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Evergreen Home Loans Opens Doors to the Home Buying Process

Tips for getting a loan in one of the hottest (and toughest!) home buying markets in the country, the Puget Sound region

BELLEVUE, Wash., September, 22 – With August home prices and inventory in King County showing another increase from the year before, the Puget Sound region remains one of the hottest housing markets in the nation. With price wars still a regular part of the market environment, buying a home is a competitive and often confusing process. The local home loan experts at Evergreen Home Loans share insights for navigating through the process of buying a home.

“We’re seeing a lot of activity and no sign that it’s slowing down any time soon,” said Don Zender, vice president and branch manager for Evergreen Home Loans. To help those in the Puget Sound gain an advantage, Evergreen Home Loans is offering five tips to help neighbors in our home region solidify the house they want:               

1.       Don’t be “house poor.” Get your finances in order. Look beyond the monthly payment and down payment. Consider longer term life plans because lifestyle decisions change over time. Adjust for those plans and examine all options for a home loan to fit your needs. This will give you the upper hand when applying for a loan. 

2.       The lowest rate does not equal the best rate.  A low rate can be a barrier if the lender can’t close the loan. An experienced lender with high levels of purchase financing knows how to avoid this pitfall. Shop around. Look for the best available options. 

3.       Down payment could be less than you think. Rumors say that 20 percent is what you should expect to place as a down payment when buying a home. Other financing options, from down payment assistance programs to low-to-moderate income programs can mean the amount can be much less. If you’re thinking about buying a home, seek counsel early to get ahead. 

4.       FICO is not the only score in the game. Just like a second form of identification, you can often qualify with other, “alternative” sources of credit. If you have a utility bill or a cell phone contract, or pay rent, it might be considered with certain loan types. Don’t be stuck on your credit rating.

5.       Preapproval is the secret sauce. A preapproval, beyond the normal prequalification, is the result of a thorough look at your finances from an underwriter. The result is a firm loan commitment from a trusted lender that you can take to real estate agents and sellers. In a tough market like the Puget Sound, this is something that can, and often does, put you above other buyers.

“Homebuyers in Puget Sound shouldn’t be afraid to knock on the door of homeownership,” said Zender. “It’s a great time to buy a house in the Puget Sound region, and a great lender can help first-time, second-time and many-time buyers succeed  in the hot home buying market. Know that many of the common rumors about buying a home may not be as ironclad as you once thought.” 

About Evergreen Home Loans

Headquartered in Bellevue, Washington, Evergreen Home Loans is a full-service direct lender with regional offices throughout the Western United States. For more than two decades, Evergreen has served local neighborhoods with affordable home loan products while focusing exclusively on home lending. A+ rated by the Better Business Bureau and a proud member of the Seattle Mortgage Bankers Association and the Washington Mortgage Lenders Association, Evergreen offers a full range of loan products including FHA and VA, Conventional, Jumbo, USDA loans, and refinancing programs. More information about Evergreen can be found on their website at www.evergreenhomeloans.com. Evergreen Home Loans is a registered trade name of Evergreen Moneysource Mortgage Company® NMLS ID 3182. For individual and company license information visit www.nmlsconsumeraccess.org/.

 

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MEDIA CONTACT:

Chris Guizlo, The Fearey Group for Evergreen Home Loans, 206-422-2394 or cguizlo@feareygroup.com