Category: Homebuyer basics

Homebuyer basics

How Much House Can I Afford?

Kristin M Eklund NMLS #1872091
Kristin M Eklund NMLS #1872091
Senior Mortgage Consultant NMLS 1872091 at NW Alternative Mortgage NMLS #1522364
30 year veteran in the mortgage industry, experienced in all phases of the mortgage process.
Have helped buyers of all types and financial levels and worked on 1000's of loans.
There is always something new!
Kristin M Eklund NMLS #1872091
Latest posts by Kristin M Eklund NMLS #1872091 (see all)

You can expect that your house payment should be no more than about 30% of your gross (before taxes) monthly income. A payment consists of the Payment and Interest on the Loan (PI) plus one month of the property Taxes and Insurance (TI). Take the 30% of your gross income …

Homebuyer basics

Learning the Ropes of Mortgage Loans

At its simplest, a mortgage is a loan that you take out to buy a property. Whether it’s a house, a condo, or even a piece of land, a mortgage is the financing you get for Real Property aka Real Estate. The collateral for the loan is the property that is being purchased. When you take out a mortgage, you’re borrowing money from a lender, like a bank or a credit union. In exchange for the loan, you agree to pay back the money over a set period of time, usually 15 or 30 years. Each month, you’ll make a payment that includes both the principal (the amount you borrowed) and the interest (the fee you pay for borrowing the money). The interest rate you pay will depend on a number of factors, including your credit score, your income, and the current state of the housing market.

Homebuyer basics

Your lender requires an appraisal, do you need a home inspection too?

Kristin M Eklund NMLS #1872091
Kristin M Eklund NMLS #1872091
Senior Mortgage Consultant NMLS 1872091 at NW Alternative Mortgage NMLS #1522364
30 year veteran in the mortgage industry, experienced in all phases of the mortgage process.
Have helped buyers of all types and financial levels and worked on 1000's of loans.
There is always something new!
Kristin M Eklund NMLS #1872091
Latest posts by Kristin M Eklund NMLS #1872091 (see all)

There is a proverb that says a wise person has many counselors. So it is when you are purchasing real estate. When you get a mortgage loan, most of the time a lender will require an appraisal of the property to show that it supports value of the price you …

Homebuyer basics

What the heck is underwriting? Should I be afraid?

Kristin M Eklund NMLS #1872091
Kristin M Eklund NMLS #1872091
Senior Mortgage Consultant NMLS 1872091 at NW Alternative Mortgage NMLS #1522364
30 year veteran in the mortgage industry, experienced in all phases of the mortgage process.
Have helped buyers of all types and financial levels and worked on 1000's of loans.
There is always something new!
Kristin M Eklund NMLS #1872091
Latest posts by Kristin M Eklund NMLS #1872091 (see all)

So much has been attributed over the years to the All Powerful Underwriter – you know, the person(s) who has the power to make or break your deal. But is this really true? What is this mysterious force that stands between you and your new home or investment or a …

Homebuyer basics

I’m getting a mortgage – what’s the process?

Kristin M Eklund NMLS #1872091
Kristin M Eklund NMLS #1872091
Senior Mortgage Consultant NMLS 1872091 at NW Alternative Mortgage NMLS #1522364
30 year veteran in the mortgage industry, experienced in all phases of the mortgage process.
Have helped buyers of all types and financial levels and worked on 1000's of loans.
There is always something new!
Kristin M Eklund NMLS #1872091
Latest posts by Kristin M Eklund NMLS #1872091 (see all)

As we quickly leave behind the dumpster fire of 2020 and move into the hope of something better, MANY are purchasing homes! Whether it’s the newly found option of WFH (work from home) or it’s just time to refinance and reduce expenses or take cash out to refurbish, you likely …

Homebuyer basics

Should I keep renting or buy a home?

Kristin M Eklund NMLS #1872091
Kristin M Eklund NMLS #1872091
Senior Mortgage Consultant NMLS 1872091 at NW Alternative Mortgage NMLS #1522364
30 year veteran in the mortgage industry, experienced in all phases of the mortgage process.
Have helped buyers of all types and financial levels and worked on 1000's of loans.
There is always something new!
Kristin M Eklund NMLS #1872091
Latest posts by Kristin M Eklund NMLS #1872091 (see all)

In 2008, the real estate market crashed with an almighty thud and many found themselves homeless. Many of those former homeowners swore off homeownership and who can blame them? But, were those who were renters any better off? If you couldn’t pay your housing expense or worse yet, your landlord …

Homebuyer basics

Homebuying 101 – Basic terms and tips

Kristin M Eklund NMLS #1872091
Kristin M Eklund NMLS #1872091
Senior Mortgage Consultant NMLS 1872091 at NW Alternative Mortgage NMLS #1522364
30 year veteran in the mortgage industry, experienced in all phases of the mortgage process.
Have helped buyers of all types and financial levels and worked on 1000's of loans.
There is always something new!
Kristin M Eklund NMLS #1872091
Latest posts by Kristin M Eklund NMLS #1872091 (see all)

If you haven’t owned a home in the last three years you are probably eligible for a first time homebuyer program! These have many advantages like access to Down Payment Assistance (DPA) depending on your location and income level that can pay all or part of your way into a …