Home Loans In Vancouver, Washington

Vancouver is a city on the north bank of the Columbia River and the fourth-largest city in Washington state. Its real estate market increased by 9.7% in 2021, with a median price of $459,000.

Buying a home in Vancouver, mainly as a first-time buyer, might entail a slew of unexpected expenses. Aside from your mortgage, insurance, and closing expenses, there are several other expenses that you may want to budget for so they don’t sneak up on you at the last minute.

Additional Costs Of Buying A Home

Factor these expenses into your budget to avoid surprises when buying a home.

• Certified Home Inspection

Many homeowners don’t think about the cost of a home inspection because it isn’t required. A house inspection is a process in which a property’s interior and exterior are thoroughly inspected to identify any problems. This is one of the best ways to ensure that you don’t buy a home with hidden issues.

Depending on where you live, a home inspection might cost anywhere from $200 to $600 or more.

• Appraisal Fee

The property will need to undergo an appraisal before the loan agreement is finalized. An appraisal is similar to a home inspection but with some fundamental differences.

The primary purpose of a home appraisal is to determine the property’s market value, not look for potential problems. If the property’s appraised value falls below the agreed-upon purchase price, you have the option to walk away from the deal.

Your mortgage lender may be able to assist you in arranging an appraisal, but you will be responsible for the cost of the service, which can range from $300 to $600.

• Closing Costs

It’s essential to remember that the down payment isn’t the only thing you’ll have to pay when closing on your mortgage.   You should also anticipate paying between 3 and 6 percent of the home’s purchase price in closing costs, which are a variety of additional fees that you’ll have to settle when you close on your loan.

The seller may agree to cover a portion of the closing costs, but the buyer usually pays the majority of these fees.

• Mortgage Insurance

A mortgage loan necessitates some type of insurance coverage, whether it’s homeowners insurance or private mortgage insurance (PMI).

PMI is a type of insurance paid by conventional loan borrowers with less than 20% down payment. PMI charges between 0.5% and 1% of the loan amount and must be paid until the borrower reaches 20% equity. Mortgage insurance safeguards the interest of the lender in case the borrower is unable to pay back the loan.

Unlike mortgage insurance, homeowners insurance is a cost you pay to protect yourself and your lender in case of damage to your home due to unforeseen events such as fires, storms, and other hazards. Homeowners’ insurance may also cover liability costs.

• Home Maintenance and Repairs

Home maintenance and repairs can be an unexpectedly expensive part of the home-buying process. Repairs and renovations are unavoidable, especially if you purchase an older home that may require some TLC. 

While this isn’t an easy cost to budget for because what falls into bad condition can be unpredictable, it’s safe to anticipate spending around 1% (or more) of your home’s purchase price on maintenance each year.

• Moving Costs

When you add up all of the costs of purchasing a new home, you may overlook the fact that the process of actually moving there will most likely cost you money as well. The average long-distance transition can cost around $4,000, while a local move costs approximately $2,500.

If you have a lot of stuff and will be hiring a moving company to help you pack and move long-distance, you should expect to pay at least $10,000.

Vancouver, WA Mortgage Lender

Buying a house comes with many unexpected costs, so it’s important to research some of the expenses you might have to cover before committing to a mortgage. When you do decide to go ahead with it, make sure you work with a reputable mortgage lender in your area.

Capital Home Mortgage is a direct mortgage lender in Vancouver, WA, that offers a broad range of mortgage products, including FHA, VA, Conventional, USDA, Jumbo, and HUD 184 Native American home loans.

We are committed to offering our clients lower costs and interest rates while still providing an exceptional level of service that is tailored to their specific needs and requirements.

Your Best Choice For Washington Home Loans

Capital Home Mortgage is a direct mortgage lender, which means we manage the loan process from start to finish and make all the decisions from application to funding.

You can rely on our mortgage professionals to provide you with trustworthy, candid advice on all mortgage-related issues, as well as to simplify and expedite the entire process. We are eager to put our knowledge and expertise for you.