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Finding an Idaho Mortgage Broker

Sammamish Mortgage
December 2, 2020
Last updated:
June 29, 2021
Why an Idaho Mortgage Broker Is A Must
In This Article

Finding the right mortgage broker truly makes the process of applying for a home loan less stressful. Moreover, the right Idaho mortgage broker can find the best mortgage rates possible, so it is in your best interest to find a local mortgage broker that is right for you.

Finding the right mortgage broker for your needs will ensure that you find a quality lender/mortgage company and the home of your dreams. Looking specifically at the Idaho housing market, much like the rest of the country, housing prices have increased substantially.

In fact, statewide home prices were up 27.8% year over year just last month. Thus, if you are thinking about purchasing a home in the state of Idaho, having ample mortgage and house hunting assistance is definitely a must.

But if you are like most people, you are probably asking yourself, how can you find an Idaho mortgage broker to help you navigate this market? And how can you find a local broker that understands your financial situation while also being the appropriate choice for your needs? Well, the answer is simple – through research, asking questions, and doing our due diligence.

Nevertheless, before we get into how to find an Idaho mortgage broker, it is important to understand why you should work with a local mortgage broker and what the advantages are to working with an Idaho mortgage broker.

Why Is Working With An Idaho Mortgage Broker A Must?

Mortgage brokers are, in many ways, the link between homebuyers and lenders. What’s more, a mortgage broker, in general, can substantially improve your chances of securing the perfect mortgage for your needs. Thus, working with an Idaho lender is a must because they are skilled at navigating a competitive field, and their involvement can save you precious time and money.

What Are Some Advantages To Working With A Local Broker?

You will find several benefits to using a mortgage broker, including better rates and less impact on your credit score. Plus, working with a reputable broker means you can apply for several mortgages within a short period of time — a smart move from a credit-score standpoint. Note, each time a lender pulls your credit history to determine whether you are a viable or non-high-risk borrower, that counts as a hard inquiry on your credit score, which can have a negative impact on your overall score.

Yet, a single hard inquiry will not damage your score, but multiple hard inquiries could. Thus, you should apply for multiple mortgages within a short period (30 to 45 days) as all of those hard inquiries could count as a single inquiry, thereby preserving your credit score. Without the help of a broker, you might struggle to get all your applications in quickly enough to avoid the hit.

Another benefit of using a broker is that he or she may be able to snag you a better mortgage rate. Brokers build relationships with lenders that translate into major savings for you. Plus, mortgage brokers know how to negotiate and navigate the industry. Thus, by hiring an Idaho mortgage broker, you can score a lower interest rate on your home or mortgage loan than you would if you had not.

What’s more, the right local broker can often negotiate lower fees or even closing costs. Furthermore, with a reputable mortgage broker in your corner, you ultimately gain access to a wider network of lenders, which means you will likely end up with a more affordable mortgage.

Live Idaho Mortgage Jul, 31, Sat, 2021

Who Is Responsible For Paying Mortgage Broker Fees?

The lender typically pays mortgage brokers a commission. In rare instances, mortgage broker fees are the borrower’s responsibility. Therefore, it is important to understand who is responsible for paying your mortgage broker. That said, the good news is that mortgage brokers must disclose their fees up front; there cannot be any surprises. Alternatively, if the mortgage broker is paid by the lender, their fee is paid when the customer or borrower secures their home loan/mortgage.

How Do You Find The Right Idaho Mortgage Broker For Your Needs?

As you can see, finding a reputable Idaho mortgage broker is likely the best move for your upcoming home purchase. Be that as it may, in order to find that ideal Idaho mortgage broker, it is still imperative that you do your due diligence. Furthermore, finding the right mortgage broker requires thorough research. Consequently, there are no shortcuts, and you should never choose one blindly.

That said, in order to find the best Idaho mortgage broker for your needs, first and foremost, you need to ask questions. Moreover, it is highly recommended that you consider interviewing at least three brokers before making your final decision.

Since the loan your broker will find for you will likely impact the next 10, 20, or even 30 years of your life, you should make it a point to find the right one for your particular set of circumstances.

Furthermore, you need to ensure they are knowledgeable, connected, and equipped to give you the absolute best product. So, do not be afraid to ask friends, family, co-workers, and your real estate agent for referrals. Last but not least, you can also take advantage of online reviews and the Better Business Bureau to get a feel for your top three Idaho mortgage brokers’ reputation.

Loan Limits

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 limits that are modified every year to reflect the rise in home prices.

For VA loans, loan limits were eliminated in 2020. But some borrowers may still have to comply with 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.

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Need a Mortgage Broker or Have Questions?

If you need the assistance of a seasoned mortgage professional, Sammamish Mortgage can help. We are a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region that includes Washington, Colorado, and Oregon. We offer a wide variety of mortgage programs and products with flexible qualification criteria since 1992. Please contact us if you have mortgage-related questions.

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