Mortgage & Financing Resources

Good information now can make buying easier later.

Buying a home usually starts with understanding the numbers.

You don't have to be ready to make an offer, apply for a loan, or even know exactly when you plan to buy before asking questions.

Whether you're six months away, two years away, or simply trying to understand what homeownership might look like, good information can help you get a clearer picture of your options.

The goal isn't to push you into buying before you're ready. It's to help you understand what may be possible and what you can do now to make the process easier later.

Start With the Monthly Payment

One of the biggest mistakes buyers can make is focusing only on the price of the home.

Your actual monthly housing cost may include:

  • Principal and interest
  • Property taxes
  • Homeowners insurance
  • Mortgage insurance, when applicable
  • HOA dues, when applicable

Two homes with the same purchase price can have very different monthly costs.

A good starting point is often asking:

“What monthly housing payment would fit comfortably into my life?”

From there, a mortgage professional can help work backward and estimate what price range and financing options may make sense.

How Much Do You Need for a Down Payment?

You may have heard that you need 20% down to buy a home. That isn't always the case.

Different loan programs have different down-payment requirements, and qualified buyers may have options requiring considerably less. Some qualified buyers may even have financing options that require little or no down payment.

Putting more money down can have advantages. It can reduce the amount you borrow and may lower your monthly payment. But using every dollar you have for the down payment isn't automatically the best strategy either.

After buying, you may still want money available for:

  • Moving expenses
  • Repairs and maintenance
  • Appliances or furnishings
  • Emergency savings
  • The unexpected expenses that come with owning a home

The better question isn't necessarily, “How do I get to 20%?”

It's “What's the right amount for me to put down?”

Don't Forget About Closing Costs

Your down payment isn't the only cash that may be involved in purchasing a home.

Depending on the transaction and financing, there can also be:

  • Loan-related costs
  • Title and escrow expenses
  • Prepaid homeowners insurance
  • Property-tax reserves
  • Prepaid interest
  • Inspections and other transaction expenses

In some transactions, there may also be opportunities to structure an offer so the seller contributes toward certain allowable closing costs.

That's why it's useful to understand the entire financial picture rather than focusing only on the down payment.

Have Mortgage Questions? You Can Ask Before You're Ready.

I work with mortgage professionals I trust who are happy to answer questions even if you're not ready to buy yet.

You are under no obligation to use a lender I recommend. These are simply professionals I am comfortable referring when someone wants reliable information, wants to understand their financing options, or needs help figuring out what steps to take before buying.

Kim Boyko — Senior Loan Officer

1st Security Bank Home Lending
NMLS #105457
Office: 253-286-3564
Mobile: 253-324-1004
Email: kim.boyko@fsbwa.com

Kim is a resource for buyers with questions about conventional, FHA and VA financing, first-time home buying, construction financing and other mortgage options.

Visit Kim Boyko's Mortgage Resource Page →

You don't need to apply for a mortgage simply to ask questions. Sometimes an early conversation can help you understand what to work on and what not to worry about yet.

First-Time Buyer Programs

There are financing and assistance programs designed to help qualified home buyers, including programs for first-time buyers.

Eligibility and availability can vary based on factors such as:

  • Location
  • Income
  • Purchase price
  • Credit and financial profile
  • Loan type
  • The property being purchased
  • Current program guidelines and funding

Programs and guidelines change over time. Rather than assuming you qualify — or assuming you don't — it can be worthwhile to ask a knowledgeable mortgage professional what options are currently available when you begin getting closer to buying.

VA Home Loans

If you're an eligible veteran, active-duty service member or surviving spouse, VA financing may offer significant advantages.

Depending on eligibility and the transaction, VA financing can include benefits such as:

  • No required down payment in many situations
  • No monthly private mortgage insurance
  • Competitive financing options
  • Features designed specifically for eligible military borrowers

VA loans also have specific eligibility, appraisal, property and entitlement requirements. Working with mortgage and real estate professionals who understand VA transactions can make the process considerably easier.

What If Credit Is Holding You Back?

Credit doesn't necessarily have to be perfect to buy a home.

More importantly, I wouldn't recommend making major credit or financial changes simply because something online told you that you should.

Closing accounts, opening new accounts, paying off certain debts, financing a vehicle, transferring balances or draining savings can sometimes affect your mortgage options in ways you didn't expect.

If credit is one of the things standing between you and buying a home, I'm happy to help you understand some of the steps that may improve it and point you toward resources that can help.

There is no credit-repair service to purchase from me and no fee for having the conversation.

Sometimes the most useful first step is simply figuring out what actually needs attention.

Not Ready Yet? That's Fine.

You don't need to apply for a mortgage just because you have questions.

You can start by learning.

  • Find out what affects your monthly payment.
  • Understand how much cash you may need.
  • Learn how your credit fits into the picture.
  • Ask what financing options may be available.
  • Start looking at homes to understand what your budget actually buys.

Then, when the time comes to make a move, you'll already understand much more about the process.

What's Your Next Step?

If you have a question about buying a home, financing, credit, or simply aren't sure where to begin, you're welcome to reach out.

There's no need to be ready to buy. Sometimes a ten-minute conversation is enough to figure out what your next step should be.

John Gregory
Real Estate Broker & Managing Broker
Washington & Idaho