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- Valuable Tips For Home Buyers Before You Buy! -

 - Valuable Tips For Home Buyers Before You Buy! -
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Posted By:
Bruce Felt
Posting ID:
Spokane - Coeur D'alene
 financing   home   loans   local 
Listing Type:Single Family For Sale

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Buying a Home? Plan Ahead!
Bruce Felt
Loan Consultant
Inland Mortgage, Spokane

For many, this is the single largest financial investment most people will ever make...and it should be treated as such. As a first-time or move-up buyer, Inland Mortgage wants to help you plan ahead before you begin your home search. Here are important factors that will determine the value of home you can afford.

* Pre-Approval - Before you begin house hunting, always get pre-approved! A quick five-minute conversation will allow for a review of your income, liabilities and credit history.

* Down Payment - Save for a down payment! Typically, you must put at least 3.5% (FHA) or 5% (conventional) down. (VA Loans require 0% down). Gifting is allowed (in particular, FHA) but there are specific requirements for each eligible program. There are exceptions, so contact me to discuss your personal loan situation.

* Credit History/Score - Minimum credit scores are required for all loans. For FHA loans, 620 is standard while 660/680 is the minimum for conventional loans. There is a direct correlation between a higher credit score and a lower interest rate that will save you money. Please contact me so we can review your credit report and give a personal financial consultation.

* Monthly Financing - Determine how much you can afford in a monthly mortgage payment. After we, as lenders, have calculated the maximum of what you can afford, only YOU can determine what amount you feel comfortable paying each month. This will determine the price point of home you will want to purchase. Take into consideration all of your expenses including your monthly payments (credit cards, car, etc.), auto insurance, grocery and other shopping expenses, utilities, phone bills, savings and retirement funds and entertainment/leisure costs.

* Inside a Mortgage Payment - Donít be misled by simplified mortgage calculators on websites. Home buyers need to be fully aware of what goes into a mortgage payment. Principal, Interest, Taxes, Insurance (PITI) and Mortgage Insurance (when required) can all be a part of a mortgage payment. Mortgage calculators cannot be precise without these four (or 5) pieces of information. I can accurately calculate your mortgage payment in just a few minutes, giving you a clear picture of your financial options.

WHO IS INLAND MORTGAGE? Located in Spokane for the past 16 years, Inland Mortgage is backed by 50 years of industry experience carrying a 5-Star Rating as a Correspondent Banker. That simply means quicker, one-stop customized lending without the multi-layers of bureaucracy. We offer quality service that is efficient, personal and cost-effective to you!

Please contact me at Inland Mortgage (509-755-5626) or email through "Contact" below to find out how I can provide mortgage services to you!

Bruce Felt
Loan Consultant
Lic. #MLO-180666

Inland Mortgage
910 West Sprague, Spokane, WA 99201

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