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You are here: Home / Press Releases / Top Seattle Mortgage Broker Shares Tips About Home Buying

Top Seattle Mortgage Broker Shares Tips About Home Buying

October 29, 2021 by Blue Square Mortgage

Although purchasing a home is a major expense, there is a lot of control you have over how affordable it is.

Below are some simple recommendations that will help you move forward with buying your dream home without stretching your finances too much.

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Buying Your Dream Home Tips

  1. Know all the costs of homeownership. Homeowners should set their budget, review total income and determine up front how much they can afford for monthly mortgage and expenses. A good starting point is to have a full understanding of all of the costs that go into owning your own home. Only one of those is your mortgage. Others include homeowner’s insurance (if applicable), property taxes, utilities, eventual repairs and upgrades, and more. 
  1. Run your own calculations, and/or make sure you understand the numbers your mortgage company discusses with you. Sometimes, homebuyers can find themselves confused by the calculations that mortgage companies may use in helping them determine how much home they can afford. Typically, this comes from assuming that your net income is being used in calculations when it is actually your gross income. Not all lenders factor in all the costs we talked about above either. So, ask the mortgage company how they are coming up with their numbers so that you understand their math. You should also do your own math and compare the result.
  1. Get pre-qualified and pre-approved. Mortgage companies may allow you to get pre-qualified and/or pre-approved for a mortgage. By submitting some of your financial information, you can receive an estimate about how big a loan you might qualify for. That is what we call pre-qualification. Pre-approval goes a step further with a credit pull. You get an even better estimate this way, plus you find out what interest rate you might receive.
  1. Resist the urge to buy a lot of stuff for your new home right away. As you begin to imagine yourself moving into your dream home, you might also start imagining furnishing and decorating it to your taste. You may want to make your vision a reality, and might be thinking about spending thousands of dollars doing it. But it is better to wait for these types of purchases. Get used to paying on your home, wait for your finances to fall into a predictable rhythm, and then think about buying furniture.
  1. Put down the optimal amount. When you buy a home, you will need to decide how much to put down. If you make a larger down payment, your interest rate can be lower. But if you put down less, you keep your finances more flexible. So, there are pros and cons in terms of affordability either way. The trick is to choose an amount that gives you the right balance for your financial situation.
  1. See if you can boost your credit score or lower your DTI ratio. Before applying for a home loan, it always makes sense to check whether it is possible to either reduce your debt-to-income (DTI) ratio or raise your credit score. Both can affect the interest rate you qualify for. The lower you can get that, the more affordable buying a home will be over the long term.
  1. Try to minimize your closing costs. The closing costs on a mortgage usually range somewhere between 2% and 5%. But did you know that there are ways you can minimize them? You can take a look at our recommendations for keeping closing costs low.
  1. Use a mortgage broker in Seattle, not a lender. One more tip for making homeownership affordable is to find the ideal mortgage. The easiest and fastest way to do that is to work with a mortgage broker instead of a direct lender. A broker can request quotes from a network of lenders throughout Washington to bring you the most competitive rates.

Blue Square Mortgage Can Help You Buy a Home in Washington State Affordably

Blue Square Mortgage is an independent mortgage broker serving Seattle and the rest of Washington. They can offer you personalized suggestions for purchasing a home affordably. To schedule your consultation now, please call (206) 352-6453.

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Blue Square Mortgage

Blue Square Mortgage LLC
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Dylan Mehrer
Dylan Mehrer
16:10 16 Mar 23
Mike guided me through the process of buying my first home, and made it easy. He was able to share his knowledge in a way that was easily understandable for someone like me who didn't know where to start.
Bill T
Bill T
03:59 23 Feb 23
Stellar customer service..!! Mike is professional, very responsive and thorough. Thank you for a job well done!
Megan Maner
Megan Maner
14:14 01 Feb 23
Mike was very knowledgeable and kind about the homebuying process. He slows down and communicates such a complex process in a way that the average person can understand. Home Buying can be very stressful, but with Mike helping you a lot of that stress is taken away! Highly Recommend his services :)
MA Hubbard
MA Hubbard
19:41 30 Aug 22
Mike with Blue Square, a really great communicator, ushered us through a long process to qualify for a mortgage loan and we couldn’t be happier with the outcome and his responsiveness and patience. Thank you Mike!
Jason McGriff
Jason McGriff
21:59 26 Aug 22
Mike is 100% the person you want to go too for your mortgage needs. I had a tough lending situation and he did not stop working on my case until he was able to resolve my lending requirements. He will dig in and research for the best mortgage options for your specific situation and needs. I love to work with someone like Mike. He really put forth time and effort as if he was getting himself a mortgage. 5 stars for Mike all day.
Kevin Thruelsen
Kevin Thruelsen
21:50 18 Aug 22
I've worked extensively with Mike for years now, first as an aspiring loan officer, now as a new homeowner. In no uncertain terms, the experience and savings Mike passes on to borrowers is unparalleled. He's a one stop shop w/decades of experience which allow him to craft not only the right product for your situation, but package it such that it gets through underwriting quickly and smoothly. This is the guy you want on your team, believe me.
Emily Wing
Emily Wing
23:00 05 Aug 22
We refinanced our mortgage with Mike and recommend him highly! He found us by far the best rate around, and walked us through every step of the process in a friendly and accessible manner. He explained things to us when needed, and was always thinking a step ahead to make sure the process went smoothly and there were no surprises. We feel lucky to have worked with him. Thank you, Mike!
Edrienne Chan
Edrienne Chan
03:49 08 Jun 22
Mike was super helpful in my quest for more understanding of real estate investment. Extremely informing and really wanted to educate. He listened well, and although my needs cannot be met at this lender, he was still happy to help. Very grateful to have given him a call
Kim Meyer
Kim Meyer
19:17 19 May 22
I have worked with Mike as a lender for several years. Our partnership with buyers, Mike as the lender and myself as the REALTOR are 100% successful and the buyers are consistently thrilled with results. Mike works hard to get the best rate possible for the buyers, helps educate everyone on market knowledge and helps make the process go smoothly from start to closing. The buyers that I work with appreciate having as much market information as possible - I find this is a great approach to helping buyers feel confident to find the best home for their housing needs/wants. I look forward to many more successful transactions with Mike!
Anton Cauthorn
Anton Cauthorn
01:41 14 May 22
Mike did an amazing job helping me set up a loan to purchase my home. Mike had a personal touch and it felt like I had someone on my team helping me the entire time. He got me a lower rate than the other lenders I was looking at going through and he made the whole process simple and easy. The best part was that we ran into a number of complications along the way and Mike worked hared to find solutions every time to make things work out smoothly. I highly recommend Mike and feel lucky to have found him to work with on my loan.
Danny Yang
Danny Yang
17:51 11 May 22
I had a smooth experience with Mike as a first time homebuyer. He walked me through the process and explained everything and made sure I understood it all. Made the entire process a lot easier and less intimidating than I thought it was going to be.
Dan Hoffman
Dan Hoffman
00:51 11 May 22
Mike helped me close on a very complicated loan and I would gladly use him again. He went above and beyond to guide us through the process and made sure I was informed every step of the way. If you work with Blue Square Mortgage you will receive as much assistance and guidance as you like up to and through closing. Thanks for your help Mike!
Martin Monteblanco
Martin Monteblanco
02:56 11 Apr 22
Mike was super helpful with the process of buying our first home .Definitely recommend for any first time home buyers .
Lucio Maldonado
Lucio Maldonado
23:05 21 Mar 22
Mike was excellent and extremely professional. I did not end up going with him, as he told me candidly when he could not beat a competitor's rate, and therefore told me to go with the competitor. Very refreshing. Thanks a lot, Mike.
Kathy Hattori
Kathy Hattori
22:14 03 Dec 21
This is our second time working with Mike and we could not be happier. Mike is personable, ethical, professional and absolutely knows his stuff. We had a wish list for our refinance (lower payments and interest rate plus funds to renovate) and he accomplished everything we wanted so we're thrilled. Mike's a treasure. Work with him.
Kristin Gardner
Kristin Gardner
17:35 03 Dec 21
Mike is an extremely professional and knowledgeable person to work with. He has assisted me in several different scenarios and because of his help I have been able to make an informed and beneficial decision. I cannot recommend working with him enough! He is thorough and quick with his work and utilized excellent resources to get the best results and answers for his customers. We will definitely be return and repeat customers.
Megan King
Megan King
19:20 22 Nov 21
We are looking into refinancing our home due to rising interest rates and reached out to Mike. We initially reached out based on the great Google reviews and Blue Square Mortgage's proximity to our home. I submitted an online inquiry and Mike got back to me quickly with an email. His honestly and transparency and wealth of knowledge were an invaluable resource and I truly appreciate the time that he took to talk to me about my refinancing options. If you are looking for a mortgage professional who will make you feel secure and help you understand the process with most likely your biggest investment call Blue Square Mortgage.
Kristen Weber
Kristen Weber
19:35 17 Nov 21
I could not be happier with the rate and service that we got from Mike Peacore. He is super straight forward and gave us the best rates. He is very responsive and personable. I would highly recommend him.
Rosemary Le
Rosemary Le
06:51 23 Oct 21
As a first time home buyer, I really appreciate how transparent and patient Mike was. Even before he knew that I would choose him as my mortgage broker, he was willing to walk me through every single aspect of the home buying process and let me know what to expect from other brokers/lenders. I specifically told him to give me all the details, keep track of all of the milestones/deadlines, and provide frequent reminders. At first the information he provided was a little overwhelming, but he understood that I would ask a lot of the same questions down the road. The process went very smooth and even on signing day he offered to be there in person with me since my realtor was on vacation. In summary, I really appreciated the transparency, how he was never pushy for my service or if he needed anything from me, the clear and detailed information he provided, and the friendly and patient service that I received.
Emelie Montgomery-Jones
Emelie Montgomery-Jones
17:11 29 Sep 21
Mike, thank you so much for guiding me through the process of refinancing my investment property. I certainly would have been lost without you. If the situation arises, I will highly recommend you to others. Your expertise, advice and timely communication kept my anxiety levels low. I am extremely happy with the outcome.Sincerely,Emelie MJ
Stefan Muehleis
Stefan Muehleis
18:26 17 Sep 21
I refinanced with Mike and everything went very fast, smooth and flawless.Not to mention that I got the best rate out there. Excellent job!!!
Leon Liu
Leon Liu
22:40 03 Jun 21
Mike helped us to close a refinance process effectively:- Mike identified a good program for our rental property. We managed the entire process remotely.- Refinance closing was fast. Faster than our new purchase loan earlier this year.- Great communication, very responsive and accurate.- Would recommend to friends and work with Mike again.
Mark Kilcup
Mark Kilcup
23:43 26 Jan 21
Duncan Wray was an absolute professional to work with during this process. They had a super competitive rate and were able to work with the VA on my refi. I recommend Duncan and his team!
Scott Matlock
Scott Matlock
23:01 23 Dec 20
Max at Team Blue Square was extremely helpful and positive during my entire refinance process. We had a few hurdles along the way, but he was always positive and super responsive to all of my questions. Not only did he lock me in at a great rate, but I was continually impressed by his knowledge and accommodating attitude. He was a true professional, and you can tell he truly cares about customer service. Couldn't be happier with how everything turned out. 5-stars!!!!
Tamara Atkins
Tamara Atkins
17:03 01 Sep 20
This was our 3rd time financing/refinancing with Mike Peacore. As always, he was so professional, expedient, and helpful. Everything went smoothly with Mike guiding the process the whole way to closing. Have referred him to many friends!
Justin Lonergan
Justin Lonergan
04:42 20 Aug 20
Sean was fantastic through our VA refi. Blue Square's rates were the most competitive of the companies I screened, and the application could not have been easier. I probably spent less than 5 total hours on the refinance, saved my family hundreds per month, and I very much attribute that smooth process to Blue Square's and Sean's attentiveness. I have already recommended them to peers and would wholeheartedly recommend giving them a call to see what they can do for you.
RD Kent
RD Kent
03:44 20 Aug 20
Very responsive, friendly, and helpful. Excellent experience!
Jeremy Kirsch
Jeremy Kirsch
01:54 20 Aug 20
I just closed and recorded and I wanted to thank Kathy S. for her excellent service and support and for giving me the best deal ever. I am getting looks of disbelief when I tell people, especially those with conventional loans who can’t even come close!With Kathy, every question was answered and there were no surprises, except the good kind. No weirdness, everything disclosed.I've purchased and sold and refinanced a number of times, it's usually a stressful experience even without having to move. Not this time.Prior to dealing with Kathy and Blue Square, I had previously used a broker a couple of times before, whom I considered excellent and I was very happy with. With that said, if I ever need another loan, I will come to Kathy and Blue Square first. Without a doubt.And I will be recommending Kathy to anyone who needs a loan, especially those in the VA IRRL category.Again, thank you Kathy for all you did!
manjusha n
manjusha n
00:58 11 Jul 20
Spoke to Mike Peacore about Home purchase mortgage. He was very responsive and helpful. I was shopping around for rates and he gave a quote and gave me tips on getting better rates. He really cares about his clients and great to talk to. I highly recommend Blue Square Mortgage for good interest rates and Mike for his outstanding service. Thank you!
Kevin Hoy
Kevin Hoy
17:18 05 Jun 20
I contacted Blue Square based on a Google search for VA IRRRL. Mike was very helpful in explaining the parts of the refinance process to me and helping me understand not only what everything means but also how and why he is able to offer lower rates than most of the big name lenders. I look forward to doing business with Mike again.
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