If you’ve decided to buy a home in Washington, you’ll likely need some financial assistance to help fund such a large purchase. In this case, you will want to work with a mortgage company that can help you navigate the mortgage process.
Home loan financing is complicated, so much so that an entire industry exists to assist people throughout the home buying or refinancing process. Mortgage loan professionals dedicate their careers to the intricacies and subtleties of the home loan market so that prospective home buyers don’t have to spend months researching current market trends in order to secure the best loan available for their refinance or new property purchase.
However, as with any industry, there are good, better and the best options available when seeking the assistance of a mortgage company when getting a home loan to buy a home in Washington. Knowing what separates the good mortgage professionals from the best mortgage professionals can bring any buyer the confidence that they’re making the right choices thanks to proper consultation.
If you’ve asked yourself this question, you probably came up with generic notions like “a trustworthy company”, “that’s knowledgeable”, “experienced with many types of loans” and “good with customer service”. Those instincts are dead on – but how do you go about assessing these variables when comparing mortgage professionals side by side in order to choose the right mortgage company to work on your loan?
The most common questions borrowers ask when shopping for a mortgage company are “What are your rates?”, “What are your points?” and “What are your fees?”. Oftentimes, less than reputable companies will answer whatever they think they need to say to get you in the door. A better opening question when shopping for the right mortgage company is “How do I know I can trust you with my loan?”
Don’t stop there. Here are some more questions to ask:
Mortgage loan companies that shy away from or deflect any of the above questions are likely working in their interest and not yours.
While inquiring with a mortgage broker about their business practices is crucial in the decision-making process, you should also be looking for a mortgage company that demands certain information from you.
A mortgage professional who acts like they know of the “perfect loan program” for your situation without having first asked what your financial status, job status and future plans are is likely looking to sell a product for which they’ll make the most money, not the product that’s best for your home loan situation.
You want a loan professional who is experienced and able to ask the right questions to figure out how much loan you can afford, and what loan program is best for you: whether that is a FHA loan, a conventional loan, a jumbo loan, or even a VA loan.
It’s important to not only understand the different mortgage products available but also loan limits. Both conforming loans and FHA loans both have loan limits, which refer to the loan limit size that Freddie Mac and Fannie Mae will buy or guarantee, as well as the dollar cap that borrowers can get through the FHA, respectively.
However, VA home loans don’t have a loan limit (as of 2020) unless you have defaulted or already hold VA home loans, in which case loan limits may apply.
Loan limits are typically increased at the start of every year to reflect the rise in average home prices over the past 12 months. These loan limits are assigned to every county across the nation, and are based on home prices in each county.
Check out our mortgage loan limit tool for conventional, FHA, and VA loans.
Buying a new home or refinancing your current loan can be a stressful situation. Following this guide will help prospective borrowers feel secure they’re making a good choice when deciding on the right mortgage company for their Washington State home loan.
If you have further questions about choosing the right Washington mortgage company or would like to talk to someone willing to answer the above questions and more, contact our mortgage loan experts at Sammamish Mortgage.
Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We have been serving the entire state since 1992, as well as the broader Pacific Northwest region, including Oregon, Colorado, and Idaho, and offering plenty of mortgage programs to our valued clients. If you are in need of a mortgage company to help you finance a home purchase, please contact us today!
8:30 am - 5:00 pm Pacific