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Purchasing a home in Idaho does not have to be complicated, especially if you have a trusted local loan officer on your side. In this article, we will go over what qualities your ID loan officer should have and why it is beneficial to work with a local loan officer.
Choosing the right mortgage loan officer can be a tough task; nevertheless, it is a crucial part of the home-buying and home-selling process. That said, when it comes to financing a home in Idaho, you cannot just work with anyone who is willing to offer their loan originating assistance.
Instead, you need to do your research and carefully consider your options. Not only should your loan officer be someone that understands your current financial situation, but they should also be a quality mortgage loan originator that has your best interest in mind. Thus, in order to choose the right ID loan officer for your needs, you should look for a few certain qualities.
You should look for an Idaho loan officer that is currently working with a well-known, reputable lender. Remember, reputation is everything these days. So, who your loan officer works with absolutely matters.
In general, most loan officers often work with several lenders, which means they can offer you a certain amount of flexibility. However, the lenders that he or she works with should all, for the most part, be reputable companies with a high level of expertise. In addition to working with a knowledgeable lender, your loan officer should be able to walk you through the entire mortgage process. This includes going over what loans you are eligible for and what their basic requirements are.
Moreover, your local loan officer should be reachable. One of the best characteristics an Idaho mortgage loan officer can possess is responsiveness. Your loan officer should also welcome questions. Aside from addressing all of your concerns, the best loan officer should also take the time to ask you questions to determine what your financial situation is and what course of action would benefit you the most. Other qualities to look for in the right Idaho loan officer include:
A local loan officer will take the time to compare and contrast multiple loan products, so you can spend more time looking for the home of your dreams. Moreover, an Idaho mortgage loan officer can bring industry-specific knowledge and experience to the drawing board. This will be evident by the types of questions that they ask about your current finances and by what home loan products he or she recommends for your situation.
What’s more, an Idaho mortgage loan officer will assist you through the mortgage application process from start to finish. This includes going over your Loan Estimate, potential closing costs, and even further explaining amortization schedules.
The Idaho metro areas of Boise, Idaho Falls, and Nampa are predicted to have the strongest housing market in the country, heading into the first quarter of 2021, which means the demand for homes is skyrocketing. As a result, if you are looking at any of these major cities or areas in the state, you are going to need some assistance in order to properly navigate the market and secure your future home.
Finally, there are several questions you should ask your Idaho loan officer in order to get a feel for whether or not they are the right loan officer for you. For instance, you should ask about your potential loan officer’s fee. Note, even though you do not pay the loan originator’s fee directly, it is embedded in the price of the mortgage, and a trustworthy loan officer will gladly explain his or her fee and how the structure works. 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 prospective Idaho loan officer does not need to have multiple decades’ worth of experience but knowing how long they have been in the business can provide you with valuable insight. If the loan officer is new, then you might want to ask if there is another individual on staff who can provide additional insight.
Last but not least, you can easily weed out the local loan officers that are not for you by finding out if they have ample experience in the specific loan type or programs you are looking for. Ultimately, the goal here is to find an Idaho loan officer that you can trust and one that can assist you throughout the entirety of the home buying process.
When you apply for a home loan, there is a limit to how much you can borrow based on type of mortgage you’re taking out and the county that you are buying your home in. If the loan amount you apply for exceeds this limit, the loan will be considered a “jumbo loan.”
Both conventional and FHA loans have their own specific loan limits that are modified every year to reflect the rise in home prices.
For VA loans, loan limits were eliminated in 2020. But some borrowers may still have to comply with loan limits if they have an active VA loan or a previous default on a VA loan.
Check out our mortgage loan limit tool for conventional, FHA, and VA loans.
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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