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Making the Most of Mortgage Lenders in Washington

Find the best Washington mortgage companies and buy your new home

By Emmet McMahan
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.

 

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.
Try: 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.
Try: 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.
Try: 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.

 

  • 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.

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