Home Loans In Bellevue, Washington

Located across Lake Washing from Seattle, Bellevue is the third-largest city in the Seattle metropolitan area. It is home to some of the world’s largest technology companies. Its housing market is so competitive the average price of a house is $1.5M, up 44% since last year.

Do you still live with your parents? Are you looking to relocate to a new city for a job? If this is the case, you may be looking forward to owning your first home or the next one.

The hunt for a new home can sometimes seem long and daunting, so daunting that you avoid taking the first steps. But, contrary to popular belief, purchasing a home does not have to be as stressful, overwhelming, or time-consuming as people make it out to be.

How Long Does It Take To Buy A New Home?

Given current market conditions, you’re likely to spend about a year finding and purchasing your next home. You may spend the majority of that time looking for the right home. 

It is much harder to find a home that fits your needs and budget these days as the forces of supply and demand has tipped in the scales in favor of the sellers. 

Homebuying Timeline

• Getting Preapproved For A Mortgage (One or Two Days)

The first step in obtaining a mortgage is to apply for pre-approval, where your lender verifies your financial information to determine how much you can afford. If you qualify, your lender will issue a letter outlining an official estimate of the loan they are willing to offer you.

• Shopping For A New Home (3 to 6 Months)

Searching for the right home is commonly the most time-consuming part of the home buying process. If you’re looking for a home in a hot real estate market, it could take you a few months to a year to find a home that ticks all the right boxes. 

The best way to expedite this step in the process is by working with a real estate agent that knows the area and the market well.

• Making An Offer (Depending On How The Negotiations Go)

When you’ve found the perfect home and are ready to buy, your real estate agent can assist you in making an offer and drafting an offer letter highlighting the terms of the sale.

If you’re making an all-cash offer, include a Proof of Funds letter to demonstrate your financial capacity to complete the transaction. If you’re taking out a mortgage, attach your pre-approval letter to your offer to show the seller that you’ve been pre-approved by a lender.

• Finalizing Your Mortgage and Preparing For Closing (About 1 Month)

Now that you’ve signed your purchase agreement, you’re ready to start the mortgage application process. Most lenders need 30 – 45 days to finalize your loan details.  Your lender will schedule an appraisal to ensure that your home meets the minimum requirements of your mortgage and then underwrite your loan.

During this time, you should also consider getting a home inspection to find out if there are any issues in the property you were not made aware of. 

• Closing Your Loan (A Week or Less)

When your appraisal is cleared, and your lender has finished underwriting your loan, it is time to close. 

Before the closing, your lender will issue a document called Closing disclosure, which outlines the terms of your loan. You have at least three days to read it.

After three days, your lender will schedule a closing meeting. This is where you sign your loan documents, pay your down payment and closing costs, and take possession of your new home.

Mortgage Lender In Bellevue, WA

Are you looking to purchase a new home in Bellevue? Capital Home Mortgage can walk you through the process and assist you in making the best decision. We offer a variety of home loan programs to meet the needs of every buyer – from conventional loans to government-backed loans and jumbo loans.

As one of the leading mortgage lenders in Washington, Capital Home Mortgage has the advantage of providing our clients with a flexible underwriting policy,   low fees, and competitive interest rates. Whether you are a first-time homebuyer, active duty or retired veteran, or a seasoned buyer, we are here to assist you.

Apply For A Bellevue Home Loan Now!

Capital Home Mortgage is committed to creating a positive home buying experience for our clients. We know that time is of the essence in real estate transactions. This is why we equip ourselves with the necessary technology and resources to speed up the loan application, underwriting, and funding processes.  

You can count on us to complete the application process quickly and smoothly and close your mortgage on time.

Call us at (253) 528-4417; we look forward to providing your Bellevue Home Loan.