Financing

Financing Tips for your next Whidbey Island real estate or home.

If you have been thinking of buying a home on Whidbey Island, now is a great time. Whether this is your first time buying or you are an old pro at it, there are still some things you will want to have in place before buying a piece of property.

Make sure you have your finances under control and you know them.

This may be the biggest issue and it needs to be the first. Before you sit down with a lender make sure you know your own finances and are not surprised by anything they may find. If you have swept credit problems under the rug and don't know your credit score or report, now is the time to think seriously about it. Get a free copy of your credit report.

You can get this copy from one of the three major resources, Experian, Equifax and Trans Union.

You Also want to make sure you have some extra reserves set aside for expenses needed during the transaction. You will need earnest money deposit which is about 1-3% of the actual purchase price. Plus you will need funds for the inspection costs that are typically $300-$800 depending on the service.

Once you have funds in order and you know your finances well, then it's the time to sit with a lender and go over your finances with them. They will determine how much money your income can afford to go towards a house payment. They will also take into consideration your debts and liabilities. Once they have a figure nailed down they will typically issue you a letter of pre-approval. This letter is very valuable when presenting an offer to sellers. It shows the sellers you are a serious buyer and have already done the homework necessary to aquire a home.

With the pre-approval letter in hand and everything set up with a lender, you are ready to look at homes. But at this point, you don't want anything to jepordize your financial situations so now is not the time to apply for any other loans or make large purchases. If you need to buy a car, don't do it until after you have closed on the house. It is advisable not to spend a large chunck of money at least 6 months before you apply for a home loan. Your financial situation can still be compromised from offer to closing if you have done anything major with your finances.

For more tips on your finances, or to get in touch with a reputable lender in your area, please call us right away. We deal with all Whidbey Island real estate and can help get you into the right home today.

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