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Best Ways to Find a Mortgage Company in Redmond WA

Sammamish Mortgage
April 29, 2020
Last updated:
June 24, 2021
Best Ways to Find a Mortgage Company in Redmond WA
In This Article

Buying a home in Redmond is a huge financial endeavor and typically requires some help in the form of a mortgage. But where you get your mortgage from matters. In this article, we’ll offer some helpful and useful tips on finding the best mortgage company in Redmond, WA to work with when applying for a home loan.

Located just east of Seattle in King County, Redmond is a rapidly-growing city that attracts plenty of professional tech workers. There are also plenty of young families in the city with plenty of highly-rated schools to send their children to.

Redmond is easily considered one of the best places to live in the Evergreen State, offering residents the perfect blend of urban and suburban living. If you are looking for a home in the Redmond area, you may be up against some competition from other buyers because of the desirability of the city.

That’s why it is important to team up with a seasoned mortgage company in Redmond that is well-versed in helping buyers finance their dream home. These professionals make the process of securing financing as streamlined and hassle-free as possible. Once you’ve found the perfect home for you, your mortgage company will work diligently to help you finalize your mortgage so you can close on a deal and start your new life in your new Redmond home.

In this article, we’ll offer a brief rundown of the current state of the real estate market in Redmond. We’ll also offer some tips on how to find the best mortgage company to secure financing for a new home purchase.

Overview of the Redmond Real Estate Market

As of June 2021, the average home price in Redmond, WA is about $1,049,624, according to real estate research firm Zillow. The market is very competitive right now, as per Redfin, with homes typically receiving multiple offers and going pending in as little as 5 days after being listed. Hot properties can sell in as little as 3 days and sell for as much as 7% over the listing price. That goes to show you how much demand there is for homes in the Redmond housing market right now.

Considering the current average price in Redmond, you would be looking at an average down payment of anywhere between $31,488 and $209,924 based on down payment amounts between 3% to 20%. Obviously, these are no small sums. Having said that, the amount you would have to put down will also depend on the mortgage company you choose to work with and the type of mortgage product they offer you. This is just one reason why it’s important to do your due diligence when selecting the right mortgage company to work with.

Luckily, we’ve provided you with some useful tips to ensure the mortgage company you choose is the best one for you.

Tip #1: Improve Your Credit Score

There are a few factors that influence your ability to secure a home loan, and your credit score is one of the more important ones. Your credit score will tell lenders what type of borrower you would probably be like if they offered you a loan.

A high credit score means that you’ve been responsible with your past bill payments and would be more likely to make good on your mortgage payments. A lower score, on the other hand, likely means you have been somewhat irresponsible with past payments and would be a riskier borrower. In the case of the latter, you would have a tougher time getting approved for a mortgage or finding a lender who would approve your application with your credit score as is.

This is why our first tip is to take some time to improve your credit score so you can increase your chances of finding a mortgage company that can work with you to get the best mortgage product and interest rate possible.

RelatedCheck Your Credit Score for Free

Tip #2: Ask the Right Questions

Consider your search for a mortgage company in Redmond as somewhat like an interview that you are conducting. Much like an employer would ask some tough questions to job applicants, so should you ask some pertinent questions to mortgage companies.

The answers that you get will help you better gauge which companies are better at their jobs than others. Some questions that you might want to ask can include:

  • What mortgage programs do you offer?
  • What interest rate can you provide?
  • What are the closing costs associated with the transaction?
  • What will my mortgage obligations be?
  • What type of terms do you offer?
  • Can I access any down payment assistance programs?
  • Are loans provided in-house?
  • What down payment amount is required?

A reputable and experienced mortgage company in Redmond will answer these questions in full and will not keep you in the dark about anything. Instead, they’ll be open about everything there is to know, and the way they answer these questions can tell you a lot about which mortgage company to pick.

Live Redmond Mortgage Jul, 31, Sat, 2021

Tip #3: Compare Interest Rates

The interest rate that you are charged on your mortgage will have a direct impact on the overall cost of your home loan. A lower interest rate will save you tens of thousands of dollars – or more – over the life of your loan, so it’s in your best interests to try to get the lowest mortgage rate possible.

Of course, there are other fees to factor into the equation as well to verify whether or not a lower rate offer is truly the most cost-effective choice. But a lower rate is certainly something you want to go after, and understanding what each mortgage company on your shortlist can offer is crucial information to collect.

Luckily, the internet makes it easy to compare interest rates from one mortgage company to the next, so be sure to conduct an online search and compare rates from different firms to see where you can save the most money.

Tip #4: Ask For Recommendations

A great way to find the best mortgage company in Redmond – or any other professional for that matter – is to simply ask for recommendations from those who know and trust. Whether that’s friends, family members, or work colleagues, getting some referrals from others who have used the services of a particular mortgage company may help you make your final decision.

Alternatively, you may also want to check online for reviews that past clients have left behind. Just be sure to be careful about the source that the reviews are coming from, as some sources are credible while others are not.

Generally speaking, Google reviews can be pretty reliable. But having said that, you don’t want to get too hung up on online reviews. Rather than focusing too much on a small handful of reviews, you’d be better off getting a general overview of what the mortgage company is like based on the totality of the reviews you read.

Loan Limits

Buyers should get familiar with loan limits before applying for a loan. Loan limits are dollar caps placed on a mortgage. Both conforming loans and FHA loans have their own loan limits. Borrowers who apply for a VA loan will not have any loan limits to contend with, as they were eliminated in 2020. But some borrowers who already have current VA loans or who defaulted on one in the past may still be subject to loan limits.

Loan limits are assigned to every county in the country and typically increase on January 1 each year as home prices increase.

Check out our mortgage loan limit tool for conventional, FHA, and VA loans.

RelatedLoan Programs Available For Home Buyers

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Get in Touch With Sammamish Mortgage for More Info

There’s so much to learn about mortgages in Redmond and the mortgage companies that supply them. Your job is to get as much information as you can surrounding this topic to help you make the most informed decision about who to work with and what type of mortgage to get to ensure a successful real estate transaction.

At Sammamish Mortgage, we can take a lot of that work off your plate and provide you with all the information you need all in one spot. We’ve been in business since 1992 helping borrowers all over Washington, Idaho, Colorado, and Oregon apply for mortgages, and we’d love to help you too. We offer plenty of mortgage programs with flexible qualification criteria, and we encourage you to contact us today to get the info you need about mortgages before buying your home in Redmond.

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