Where do I start?
Before looking at homes, it is helpful to get pre-approved for financing. Visit the get pre-approved page for a list of lenders I personally recommend, or choose someone with whom you are familiar. After securing your pre-approval, you can start your home search in a price range you're comfortable with and be more prepared to act when the you find the house you want.

What is the difference between Pre-Qualified and Pre-Approved?

Pre-Qualified:  Buyer has provided verbal and sometimes hard copy information regarding their income, expenses, assets and liabilities.  Their credit report may also have been obtained.  A Pre-Qualified buyer, at best, can provide the seller with a letter stating an opinion of what they can afford. This has no real value to a prospective seller.

Pre-Approved:  Buyer has provided written evidence of income, expenses, assets, liabilities and credit.  All information has been verified.  As a result, much of the paperwork for the buyer's loan has been completed.  Buyer is able to furnish a pre-approval letter (from the lender) to the seller stating that they are financially capable of purchasing a property.  This buyer will be able to close quickly.

How much can I afford?
How much you can afford depends on your income, the amount you have for a down payment, outstanding debts, credit history, the type of mortgage you select and current interest rates.

What information do I need to give the lender when I meet with them?

These documents will be necessary from each borrower who will be on the loan application.

• Home address(es) for the previous two years.
• Your social security number.
• Employment information for the previous two years including empoyer name, address and phone number.
• Paycheck stubs-last two consecutive.
• W-2 forms and personal tax returns for the last two years.
• Detail of any other income sources.
• Last two months statements for the following:
  Bank accounts
  Investment accounts
  Asset accounts
  Retirement accounts

Are there any first-time buyer programs?
There are various programs available for first-time buyers. The best way to get the most current information is to contact lenders who offer government-insured loans. Another source to look at is the Seattle King County Housing & Community Development Program

What are some of the costs associated with buying a home?

• Escrow fees. Buyers usually pay one half of the escrow fees unless they are getting a government loan (VA or FHA).
• Loan origination fee. To cover the cost of the administration costs of the lender.
• Title Insurance. A policy the lender requires.
• Appraisal. Lenders require an appraisal of the properties value.
• Inspection. These average around $325-$500 depending on the size of the home and the inspector.
• Pro-rated property taxes. At closing, the buyer and the seller are responsible for taxes during the time of their ownership.
• Home owners' dues. This applies to condominium and co-op purchases only.
• Wire transfer and courier fees.
• County recording fee.