Class is in session! A virtual, web-based class for first-time home buyers in Washington State, to be precise.
First-time buyers tend to have a lot of questions about buying a house. And that’s only natural, since they’ve never navigated the process before. To help answer some of those questions, we have created an online “class” for first-time home buyers in Washington.
A Virtual Class for First-Time Buyers in Washington
Our web-based class consists of a series of lessons relating to the mortgage and home buying process in Washington State. It’s a lot to read in one sitting, so you might want to bookmark this page for future reference. You can start with any topic below.
Home Buying Tutorials
Home Buying Process in Washington
This tutorial is a great place to start, because it outlines the entire home-buying process (including many of the topics listed below), breaking it down into a series of steps. It’s a must-read for first-time buyers.
Basic Home-Buying Requirements
If you plan to use a mortgage loan when buying a house, there are some basic requirements you should know about. These include the down payment, credit scores, and (usually) a home appraisal.
The Closing Process in Washington
The closing represents the final step in the home buying process. First-time buyers tend to have a lot of questions about this step, so we’ve created a closing lesson for our virtual home-buying class.
Buyer and Seller Closing Costs
In a typical real estate transaction in Washington State, both the buyer and seller have certain closing costs that must be paid when the deal closes. This article explains who pays which closing costs, and how it might be negotiated.
Is a Home Inspection Required?
Generally speaking, first-time buyers in Washington are not required to have a full property inspection. But you’ll probably need an appraisal, if you’re using a mortgage loan. This home-buying mini class explains the difference.
Mortgage Loan Tutorials
Types of Mortgage Loans
This tutorial is an integral part of our first-time home buyer class, because it explains the different kinds of mortgage loans that are available these days. You’ll learn about FHA, VA, conventional, fixed versus adjustable rates, and more.
The FHA Loan Program
This is a virtual class for Washington first-time buyers who are interested in the Federal Housing Administration (FHA) loan program. This program offers a relatively low down payment of 3.5%, among other benefits to borrowers.
Your Down Payment Options
There is a widespread misconception that first-time home buyers in Washington have to put down at least 20% when buying a house. But that’s not always true. In fact, depending on the type of loan you use, your down payment could be much smaller than that.
Have a mortgage question? Sammamish Mortgage has been serving the mortgage financing needs of first-time buyers in Washington State for more than two decades. We offer competitive rates on a variety of mortgage products, and we are happy to answer any financing-related questions you have. Please contact our staff to get started.