Imagine building your house on the sand. When the first rainstorm blows through, your new house will most likely be washed out to sea. Without placing your house on a solid foundation you can not weather a disaster. Building a foundation of knowledge about the loan borrowing process is equally important. Here are five steps to help you begin your journey:
Beginning Your Journey
1 . Before you buy a home, attend a free homeownership education course offered by a HUD-approved housing counseling organization or agency.
2. Gather all your financial documents; check your credit history and fix any blemishes on your credit before you apply for a loan.
3. Determine how much home you can truly afford.
4. Keep accurate notes; make a file and keep all loan documents and correspondence in that file.
5. Shop for a lender and compare costs. Be suspicious if anyone tries to steer you to just one lender. Contact the Washington State Department of Financial Institutions
to ensure that you’re working with a licensed professional.
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