There are several things you can do to find the right mortgage lender for your needs in Bellevue, WA. In this article, we go over seven tips and suggestions for finding the best local lender today.
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.
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 Find the Best Bellevue Mortgage Broker
As mentioned, it’s important that you choose the right mortgage broker when applying for a home loan to buy a home in Bellevue. Here are a few tips to help you do that.
These days, punching in a few keywords in a search engine online will help you generate a list of review sites that you can peruse. Check out some reviews online from clients who have previously used various mortgage brokers to help you narrow down your options. Just be sure to read as many reviews as possible to gain a sense of what the mortgage broker is like rather than just focusing on a small handful.
There may be people in your social circle who have recently used a mortgage broker. If that’s the case, they may be able to provide you with their review of the broker they used or make suggestions on brokers they know of that may be able to help you.
Ask the Right Questions
There are many questions you can ask a mortgage broker to help you determine whether or not you both make a good fit for each other, such as the following:
- What is the typical turnaround time for pre-approvals and final approvals?
- How do you communicate?
- How quickly are calls returned?
- What are your fees?
- What are the down payment requirements?
- Are there any down payment assistance programs available to me?
This list is not exhaustive. There are various questions you can ask to help you choose a mortgage broker in Bellevue.
Ask Your Real Estate Agent
If you have already teamed up with a real estate agent, perhaps they can offer recommendations on Bellevue mortgage brokers that they work with.
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.
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.
Ready to Apply For a Mortgage in WA, OR, CO, or ID?
Do you have questions about home loans? Are you ready to apply for a mortgage to buy a home? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs to buyers all over the Pacific Northwest. Contact us today with any questions you have about mortgages.