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Getting Ready to Buy a Home

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Buying a home is one of the most important steps in one’s life, so we have put together some advices hoping that we can help make your home buying process easier.

SAVE FOR DOWN PAYMENT AND CLOSING COSTS
With most loan programs you will need to put between 3% to 20% of the home’s price and this can come in a form of a Gift Down Payment. The one exception to this rule is the VA loan program where you can do up to 100% financing.

**Do you want to know if you qualify for a VA loan? Go here http://davidhaleymortgage.com/va-loans/ **

Other cash expenses are the closing costs. According to Zillow, “…home buyers will pay between about 2 to 5 percent of the purchase price of their home in closing fees. So, if your home cost $150,000, you might pay between $3,000 and $7,500 in closing costs. On average, buyers pay roughly $3,700 in closing fees, according to a recent survey.”

However, each case is different so you should talk to your Loan Officer, she or he will give you a Loan Estimate which will give you an idea of what your closing costs will look like. Remember this is only an approximation and these numbers may change.

COLLECT DOCUMENTS
Providing the right documents to ensure your capability to qualify for a Home Loan is very important. Start collecting your financials: W-2’s, paystubs, bank statements and copies of your last two tax returns. Of course, required documents vary from person to person, but these are the basic documents that you will want to gather.

KNOW WHAT YOU CAN AFFORD
According to Money Under 30 you should “Aim to keep your mortgage payment at or below 25 percent of your pretax monthly income” and “[Try to] keep your total debt payments at or below 33 percent of your pretax monthly income.” (THIS ARE THE IDEAL NUMBERS), however most find this to be too tight for their buying opportunity.

BUILD YOUR SAVINGS ACCOUNT
Now that your expenses will increase with a monthly mortgage payment, taxes, insurance, utilities and others, it is best practice to have a good amount of money in your savings for emergencies.

GET PRE-APPROVED FOR A MORTGAGE
You don’t want to find your dream home and then find out that you cannot get financing to purchase it! Make sure that you can actually get a loan before you start home shopping. Talk to your family members, friends or co workers and ask if they know a Loan Officer that you can work with.

LOOK FOR A REALTOR
Finding a Realtor that you can trust is very important. Make sure you ask these 9 important questions.

LOOK FOR HOUSES
Your Realtor will most likely put you in a Home Search site or program, so you can get notifications whenever a house fits your criteria. But you can also look on your own; there are different kinds of Home Search Engines, so you have a lot of options out there.

A good Home Search App we recommend is Home Scouting, it has accurate Listings and live, real up-to-date active homes, unlike other Real Estate search sites, it lets you save searches and favorite homes, it’s private and does not sell your name or contact information.

To download the Home Scouting App:
iPhone: https://itunes.apple.com/us/app/homescouting/id643321575
Android: https://play.google.com/store/apps/details?id=com.hbsr

After downloading the app, use this code: 4254716039

We hope these tips help you to get you ready to buy a home, and please do not hesitate to contact David Haley if you have any Home Loan questions. Don’t delay and call today! 425-471-6039

Happy House Hunting!
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Brighten Your Home

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Mirrors
Enhance your room’s natural light by hanging a mirror on a wall that faces a window, the mirror will reflect the light and your room will look brighter. You can also hang the mirror facing a lamp. Play with the mirror’s placement and see what works best for you.

Colors and Texture
Choosing a different color for your walls and ceilings can change a room’s appearance dramatically; you can choose lighter shades of paint for most of your room and then add contrast with a darker or bolder color for your floor, door and window’s trim. Even if it does not seem like it, texture can be detrimental to or help enhance light in a room, matte finishes are better than glossy ones since they offer a more subtle impression and reflect light as well.

Light Curtains
Using bulky and heavy curtains in a room that is already dark won’t let any natural light in. Try lighter, airy curtains and you will see the difference. If you are concerned about your privacy, you can always get blinders in a neutral painted or pale wood finish.

Use brighter Light bulbs
You can replace them with higher light intensity bulbs such as compact fluorescent bulbs (CFLs) of a lower wattage but higher light output. You can also try different light coloring. Daylight bulbs usually provide a cooler, bluer, more vivid light. Take a look at this blog to learn more about lightning.

Then and Now

Many 20-something and even 30-something young Americans are already in the zone of house- dreaming. Maybe you’re one of those in the zone who’s paying rent or paying off student loan and wondering if it would ever happen that you’d get to own a house. It looked somewhat easy for your folks to procure their first house, some 40 years ago, when they were in their late 20’s. While by historical standards the mortgage rates per month have been kept low, the prices of homes have soared and that makes down payments tougher to cover these times.

If your intention is to establish your first home in an expensive neighborhood, then you should start saving early and for longer for the down payment. Money down for great locations fetch as high as 24% of the purchase price. However,do look around at more affordable locations that will not stretch your budget too far. It will also allow you to establish roots sooner than later. Also, shop around for first-time homeowners’ programs as in government-sanctioned companies that offer easy down payments.

Affording Expert Help in Lynnwood

Helping young people, like yourself, on the goal towards home ownership is one of Dave Haley’s expertise. Many first-time homeowners come in with just their dream and maybe a lot of savings for the down payment and very little else. When it comes to home loans, you must arm yourself with its intricacies, like available options, fixed and adjustable rates, monthly interests, and loan terms.

If you’ve found your target home anywhere in Lynnwood, Bothell, or in Mill Creek region, where communities are lovely and homes are affordable, David can surely find you the best alternatives that will work in your particular circumstance. Let David make mortgage easy for you with a payment plan within your means that allows you to keep your home and your credit score for years ahead.

Prosperity on the Rise

The Seattle Times reports more Americans are buying homes during these times of high-priced houses. Indeed, recovery of the housing industry is well on its way as more and more households experience the boost in income and lifestyle. Stock portfolios, mutual funds, pension plans, and savings and checking accounts also are soaring.

In the second quarter this 2016, mortgage debt rose 2.5 percent at a seasonally adjusted annual rate. It was the biggest gain in a quarter in more than eight years. More people are taking on loans with the rush of household wealth, buying themselves homes, hence, driving up market sales which reached a nine-year high this June. Ownership equity now equals 57.1 percent of the value of Americans’ homes. It’s the highest level since 2006.

With more confidence and financial freedom, Americans were observed cashing -out on their home equities and refinancing their mortgages. The additional gains are used for more spending, like home improvements. We are actually seeing affluency on the come-back.

Thinking of Cash-out Refinancing in Lynnwood

Are you really committed to refinancing your housing loan? Certainly you would want to get more on a second loan to be able to spend more. You want savings and you want to know all your options to get the best out of an otherwise sticky situation. Come to Lynnwood and consult with one of the wizards in refinancing. David Haley has been a friend and confidant in many cases of loan refinancing. What you’ll know from David is a ton of help and that’s only with our mortgage company in Lynnwood.


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