Are you looking for the best Bellevue mortgage company in Washington State? Determining which mortgage company to choose may in part depend on what kind of loan type you’re hoping to get and what kind of property you intend to buy. For most homeowners, however, a reputable mortgage bank is the best choice
When you take out a mortgage to finance the purchase of a home, you’ll be making a big financial commitment that will likely last decades. Considering this, it’s important to not only secure the appropriate mortgage with the best terms (including monthly payment and interest rate) but also to partner up with the best Bellevue mortgage company you can find to get that home loan.
While there is always the option to go directly to your bank or credit union for financing a mortgage, you may find that using a specialty mortgage bank can give you several advantages that you can’t get from your personal financial institution — especially if you are a first time homebuyer unfamiliar with the mortgage process.
Finding a Mortgage Company
If you’re planning on buying a home in Bellevue, Washington, using a reputable mortgage company who has been making home loans in the area for several decades is the smart move. You’ll be dealing with a mortgage bank that knows the area and the economy, and can give you a competitive mortgage rate.
It’s best to get rate quotes from several different lenders to make sure you’re receiving competitive offers. Once you have an idea of what’s available to you on the home mortgage market, you can apply for mortgage pre-approval and start reviewing actual interest rates and loan terms based on your verified documentation.
Why Work With a Mortgage Company?
You may find lots of online mortgage brokers offering extremely low rates, but don’t be fooled. These are typically the rates for conventional loans reserved for buyers with superlative credit and a massive down payment, and the real rate you’re offered once you apply for a home loan is inflated. You may also be shown low “introductory” rates for an adjustable rate mortgage, meaning fixed rates are much higher.
In addition, you’ll probably pay a lot of extra fees on top, and you’re unlikely to get personalized service throughout the loan process or customized advice from a qualified Loan Officer (LO) if you use a broker. It’s far better to choose a Bellevue mortgage company that has trained professionals on staff who can help you get preapproved for the loan that is best for your specific circumstances.
Likewise, even if you love your local hometown bank or credit union, you probably won’t find the same range of loan programs or competitive rates that you’ll get with a Bellevue mortgage bank. In addition, the local bank branch official trying to help banking customers with a loan product isn’t likely to be as experienced as a loan officer in a company that does nothing but make mortgage loans.
Choosing the Best Mortgage Company
When you start narrowing down your choice of lender, make sure you’re not just comparing preliminary mortgage rates. There are several questions you can ask to help ensure you’re selecting the best Bellevue mortgage company:
How are your Loan Officers paid?
You want to work with a Bellevue mortgage company that pays their LOs a generous salary instead of a commission based on the dollar amount of loans they approve. This ensures that your LO has your best interests at heart, and can help advise you on the best loan program for you based on your circumstances and not on how much they can profit personally from your loan.
What additional fees are charged?
The total cost of your loan will include items due at closing, like real estate title fees, any owed property taxes, and discount points (if you opt to buy down your interest rate.) Many lenders also charge “traditional” lending fees such as loan origination fees or fees to lock your interest rate. A competitive lender won’t need to tack on fees like these to your closing costs.
Your Loan Estimate and Closing Disclosure
All lenders are required to provide you with a detailed loan estimate and closing disclosure. The loan estimate (LE) is provided within three days of the lender receiving your basic loan information, and lays out all of the costs, fees, and charges for your home loan. Your LE details all anticipated closing costs item by item, and you should receive clear, transparent answers to any questions you have.
When you’re ready to close on your home, the lender must provide you with a closing disclosure (CD) at least three days before the scheduled closing date. This details the actual costs associated with your home loan, and should closely match your loan estimate documents. A slight difference is normal, but any discrepancies should be reviewed and questioned before you sign the CD.
Getting Pre-Approved to Buy a Home In Bellevue
While you can get prequalified in seconds by any mortgage “broker” online, a pre-qual isn’t viewed with real seriousness by home sellers, especially in the current hot market. If you want a seller to take your offer seriously as a prospective home buyer, getting pre-approved is your best option.
A pre-approval involves filling out a loan application with your Bellevue mortgage company, and providing the necessary documentation to prove your identity, employment, income, and ability to repay a home loan. Having a pre-approval letter can greatly improve your chances of getting the home you want.
Why Choose Sammamish Mortgage?
Sammamish Mortgage has been in business since 1992 and has assisted many homebuyers in the Pacific Northwest. We are a local, family-owned Bellevue mortgage company, serving the entire state of Washington as well as the adjoining states of Oregon, Idaho, California, and Colorado.
If you are seeking a mortgage company in Bellevue, WA, we have plenty of mortgage programs and loan options to offer. Our loan application process is streamlined, and you can complete it online or with the help of a seasoned Loan Officer.
All of our LOs are paid a generous salary so they can put your interests first and help you get the best mortgage for your needs. We don’t charge traditional lenders fees like loan origination fees; pre-approvals and rate locks are free, and we even guarantee our closing costs.
Ready to get started with the home buying process? Contact us today to get pre-approved!