How To Buy a House in Spokane, WA
Are you looking to buy a house in Spokane, Washington? Congratulations! Catlin Capital has so much to offer you. Whether you’re buying a home to live in or buying your first investment property, you might be wondering what you need to know to get started, from the required credit score to down payment requirements that might apply. Here is all the information you need to get started on your home buying journey.
Requirements To Buy A House In Washington
There are a number of steps you can take to get started when buying a home in Washington.
Take a deep dive into your finances. The first stop on the home buying journey is to figure out how much house you can afford. The best way to do this is to assess how much money you have set aside for a down payment (more on that below) and how much you can reasonably afford in a monthly payment.
Get pre-approved for a mortgage. Once you think you know what your budget is, it’s time to talk to a mortgage Loan Officer at Catlin Capital about how much you can really afford once they have looked more closely at your financial situation and given you some information about current interest rates and your potential payment. It is very important to get your mortgage pre-approval first to help set your budget and show the seller that you are prepared to close the deal when you make the offer.
Find a local Washington real estate agent. Not sure what part of town you want to live in? A local real estate agent can be an invaluable resource to give you the information you need to know about various neighborhoods. Also, they can help you assess the homes you’re looking at to make sure you find one that’s a good value, relative to the market. Make sure to ask for references, then ask them about their process in order to find a good personality fit.
Begin looking at properties. Now comes the fun part! With a budget in mind, you can more realistically search for the homes in the neighborhoods you like. Your agent can give you all the information you need about the amenities, schools and more to help you make an informed choice. Many properties have online video tours so you can check out the house from the comfort of your couch.
Make an offer on the house you want. Once you settle on the right property, your agent will help you create a written offer that covers all the important details, from the amount you’re offering to any contingencies, such as if you have a home to sell.
Seek a property inspection. It’s always important to have an independent third party do an official inspection. That’s because even the most perfect-looking house might have something lurking – and it could be expensive to fix, like a roof that needs replacement or a foundation that’s collecting water. An inspection will give you the peace of mind that the house is in good shape and/or give you the chance to negotiate the price to cover any necessary repairs.
What Do You Need To Buy A Home In Washington?
Washington is a strong housing market as people flock to the state for its culture and wide variety of options, from small towns to bustling cities. And, that means that the competition can be tight. But don’t worry, you’re sure to find a home in your price range.
Of course, the amount of money you need to buy a home in Spokane depends on your own financial situation, including how much house you can afford, your credit score and the down payment you can afford.
The average credit score needed to buy a house in Washington ranges from 662 – 730, finds one study, but there may be programs available even if your score is lower. It’s important to remember that the higher your credit score, the more likely it is that you’ll qualify for low mortgage rates.
How Much Down Payment For A House In Washington
You’ve probably heard the conventional wisdom that you need to put 20% down on a home in order to buy a house in Washington. Now, that can be wise advice when saving for a down payment because the more you put down, the more affordable your mortgage payment will be each month. And, by putting down at least 20%, you don’t have to buy private mortgage insurance, or PMI.
However, there are a number of other programs designed to help you achieve the goals of home ownership with as little as 3% down.
Are you ready to start your house hunt? With this information on how to buy a house in Spokane, Washington, you should feel confident about the upcoming journey.
You can get started online with Catlin Capital or feel free to speak with one of our Loan Officers at (509) 242-7880.