Bruce Felt - Inland Mortgage Home Loans

Financial Tips for Home Buyers Before They Begin!

02-14-11

BUYING A NEW HOME? BE PREPARED!
Bruce Felt
Loan Consultant
Inland Mortgage, Spokane

For many, this is the single largest financial investment most people will ever make...and it should be treated as such. As a first-time or move-up buyer, Inland Mortgage wants to help you plan ahead before you begin your home search. Here are important factors that will determine the value of home you can afford.

* Pre-Approval - Before you begin house hunting, always get pre-approved! A quick five-minute conversation will allow for a review of your income, liabilities and credit history.

* Down Payment - Save for a down payment! Typically, you must put at least 3.5% (FHA) or 5% (conventional) down. (VA Loans require 0% down). Gifting is allowed (in particular, FHA) but there are specific requirements for each eligible program. There are exceptions, so contact me to discuss your personal loan situation.

* Credit History/Score - Minimum credit scores are required for all loans. For FHA loans, 620 is standard while 660/680 is the minimum for conventional loans. There is a direct correlation between a higher credit score and a lower interest rate that will save you money. Please contact me so we can review your credit report and give a personal financial consultation.

* Monthly Financing - Determine how much you can afford in a monthly mortgage payment. After we, as lenders, have calculated the maximum of what you can afford, only YOU can determine what amount you feel comfortable paying each month. This will determine the price point of home you will want to purchase. Take into consideration all of your expenses including your monthly payments (credit cards, car, etc.), auto insurance, grocery and other shopping expenses, utilities, phone bills, savings and retirement funds and entertainment/leisure costs.

* Inside a Mortgage Payment - Don't be misled by simplified mortgage calculators on websites. Home buyers need to be fully aware of what goes into a mortgage payment. Principal, Interest, Taxes, Insurance (PITI) and Mortgage Insurance (when required) can all be a part of a mortgage payment. Mortgage calculators cannot be precise without these four (or 5) pieces of information. I can accurately calculate your mortgage payment in just a few minutes, giving you a clear picture of your financial options.

+ Located in Spokane for the past 16 years, Inland Mortgage is backed by 50 years of industry experience carrying a 5-Star Rating as a Correspondent Banker. That simply means quicker, one-stop customized lending without the multi-layers of bureaucracy. We offer quality service that is efficient, personal and cost-effective to you!

Please contact me at Inland Mortgage (509-755-5626) or email me at bruce@inlandmort.com to see how I might be of service to you!

Bruce Felt
Loan Consultant
Lic. #MLO-180666
bruce@inlandmort.com

Inland Mortgage
910 West Sprague, Spokane, WA 99201
509-755-5626

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Bruce Felt - Inland Mortgage Home Loans
Inland Mortgage Home Loans

Bruce Felt - Inland Mortgage Home Loans: Loan Officer in Spokane, WA

Office: (509) 755-5626

Mobile: (509) 251-9961

Bruce is an experienced, state and nationally licensed (Lic.# MLO-180666) Loan Consultant for Inland Mortgage Home Loans in Spokane.

ABOUT BRUCE

Having moved to Spokane in 1990, my wife, Nadine, and I had always planned to return to the West Side where each of us had been raised. Then we bought a home, had a couple of kids, made tons of friends...and now, 21 years later, we're still here! We now have a son graduating high school this year and deciding where to attend college and a daughter ready to begin her high school journey next year. Time has flown by!

We love what the Inland Northwest has to offer - from recreational activities like skiing, boating, fishing, and biking to terrific events like Bloomsday and Hoopfest to Downtown Spokane's vibrancy and the close knit neighborhoods and towns throughout the region! We love the excitement of the local college sports teams and the high standards each university provides academically.

As a family we've become ingrained in the community - being active with church, school committees and fundraisers; involvement with local non-profit organizations; and for myself, coaching youth football (League Champs 3 out of 4 years!), Select Soccer and AAU basketball. We truly believe this is an amazing place to raise our family and become a part of this exciting community. Like you, we're proud to call the Inland Northwest our home!

ABOUT INLAND MORTGAGE

Bruce Felt is a Loan Consultant with Inland Mortgage Home Loans in Spokane. He specializes in residential home purchases and refinances. As a licensed loan officer he is required to have complete knowledge needed to serve your home financing needs. Besides maintaining the highest level of integrity and protocol, he is able to take advantage of Inland Mortgage Home Loans' 50 years of industry experience. As a team member of Inland Mortgage Home Loans, 5-Star Rated Correspondent Banker, Bruce promises prompt, one-stop customized home loan service from application to closing. They pride themselves on avoiding the multi-layers of bureaucracy so they can offer efficient, personal and cost-effective service to you. Locally-owned for 15 years, Inland Mortgage Home Loans is licensed to originate loans in both Washington and Idaho.

Inland Mortgage offers a variety of loan programs designed to fit your needs: Conventional, FHA, VA, USDA and HomePath Mortgage and HomePath Renovation products.

When you're looking for home financing assistance you can trust, contact me at Inland Mortgage Home Loans.

EXPERTISE

As a loan consultant, I am just that, a resource of information to guide you through the entire home financing process, whether a home purchase or a refinance. My responsibility is to provide you with the information and tools so you may accomplish your financial goals.

Every client has his/her own unique situation that needs to be met. I specialize in free full consultation for first time home buyers who are new to the process including pre-approval, credit reports and mortgage calculations. That free service extends to move-up buyers and investors alike. I will make the entire process convenient, easy-to-understand, transparent and cost-effective every step of the way. My job is to get you pre-approved for the correct price range of home you want and can afford. Always remember, I work for you!

I understand that many people work 8-5 and aren't always able to focus on home financing until after-hours so when you find yourself in need of a loan consultation or last minute Pre-Approval in the evening, on the weekend or a holiday, don't hesitate to contact me. I will make myself available when you need it most!