 1% down and still have a low monthly payment.
2) I have to dig up a lot of paperwork. A lot goes into qualifying you for a mortgage, but these days much of the verification process — like collecting pay stubs, bank statements and tax information — can be done automatically by your mortgage broker and lender.
3) It will take a lot of time. A good mortgage broker can take your application and give you a pre-approval letter in minutes. Many even let you do it yourself online.
4) My bank is the best place to get a mortgage. Banks don’t offer many mortgage choices. An independent mortgage broker in your local community can help you find the best options and the lowest rates.
5) I need to be “settled down” first. Even with a low down payment, monthly mortgage payments are often lower than rent prices. Plus when you buy a home, you’re paying yourself, not your landlord.
There are a lot of myths and misconceptions out there that could be keeping you from your dream home. If you have any concerns that have been holding you back, please just call us and ask! There is no question too big, too small, or too silly. We’ve heard it all before! And that one simple question may just put you on the path to home ownership!
Email Myles or give him a call today!