Pierce County Mortgage Company: Which One is Right For You?

Published:
September 10, 2020
Last updated:
December 20, 2021
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Need a Pierce County mortgage company? You’re not alone. If you are looking to buy a home in any one of the many residential areas in Pierce County, you may have to face some competition among other homebuyer hopefuls. A seasoned real estate team and mortgage company in Pierce County. These experts will help ensure that the process of securing a mortgage is as hassle-free as possible.

Your Pierce County mortgage company will work tirelessly to help you get preapproved for a mortgage and quickly close on a real estate deal. Let’s take a look at the current housing market in Pierce County, and review some helpful tips on how to find the best mortgage company to help you finance your home purchase.

Why Buy a Home in Pierce County, WA?

Pierce County is the second most populated county in the state of Washington behind King County. It is the location of many popular cities, including Tacoma, which is currently experiencing a very hot real estate market. Pierce County is a desirable place to live thanks to its top-notch health care, excellent school districts, and unique mix of urban and rural living.

Overview of the Pierce County Market

As of December 2021, the average price for a home in Pierce County, WA is about $514,593, according to Zillow. The real estate market in this market is very competitive, as per Redfin, with homes generally receiving multiple offers and going pending in around 6 days after being listed. Hot homes can sell in an even shorter period of time – around 3 days after listing – and can sell for 5% over the asking price. This is a testament to the demand for housing among buyers in Pierce County at the present time.

Considering Pierce County’s average home price, an average down payment of 10% would equate to around $51,500 This is just an example, as there are varying degrees of down payment amounts that you can put forth.

For instance, an FHA loan requires a minimum down payment of 3.5% of the purchase price of a home. In the case of Pierce County, this would translate into about $18,000. On the other end of the spectrum, a 20% down payment – which is required for a conventional loan without private mortgage insurance (PMI) – would come to just over $102,000.

The down payment you make will not only depend on the price of the home, but it will also depend on your financial profile and the lender you work with. That’s why it’s so important for you to do your due diligence when choosing the best Pierce County mortgage company to work with. Here are some ways to do just that.

Getting the Best Pierce County Mortgage Company

You want to find a Pierce County mortgage company with full time, salaried specialists who can help you secure the best home loan for your specific needs.

Tip #1: Assess Your Credit Score

When you approach a mortgage company, you should have a clear idea of what your credit score is like. Ideally, your score should be on the higher end of the spectrum – at least 650 or higher. That’s because credit scores are one of the more important factors that mortgage economies use to determine an applicant’s ability to secure a mortgage.

Get a copy of your credit report from one of the three major credit bureaus in the US and review it in detail. If you find that your score is not as high as it should be, take some time to repair it by doing the following:

  • Don’t be late with your bill payments
  • Have your credit card limit increased
  • Keep your credit card expenditures less than 20% to 30% of your credit limit
  • Pay your credit cards bills in full
  • Leave old accounts open
  • Don’t apply for any new loans
  • Have mistakes on your credit report investigated and fixed

View WA State Mortgage Rates

Tip #2: Ask Lots of Questions

When you’re in the selection process, it helps to ask as many pertinent questions as possible. Consider asking the following questions when speaking with a potential mortgage company in Pierce County:

  • What types of mortgage programs do you offer?
  • What interest rate can I lock in at?
  • What are the closing costs?
  • What other fees will be charged?
  • What are mortgage obligations?
  • What are the terms of the mortgage?
  • Are there any down payment assistance programs available to me?
  • Are the mortgages provided in-house?
  • How much of a down payment do I need?

An experienced mortgage company in Pierce County will be able to answer these questions fully without leaving any information behind. Ideally, the answers they provide will give you everything you need to make a more informed choice about whether or not the company best suits you and your needs.

Tip #3: Compare Mortgage Interest Rates

Comparison shopping among various mortgage companies and products is a crucial step in the mortgage application process. Much like you would shop around for any other type of consumer goods, doing a little legwork to find the right mortgage company in Pierce County is also important. And one of the more important things to compare are mortgage rates.

Considering how much the mortgage interest rate will impact the overall cost of your home loan, it makes sense to find the lowest rate available, if you can qualify for it. The good news is that the internet makes comparison shopping very quick and simple. Just conduct a Google search and the search engine will populate a list of mortgage companies and the interest rates they offer. Just be aware that listed rates are typically for a conforming loan and assume your credit is top tier.

Tip #4: Understand Your Options

While the mortgage process can be a bit complex for those who are new to it, it’s helpful to understand what your options are when it comes to home loans. That way, when you approach various mortgage companies, you’ll be a more well-informed potential client who can ask all the right questions.

Understand the different types of mortgages that are available as well as what the down payment requirements are for each. Many people still believe that conventional loans with 20% down payments are the only types of home loans out there, which is not true. Instead, there are several types of home loans available that come with varying degrees of down payment and credit requirements.

Finding and choosing the right Pierce County mortgage company can help ensure that you commit to the appropriate type of mortgage for your situation and that you get all the assistance and guidance needed from the application process through to final approval.

Loan Limits: An Overview

It’s helpful for borrowers to understand loan limits, which are dollar limits placed on a mortgage. Conforming loan limits are caps placed on loans that Freddie Mac and Fannie Mae guarantee. FHA loan limits are dollar caps placed on loans that the FHA backs.

VA loan limits have been eliminated. 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 each county in every state across the country and usually increase at the start of every year to reflect the growth in home prices.

Check out our mortgage loan limit tool for conventional, FHA, and VA loans.

Get an Instant Mortgage Rate Quote Today

Get More Info on Pierce County Mortgages

There’s so much to know about mortgages in Pierce County 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, 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 Pierce County!

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