So, you want to become a homeowner.

LET'S GET STARTED!

What neighborhoods or areas do you like and would want to live in?

What is your budget? Both upfront costs and what you want to keep your total monthly payment at.

What are your absolute must haves when it comes to your future home?

The Path to Home Ownership

Things to Consider Before Purchasing

Down Payment

How much do you have that you can put towards a purchase? The amount you put down is going to affect your loan costs. Also, know that if you put down less than 20%, you may incur private mortgage insurance (PMI).

Length of Ownership

How long are you going to own this property for? Two years? Five years? The length of this investment might determine how much you should invest in it upfront and what term loan you should do.

Schools

Do you have children and are they going to be attending public school? If so, it is always a good idea to research schools in the local area to determine what might be a best fit for your children and your family.

Home Expenses

Buying a house comes with additional expenses that go beyond the normal things we think of, like property taxes. If you are used to a 900 SF apartment and upgrade to a 2,000 SF home, you need to consider the additional costs that come along with this, such as heating/cooling 1,100 additional SF. Know the numbers and potential costs, so that you don’t have any surprises!

Type of Property

Do you want a single family detached house or are you thinking of a condo? There are various types of property that you can buy and ownership rights vary. It is important to be aware of how different types of property differ, so that you can make the decision regarding which type of property is best for you.

HOA or No HOA?

A home owner’s association can offer many benefits such as neighborhood amenities or ground maintenance. These services come at a cost though and it is important to know exactly what you are signing up for when you purchase a property that is subject to an HOA. Membership is mandatory so once you become an owner, you are required to abide by the rules.

Frequently Asked Questions

and answers!

HOW LONG DOES IT TAKE TO PURCHASE A HOME?

The length of a transaction can vary depending on if you are purchasing (or selling) a property where there is financing involved. Some loans take longer than others, but I like to tell people that you are typically looking at a 30-45 day time frame from mutual acceptance to the closing of a home.

This means that if you are the buyer, once you have a signed around contract, then you are roughly 30-45 days out from owning it, if all goes well.

WHAT ARE SOME DIFFERENT LOAN PROGRAMS?

This is a great question for your lender, but I think it is important to arm yourself with as much information as possible, so that you are better equipped to ask your lender how each loan might benefit you and ultimately, determine what your best option might be.

The most common loan programs are:

Conventional Loans:

Usually with this type of loan, a minimum of 5% is required for a down-payment. I do know that there are some programs that may allow a lesser amount (ask your lender!). With a conventional loan, you usually have private mortgage insurance (PMI), but it falls off once you obtain 20% equity in your home.

FHA Loans:

An FHA loan is a government backed mortgage, issued by the Federal Housing Administration. This type of loan allows borrowers to put as little as 3.5% down. This type of loan could be good for :

Individuals who have less than ideal credit, who want to purchase a home, but cannot qualify for a conventional loan.

USDA Loans:

This type of loan is also known as the USDA Rural Development Guaranteed Housing Loan Program, and it is backed by the US Department of Agriculture It is a zero down payment mortgage and there are certain guidelines that borrowers must meet, to obtain financing. These requirements include income limits, as well as geographical restrictions, among others.

Jumbo:

A jumbo mortgage is when a loan amount is above the conventional conforming limit. In 2019, The Federal Housing Finance Agency changed the maximum conforming loan limit, for a single unit property to $484,350. Jumbo mortgages can sometimes have a higher interest rate, but can also be a good option, if you are looking to purchase an expensive property.

VA Loans:

A VA loan is available to United States Veterans and Service Members. This type of loan is insured by the United States Department of Veteran Affairs and offers a zero down option, with no private mortgage insurance.

WHAT ARE SOME GOOD RESOURCES THAT CAN HELP ME DETERMINE FUN THINGS TO DO IN THE PNW?

I am a BIG believer in doing your research! We are so fortunate to live in the age of Google and while you can research away, some of my favorite websites are:

www.visitvancouverusa.com

www.travelportland.com

www.thrillist.com

www.thecrazytourist.com

Some of my Favorite Online Resources

They sound simple, but trust me, sometimes less is more!

What past clients had to say about working with me.

Scott K. (Vancouver, WA)

"Lauren was an amazing realtor for buying our first home! She was ALWAYS available to us and very knowledgeable in the home buying process, so very helpful. We are so thankful we had Lauren to help us!"

Morgan R. (Gresham, OR)

"Lauren is an amazing and professional agent. She goes above and beyond to not only make sure you are happy but to help get your home sold. She responds quickly and keeps you updated on every detail of the process. I would highly recommend her to other buyers and sellers. Thank you Lauren!"

Mandy K. (Ridgefield, WA)

"Lauren and her team are the best. I am 53 years old buying my first house, and Lauren held our hands all the way through the process. I could not have imagined doing this journey without her. Highly recommend her."