What happens when you are ready to talk?
Tell Enrique where you are looking, when you hope to move and what monthly payment feels comfortable. A Seattle condo, a Snohomish County house and a Pierce County purchase can have different taxes, insurance and association costs even at the same price. We will use the actual property details as they become available.
We can organize a document review, compare potential financing and explain the conditions still outstanding. A preliminary discussion or pre-approval is not a guarantee of funding; the property and final file must satisfy the lender. Keep your agent informed about the scope of the review before making an offer.
1. Choose a comfortable payment before a price
Work backward from your household budget. List recurring expenses, savings goals and the money you want available for unexpected costs. Your mortgage approval and your comfortable housing payment answer different questions. Include taxes, insurance, any mortgage insurance, association dues and maintenance when you compare a home with your current rent.
Use the same cost categories for each property. A Seattle condo with substantial dues may fit differently from a house at the same price. A townhome can have condominium ownership, so ask about its legal structure. Replace calculator defaults with information about the home you are actually considering.
2. Separate down payment, closing costs and savings
The down payment reduces the purchase price financed by the mortgage. Closing costs and prepaid amounts need their own budget. Money reserved for repairs, moving or emergencies should remain visible as a separate goal. A small down payment can preserve cash, but compare the resulting payment and any mortgage insurance.
For a fictional $650,000 purchase, 5% down is $32,500. If you set aside another $15,000 for illustrative closing costs and prepaid items, and want $20,000 left after closing, the starting savings target is $67,500. These are planning assumptions, not a required down payment or a fee estimate. Actual deposit credits, assistance, seller credits and loan terms change the cash needed.
| Illustrative cash plan | Amount |
|---|---|
| 5% down on $650,000 | $32,500 |
| Assumed closing costs and prepaid items | $15,000 |
| Savings to retain after closing | $20,000 |
| Starting total before deposits or credits | $67,500 |
3. Prepare for a documented pre-approval
Ask which records are needed for your income and the proposed program. Common starting points include income, asset and identification documents; a self-employed or investment-property file may need different evidence. Tell your loan officer about planned job changes, new debts, gift funds or money moving between accounts so the right questions are addressed early.
Ask what has actually been reviewed. A preliminary conversation based on estimates is different from a documented file or an underwriting decision. Before relying on a letter, understand the remaining conditions, property requirements and expiration date. Use a verified secure channel for personal records.
Starting a new job? Fannie Mae’s October 7, 2026 clarification allows verifiable evidence of accepting an eligible employment offer, while the applicable loan conditions still matter. Confirm acceptance evidence and timing with your lender before committing to a moving date.
4. Compare ordinary financing and assistance
Washington State Housing Finance Commission programs are offered through participating lenders. Its Here to Home resources explain Home Advantage, House Key Opportunity and assistance options. Check the current program rather than assuming every first-time buyer qualifies or every mortgage company can provide the loan.
Ask the participating lender which household income definition, buyer status, education requirements, property limits and repayment terms apply. Homebuyer education can help you prepare before you select financing. Confirm the required course and timing for the program you intend to use.
Compare an ordinary purchase estimate with an assistance estimate from a participating provider, including repayment obligations. Mortgage Lending Group LLC does not originate WSHFC programs. This information is educational. Use the Commission’s participating-lender resources for WSHFC financing; Enrique can separately help compare other purchase options.
5. Check the home as well as the borrower
A financing conversation should account for the property type, occupancy and condition. For a condominium, obtain association information early and ask what the lender needs for project review. Include any known assessment in your budget and ask how it affects the file. An attractive payment estimate does not resolve a property issue.
King County and Snohomish County loan limits depend on the year, program and number of units. Compare your proposed loan amount, not the purchase price, with the applicable limit. The county-limit guide links to the official FHFA table and explains the distinction between baseline, high-balance and larger loans.
6. Shop comparable written offers
Ask providers to use the same loan amount, term, property and lock assumptions, with pricing requested close together in time. Compare the interest rate, APR, points, lender fees and credits. Keep tax and insurance estimates consistent so a lower estimate does not appear to be cheaper financing.
Review both upfront cost and the years you expect to keep the loan. An option with more points may need time to recover that initial expense. Ask for a zero-discount-point option as a comparison, while remembering that zero points does not eliminate other fees. A helpful offer explains what may change and what is already locked.
7. Coordinate the offer and remaining conditions
Share your target timeline with your loan officer and real estate agent. Ask what is still needed for income, assets, appraisal, insurance, title and any association review. Avoid assuming a closing date is guaranteed before those items are understood. Ask how a change in price, seller credit or property type affects the financing.
Keep a simple list of the next document, who needs it and when. If the seller is offering concessions, compare their permitted use with a price change or cash you would otherwise bring. The Build a Better Offer tool lets you model assumptions before your professionals confirm the actual terms.
8. Read the closing documents and verify payment instructions
Compare your Closing Disclosure with the most recent Loan Estimate and ask about changes before signing. Review the loan amount, rate, payment, fees, credits and cash required. For most covered mortgages, the Closing Disclosure must be received at least three business days before closing; confirm your timeline with the lender and settlement team.
Verify wire instructions using contact details you have independently confirmed. An urgent email or changed account number deserves a separate check with the settlement company. After closing, save your signed documents, payment instructions and insurance records where you can find them.
Your first conversation can be simple
Bring your price range, available savings, preferred payment, timeline and the questions you want answered. You can begin planning before you have selected a home. Ask what the next step requires and whether any credit inquiry or fee is involved before moving forward.
Enrique offers Seattle-area mortgage guidance in English and Spanish from Edmonds. You can use the calculators and source-linked guides independently, then contact the mortgage professional you want to work with. Tell them what matters most: retaining savings, understanding the payment, comparing an offer or preparing a more complex file.
A few common questions
Not always. Some eligible buyers have lower-down-payment options. Compare program requirements, mortgage insurance, the full payment and savings after closing with a loan officer.
Do not assume so. Check whether the specific assistance is a grant or loan, whether interest accrues and what triggers repayment. Compare it with an ordinary financing option.
Yes. Budgeting, homebuyer education, document preparation and preliminary loan conversations can happen before you choose a property. Final financing still depends on the application and the property.
Enrique provides mortgage guidance in English and Spanish. Start with the Spanish resources and ask which application and program materials are available in your preferred language.
YOUR NEXT DECISION
Turn this answer into a plan.
What should I prepare before shopping?
Start with a comfortable payment, cash available after closing and the documents your lender needs. Then connect the loan options to the property you are considering.
Read the original sources
Program rules and lender requirements can change. Confirm current terms before acting.