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Tips on Finding a Local Mortgage Lender in Bellevue, WA

Sammamish Mortgage
November 14, 2020
Last updated:
June 25, 2021
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Working with the right Bellevue WA mortgage lender is more than possible if you are willing to do a little extra research and ask around. In this article, we will go over all the people you can ask for local lender referrals along with a few tips on how you can find the right lender for your home purchase.

Buying a home is, in many ways, a rite of passage, but does not come without its challenges. The truth is just like any other life milestone; you need to put in the time, do the research, and get finances together in order to find your dream home. And, of course, then there is the mortgage portion of the program. To purchase your dream home, you will likely need to secure a mortgage loan or financing, which means finding a good, reputable mortgage lender.

Moreover, it cannot be just any mortgage lender; rather, you need to find a local lender that specializes in the area you are looking at. Your lender should also understand what programs you qualify for as a Bellevue home buyer and one that offers the type of loan program (down payment requirement, DTI, etc.) that best suits your needs.

In fact, if you are listing the criteria for the best lender, then you might as well throw in a local lender that provides beyond excellent customer service, has third-party rave reviews, and offers competitive rates.

Though this may seem like a tall order, there is no need to panic. There are more than a few reputable WA state mortgage lenders online that are willing and able to meet all your home purchasing needs. In addition to online lenders, you can also consider credit unions, direct lenders, and mortgage brokers—just to name a few.

These lending institutions have a vast array of loan programs to choose from and are definitely not hard to find in Bellevue. Thus, the trick here is figuring out how to narrow down your Bellevue lender options and find someone you trust that offers the loan program you want as well as need.

Well, you are in luck, in order to help you get the ball rolling on your dream home in Bellevue, Washington, here are seven tips on how to find the best mortgage lender for you.

Current Market

Before delving into those seven tips, however, it is important for you to know why you need a local mortgage lender in your corner. At the moment, even in the midst of all that is going on, the median list price of homes in Bellevue, WA as of June 2021, was approximately $1,144,054. Like most of the nation right now, Bellevue is a seller’s market.

Home prices are up 14.1% year-over-year, so there is still no denying that you likely do not have a million-plus just laying around. Thus, as you can see, having someone who can help you navigate these market trends and secure the right amount of financing to purchase a home in Bellevue is more than likely a must.

1. Search Online

There is no denying that online lending has made the homebuying process less time consuming and more convenient. Not only can lenders speed up the entire process thanks to online mortgage tools, borrower applications, programs, and secure document uploads, but now homebuyers can also easily compare programs, fees, and interest rates for multiple lenders.

It is easier than ever, in fact, to view real-time rate quotes and read extensive lender reviews even before contacting a lender. This means you can establish a level of comfort with rate markets and local lender brands before providing all of your contact information to any lender.

2. Ask Your Real Estate Agents

Of course, you should secure a lender before you start house hunting, but what about finding a trustworthy real estate agent? More than likely, you know an agent or two that is familiar with the Bellevue property market.

As a result, they can more than likely refer you to a lender they have a relationship with. Actually, this is one of the most reliable ways to be introduced to a great lender. Good, credible agents always maintain strong lender relationships in their local areas.

 3. Pick Your Financial Planner’s Brain

Similarly, if you have a financial planner, they can also likely provide you with a few lender referrals. So, make sure you exhaust all your real estate and finance contacts. If you do not have a financial planner in your pocket, that is okay. You still have plenty of other people that you can ask for a referral.

Live Bellevue Mortgage Aug, 03, Tue, 2021

4. Consider Your Bank

For example, your bank may be able to point you in the right direction when it comes to finding a lender. In fact, most banks themselves offer mortgages. That said, you will get more than likely a better mortgage rate with a local lender rather than a large corporate bank. So, you may want to save going through your financial institution as a last resort, in the event you simply cannot find the right Bellevue lender for your needs.

 5. Get a Referral from Family, Friends, and Colleagues

This is one of the great and simple ways to find a strong lender. You can be sure your family, friends, or colleagues will have strong opinions of all their service providers, whether good or bad. If you are getting into the market to buy and finance a home, ask for their recommendations so you can interview those lenders as well.

6. Think About Using a Mortgage Broker

A mortgage broker is a liaison between the borrower and lender. A broker will look at your financial situation and determine the right loan type, then submit your application to lenders who are right for you.

So you might want to consider a local Bellevue broker if you are interested in making the search for a lender easier. Plus, a local mortgage broker may also be able to use their expertise and know-how to get you a better deal.

7. Be Ready to Negotiate

When it is time to apply for your loan, make sure you have chosen a lender or broker, you are able to negotiate with. Do your homework, be ready to leverage competitors’ rates to ensure you get the best loan terms possible. Ultimately, being better prepared and doing the additional research will help you secure the right Bellevue lender.

Loan Limits Place Caps on Loan Amounts

When you take out a mortgage, you’ll need to stay within the loan limit cap for the type of mortgage you’re taking out in the county you are buying in. If your loan amount exceeds this limit, you will be considered to be taking out a “jumbo loan.”

Conventional and FHA loans have their own loan limits based on the specific county that the home is located in. Every year, loan limits in each county are adjusted to reflect the increase in home prices.

VA loan limits were eliminated in 2020. But for borrowers who currently hold a couple of VA loans or have defaulted on a VA loan in the past, they may still be subject to loan limit restrictions.

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

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Need a Mortgage Loan or Have Questions?

Sammamish Mortgage is a local lending firm serving the broader Pacific Northwest region, including Washington state, Idaho, Colorado, and Oregon. We are proud to offer a wide variety of mortgage programs and products with flexible qualification criteria since 1992. Please contact us if you have any questions or are ready to apply for a home loan.

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