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How to Choose a Mortgage Loan Officer in Boise, ID

Sammamish Mortgage
February 16, 2021
Last updated:
June 30, 2021
How to Choose a Mortgage Loan Officer in Boise ID

A new home purchase can seem daunting without the right assistance. But the good news is if you find the right local loan officer, then the home buying process, especially in Boise, ID, can be less stressful. Thus, to ensure you make the right choice the first time, let’s go over what qualities are a must in your Boise Loan Officer.

In This Article

Often, finding a mortgage lender is the easy part. Through an online search, referrals from friends or associates, you generally can narrow down your options. But when it comes to finding a loan officer that fits your specific needs and goals, more often than not, a little more due diligence is required.

Think about it, when selecting a realtor for your new home, you meet with multiple realtors to make sure you find one who understands what you are looking for. So why wouldn’t you do the same with everyone else that will ultimately be involved in the homebuying process?

That said, before getting into a few tips on finding a good mortgage loan officer in Boise, it is important to understand the current housing market in this area. At the moment, the Boise housing market is very competitive, and home sale prices have gone up a whopping 36.6% since last year.

And despite this increase in sale prices, many homes get multiple offers and are only on the market for less than seven days. Thus, having the right real estate and mortgage experts in your corner is definitely a must here. Plus, the right mortgage loan officer can make a world of difference when it comes to securing financing and closing on your dream home. This is the main reason you should look for proper loan originating assistance, especially in Boise, as the housing market here has never been hotter.

What Qualities Should You Look For In A Loan Officer In Boise, ID?

In general, the right loan officer’s primary purpose is to assist you during your home purchase. This means your loan officer will be working closely with you, examining a lot of your personal information. Thus, you want to find someone who is knowledgeable about loan options, trustworthy, understands your local market, and is responsive to you and your needs.

Several important qualities to look for in a local loan officer to ensure you get the home and mortgage of your dreams include an unmatched reputation, confirmed credentials, and an organized process. The right Boise loan officer should also welcome and encourage questions, be cooperative and willing to listen, plus understand your needs and financial situation.

Furthermore, a good loan officer will be working for a knowledgeable lender proficient in all types of loans and has everything you are searching for in a lender. In general, most mortgage companies or lenders offer various loan products or a wide array of mortgage loan choices.

As a result, your Boise loan officer should understand each loan option’s complexities and how they can be used in your specific situation. Thus, you need a loan officer that has access to a diverse range of mortgage loan options in the marketplace that they can easily explain and put to use for you.

Why Is More Due Diligence Required For Finding The Right Loan Officer?

As you are likely aware, the first step for serious home shoppers is to get pre-approved for a mortgage loan. In order to do that, however, you need assistance from the right local mortgage company/lender and loan officer. Obviously, you want to work with people you can trust and who have your best interest in mind.

You want to find a local loan officer concerned about your overall financial wellness and not just a product pusher. Thus, it cannot be stressed enough that it is important to do your research, ask questions, and shop around. Doing so will help to ensure that you find the right Boise loan officer—one that will know which loan fits you the best.

It is also beneficial to inquire about your prospective loan officer’s experience in the mortgage industry. In other words, ask them how long they have been in the business. Of course, your future Boise loan officer does not need to have multiple decades’ worth of experience; however, your loan officer should have several years of loan origination under his or her belt.

How Will The Best Loan Officer Help Me Navigate The Boise Housing Market?

The best loan officer will not only determine the type of mortgage you need, but they will also ask you to assess your long and short-term financial goals if you have not already. There are multiple types of mortgage loan options to choose from, so be sure to find a loan officer who is skilled and knowledgeable in the type of loan program you are seeking.

Are you a first-time homebuyer or considering building a new home? Are you self-employed, have a low credit score, or possibly looking for a Jumbo mortgage? – By knowing what you are looking for, you can eliminate certain loan officers based on their expertise and typical loan types.

Live Boise Mortgage Jul, 31, Sat, 2021

Why Is It Important To Set Realistic Expectations With Your Loan Officer?

You should be able to set expectations with your loan officer to make sure you are both on the same page. Set expectations about your long-term financial wellness, communication, turnaround time, appraisal value, rate lock-in, and anything else that will make you feel more comfortable with the process.

Lastly, if your potential loan officer is experienced, responsive, a good fit, with a talented team, and has ample loan options, then they should have a decent number of referrals. In fact, good loan officers will have more referrals than you can handle. Additionally, you should consider performing a Google search on your loan officer.

Find out what their Yelp or Google reviews say—but remember to take them with a grain of salt. Ultimately, if you come across someone that meets all these above-mentioned requirements and more, then you have likely found the right loan officer to assist you throughout the entirety of the Boise home buying process.

Loan Limits

You won’t necessarily be permitted to take out any loan amount. There are “loan limits” placed on mortgages that are dollar caps on home loan amounts, Any amount that exceeds this loan limit will mean you are taking out a “jumbo loan.”

Loan limits are adjusted every year to reflect the increase in home prices across the nation. Every county in every state will have its own loan limit set, though many counties may have the exact same loan limit.

Both conventional loans and FHA loans have their own respective loan limits based on each county. For VA loans, loan limits were eliminated in 2020. Having said that that, borrowers who already have VA loans on the go or have defaulted on a VA loan in the past may still be subject to loan limits.

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

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Ready to Apply For a Mortgage in Boise?

Do you have questions about home loans? Are you ready to apply for a mortgage to buy a home? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs to buyers all over the Pacific Northwest and have been doing so since 1992. Contact us today with any questions you have about mortgages.

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