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If you are buying Lynden, WA Real Estate, knowing the mortgage process is a crucial part of the buying process. It helps you know what to expect and what you need to be ready. So if you have plans to buy real estate in Lynden, WA within the next year, read on!
Step #1
Find out what your credit score is. If you think you have to have perfect credit to buy real estate in Lynden, WA, think again. While a higher score obviously gets you a better rate, you can still qualify with scores around 600 with a variety of loans and programs available. Finding out your score and your history allows you to clean up any errors on your report or pay off any debts you may owe to creditors. This puts you in better standing when it comes time to buy a home for sale in Lynden, WA.
Step #2
Gather up all the necessary paperwork that a lender will need. Get your income verification together, tax returns, bank statements, proof of employment and your current assets. Also get letters from creditors stating that a debt has been paid off. Sometimes it can take a while for a paid debt to reflect on your report. If time is of the essence, make sure you have something in writing so you don’t get put on pause waiting for everything to show up. The last thing you want in this market is to be out of the running on a home for sale in Lynden, WA because you didn’t have the proper documentation.
Step #3
Shop around for a lender. Just like you would shop around for a Lynden, WA realtor or a home for sale in Lynden, WA, you should do the same with your loan. A professional can review your documents, help you through the application process and determine what loan you qualify for so you know how much you can actually spend on Lynden, WA real estate.
Step #4
Apply for a loan and get the pre-approval letter. This letter is great for making offers on a home for sale in Lynden, WA as it puts you in the “serious buyer” category by sellers.
Step# 5
While the previous steps seem pretty simple, don’t forget about the down payment. The general rule of thumb is 20%, however, there are certain loans that will allow you to put down less on real estate in Lynden, WA. There are some buyers that are even putting down between 3%-10%. Knowing your options when it comes to the down payment helps you come up with a game plan for savings and your buying budget.
When it comes to buying real estate in Lynden, WA, it really is crucial to do your research ahead of time. You want to be able to prepare by saving for a down payment and cleaning up any financial mishaps before you apply for a loan. For more information on the mortgage process for buying Lynden, WA real estate, give me a call. I would be happy to assist!
