To qualify for Washington home loans, you have to go through a loan application process. This process is usually standard across states. The rates for Washington home loans are, however, not as high as in some other states, so that's one thing to look forward to.
But looking beyond rates, the loan application process is still the same. You'll still be required to meet the following conditions:
Capacity to Repay
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All mortgage lenders would naturally be concerned about your capacity to repay a loan. To gauge your ability to return the money you borrowed, they'll zero in on the following: income, housing expenses and proof of available cash. Income is your earning potential, which is always something of interest for mortgage lenders. Your housing expenses, on the other hand, allow them to get an idea of how much you can afford to pay them every month. Expect home loan providers to require documentary proof of how much cash you have available for your down payment and closing fees.
Credit Risk
How credit-worthy are you$%: Mortgage lenders would love you for your great credit score and conversely, shun you if you don't. To know which category you fall under, they'll check your credit card use, payment history and overall debt. Completely used-up credit card balances are red flags to any mortgage company, as well as the tendency to pay monthly bills late. Being deep in debt also means you're not a prime candidate for a loan.
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Collateral
Collateral is any object of value - a house, a car or a work of art- you own and offer as backup, should a time come that you're unable to fully repay your loan. The value of your collateral will increase, however if it is already mortgaged.
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