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Out of all purchases and investments you make in your lifetime, a home purchase in Boise is probably the biggest and most expensive of them all. It’s not the type of purchase you make on a whim, but rather one that requires careful consideration.
And considering such an important purchase, you’ll want to make sure that the mortgage broker you choose can give you exactly what you need to make that purchase happen.
After all, you’ll probably need financial assistance to pay for a home, which is exactly why mortgages exist in the first place. Without home loans, most buyers wouldn’t be able to buy a home.
Of course, you can always apply for a home loan with your local bank or credit union, but you’ll only be offered what they have to give. This limits you to what your bank can offer you. Plus, the bank will ultimately be looking out for themselves to profit, and not you.
Instead, a Boise mortgage broker’s main priority is you. Plus, a mortgage broker will give you access to a lot more mortgage programs and product options to choose from.
There are a number of reasons why you may want to choose working with a Boise mortgage broker over the bank, including the following.
Mortgage brokers tend to have a large network of lenders that they work with, so there is more choice on your end when it comes to who you choose to secure a mortgage with. Your broker can get in touch with the right lenders who they think would be a good fit for you, compared to a bank who will only be able to offer you the limited products they have.
While the bank may be trying to help you secure a mortgage, their number one priority is their own bottom line. On the other hand, a mortgage broker in Boise works for you, and not any particular lender. As such, you’ll be getting only the best service that is customized according to your needs.
Unless you have extensive experience negotiating with lenders, you’d be better off letting a seasoned mortgage broker in Boise do all the wheeling and dealing for you. This way, you can increase your odds of getting better terms and a lower interest rate, saving you money over the long run.
It takes a lot of time and effort to shop around for a mortgage with various lenders. Instead of doing all of that work yourself, you can enlist the help of a Boise mortgage lender to do it for you.
The experience that mortgage brokers have is well worth the effort to find one to work with. The mortgage process can be a complex one, so having someone who can make sense of it all for you is priceless.
How do you go about finding the right Boise mortgage broker to work with? Here are a few tips to consider.
Sometimes the easiest and quickest way to get a recommendation for a mortgage broker in Boise is to ask people who you know. If anyone in your social circle has recently used a mortgage broker to buy a home in Boise, ask them what their experience was, and ask if they would recommend that particular broker for you.
Ideally, the person making the recommendation will have made a transaction similar to yours and may be in a similar financial position. That way, you’ll get a better idea of whether the mortgage broker in question would be a good fit for you.
If no one you know has any suggestions, consider looking online at reviews. Just make sure to look at reputable review sites that do not post fake reviews, and read as many reviews as you can to get an overall sense of what various mortgage brokers are like to work with.
No matter which mortgage lender you choose, you’d be in a better position if your credit score is healthy. Your credit score plays a key role in whether or not a lender will approve your mortgage application. If it’s too low, you run the risk of having your application denied, since lenders don’t want to work with risky borrowers.
Pull your credit report, and if it’s too low, look for any mistakes that may be unfairly pulling it down. If that’s the case, report these to the credit bureau and have them investigated and rectified.
Otherwise, take some time to give your credit score a boost by paying all bills on time, keeping your credit card spending to no more than 30% of your credit limit, paying more than your minimum credit card payment, and resist the urge to apply for any new credit accounts or loans.
There are many questions that you can and should ask your mortgage broker before you make a choice on who to work with. When speaking with a mortgage broker, consider asking the following questions:
The answers you are given will help you get a better idea of the professionalism of the broker and what type of products and services you’ll be able to obtain.
You’ll be given a copy of a Loan Estimate within three days of applying for a home loan. This document will list all the fees associated with your mortgage so you’ll know exactly what your financial obligations are before the deal closes. That means you’ll have a few days to go over these fees and then decide if you’re OK to go ahead with the transaction.
There are many different types of closing costs involved in a mortgages that will be listed in your Loan Estimate, such as the following:
By working with a Boise mortgage broker, you will have the benefit of having a professional help you understand everything that’s outlined in the Loan Estimate instead of trying to make sense of it yourself. This will help you make a more educated decision about your mortgage.
When you apply for a home loan, there is a limit to how much you can borrow based on type of mortgage you’re taking out and the county that you are buying your home in. If the loan amount you apply for exceeds this limit, the loan will be considered a “jumbo loan.”
Both conventional and FHA loans have their own specific loan caps that are adjusted every year to reflect the increase in home prices.
For VA loans, loan limits were eliminated in 2020. Having said that, some borrowers may still have to abide by loan limits if they have an active VA loan or a previous default on a VA loan.
Check out our mortgage loan limit tool for conventional, FHA, and VA loans.
Do you have questions about mortgages, or are you ready to apply for one? 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 since 1992. Contact us today with any questions you have about home loans.
There are several things you need to look for in a Boise loan officer, including their level of expertise and their willingness to help you purchase your dream home. Read on to find out more and to check out our loan limits tool.
Home prices in the Boise area have increased rapidly over the past year or so. As such, federal housing officials recently announced that the 2021 conforming loan limit for Boise will be increased. Read on to find out more and to check out our loan limits tool.