Lilac City Real Estate

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How to Find a Good Mortgage in Spokane

Now that you're ready to start shopping for a home...

There is more to getting a good deal on your new Spokane home than merely winnowing through all the Spokane MLS data and viewing your favorite listings to find the perfect home. Home buyer's should seroiusly consider their financing options before falling in love with a particular home. Far too many Spokane home buyers procrastinate shopping for mortgage only to fall in love with the perfect house, then while desparate to submit a winning offer they accept the first mortgage program suggested without even looking at another option to see how it compares. Experienced Realtors like me always recommend shopping mortgage options before getting serious about shopping for the home. Putting if first has many advantages. Financing your home is at least as important and finding a nice home, maybe even more important. Shop for a mortgage dispassionately, before you feel the emotions of home shopping. Analytically choose the best mortgage option before you fall in love with a home. Learn you down payment requirements. Find out what the various loan origination fees compared between the different loan programs. Know what the difference between interest rate and APR. Have a good idea on how long you want to keep the mortgage and the home, how long you keep a mortgage can really make a difference in the way you set up the financing. Understand the home finacning lingo: MI, FHA, VA, CONV, P&I, APR, Fixed, Adjustable. Ask questions if you're not understanding everything. Most of all find a good, reputable mortgage loan officer and share your goals and resources, the honest mortgage loan officer will guide you to the best option FOR YOU. Here are three Spokane mortgage professionals that I recommend frequently. Each of these will take good care of you and get your mortgage loan application through underwriting to closing with close attention to detail.

What to do if you need to improve your credit score...

Occasionally, home shoppers need to take some corrective action to improve their credit score in order to qualify for a mortgage. Many times the actions necessary are simple to correct. An unpaid creditor, etc can ruin a credit score but it can be difficult to know exactly what action to take to rectify the situation. My best advice is to NOT try to fix the situation without guidance. If you do it all by yourself you could make matters worse. I recommend obtaining the guidance of a loan officer for the best results.

The best way to start is by applying for a mortgage to learn what credit score and the history behind the score. In the case where someone is denied a loan there is a "secret" method to quickly raising the score. Loan officers have access to software tools that will computer model a new credit score on a "what-if" basis. Q. What if I pay off this collection? A. The new score will be xx points higher. This is done on an iterative basis until you can achieve the qualifying score.

The next step is just as important. Do not rely on creditors to submit documentation to the credit bureaus. They can take up to six months or longer. Instead, ask your loan officer for the "Rapid Re-score" Program. In this program the home buyer obtains wirtten documentation for whatever action was taken and provides it to the loan officer who then force feeds it to the credit bureaus. This has a price to the loan officer but will normally result in a new credit score within a couple weeks. Loan officers are normally willing to help with this expense when they are assured the home shopper is committed to getting a home loan with them. The bottom line is to find yourself a good loan officer and then avail yourself of their expert advice. Below are a few good loan officers I enjoy working with. Each of these has expertly helped clients of mine.

 


Tim Carroll

Mortgage Loan Officer
MLO# 487427
Washington Trust Bank
Phone: (509) 353-3942
Email: tcarroll@watrust.com

Or click the link below to apply for a mortgage
https://homeloans.watrust.com/BranchLocator/LoanOfficer.aspx?i=415

Jeff Schutz

Mortgage Loan Officer
NMLS# 191003
Sterling Bank
Phone: (509) 362-4003
Email: jeff.schutz@bankwithsterling.com

Or click the link below to apply for a mortgage
https://jschutz-sterlingbanklo.mortgagewebcenter.com/ApplyNow/Application.asp?PID=1

Anthony Baker

Mortgage Loan Officer
NMLS#
Acceptance Capital Mortgage Corporation
Phone: (509) 362-4975
Email: anthonybaker@acceptancecapital.com

Or click the link below to apply for a mortgage
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