Choosing a mortgage lender from the many available choices is usually the most challenging step in making the most of mortgage lenders in Washington. Your best strategy is to select a large number of mortgage lenders and eliminate candidates as you make your criteria more selective. Ask mortgage companies to provide a quote with the same terms so they will be easy to compare.

A Washington mortgage broker can help you save time in your search for home loans. However, they are not able to negotiate terms you would not be able to get for yourself and are not obligated to get the best deal for you. There are three things you can do to locate the best mortgage lending company in Washington for your needs:

1. Ensure your mortgage broker has specific expertise in your local real estate market. Housing markets can vary greatly over a short distance.
2. Check records with better business groups and government sources to ensure a Washington state mortgage company is reputable.
3. Search online to find the terms for a variety of mortgage lenders in WA. While the interest rate is important, there are other terms you should also consider.

Action Steps
The best contacts and resources to help you get it done

Search for reputable Washington mortgage brokers

Washington mortgage brokers are closely regulated and there are a variety of online resources you can use to investigate a mortgage broker's credentials.

I recommend: The Washington State Department of Financial Institutions licenses mortgage brokers in the state of Washington. The Washington Association of Mortgage Brokers allows you to search for members by name, city and company.

Find a directory of Washington mortgage lenders

There are a variety of websites that allow you to select a list of mortgage lenders by state. These sites typically provide Washington state mortgage rates as well.

I recommend: WorldWeb.com lists mortgage brokers by city in Washington and also allows you to add a business to the directory. MBDB.net provides a mortgage broker search by zip code and also lists mortgage brokers by county.

Research Washington mortgage companies

There are many research sites in Washington that provide information independent of any one mortgage lender. They may be able to offer specific advice on the housing market in your area and frequently have other resources to help you in your search for a mortgage loan.

I recommend: Washington Mortgage Information provides a short description and a website link for mortgage companies in Washington. MortgageInWashington.com provides research tools for prospective home buyers in Washington.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  An independent broker will charge you a fee upfront, but will contact a larger number of mortgage companies. Tied Washington mortgage brokers don't charge an upfront fee, but only work with select lenders. These brokers usually get a commission from the lender upon approval of the loan.

Mortgage brokers can help you secure the best home loan possible from a variety of Washington mortgage lenders. Mortgage companies in Washington are plentiful, but finding one that offers the best terms and options can take a lot of time. Mortgage brokers can help you save time in your search for financially attractive mortgages in Washington, whether you’re in the market for a modern apartment in a Seattle high-rise, a ranch in Spokane or a restored farmhouse outside Walla Walla. If you’re in the market for a commercial property, Washington commercial mortgage lenders are your best bet.

Mortgage brokers have the experience and connections to examine thousands of different Washington mortgage companies and deals. When hiring mortgage brokers or working with mortgage financing companies in Washington, look for a professional who has a keen understanding of the local real estate market.

To find the best Washington mortgage company:

1. Make sure you're working with reputable Washington mortgage companies. Check out their records with government and better-business groups.
2. Start your search for lenders and mortgage brokers in Washington online and compare rates and terms on a variety of websites.
3. Don't limit yourself to a mortgage lending company in Washington or a Washington-based broker. National loan originators and brokers may offer the best terms on Washington mortgage loans.

Action Steps
The best contacts and resources to help you get it done

Search local Washington mortgage brokers associations

Washington mortgage lenders associations and mortgage brokers associations and can help you find professionals who understand the local housing market.

I recommend: The Washington Association of Mortgage Brokers lets you search for brokers by city. Or, search the Washington Mortgage Lenders Association for a list of its members.

Mortgage lenders in Washington include local and regional banks

Local and regional banks are the some of the most common mortgage lenders in Washington.

I recommend: Search for local banks that are mortgage lenders at the Washington State Department of Financial Institutions, LocalLender.info or USCITY.net.

Use online sources to search for Washington mortgage companies

There are a variety of online sources that will help you find a mortgage companies in Washington.

I recommend: Mortgage-X.com provides a database of Washington mortgage lenders, as does Lender411 and Washingtonmortgage.com.

Work with national mortgage lenders

Many national mortgage brokers and lenders offer mortgages in Washington that may be the right fit for you.

I recommend: Consider national lenders, such as GMAC Mortgage or Wachovia, or check out Equifax, which offers a nationwide mortgage referral service. Veterans may qualify for a loan through the VA Mortgage Center.com or USAA.com, where you can get pre-approved for Washington mortgage loans.

Check with legal authorities about mortgage companies in Washington

Make sure the Washington mortgage lenders or mortgage brokers you're considering working with are trustworthy and have no history of complaints by consumers for unethical business practices.

I recommend: Contact your area’s Better Business Bureau (BBB), such as the BBB of Western Washington or Eastern Washington.

Find out what local experts are saying about mortgage companies in Washington

Local real estate experts can be a great source of information on mortgage lenders in Washington and can provide advice on the housing market for your area.

I recommend: Toby Barnett’s ActiveRain real estate blog provides insider information on commercial and residential mortgage lenders and markets and links to a variety of sources. Another good blog is Aubrey Cohen’s Seattle Real Estate News blog, where the Seattle Post-Intelligencer real estate columnist covers news and issues related to the Seattle real estate market.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Mortgage lenders in Washington should be familiar with Washington fees and should have a network of local appraisers and title companies to make the process go more smoothly.
• •  Washington mortgage loans from your bank are negotiable. Shop around for rates from mortgage brokers and lenders before approaching your local bank.
• •  Rate quotes on mortgages in Washington should all be from the same time period due to market fluctuations.
• •  Tied mortgage brokers don't charge an upfront fee, but work with a limited number of Washington mortgage lenders who pay them a commission should you choose their mortgage.
• •  An independent broker charges an upfront fee but casts a wider net, offering a variety of deals from a host of mortgage companies in Washington.

Commercial mortgage lenders in WA have very important responsibilities outside of merely knowing Washington state mortgage rates. That is why it is important for them to have the proper education and training in the field of commercial mortgage lending. In addition to knowing the latest rates, they must also know the requirements that businesses have to meet in order to be able to receive a mortgage, as well as the laws and requirements of the State of Washington regarding commercial mortgages. Failure to know the proper laws could lead to your license being revoked and hefty fines.

The first steps to working for successful mortgage companies in WA are to find out the requirements to become a mortgage broker and then get the proper education and training. Consider these steps:

1. Learn what levels of classes and licenses you need in order to work for commercial Washington mortgage companies.

2. Complete the proper classes and educate yourself in all aspects of commercial mortgage lending.

3. Connect with a professional mortgage association and make the most of their continuing education classes and seminars.

Action Steps
The best contacts and resources to help you get it done

Determine what it takes to become commercial mortgage lenders in WA

It is imperative that you know ahead of time exactly what you need to become Washington mortgage lenders in order to ensure you are practicing legally. Washington State requires you to exhibit items such as your net worth and a clean criminal record. Every state has different requirements to become mortgage lenders and commercial WA mortgage lenders are no exception.

I recommend: MortgageNewsDaily.com is a one-stop-shop when it comes to finding out the requirements for becoming a mortgage broker in Washington. The Washington State Department of Financial Institutions not only gives you the information you need, but also gives you tips for an error-free application.

Take part in mortgage lenders in Washington education and training online and in the classroom

Education is the most important first step to being a successful mortgage lender in Washington State. Not only will these courses teach you the basics about finance and banking, but they will also get into state laws regarding commercial mortgage loans in Washington as well as the key terms you must know in order to be successful.

I recommend: RealtyU offers many online courses and software solutions to help you learn what you need to know to become a mortgage broker in addition to a plethora of information on the topic. Nation's Mortgage Certified Training will get you up to speed to help you get your license.

Join an organization of Washington mortgage brokers

If you are new to the commercial lending business, consider joining a Washington mortgage broker's organization to utilize their continuing education offerings as well as their networking services. Also, keeping abreast with all of the changes happening in the world of commercial mortgage lenders in Washington State will ensure that you are offering your clients the best possible services.

I recommend: The Washington Association of Mortgage Professionals sponsors a number of events and classes throughout the year so you can remain up-to-date on what is happening with other commercial mortgage lenders in your area. The Washington Mortgage Lenders Association is a great resource to keep to abreast with all that is changing in the commercial mortgage broker world.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Speak with someone at a local Washington state mortgage company to see if they can recommend any other classes that you may take in order to better prepare for the licensing exam and a mortgage lending career as a whole.