It's Your Move. Get Expert Advice to Help You Find Your Dream Home
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Most of us have become very comfortable shopping online, and the internet is a great way to get meal kits, clothes and pretty much everything you can think of delivered. But is it a good idea to use an app to get a mortgage in a hurry? Probably not. Buying a home is likely the biggest purchase you’ll ever make, and an algorithm can't properly assess your true buying power the way experts at a community bank can.
I met with Sergio Colón to talk about how Peoples Bank provides customized, tailored lending services to local customers. A long-time resident of Snohomish County, Sergio is a Vice President and Real Estate Loan Manager.
He cites his own growing family—which went from two kids to four when they had twins in September—as an example of the way household budgets can change over time. Planning for the future you want means being ready for its expenses down the road.
Because every buyer is unique, Sergio and the team at Peoples Bank can help you determine if you're ready to buy, or help create a plan to get your finances in order so you can be ready when the time is right.
Many programs are available to help with mortgage down payments so if you are waiting because you think you need to save more, talk to an expert who can walk you through these programs.
Your dream home may be closer than you think.
Credit is another factor. If certain events have impacted your credit score, it may take some work and time before you qualify for the loan you need.
In Snohomish County specifically, Sergio notes that prices are leveling out after several years of steady increases and that Everett is a great place to buy because of new opportunities like the Overlook at Riverfront and Waterfront Place. I asked what those interested in buying at Waterfront Place—where construction hasn't even started—should do now. Aside from getting customers pre-approved for the price of the unit desired as soon as it's announced, Sergio also helps customers research the homeowner's association monthly dues, property taxes and insurance fees.
Because this pre-approval is based on a dollar amount rather than a specific address (since there isn't one yet), if the customer changes their mind or their offer is beat by another buyer, they can apply it to another home.
In a competitive market, another advantage of working with Peoples Bank is its ability to manage the whole process with one local team working together. "We know how competitive it is. We'll find out who the listing agent is and we'll make a phone call." Sergio continued, as if speaking to the agent, "You're getting a letter from me, but I wanted to introduce myself. I'm calling from Peoples Bank, right here in Everett. Our loans are processed by my team here in Everett, too, so we’ll be able to move quickly on the sale."
That's not usually the case. With larger lenders, anyone in any of their offices could work on your mortgage and you won't know who it is. "Here,” Sergio explains, “We're all in the same room working together to get our buyers to the finish line. We always strive to close on time and avoid those horror stories that you sometimes hear from other lenders.”
First-time homebuyers aren't the only ones who should talk to Peoples Bank. With a bridge loan you can make a down payment on your new home, move, and then list your old home, saving you the stress of buying and selling simultaneously.
Second homes and vacation rentals also make great investments, and Sergio and his team have in-depth knowledge to help you through those transactions.
Learn more about Peoples Bank's online at peoplesbank.-wa.com and visit them at one of their branches in Everett. Sergio and his team will provide the personalized service you won't find from an app or online questionnaire, and you’ll soon have the keys to your dream home in hand.
Christopher Bragg works from home in Everett and loves walking, swimming, and cats. You can find him all over town, but only if you keep weird hours and avoid crowds like he does.