Choosing a loan program for my situation

Unfortunately, there is no “one size fits all” loan spreadsheet or animated display graphic with interactive charts and trends for choosing a loan program. Seattle mortgage loan situations are different for everybody – that’s just the way it is. 
At Sammamish Mortgage we’ve got experienced loan officers who have seen the mortgage loan process work well for multiple borrowers in a variety of situations.  It’s that unique base of satisfied clients that provides an edge in assessing the exact right best loan program for your situation.

With so many mortgage loan programs from which to choose, the right loan program for your situation will depend on many variables like:

• How long do you expect to stay in your home?
• What is your current financial picture?
• What does the future hold for you financially?
• How much money do you intend to put down?
• Might you have to relocate for employment?
• Are you willing to buy down your interest rate?
• How long you intend to keep your house?
• Will you need a larger or smaller home in the future?
• How stable is your income and what fluctuations might you experience in the future?
• How comfortable you are with your mortgage payment changing?
• How soon do you want to be mortgage free?

 

An example of the choosing best mortgage loan decision process – 

Client A, who’s comfortable with higher payments, finds that a 15-year fixed rate mortgage will save them thousands of dollars in interest payments over the life of the loan.

Client B, looking at an identically valued property is on a fixed income and must minimize their monthly payment obligation.  In Client B’s case, the 15-year fixed mortgage isn’t even considered given the high payments involved.  Instead, this second client determines an adjustable rate mortgage is more appropriate since they’ll get started with a lower monthly payment than a fixed rate mortgage, (even though their payments could get higher when the interest rate changes – another variable a mortgage loan professional can help you forecast correctly).  

Determining the best mortgage loan program for your needs can be a significant challenge.  

Sammamish Mortgage was founded to provide knowledgeable and accurate information about the mortgage loan process while helping clients realize the future plans they’ve made for themselves and their families.  

The right mortgage loan program won’t necessarily be the lowest interest rate possible. 

When choosing the right loan program, it is important to look at the bigger picture surrounding your finances. A mistake many consumers make is to fixate on 30-year fixed rate programs because that’s the only mortgage loan program they’re familiar with.  They have not been properly exposed to the numerous mortgage loan program options that are currently available to them. Variables including the length of time you plan on being in your home, your current credit situation, the amount you’re currently in debt, and future income should all play a large role in determining the perfect loan program for your needs. 

If you’re in the Seattle/Bellevue/Washington State area, the best way to find the "right" loan program answer is to discuss your finances, your plans, and your preferences with a mortgage professional at Sammamish Mortgage