Oct. 26, 2010

Bellingham WA Home Loans: First Time Home Buyer Basics

"Bellingham home loans"
You've considered it, looked into all of the details and buying property just seems like the next step to take.  It's now time to consider how you're going to pay for the home. Unless you plan on paying for the property up front in full, you're going to want to speak to a lender who specializes in Bellingham wa home loans.
This is the first step to take even prior to looking at property simply because you never quite know what you can afford.  For example, you may think you qualify for a $250,000 home when it turns out, you could actually afford something in the $300-350,000 range. Or it could be other way around.Consequently, it's best to speak with a professional first to know what options are available and which make the most sense for you.

Of course, some lenders are going to be better than others and choosing the right lender can make all the difference.  I personally recommend My Lender Dan Keller for all of my Bellingham wa home loans simply because he's incredibly experienced and gets the job done.  Dan can be contacted at (425)350-7136 or by email @ dan.mortgageadvisor@gmail.com.

How To Qualify for a Home Loan

Home Loan qualifications fluctuate depending on the bank, current economic state, and other factors. In essense, the bank wants to be absolutely positive they are going to get their money back and that you'll pay on time. This is the reason factors such as credit score, home much you make at your job and how long you've been there play such an important role in the process.

If you don't know what your credit score is, go to a site like Credit Check Total and sign up. Once you get your results, speak with your lender to evaluate the options. If for some reason it's too low to qualify or the interest rate is going to be higher than you'd like to pay, speak with a credit repair specialist and map out a gameplan for improving your credit. With the right person, you can typically start seeing results within 30-60 days.

Types of Loans

There are a variety of different types of Bellingham wa home loans available. There are fixed-rate mortgage loans where the interest rate never changes over the life of the loan and there are 'adjustable-rate mortgage loans where the exact opposite happens and the interest rate fluctuates with the current market. There are loans where you pay on the interest only and there are loans that are government backed such as FHA, VA, and USDA. It's important to speak with a lender and find out what loans are out there and which loan would be best suited for you.

In conclusion, if you plan on purchasing property and don't plan on paying the entire balance up front, speak with a good lender. I highly recommend Dan Keller but regardless of who you use, make sure you get pre-qualified and find the best option for you.

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