Finding a Lender in Tri-Cities, WA
Finding a solid, local lender, is extremely important. A good lender offers a variety of programs to suit your needs. More common loans are 30-year, Conventional or FHA Loans. A Conventional loan requires a minimum of 3% downpayment, and about 30 days to close. An FHA (government backed) loan, requires a minimum of 3.5% downpayment, and about 45 days to close. Any time you use a loan, you should plan to pay the lender and Title companies their service fees; these fees are lumped together and called 'Closing Costs.' Plan on closing costs to be about 2-3% of the purchase price, in addition to your downpayment. You are allowed to ask the seller to pay some/all closing costs, but sellers cannot contribute to your downpayment. Ask your lender about their downpayment assistant programs available.
You can use any lender you'd like, but we recommend chatting with them over the phone first to find the best fit for you. Here are some lenders (not in any particular order) our clients have enjoyed over the years; check out their reviews and apply online or give them a call!
Bridge Loans
For Sellers who need to use the equity of their current home to buy their next home, there are multiple options on how to do this. One Option is to make the Offer on the next home contingent on the sale of the current home; A Second Option is to use a home line of credit if your current home has enough equity; And a Third Option is to use a Bridge Loan. A Bridge loan is where the lender uses your current equity to offer on the next home, not contingent on the sale of your home. Call Jowed Haded at Umpqua Bank (509) 851-7967 or Sheena Brown at 1st Security (509)438-6771 for details on how these can work, or give us a call for more information!
