So we have gone over the first steps of getting organized to "plunge" into the real estate market and the dream of home ownership. You might want to go back and read the previous blog "Taking the plunge can be scary and overwhelming" to catch up to this part. There are many great prices on homes for sale in the Allyn, Belfair, Hood Canal & Mason County WA area!
You have contacted me to start the process and we have discussed the benefits of speaking with a lender as our first step. If you have already done this - KUDOS! I told you that there are things that I need for you to do as one of my team members and speaking with a reputable, knowledgeable lender is key as well as a couple of other items I will need for you to do.
Why Speak to a lender first?
You need to find out how much house you can afford and you need to do it before we go house-hunting.
By doing this, it will give us a target price range that is realistic and affordable for YOUR needs. This is very important, many people have a number they THINK they can afford, but it is much better to go forward armed with facts. It also adds strength to an offer having a lender pre-approval letter in hand. It helps the seller see that you CAN afford the home and you ARE a serious buyer.
It will also save disappointment down the road, if the price you were guesstimating was a little too high or quite possibly, you can afford more than you think. Whichever the case, we want to be realistic with the numbers so that we are all using our time wisely.
A mortgage lender will want make sure you can handle any down payment required, plus the monthly mortgage payment which will include principal, interest, taxes and insurance (this is called PITI). They have many programs and after gathering all of your information and discussing your goals, wants and needs, they will help you decide which of their loan products will work best for you.
When interviewing a lender you want to make sure you are comfortable with them and that they are "listening" to your criteria. You do not want to work with a lender that is just trying to sell you their "Product of the month." A good, knowledgeable lender wants to earn your business for life (just like I do) and will "listen" to your goals and help you achieve them with the BEST PRODUCT FOR YOU.
Your personal finances and budget will be a determining factor in the amount of house you can afford along with the current interest rate (s) on a loan. Generally, the bigger a down payment you have may allow the lender to be more flexible with a loan package including interest rates and closing costs.
Depending on the type of loan the lender feels fits you best, you may be required to provide a down payment - a down payment is a percentage of the purchase price that you are paying for the home. Again, a good lender will tailor things to you and tell you the requirements they would need for you to fulfill to acquire a loan. Wander over to my website and use the quick mortgage calculator to "guess-timate" and see what type of information a lender will be looking for. Again remember this is a guesstimate - you really need to contact a lender to get accurate numbers for the programs that they have to offer.
Don't have a lender to work with? I have many that I can refer you to that are top notch in the Allyn,Belfair, Hood Canal Mason County WA real estate area. We will save a lot of time and possible heartache knowing exactly what will fit your budget.
This is one of the MANY steps to organizing your real estate search. Stay tuned for the next step. If you would like more information, have a question, or just want to chat, please feel free to give me a call, drop me a line, stop on in, or visit my website. Information is FREE. My success is yours.
I specialize in giving people an extraordinary real estate experience and homes for sale in the Allyn, Belfair, Grapeview, Hood Canal & Puget Sound WA~Mason County WA real estate market. I believe in building lifelong relationships. Your success is my success.
~~Valerie~~
Associate Broker
Windermere Peninsula Properties
View my page on My North Mason Chamber Network
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