Boise Mortgage Loan Officer: Which One is Right for You?

Published:
February 16, 2021
Last updated:
January 6, 2022
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A new home purchase can seem daunting without the right assistance. But the good news is that 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 mortgage loan officer.

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 Boise Mortgage Loan Officer?

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 whether you’re a first time home buyer or an experience real estate investor.

Several important qualities to look for in a local loan officer to ensure you get the Boise home and mortgage you hope for 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.

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. Here are some more questions to ask your mortgage lender.

How Will a 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.

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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, a home 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 Overview

When you apply for a mortgage, you won’t necessarily be allowed to take out any loan amount. Borrowers need to understand loan limits, which are dollar limits placed on a mortgage. Different types of loans have different limits.

  • 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 Federal Housing Administration backs.
  • VA loan limits have been eliminated since 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 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.

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Why Choose a Sammamish Mortgage Loan Officer?

At Sammamish Mortgage, we strive for a personalized experience for each mortgage applicant. That’s why we employ a full staff of experienced, salaried mortgage loan officers, transaction coordinators, and processors.

Mortgage loan approvals is all we do, so every member of our team is highly experienced. If your personal loan officer is out for the day, or it’s the weekend and you need to talk to someone about your loan, someone will be available to you.

Sammamish Mortgage has been in business since 1992, and has assisted many home buyers in the Pacific Northwest. If you are looking for mortgage financing in the PNW, we can help. Sammamish Mortgage offers mortgage programs in Colorado, Idaho, Oregon and Washington.

Contact us if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.

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