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You’re ready to start house-hunting for your first home. As a first-time home buyer (FTHB), you have some advantages and options that might not be available to other homebuyers. The important thing is to find the right home loan for you, before you even start looking at open houses.
As a first-time home buyer, you probably have plenty of questions. The experienced loan officers at Sammamish mortgage have answers. We know how confusing buying a home can be and will be by your side for each step in the process.
A prequalification, or pre-qual, means you’ve provided information about your income, assets, and employment, but it hasn’t been verified and you don’t have a loan offer. As a FTHB, you’re far better off with a prequalification letter.
To get a prequalification letter, you’ll need to apply for your mortgage, provide all of the information listed above, and allow your loan officer to pull a credit report. The loan officer and loan processor will gather and verify all of your documentation, and give you a preliminary approval along with a letter to that effect. You can show the letter to home sellers.
Since the preapproval represents a complete loan application process, it’s superior to a pre-qual, which only means that based on your own reporting, you should qualify for a loan. Sellers are more likely to take you seriously with a preapproval letter.
Your credit score is a factor in your ability to buy a home as a FTHB, but it’s not the only factor. Lenders look at the whole picture, and there are programs for homebuyers with less than perfect credit. You can build up your credit if your loan officer tells you it’s really too low for a good home loan, but in most cases we can find a home loan product that will work for you.
The usual issue with low credit is that you might have to come up with a higher down payment. Alternately, you could buy a home with a low down payment and a fair credit score, and just pay private mortgage insurance (PMI) to help protect the lender until your home equity grows.
You’ll work with your loan officer and a transaction coordinator as you gather and provide information. The loan processor and underwriter will shepherd your loan through the approval stages. You’ll be asked to perform a few tasks and arrange several things as the loan moves through separate stages.
The underwriter will be the person who approves your loan. At Sammamish, we know a lot of the legalese surrounding your home loan can be unsettling. Don’t worry, we’ll make sure you understand everything you are signing and will keep your buying process on track.
At Sammamish,we welcome first time home buyers and are excited about the possibilities in store for you as you hunt for and buy your dream home. We’ll keep you informed of your application’s process so you’re never wondering what’s going on or if there’s a problem with your documentation or loan.
We’ll even stay in touch with your agent to make sure they are taking care of business on their end, and coordinate as many things as possible for you so you don’t have to be stressed.
Sammamish Mortgage has been in business since 1992, and has assisted many home buyers in the Pacific Northwest. If you are looking for mortgage financing in Washington State, we can help. Sammamish Mortgage offers mortgage programs in Colorado, Idaho, Oregon and Washington.
Contact us if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.
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