When you’re on the prowl to buy a home in Bothell, WA, you don’t want to encounter any hiccups when it comes time to finalize your mortgage approval. That’s precisely why choosing the right Bothell mortgage company is key.
Here’s a brief overview of why Bothell is such a prime destination, how the Bothell real estate market is doing, and some handy tips to help you find and choose the right mortgage company in Bothell to work with.
Why Buy a Home in Bothell?
Bothell is part of the Seattle Metro Area and is considered one of the best places to live in the state of Washington. It offers residents a fabulous mix of both city and suburban life. There are plenty of eateries, cafes, shops, and greenspace for residents to take advantage of, all while being in close proximity to the city of Seattle.
Bothell is in high demand among buyers, which is why it’s important to be adequately prepared to enter the market. And a big part of that involves teaming up with an experienced mortgage company.
Overview of the Bothell Housing Market
As of January 2024, the median home price in Bothell, WA is $960,014. That’s a pretty hefty price to pay for a home and is above the statewide average. That’s even higher than the average price of $815,865 in nearby Seattle.
According to Zillow, Bothell home prices have increased 30% over the past 12 months. The real estate market is currently very competitive, according to Redfin. The majority of homes receive multiple offers and go pending in about 6 days. Hot properties can sell much faster, after around 3 days of being listed and can fetch about 3% over the listing price.
Down payment amounts can vary depending on the type of mortgage you apply for and your financial situation. Based on an average home value of $960,014, you would be looking at a down payment of anywhere between $33,600 (roughly 3.5% of the purchase price) and almost $192,002 (around 20% of the purchase price). Of course, you can put down an amount anywhere in between those figures, depending on your situation.
The down payment you require will also depend on the mortgage company in Bothell you choose to work with, which is just one reason why you should take some time to make the right choice.
Tips for Finding a Bothell Mortgage Company
Here are some tips to finding the right mortgage company in Bothell, so you can get a loan tailored closely to your specific needs.
Tip #1: Compare Interest Rates
One of the main goals as a buyer is to ensure affordability in a mortgage, and one way to do this is by choosing a lender who can offer you the lowest interest rate. The rate you are offered on a mortgage will directly determine how much your home loan will cost you over the term. You could be spending a lot more in interest over the life of the loan if you lock in at a higher rate than necessary.
One of the first things you should do is compare interest rates among mortgage companies in Bothell to see where you can get the lowest rate. The internet makes this easy. A simple online search can provide you with this information, which you can then use to compare mortgage companies side by side to see where the best offer lies.
Tip #2: Get Referrals From Those You Know
You trust your friends and family, so why not ask them who they worked with to obtain the mortgage needed to finance a home purchase? Make sure you ask specific questions when speaking with those you know about the type of service that was provided.
You want a mortgage company that is attentive and is willing to pull out all the stops to work with you and your particular situation. This is especially important in a competitive market where working collaboratively with a mortgage company will increase the odds that you can close on a home faster than other prospective buyers. Getting some positive reviews on mortgage companies from those you know can help get you off to a good start.
Tip #3: Check Out the Mortgage Company’s Credentials
There are plenty of mortgage companies out there in Bothell, so you want to make sure that the one you choose can be properly vetted for professionalism. If possible, consider looking into the company’s credentials. Ideally, they should be properly licensed and have the necessary qualifications required to work in the state of Washington. Taking this step can help ensure that you are working with a reliable company with only the most trusted industry professionals on its roster.
Tip #4: Give Your Credit Score a Boost
Improving your credit score is another step that you should take when looking around for a mortgage company in Bothell. In fact, you may want to do this even before you start your search for a lender or a home. A good credit score will open many more doors for you when applying for a mortgage.
Not only will it increase your odds of approval, but it will also put you in a better position to be offered more favorable terms and lower rates on home loan products. So, if your credit score could use some improving, take some time and the necessary steps to make that happen before you apply for a mortgage.
Tip #5: Ask the Right Questions
When you’re looking around for a mortgage company in Bothell, be sure to ask important questions as they relate to your situation. Some of the questions you may want to ask include the following:
- What type of home loan programs do you provide?
- What interest rate do you offer?
- Are there any down payment assistance programs I can take advantage of?
- What are the closing costs?
- What loan term can I get?
- What will my monthly mortgage payment obligation be?
- Are loans provided in-house?
- How much of a down payment will I need to make?
The answers that you get will help you narrow down your choices and choose the right mortgage company that you believe will provide you with the best options.
Are You Aware of Loan Limits?
Borrowers should understand loan limits, which are dollar caps placed on mortgages. For conforming loans, loan limits are caps that are placed on loans that Freddie Mac and Fannie Mae will guarantee. For FHA loans, loan limits are dollar caps on loans that the FHA guarantees.
VA loan limits have been eliminated as of 2020. But some borrowers may still be subject to them if they currently have a couple of VA loans or have defaulted on one in the past.
Loan limits are assigned to every county across the nation and usually rise at the start of every year in response to increasing home prices.
Check out our mortgage loan limit tool for conventional, FHA, and VA loans.
Get More Info on Bothell Mortgages
There’s so much to know about mortgages in Bothell, WA, and the mortgage companies that offer them. At Sammamish Mortgage, we can provide you with all the information required about home loans without the need to do any leg work yourself. We’ve been helping borrowers all over Washington, California, Idaho, Colorado, and Oregon apply for mortgages since 1992, and we’d love to help you too. We offer plenty of mortgage programs with flexible qualification criteria, and we would love to speak to you about how we can help. Contact us today to get the info you need about home loans needed to buy a home in Bothell!