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Tips on Finding a Local Mortgage Lender in Kirkland, WA

Sammamish Mortgage
November 24, 2020
Last updated:
February 26, 2021
The Best Kirkland Mortgage Lender

Finding a local lender can be difficult if you do not know what to look for, especially when trying to navigate the real estate market in Kirkland, WA. In addition to comparing several Kirkland Lenders, you need to make sure you find a lender that understands your needs and financial situation.

In This Article

When it comes to finding the best Kirkland mortgage lender, you need to shop around.  Thus, first and foremost, you need to consider different financial institutions along with online lenders. Once you have found several quality lenders, make it a point to ask each of them about rates, loan terms, down payment requirements, property insurance, closing cost, and fees of all kinds. Once you have a better picture of what a few lenders in your area offer than, you can compare these details. This can easily be done online for most lenders.

That said, once you have focused your search on one or two particular lenders, do not just sign off on the one Kirkland mortgage lender you like the best. Instead, do yourself a favor by following a few more steps to ensure you get the best rate from the lender of your choosing.

Why The Right Lender Is A Must

Like most of the country, Kirkland, Washington is a seller’s market. Moreover, in this particular city, the median listing home price is just shy of $1,000,000, and the median sold home price is $900,000. And homes in Kirkland, WA typically sell after 41 days on the market.  As of last month, this trend for median days on the market in Kirkland, WA, has gone down slightly, but not by much. As a result, having a local lender that knows this market and how to navigate it is important. Plus, many local lenders in Kirkland specialize in high priced homes.

Strengthen Your Credit

That said, one of the first things you should do in order to find the Kirkland mortgage lender of your dreams is to strengthen your credit score. Improving your financial situation means you will have more power when it comes to negotiating for better rates with potential lenders. So, if you currently have a low or less than desirable credit score, you are essentially signaling that lending to you is risky. This, in turn, means you will likely get a higher interest rate on your home loan.  Also, it is important to note if you have a score under 580, you will have a hard time qualifying for most types of mortgages.

Compare Several Lenders

When it comes to choosing a Kirkland mortgage lender, it definitely pays to shop around–talk to at least three lenders to get a better sense of the company, their interest rates, and the specifics of the loans they offer. Your agent may have recommendations, but it is best to do your own research, too. You can also ask friends, family, or co-workers for recommendations to find a local lender in your area.

Ask For Assistance

Alternatively, you might save yourself some time and work with a local mortgage broker. Here, a broker will review your financial situation and provide you with a few lenders to choose from. Though you still have to figure out which of those lenders is right for you, you do not have to waste valuable time researching every lender in town. Thus, this is something you may want to consider if time is of the essence. Note, another way to speed up the entire process of buying a home is by looking at online lending.

Live Kirkland Mortgage Rates Jun, 24, Thu, 2021

Get Pre Approved

Once you have narrowed it down to your chosen lender, you should then apply for mortgage pre-approval. During pre-approval, you will be asked to provide documentation on your financials, such as your paystub, W2s, tax returns, bank account balances, and credit information. This step in the process is a valuable part of the home buying process because a pre-approval letter shows that you have been vetted for the first (credit) portion of the loan process, and you just need to find an eligible property. Once you apply with a lender, you will receive a Loan Estimate laying out the down payment, fees, estimated monthly payment, and more.

Ask Questions and Read The Fine Print

You will want to find an experienced mortgage lender who knows how to get the job done with speed and efficiency. Thus, it is imperative that you work with a Kirkland mortgage lender that has ample experience with your specific type of loan and walks you through credit score challenges or opportunities. Also, it may be beneficial to look for a lender that offers in-house underwriting since this is a great way of increasing the likelihood that the process of getting a mortgage will be a smooth one.

Once you have narrowed your options further, make sure you take a look at your possible lender’s independent/third-party online reviews from past customers. You will find useful comments from previous borrowers, which will provide you with an idea of what to expect throughout the process.

Finally, when it comes to the ask and answer portion of the program, ask specific questions. This will help you see how each lender goes about the process of closing a loan and will provide you with more information regarding any additional fees you will have to pay. Asking questions is also a great way to gain insight into the lender’s level of professionalism and communication skills. Remember, you will be sharing a lot of personal information and placing a lot of trust in this person.

Know Your Options

Once you have found the Kirkland lender of your dreams, then it is time to start looking at the loan options available. If you are brand new to the process, you may be unaware that not all loans are created equally. You have several different types of loans to choose from that each come with different terms, limits, as well as pros and cons. Some of the most popular options include conventional, fixed-rate, interest-only, FHA (Federal Housing Administration), ARM (Adjustable Rate Mortgage), and VA loans.

In addition to knowing what your loan options are, your lender should be able to walk you through any applicable WA state programs that are designed to help home buyers and first-time buyers.

Ultimately, by doing your due diligence, you will be certain that you have found the best mortgage lender for your needs, and you can start house hunting with confidence.

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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. Please contact us if you have any questions or are ready to apply for a home loan.

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