Vivinavi : Seattle : (United States) Seattle

Most people will first contact a real estate agent when buying a house.
Then they will ask, "Do you have a Pre-approval Letter?

In the U.S., when you buy real estate, when you make an offer to the seller （ the buyer proposes the asking price and other conditions to the seller ） with this document called Pre-approval Letter.
This will allow the buyer to "go talk to the loan company and prove that he/she is able to obtain a loan".

This is because the seller has decided to accept the asking price and other conditions proposed by the buyer （ and our offer has been accepted ）, but "we went to the bank and the loan was not approved" would be a waste of the seller's time.

Therefore, before contacting a real estate agent, it is ideal to contact a loan company （ bank or broker ） to confirm the loan amount, monthly repayment amount, etc., to choose the right program for you, and to find out what price you can afford to purchase. The ideal way to find out what price you can afford is to contact a bank or broker. This will make it more efficient for the real estate agent looking for the property.

Talk to a loan company and get "Pre-approval"
Easy communication via email or phone We will calculate your possible loan amount.
At this point, consultation ・ Estimate is free.

Find Real Estate Online （ Example ： Zillow ）
Now you can find your desired property online yourself.
Some properties sell quickly, so it is more convenient to search for them yourself in a timely manner.

If you wish, we can also introduce you to a reliable Japanese real estate agent.

When you purchase, you will have to pay for the loan procedure.

All loans are designed to be 30, 25, 20, 15 and 10 years in length.
Consider choosing a program based on your intended use, even if your future income changes, how long you will live there, etc.

① Fixed interest rate ： Rate is fixed and determined.
② Variable interest rate ： 30-year loan. Fixed rate for the first 10, 7, or 5 years only, then replaces variable.
Plans with rate review once a year or every 6 months.
③ Interest ・ Only （ Interest Only ） ： A loan where you only pay interest for the first years. The monthly repayment is less than a regular loan.
④ Jumbo Loan ： Ordinary Loan （ Conventional Loan℠) has a fixed maximum amount that can be borrowed. Any borrowing above that amount will be a jumbo loan and the rate will be lower now (depending on the time of year).
⑤ Loans available to VA ： Veterans （ Veteran ）. Zero down payment.
⑥ FHA ： Loan guaranteed by the U.S. Government （ Federal Housing Administration), with less stringent approval requirements than Conventional Loans.
⑦ Reverse Mortgage ： A loan for seniors age 62 and older. Loan but no monthly payments. Only property taxes and fire insurance paid.

Difference between banks and brokers
If you go to a big bank, they only have a standardized program. If you have no credit history, it is difficult with a bank.
If you go to a broker, they offer many programs that banks do not.
*If you are self-employed, the calculation of your income is different from a salary earner, so your broker will be very helpful in showing you various ways to do this.

% of amount you can borrow against the value of your home depending on your age （ As of October 2017 ）
Age 62 41.0%
Age 66 43.8%
Age 70 46.5%
Age 76 49.8%
80 years old 53.4%
86 years old 60.3%
97 years old or older 74.0%