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How to Find the Best Bellevue Mortgage Company in WA State

November 3, 2011
Last updated:
November 23, 2021
How to Determine the Best Bellevue Mortgage Company
In This Article

Are you looking for the best Bellevue mortgage company in Washington State? Determining which mortgage lender to choose may in part depend on what kind of loan you’re hoping to get and what kind of property you intend to buy. For most homeowners, however, a reputable mortgage bank is the best choice.

When you take out a mortgage to finance the purchase of a home, you’ll be making a big financial commitment that will likely last decades. Considering this, it’s important to not only secure the appropriate mortgage with the best terms and interest rate but also to partner up with the best Bellevue mortgage lender you can find to get that home loan.

While there is always the option to go directly to your bank or credit union for a mortgage, you may find that using a mortgage bank can give you several advantages that you can’t get from your personal financial institution.

Finding a Mortgage Lender In Bellevue, WA

If you’re planning on buying a home in Bellevue, Washington, using a reputable mortgage lender who has been making home loans in the area for several decades is the smart move. You’ll be dealing with a mortgage bank that knows the area and the economy, and can give you a competitive mortgage rate.

It’s best to get rate quotes from several different lenders to make sure you’re receiving competitive offers. Once you have an idea of what’s available to you on the home mortgage market, you can apply for mortgage preapproval and start reviewing actual interest rates and loan terms based on your verified documentation.

Why Work With a Bellevue Mortgage Bank?

You may find lots of online mortgage brokers offering extremely low rates, but don’t be fooled. These are typically the rates reserved for buyers with superlative credit and a massive down payment, and the real rate you’re offered once you apply for a home loan is inflated. You may also be shown low “introductory” rates for an adjustable rate mortgage, meaning fixed rates are much higher.

In addition, you’ll probably pay a lot of extra fees on top, and you’re unlikely to get personalized service or customized advice from a qualified Loan Officer (LO) if you use a broker. It’s far better to choose a mortgage bank that has trained professionals on staff who can help you get preapproved for the loan that is best for your specific circumstances.

Likewise, even if you love your local hometown bank or credit union, you probably won’t find the same range of loan programs or competitive rates that you’ll get with a Bellevue mortgage bank. In addition, the bank official helping you at your local branch isn’t likely to be as experienced as a loan officer in a company that does nothing but make home loans.

Choosing the Best Bellevue Mortgage Company

When you start narrowing down your choice of lender, make sure you’re not just comparing preliminary mortgage rates. There are several questions you can ask to help ensure you’re selecting the best Bellevue mortgage lender:

How are your Loan Officers paid?

You want to work with a Bellevue mortgage bank that pays their LOs a generous salary instead of a commission based on the dollar amount of loans they approve. This ensures that your LO has your best interests at heart, and can help advise you on the best loan for you based on your circumstances and not on how much they can profit personally from your loan.

What additional fees are charged?

The total cost of your loan will include items due at closing, like title fees, any owed property taxes, and discount points (if you opt to buy down your interest rate.) Many lenders also charge “traditional” lending fees such as loan origination fees or fees to lock your interest rate. A competitive lender won’t need to tack on fees like these to your closing costs.

Live Bellevue Mortgage Rates

Your Loan Estimate and Closing Disclosure

All Bellevue mortgage lenders are required to provide you with a detailed loan estimate and closing disclosure. The loan estimate (LE) is provided within three days of the lender receiving your basic loan information and lays out all of the costs, fees, and charges for your home loan. Your LE details all anticipated closing costs item by item, and you should receive clear, transparent answers to any questions you have.

When you’re ready to close on your home, the lender must provide you with a closing disclosure (CD)  at least three days before the scheduled closing date. This details the actual costs associated with your home loan, and should closely match your loan estimate documents. A slight difference is normal, but any discrepancies should be reviewed and questioned before you sign the CD.

Getting Preapproved to Buy a Home In Bellevue

While you can get prequalified in seconds by any mortgage lender online, a pre-qual isn’t viewed with real seriousness by home sellers, especially in the current hot market. If you want a seller to take your offer seriously, getting preapproved is your best option.

A preapproval involves filling out a loan application with your Bellevue mortgage lender, and providing the necessary documentation to prove your identity, employment, income, and ability to repay a home loan. Having a preapproval letter can greatly improve your chances of getting the home you want.

Get an Instant Mortgage Rate Quote Today

Why Choose Sammamish Mortgage?

If you are seeking a mortgage lender in Bellevue, WA, we have plenty of mortgage programs to offer. Our loan application process is streamlined, and you can complete it online or with the help of a seasoned Loan Officer. All of our LOs are paid a generous salary so they can put your interests first. We don’t charge traditional lenders fees like loan origination fees; preapprovals and rate locks are free, and we even guarantee our closing costs.

Sammamish Mortgage has been in business since 1992, and has assisted many homebuyers in the Pacific Northwest. We are a local, family-owned Bellevue mortgage company, serving the entire state of Washington as well as the adjoining states of Oregon, Idaho, and Colorado.

Contact a loan officer if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.

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