Financing your Island County Real Estate

Starting out on the right foot when buying Island county real estate can really save you a bunch of money. But knowledge is power when it comes to mortgages. Here are some helpful tips to get you started.

If we can explain any steps along the way, please ask. We're always happy to help.

The steps to successful financing

Know your financial situation.

 If you don't know your own situation, you don't want to get any surprises when you sit down with a lender. Before you do anything, get a copy of your credit report and clear up any errors ahead of time. Make sure you know what you have coming in and going out as far as income and expenses.

Get Pre-approved for a loan

  Once you know your own finances you can sit down with a lender and figure out exactly how much you can afford. The lender will then issue a pre-approval letter to submit with an offer proving you can afford a home and are a serious buyer.

Shop around for the best loan.

 Compare fixed-rate with adjustable rate mortgages. Look down the road. Where will you be in 15 years, 30 years? What obligations might you have? Take those things into consideration as you choose a loan.

A direct lender has money to lend and makes the final decision on your loan. Brokers are intermediaries who choose from many lenders. A mortgage broker has much more access to a variety of options and programs but will charge a fee for this.

While you're shopping for a loan, also look for the best loan costs. These may include:

• Interest rates
• Broker fees
• Points (each point is one percent of the amount you borrow)
• Prepayment penalties
• Loan term application fees
• Credit report fees
• Appraisal costs

 Don't sign anything you don't understand.

This is very important when buying a home. This is possibly the biggest investment you may ever make and not fully understanding it can cost you. Go over all the paperwork and documents and make sure they are what you originally agreed upon. Ask if you don't understand something and if the escrow, lender or agent is unwilling to explain it, there may be a good reason. For more tips see our Debt Reduction Plan article.

If you have any additional questions please don't hesitate to let us know. We would be happy to help in all your Whidbey Island real estate needs.

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