Also, when you buy a home, you’ll have pride of ownership, which gives you the ability to do just about anything you’d like to your property. You can paint the walls any color, remodel any room, and do anything you’d like to turn your house into a home. In addition, if you pay private mortgage insurance or PMI, you may be able to deduct it from your taxes and reduce your overall tax burden.

Lastly, owning a home offers a sense of stability for you and your family. You can build long-lasting relationships within a community. This is a particular advantage if you want to feel a sense of belonging or ensure your children have a place where they truly feel at home.

If you’re serious about buying a home, you owe it to yourself to get preapproved. With a preapproval, you can show sellers the size of the home loan that a lender is willing to offer you and the amount you feel comfortable borrowing. While it may be tempting to hold off on the preapproval process until you’re ready to buy, doing so can cost you. 

By getting approved sooner rather than later, you can find out where you stand early on and potentially improve your terms. You may also position yourself as a serious buyer and be prepared in the event the perfect property comes your way sooner than you expected. Since preapprovals are free, you have nothing to lose. 

Purchase Option FAQ’s

How much can I expect to pay in closing costs?

Closing costs include a variety of fees for services necessary to finalize a home loan. On average, closing costs range from 2% and 5% of the loan amount.

Do I need a certain credit score to buy a home?

The credit score you need to take out a home loan depends on the loan you choose. For a conventional loan, you should have a score of at least 620 or higher. Government backed loans like the FHA, USDA, and VA loans come with more lenient credit requirements.

What if I receive a gift for a down payment?

If a relative or friend donates a certain amount of money to use toward your down payment, you need a gift letter that explains there is no loan or obligation of repayment involved. Since there may be tax implications, it’s a good idea to consult a CPA or other tax professional.

How do I start the home loan process?

Whether your goal is to take out a new loan or refinance your existing loan, I’ll be here for you every step of the way. To get the process started, don’t hesitate to fill out my convenient online form.

Let's Chat!

Contact Kevin Pennington

If you are interested in a home loan, please fill out our online application form or contact Kevin M. Pennington.

P: (425) 894-7852

803 Kirkland Ave, Suite 202
Kirkland, WA 98033

Kevin M. Pennington
Mortgage Broker
NMLS 1534892

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