6 Steps To Securing The Best Home Loan In Seattle

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In today's uncertain economic market, getting a mortgage doesn't always seem like a good idea. But if you've decided to follow the American Dream of owning your own home, unless you hit the lottery, you'll need a mortgage. Knowing the difficulties of getting a good mortgage will enable you to get the best mortgage terms and rates available. Not only will this save you time, but securing the best home loans in Seattle or any other city will save you headaches and heartaches later.

Here are some steps you can take to make sure you're getting the best mortgage loan you can: Call your local Better Business Bureau and get a list of mortgage companies with a rating of A+. This assures you that the company either has had no issues with the BBB or has resolved them. Also while shopping around, check to see how long they've been in business. Businesses that have been in business a long time have a better track record with solid loans.

When shopping for home loans in Seattle, ask lenders how much fees will be involved and what they are for. If they're charging application fees and lock fees, there may be other hidden fees and costs as well.With all the different loan programs available, ask what the pros and cons of each are.

Fixed rate loans and conventional loans offer the benefit of a single interest rate for the life of the loan whereas all the varieties of adjustable rate mortgages, interest only loans and interest rate buy down loans will have different monthly payments over the life of the loan. Also, the same program from a different lender can have a better interest rate as well.

Have an independent appraisal of the property to validate current pricing. This can save you thousands of dollars in the short run and even more in the long run. There are mortgage calculators all over the ‘net. Take the time to sit down and calculate your monthly payments based on interest rate, price and length of loan so you'll know in advance how much you house you can afford.

One last step when vetting a mortgage company is whether or not they resell your contract after closing. Ask your prospective mortgage company this specific question as it can make a huge difference. This is one way that a mortgage company actually acts as more of a mortgage broker. Ensure that if they do sell your contract that the company buying it will adhere to the original contract. Getting the best home loan in Seattle or anywhere else isn't the best if your mortgage company sells your mortgage to another company that isn't going to give you the same deal.

There are a lot of variables to consider when getting a Seattle mortgage home loan or a mortgage in other towns and cities. Property values have taken a major hit over the last few years and a lot of people are considering buying now. Also, with foreclosures at record levels, picking up a good property at a great price is much more likely.

However, you have to take care when putting together your mortgage as there are plenty of traps that will cost you money you may not be able to afford. One aspect that most people don't consider is the fact that when you have your credit checked, which every mortgage company will do, it affects your credit score.

You'll have 30 days from the first credit check until it shows up on your credit report, so making sure you've got everything in place to get a mortgage is essential. Sit down and talk to a reputable loan officer and with an attorney so you know you're getting the best value for your money. 

When Vickie Lexom was ready to take the step and buy a home, she researched and found the best Seattle mortgage company that fit her needs. Sammamish Mortgage uses our years of experience to help you with find Seattle mortgage brokers who will work with you.

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