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Properly navigating the Spokane real estate market means finding the right local lender for your needs and financial situation. In this article, we’ll go over a few ways to make the lender finding process easier in Spokane, WA.
Buying a home is a big purchase that is usually a joyous occasion and, for some, the culmination of a dream. Yet, the overall process can sometimes be a bit daunting and stressful. But the good news is that with the right lender or mortgage company by your side, the home buying process does not have to be that way for you.
When looking for a home loan, you have options, and therefore you should definitely shop around. While shopping around, you can save yourself a lot of extra work if you decide early on if you want an online-lender or not.
Once you have found several quality Spokane lenders (on your own or through various referrals/recommendations), make it a point to ask each of them about rates, loan terms, down payment requirements, property insurance, closing cost, and fees of all kinds.
After finding your top five local lenders, you can compare these details, which can easily be done online for most lenders. Finally, focus your search on one or two particular lenders and do yourself a favor by following a few more steps to ensure you get the best lender for your needs.
That said, before getting into those additional steps, it is important to note that the right lender is crucial. Like most of the country, Spokane, Washington is a seller’s market. Moreover, in this particular city, the median listing home price is just shy of $333,329. And homes in Spokane, WA, typically sell after 7 days on the market. As a result, having a local lender that knows this market and how to navigate it is essential.
One of the first things you should do in order to find the Spokane mortgage lender of your dreams is to strengthen your credit score. Improving your financial situation means you will have more power when it comes to negotiating better rates with potential lenders.
So, if you currently have a low or less than desirable credit score, lenders may view you as a risky borrower. This, in turn, means you will likely get a higher interest rate on your home loan. Note, if your credit score is under 580, then qualifying for most types of mortgages will also be somewhat challenging.
Speaking of mortgages, you want to make sure the mortgage lender you choose offers the kind that’s best for you. So, look for a Spokane lender with various mortgage programs and products. The right mortgage lender should also be able to offer top-notch customer service, a swift closing, and an overall streamlined homebuying process.
A local mortgage lender in Spokane can help speed up the entire home buying process because, in general, a skilled lender or mortgage company knows how to problem-solve and close on-time. For instance, if the mortgage program you need was discontinued? A great mortgage lender will find an alternative.
Moreover, the right Spokane mortgage lender knows how to effectively communicate according to your preference and touch base with you throughout the mortgage process. Plus, a local lender that understands your needs should be more than willing to work within your comfort zone.
For example, if you can afford a larger mortgage, but the potential payment makes you light-headed, a great lender will find a way to make you more comfortable —whether that is by finding a smaller loan size, a different mortgage program, or even offering some budgeting tips.
Ultimately, when you work with a great lender who is familiar with your desired area, things just tend to move along more smoothly, which in turn speeds the entire process up.
You should also keep in mind that you need to get pre-approved sooner rather than later. During pre-approval, you will be asked to provide documentation on your financials, such as your paystub, W2s, tax returns, bank account balances, and credit information.
This particular step is a valuable part of the home buying process because a pre-approval letter shows that you have been properly vetted and can qualify for a home loan. Once you have been pre-approved, then all you need to do next is find an eligible property. Once you apply with a lender, you will receive a Loan Estimate laying out the down payment, fees, estimated monthly payment, and so on.
What’s more, it is imperative that you work with a Spokane mortgage lender that has ample experience with your specific type of loan—in addition to having access to a wealth of programs—and walks you through credit score challenges or opportunities. Also, it may be beneficial to look for a lender that offers in-house underwriting since this is a great way of increasing the likelihood that the process of getting a mortgage will be a smooth one.
Finally, do not be shy about asking specific questions. By asking questions and raising any concerns you may have, you will be able to gain insight into the lender’s level of professionalism and communication skills.
Remember, you will be sharing a lot of personal information and placing a lot of trust in this person. Ultimately, by doing your due diligence, you will be certain that you have found the best Spokane, WA mortgage lender for your needs, and you can start house hunting with confidence.
VA loan limits were eliminated in 2020. But for borrowers who currently hold a couple of VA loans or have defaulted on a VA loan in the past, they may still be subject to loan limit restrictions.
Check out our mortgage loan limit tool for conventional, FHA, and VA loans.
Sammamish Mortgage is a local lending firm serving the broader Pacific Northwest region, including Washington state, Idaho, Colorado, and Oregon. We are proud to offer a wide variety of mortgage programs and products with flexible qualification criteria since 1992. Please contact us if you have any questions or are ready to apply for a home loan.
Are you considering making a home purchase in Spokane at some point in the near future? Then you’ll want to get in touch with a mortgage broker to help you start the process. Read on to find out more and to check out our loan limits tool.
By researching the local mortgage brokers in Idaho and doing your due diligence, you can find the right ID State broker for your needs with ease. Read on to find out more and to check out our loan limits tool.