Seafirst Financial Services

Seattle & Wenatchee, WA

Home Loans 101: What is the initial document review?

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You’re at the beginning of your mortgage application process. You’ve talked to Myles, everything sounds great and you’re ready to go!  Then you receive the list of documents that we need from you to get started. And your excitement turns to a groan…

Here are some examples of items we typically need:

  • Paystubs or other proof of income
  • Bank Statements
  • Asset statements (401ks, IRAs, investment accounts, etc.)
  • Tax returns
  • W-2’s
  • Driver license

(Don’t worry, we know it can seem a little overwhelming at first!)

You could be wondering, why do we need all of this? What do we do with it, and what are we looking for? What can you do to help the process along?  All very important questions! Watch the video below to find out what happens during the “initial document review.’

You may also be interested in:
Home Loans 101: What is Underwriting?

First time home buyer government programs in Seattle WA
First Time Home Buyer Government Programs in Wenatchee WA

Happy 4th of July!

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Wishing you, your family and friends, a Happy Independence Day! May you safely celebrate the hope, peace and freedom of our great nation!

 

Sincerely,
Myles, Melissa, Robby, Angela, and Amy

 

PSST!  Our office is “officially” closed today, but if you need to get a hold of Myles, the odds are good he’s still going to answer! 😉   #nevertakesadayoff

Home Loans 101: What is Underwriting?

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If you’ve ever applied for a home loan, you’ve probably been told that your application has been sent to underwriting.  But what is underwriting?  Who’s the underwriter?  Click the video link below to find out!

 

 

 

 

You may also be interested in:
Home Loans 101: What is the initial document review?

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

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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.

Hispanic Family Moving Into New Home

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

 

Choosing the right mortgage professional

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Most people turn to their local bank or credit union for a home loan, rather than an independent Mortgage Broker. What you might not know is that an independent Mortgage Broker is often the best choice and they are able to offer you more loan options than banks and credit unions.

What differentiates Seafirst from a bank?

SEAFIRST

  • We partner with several lenders to offer multiple loan products, allowing you to choose the best option for you.
  • We often offer lower rates and cheaper costs due to less overhead.
  • We are licensed mortgage experts – we consistently undergo continuous training.
  • We specialize in mortgages only.
  • We adapt to industry changes quickly.

BANKS & CREDIT UNIONS

  • Are only able to offer limited loan products they have in-house – which may not be the best fit for your needs.
  • They often offer higher rates.
  • Banks are not required to be licensed, and are not held to the same standards and regulations as brokers in terms of testing and ongoing training.
  • They offer many other loan products (auto, boat, etc.) so mortgages are not their main focus.
  • Are slower to adapt to change due to large organization operations.

95% of our business is returning clients and word-of-mouth. We’d love the chance to show you why. Give us a call!

First time home buyer government programs in Seattle WA
First Time Home Buyer Government Programs in Wenatchee WA

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