Home Loans In Everett, Washington

Everett is the county seat of and the largest city in Snohomish County, Washington. It serves a diverse community of more than 110,000 residents located 25 miles north of Seattle. The real estate market in Everette is most competitive, scoring 93 out of 100 with an average median price of $600k last year.

Deciding whether or not to purchase a home is a significant decision. But how do you know if you should buy a house or continue to rent?

Let’s go over some of the bases you need to cover before buying a home. 

Signs You’re Ready To Buy A Home

• You Have Your Debts Under Control

Do you believe you’re ready to get a mortgage and buy a house? These indicators will tell you whether or not you’re prepared to take the leap.

• You Have Your Debts Under Control

Everyone is in debt in some way or form, whether from student debt, credit card, or something else. Still, if you’re paying off all your monthly obligations on time and well on your way to becoming debt-free, it might be time for you to consider homeownership and start saving some of your extra cash flow towards a down payment.

• Your Credit Score Is Up To Par

Your credit score has a significant impact on your ability to obtain a home loan. It is usually lower when you are just starting your career or have recently graduated from college but will improve as you pay down your debts and demonstrate that you are a responsible borrower over time. With a credit score of at least 620, you can qualify for most mortgages.

• You Have Money Set Aside For The Purchase

Contrary to popular belief, you do not need a 20% down payment to purchase a home. Though putting a sizeable down payment comes with excellent benefits, it is now possible to buy a home with as little as 3% down on a conventional loan or 3.5% down on an FHA loan. 

Buying a home should make sense if you have the funds to cover the required down payment and closing costs and are earning enough to afford the monthly mortgage payments comfortably. 

• You Have A Stable Income

A consistent source of income is essential for making mortgage payments on time. When determining how much money they will lend you, Lenders will also consider your regular income.

While there is no set minimum income required to purchase a home, there are ways to determine whether you have enough cash flow to qualify for a loan. One method is to compute your debt-to-income ratio (DTI), which lenders use to assess a borrower’s financial capability to take on additional debt. Lenders typically prefer borrowers with a DTI of less than 45%.

• You Need More Space

If you’re single or living with a partner, you might be perfectly content in a one-bedroom apartment. But if you want to have children or start a family, you may need a much bigger place to live comfortably. Even one additional bedroom can make a significant difference.

• You’re In It For The Long Haul.

A home is a significant financial commitment, and most mortgages are for 15 to 30 years. While you don’t have to stay in your home for that long, you should at least make sure that you’ll be living in it for the foreseeable future.

Don’t purchase a home just yet if you still have no idea where your career is going or whether you’ll be staying in the same city for the next few years.  However, if you intend to settle down in one place and start a family, buying a home would be a wise decision.

Mortgage Lender In Everett, WA

Are you ready to take the first step in your homeownership journey?

Buying a home is an important financial decision. Homebuyers need to work with professionals who can guide them through the process and help them make the right choice.  

At Capital Home Mortgage, we prioritize educating our clients and making sure they understand mortgages before they take the plunge. We offer a wide range of home loans – from conventional loans to government-backed loans such as VA loans, FHA loans, and USDA loans – and a flexible underwriting policy that accommodates borrowers of all types.

Become A Homeowner Today!

Should you decide that it’s the right time to buy a home, we have the necessary technologies and resources to expedite the loan application, underwriting, and funding processes. You can count on us to complete the mortgage process on schedule and make your home buying journey as pleasant an experience as possible. Call today at (253) 528-4417.