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Is buying a home in Spokane, WA something that you’ve been considering? If so, now may be a great time to get into the market, as prices in the city continue to climb.
Owning a home in Spokane can afford you not only a place to live and call home, but it can also help you secure an asset of value that will appreciate over time. And as the home goes up in value, so does your equity, which can help you increase your wealth.
But when it comes to buying a home in Spokane, you’ll want to make sure that you work with an experienced mortgage broker with a track record of helping buyers in the city. With an expert in your corner, you can make sure that the process of buying a home and getting approved for a home loan is a streamlined and stress-free process.
Finding and choosing the right mortgage broker in Spokane is a process that you don’t want to rush. There are several steps that you will need to take to ensure that the professional broker you select is the right one for you.
Right now, the housing market in Spokane, WA is looking very healthy. Home prices have spiked 17.3% over the past 12 months and now sit at an average of $315,967. Homeowners who got into the market last year saw their equity grown quite a bit. If they sold their home today, they would realize a handsome profit.
But that doesn’t mean it’s too late to get into the Spokane real estate market just yet. While prices may have soared over the past year, they’re expected to continue on their upward path in the coming months. And with the help of a solid Spokane mortgage broker, you can see your home equity grow over time, too.
Let’s get into more detail about why you should work with a mortgage broker in Spokane, and how to find the right mortgage broker for you.
If you’re planning to buy a home and need a mortgage to finance this big purchase, you’ll want to team up with a seasoned mortgage broker in Spokane, WA, and here’s why.
While you might think that Spokane mortgage brokers work for the lender that inevitably lends you the money needed to buy a home, they don’t. Instead, mortgage brokers work for you.
Since they are not working on behalf of a bank or lender, your mortgage broker will have your best interests in mind. That means you can be sure that you will get tailored services, and any loan products will be the best that your broker can find for you.
Rather than going to the bank and being stuck with only a handful of mortgage products that the financial institution can offer, you can work with a mortgage broker who works with a myriad of lenders.
That means that you’ll have many more mortgage products to choose from, each of which comes with its own set of terms and interest rates.
Since you have more products to choose from, the odds of you getting the best mortgage for your financial situation are much greater compared to working with only one lender or bank.
You could always take it upon yourself to shop around from lender to lender to see where the best mortgage and lowest mortgage interest rate is. But you’d be creating a lot of work for yourself. Instead, a mortgage broker in Spokane can do all that time-consuming and laborious legwork for you.
They’ll look at what all the lenders within their network have to offer and comparison shop on your behalf. And once they’ve found the best mortgage product for you, you’ll have the option to assess the product before deciding if it’s right for you.
Lenders and banks will post their mortgage interest rates, but that doesn’t mean it’s written in stone. Instead, these rates and terms can be negotiated. And if you don’t have any negotiating skills, no problem: your mortgage broker will negotiate on your behalf.
By shaving off a few points from the interest rate, you can save yourself tens of thousands of dollars — or more — from the overall interest paid on your mortgage.
Spokane mortgage brokers do a lot of work behind the scenes. But the great thing is that you don’t have to pay them for their services. Instead, they are paid a commission by the lenders who end up entering into a contract with borrowers.
There are a few ways to go about finding the right mortgage broker in Spokane, including the following.
Ask people you know. Anyone within your circle of acquaintances who has recently bought a house and used the services of a mortgage broker may be able to give you some references.
Read online reviews. Check out Google and reviews sites like Angie’s List or Yelp to find mortgage brokers in Spokane with good reviews. Just be sure to read as many reviews as possible to get a more accurate overview of what the mortgage broker is like.
Ask lots of questions. Ask your broker things about the types of mortgage products they offer, what types of discounts may be available, how much of a down payment you may need, what interest rate and fees they charge, and how you will communicate with each other. The answers you get will help you determine whether or not the mortgage broker is right for you.
Sammamish Mortgage is a local mortgage loan company that has been serving clients since 1992. We help borrowers all across the Pacific Northwest, including Washington, Oregon, Idaho, and Colorado. We are proud to offer a wide variety of mortgage programs and products with flexible qualification criteria. Please contact us if you have any questions or are ready to apply for a home loan.
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