Top Reasons To Hire a Mortgage Company When Buying Home in Seattle

Top Reasons To Hire a Mortgage Company When Buying Home in Seattle

If you want to buy a home in Seattle, did you know that the success of your mortgage / loan process largely depends on the performance of your Seattle mortgage company?

The efficiency of your loan processor will guarantee you a successful filing. You may have heard of many companies that offer mortgage / loan process outsourcing services, but it is difficult to say what their salt is really worth.

There are several benefits to using a mortgage company. Their team of experienced experts understands the complexities of the lending environment that is essential for you and your clients.

Using a company with trained processors can make a big difference between your case and the reliability of your file. The credit processing company brings to the table many years of experience and expertise that are highly beneficial to lenders and brokers.

Here are some top reasons to hire mortgage company:

Assistance in arranging supported documents:

The experts at a mortgage processing company help their clients put all their mandatory documents together. They can go the extra mile in securing other important documents such as the homeowner’s insurance for the property. A reputable company can produce and obtain documents such as LE expressions and flood certificates.

Close review of all required documents:

Trained mortgage officers working in a credit processing company will review all important credit documents such as W2s, Form 1003, and LE. They will ensure that all required documents are in order and comply with the respective federal and state regulations.

Reduce the amount of resources used:

When you outsource the mortgage loan process to a service provider, the number of phone calls and faxes coming to your office will be reduced. The service provider will handle all approvals, document orders, conditions, final products, etc. This will reduce the need for in-staff, reduce your overall responsibilities, and therefore reduce the amount of resources used.

Check the customer’s credentials:

There is no such thing as a good local mortgage lender. Their purpose is to ensure that there is a strong case for approval for every file they go through. This is why they do a thorough verification of the prospective borrower’s credentials so that all supporting documents are in place. They also do verification of employment, deposits and mortgages.

Extensive credit check:

It is the job of the mortgage lender to conduct a thorough check on the potential borrower’s debt. They not only screen their credentials in advance, but also read credit reports and check their credit history. Besides, the mortgage authorities examine the borrower’s social security status and check for existing loans. They are not only essential for processing, but also for reviewing all the information relating to the request of the borrower.

Work with licensed appraisers:

A reputable company will only work with accredited and licensed appraisers who are authorized to evaluate debt based on all the information they provide.

By outsourcing your support tasks to a specialized mortgage / loan processing company, you can save not only costs but also time. Taking a decentralized process out of your hands will allow you to focus your mind on the growth of the company and restructure your business processes.

Mortgage loan processing service providers can be a dozen dollars, but all you need for your business is someone you can blindly trust. Expert mortgage assistance fits like a charm. You can count on a competent team of mortgage experts and their many years of experience in trading. If you are looking for a sustainable and economical service provider who has a good understanding of the lending business and the environment, you can place your trust in the hands of expert mortgage helpers.

Streamline complex processes:

The whole process is now more complicated as lenders go back to borrowers with some loan conversion plans to avoid the loan coming up early. Such lengthy and confusing processes need to be simplified and streamlined. Mortgage loan processing service providers can bring credit verification experience with them and train their employees to streamline the entire process.

Mortgage or Retirement Savings?

Mortgage or Retirement Savings

Should I pay off a mortgage? Should I save for retirement? The thoughts in your mind never seem to die down. Therefore, we have taken the initiative to put the fears to rest. We shall conclude which is the best use of your money by eliminating debt foremost than classifying cash reserves between mortgage and savings. 

How Much Do You Owe?

The start to the discussion of whether mortgage or retirement starts off with debt analysis. It is time to take a detailed look at your debts. Time to analyze how much is paid regarding education loans, credit card payments, or a second mortgage. There are also interest payments to consider, which is a separate account in itself.

Regardless of where you stand, you need to pay off debts. Otherwise, your interest will accumulate, and before you know it, the majority of the retirement savings or regular savings are consumed by heavy payments. Arrange the debts from high interest incurring to low-interest debts.

Should You Save for Emergency Situations?

The next argument to make is building a nest egg for emergency events. Life can be very uncertain, and you could face a medical emergency or a financial slump. Your rent could be increased, or you may be terminated from your job. There is no guarantee how long the emergency situation will last.

Assuming the tough times are here to stay either in repayment of a loan or credit card, one or two years of savings can disappear in seconds. Therefore, it is vital to have a backup plan in retirement savings or an emergency fund to make mortgage payments. Please check the independent financial planner.

Which Debt to Repay First?

If you find yourself in a debt crisis, it is time to create a plan that eliminates the debt as quickly as possible. A debt repayment plan is usually constructed after the remaining expenses such as mortgage and retirement savings. Consider the discretionary income becoming part of a debt plan.

Factors to Consider

Regardless of the mortgage payments or retirement savings, you must first pay off the debts incurring high amounts of interest. We do not wish for you to repay debts from the retirement savings when it is time to rest and enjoy the peaceful golden years of life.

The following factors will significantly impact your end decision to choose between the two:

  • The more you can save, the longer you are away from retirement. The basic rule of thumb and math! You can continue to save until the moment you retire. The retirement account does not come into use until you officially retire, so up until that point, save and save some more.

Most retirement accounts offer an interest rate of 5 percent. It means for every single unit of currency you save; you will earn an interest income of .05. The interest income will grow or decrease the more you invest into the retirement savings.

  • The second factor to consider is the duration of the mortgage. If it has just started out, we propose you pay the mortgage before you begin saving for retirement. It is simply because of the incurring interest. You may be tempted to save for retirement early on but reducing the mortgage liability is in your best interest. You can begin to save after a significant portion of the mortgage has been repaid when the interest payments do not supersede the principal amount. You may want to consider a mortgage as an investment since the title will shift to you upon completion.

Time to Decide

If you have trouble deciding whether to save or pay off the mortgage, visit fee only financial planner, Merrick Financial Inc. will provide you with the necessary information to make an educated decision regarding your future.