Applying for a Home Loan

Start With a Mortgage Pre-Approval Before You Begin Your Home Search

If you're planning to buy a home in Seattle or elsewhere in Washington, understanding your financing early can help you approach your home search with greater confidence.

A mortgage pre-approval can help you understand your potential price range, estimated down payment, available loan options and other financing considerations before you begin making offers.

Why Start With Your Financing?

Reviewing your financing before you begin seriously shopping for a home can help you:

• Understand approximately how much you may qualify to borrow
• Establish a comfortable home-buying price range
• Compare potential down-payment options
• Review estimated monthly principal, interest, taxes and insurance
• Identify potential credit, income or asset documentation needs early
• Compare loan programs that may be available for your situation
• Be better prepared when you find a property and are ready to make an offer

What to Expect During a Mortgage Pre-Approval

The pre-approval process generally involves reviewing information about your income, employment, assets, debts, credit and the type of property you're considering.

Depending on your circumstances, you may be asked to provide documents such as:

• Recent pay stubs
• W-2s and/or tax returns, when applicable
• Bank, investment or other asset statements
• Employment and income information
• Additional documentation depending on the loan program and your circumstances

Documentation requirements vary. Providing complete and accurate information at the beginning can help make the review process more efficient.

Explore Home Financing Options

There isn't one mortgage program that's appropriate for every homebuyer. Depending on your qualifications, property, occupancy and other factors, financing options may include:

• Conventional financing
• FHA financing
• VA financing for eligible borrowers
• First-time homebuyer programs
• Jumbo and high-balance financing
• Fixed-rate and adjustable-rate mortgage options
• Bank Statement and other alternative-documentation programs for qualifying borrowers
• DSCR financing for qualifying investment properties

Loan programs, rates, costs, guidelines and eligibility requirements can vary by borrower, property and lender and are subject to change.

Work With a Mortgage Broker

Through Pacific Coast Financial LLC, I can review mortgage options available through multiple wholesale lenders and help you compare financing structures based on your individual circumstances.

The goal is not simply to find a loan, but to help you understand the available options, potential costs and important considerations so you can make an informed financing decision.

Not Ready to Apply Yet?

That's fine. You can start by learning about different mortgage options and then decide when you're ready to take the next step.