A few years ago, a mom called to make an appointment — not for herself, but for her two adult children. She was proud of them, both hard-working and responsible, and she thought they should be buying a home instead of renting. They came in together, and it turned out to be one of my favorite kinds of consultations.
They were doing a lot of things right. But they were also missing a few pieces that lenders look for: established credit history, a longer employment track record, and some savings set aside. Rather than push them into a loan they weren’t fully ready for, we put together a plan. A year or so later, they were in a much better position.
That kind of conversation happens more often than you might think. And it’s one of my favorite parts of this job — helping people get their financial house in order before they buy a home, so they can do it with confidence and on the best possible terms.
If you’re not quite ready to buy yet but want to be, here’s what I typically recommend. [Read more…]
When a lender looks at your mortgage application, one of the first numbers they calculate is your debt-to-income ratio — or DTI. It’s one of the most important factors in determining how much home you can afford and whether you’ll qualify for a mortgage in Washington State.
Someone you care about — a child, sibling, parent, or close friend — needs help qualifying for a mortgage or large loan. They’ve asked you to co-sign. You want to help, so you say yes.
One of the most common questions I get from home buyers in Washington State is: how much should I put down? The short answer is: it depends. But the longer answer is actually pretty interesting — and knowing the tradeoffs can save you real money.
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