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Best Bellevue Mortgage Company: How to Determine?

Sammamish Mortgage
November 3, 2011
Last updated:
June 25, 2021
How to Determine the Best Bellevue Mortgage Company
In This Article

How do you know which is the Best Bellevue mortgage company to do business with? As you shop around for mortgage loan companies the very first thing you want to be sure of is the type of property you are looking for. Different mortgage loan companies often specialize in loans for different kinds of properties.

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 and interest rate but also to partner up with the best Bellevue mortgage broker that you will be working with to get that home loan.

While there is always the option to go directly to your bank or credit union for a mortgage, you may find that using a mortgage broker may afford you with many perks that you would not get from your financial institution.

Mortgage Brokers Are Important in the Bellevue Area

With a mortgage broker on your side, you can accurately and effectively interpret the Loan Estimate that your lender provides you with, and this may be more important in certain areas compared to others. That’s because there may be more localized costs that can add up quickly and contribute to the financial burden of your mortgage. With a mortgage broker to assist you, these localized expenses may not be appropriately considered.

Not only should you have a clear sense of what your Loan Estimate contains when comparing home loan offers, but you should also understand the full spectrum of your financial obligations when it comes to committing to a mortgage. This will require considering any localized costs of your particular location.

For example, a Bellevue mortgage broker will understand all expenses that are common in the area, as well as the applicable property tax rates in your county, which is just one important reason why working with a local Bellevue mortgage broker is extremely useful.

Why Work With a Bellevue Mortgage Broker?

There are plenty of reasons why a broker may be your best bet when applying for a mortgage, including the following.

Mortgage Brokers Do All the Leg Work For You

Instead of taking the time and effort to shop around with various lenders to see what type of mortgage products and interest rates they offer, a mortgage broker will do all that work for you. That can save you a ton of time and hassle and will leave you with the best mortgage for you and your particular situation.

Mortgage Brokers Negotiate For You

In an effort to ensure the best terms and the lowest interest rate on the mortgage you apply for, your mortgage broker in Bellevue will negotiate on your behalf so you don’t have to.

Mortgage Brokers Have a Wide Network of Lenders

Mortgage brokers deal with many lenders, and as such, they have a far reach when it comes to all the lenders and mortgage products available. This gives you plenty more to choose from. In contrast, banks are only able to offer what they have, which limits your options.

Mortgage Brokers Are Well-Versed in Home Loans

Since brokers are highly trained and experienced with the home loan industry and all the products available, they can point you in the right direction and make appropriate suggestions and recommendations when it comes to the right lender and mortgage product to choose from.

Mortgage Brokers Work For You

Brokers don’t work for banks and other financial institutions. Instead, they work for you. And because of this, they have your best interest at heart, and not the banks. As such, you can be sure that you are being properly represented and will be offered only the best mortgage products for you.

How to Choose the Best Bellevue Mortgage Company

Choosing a Bellevue Mortgage Company is not something that should be entered into lightly and here are 3 factors you consider in your search:

  1. What are the closing costs for the lender?
  2. Are the interest rates higher than other companies?
  3. Does the company employ mortgage brokers?

Closing costs are spelled out in what is called a good faith estimate from mortgage lenders. Every lender has different items they consider closing costs so it is important to obtain a good faith estimate from each of the lenders you are considering so they can be compared with one another.

When you are comparing interests, be sure to pay attention to which interest rates go with which type of loan. Adjustable rate mortgages (ARMs) and fixed rate mortgages (FRMs) will have different introductory interest rates. Some lenders will bring in potential clients with their low introductory rates, but often those rates are for ARM loans instead of the going rate for an FRM loan.

Today’s Mortgage Rates Aug, 03, Tue, 2021

Mortgage Brokers are agents who act as an intermediary between a bank and its potential clients to broker a loan for the borrower. Brokers can often offer more competitive interest rates as they have a large selection of lenders to choose from. Mortgage companies that do not employ brokers have more rigid parameters for the interest rates offered and cannot access different lenders that may have more flexible guidelines.

The three factors listed above are the more important issues to pay attention to and learn about as you shop for the best mortgage loan company that will meet your needs. When you go through the process of choosing a Bellevue mortgage company there are minor things to keep in mind as well. Think about the longevity of the company – how long have they been around?

Do they have a good rating with the Better Business Bureau? Ask yourself if in your dealings with them you have received good customer service. The numbers will help you decide which mortgage lender is the best fit for you, but having a pleasant experience with the company can be just as important in choosing a mortgage company.

Get All the Details About Your Mortgage With a Loan Estimate

When it comes to getting a mortgage, it’s important to borrowers to be fully aware of their obligations and the total cost of obtaining a home loan. Luckily, the Loan Estimate is made available to borrowers to provide full transparency about all the costs involved in the mortgage. That way, borrowers are not caught by surprise on closing day when they’re obligated to start paying their mortgage.

Lenders are required by law to provide a Loan Estimate that details all the costs associated with a home loan within three days of your mortgage application. This document is intended to help you compare the actual costs of your mortgage. Not only does this tell you what you will be paying, but it also gives you something to use to compare the offer with what other lenders are offering so that you know you are getting the best deal for your mortgage.

Loan Estimate closing costs detail things such as:

  • Interest rate
  • Fees for discount points
  • Lender’s fees
  • Appraisal fees
  • Credit report fees
  • Interest rate lock-in fees
  • Escrow fees
  • Title insurance/search fees
  • Adjusted origination fees

Since you are given this document within a few days after applying for a mortgage, you’ll have a lot of time to look it over in detail so you are fully aware of all costs associated with your home loan.

By working with a mortgage broker in Bellevue, WA, you’ll be able to have a professional help you navigate the often tricky and confusing information outlined in your Loan Estimate. Rather than having to make sense of the document on your own, a Bellevue mortgage broker can help explain all the information provided within this important document so you can make more informed decisions prior to closing on a mortgage.

Loan Limits

Borrowers should understand what loan limits are before applying for a mortgage. Loan limits are dollar caps placed in a mortgage. For conforming loans, loan limits are caps that are placed on mortgages backed by Freddie Mac and Fannie Mae. And for FHA loans, loan limits are dollar caps placed on loans backed by the FHA.

VA loan limits have been eliminated as of 2020. But some borrowers may still have to comply with loan limits if they currently have VA loans or have defaulted on one in the past.

Loan limits are assigned to every county across the nation and usually increase at the start of each year to reflect growth in home prices.

Check out our mortgage loan limit tool for conventional, FHA, and VA loans.

Get an Instant Mortgage Rate Quote Today

Curious About Mortgages in Bellevue, WA?

If you are considering a home loan application to buy a home in Bellevue, we would love to help you out. Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We have been serving the entire state, including Oregon, Idaho, and Colorado since 1992. We have plenty of mortgage programs to offer. Please contact us if you have mortgage-related questions.

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