New York
Are you Looking for a Seattle mortgage lender? Choosing the right mortgage loan is important. Your mortgage not only helps you buy a home, it is likely the largest loan you will ever take out in your life. And because the loan is so big, getting approved and the best possible interest rate is not always simple. Mortgage loans used to be limited to banks and other lenders in your local area, but with the Internet and modern banking regulations, you can expand your search to online and nationwide lenders. We’ve listed down below 6 best Seattle Mortage lender of 2020 :
- Quicken Loans
- Caliber
- SoFi
- Guild Mortgage
- loanDepot
- Bank of America
Quicken Loans
Quicken Loans is a mortgage lender that provides a variety of home loans and refinancing options. Quicken Loans has an online application process and provides services in all 50 states. It services 99% of the mortgages that you can apply for on its website.
Quicken Loans is the biggest mortgage lender for a reason. It has a nationwide footprint and makes applying for a mortgage online very easy on the borrower. It offers competitive rates as well, which helps solidify its position as the best overall mortgage lender.
Pros
- Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch
- View loans without affecting credit
- Provides FHA-backed loans, USDA loans as well as products offered by Freddie Mac and Fannie Mae that require down payments as low as 3%
Cons
- Quicken Loans doesn’t offer home equity loans or HELOCs
- Mortgage processing not faster online
- Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have
Caliber
Caliber Home Loans, Inc. is a privately held, full-service national mortgage lender headquartered in Coppell, TX.
The company originates loans through various channels and transaction types, and since its inception, has grown its mortgage production volume while growing its servicing portfolio to over $145 billion.
In fact, Caliber appears to place special emphasis on serving military members through its VA home loans. On a separate website, CaliberMilitaryLending.com, it provides extensive details about VA loan options and eligibility requirements. The lender also claims to have created a “specialized, in-house educational curriculum” to help its loan consultants and branch managers meet the needs of military borrowers.
Pros
- Participates in some state down payment assistance programs.
- Caliber Loans provide a variety of programs that cater to all types of homebuyers.
- Caliber Loans website has the capabilities where you can upload the documents that you need to submit for your application. The mobile app has easy access for borrowers and business partners alike.
Cons
- No mortgage rates displayed online.
- Doesn’t Have A Branch In Every State
- Exclusively caters to Mortgage
- Must work with a loan officer for pre-qualification and preapproval.
SoFi
Sofi is Ideal for borrowers who want the convenience of a fully digital mortgage process. SoFi offers conventional loans, including jumbo mortgages, but does not offer government-backed mortgages.
SoFi was founded in 2011 and is headquartered in San Francisco, California. The financial startup has raised $2.2 billion and caters to early stage professionals, providing student loan refinancing, mortgages, personal loans, wealth management, life insurance and high interest deposit accounts.
This internet-based company only has six branch locations. However, customer interactions are typically taken care of online or over the phone.
SoFi offers 30-year and 15-year fixed loans as well as 7/1 ARM and 5/1 interest-only ARM loans. SoFi does not lend for most investment properties and focuses on owner-occupied primary and second homes.
SoFi’s origination fee is $1,000 for non-members, and $500 for members.
Pros
- Provides an entirely digital mortgage application.
- Does not require private mortgage insurance for jumbo loans.
- Integrated online experience: online prequalification, preapproval and applications
- Discounted origination fees for SoFi members
Cons
- No VA, FHA, USDA loans or down payment assistance programs
- Mortgage cannot be used for investment property.
- Does not offer home equity loans or HELOCs.
- Not licensed in all states
Guild Mortgage
Guild Mortage is Ideal for first-time home buyers who may need down payment assistance or help from a state housing agency.
Guild Mortgage has a broad selection of mortgages, including purchase, refinance, fixed- and adjustable-rate mortgages and government-backed loans.
Guild Mortgage offers mortgages to homebuyers with FICO credit scores as low as 580 when qualifying for FHA loans.
VA or USDA loans are available to homebuyers with FICO credit scores as low as 600, and conventional loans are available to those with FICO credit scores as low as 620.
Loans of up to $3 million are available with jumbo loans. Like other lenders, Guild Mortgage offers VA and USDA loans with no down payment and FHA loans with a 3.5% down payment.
Conventional loans are available with a 3% down payment, and jumbo loans can have a down payment as low as 5%.
Pros
- Works with loan programs offered by state and local housing agencies.
- Specializes in mortgages for first-time home buyers.
- A broad range of mortgage products
Cons
- Special mortgage products may be limited by home type and other factors.
- Jumbo borrowers might find that banks are more competitive when it comes to large-amount loans.
- Typical lender fees can exceed $1,400
loanDepot
LoanDepot makes the refinance process smooth and simple. The company is so popular for refinancing that it has funded more than $70 billion for mortgage loan refinancing.
LoanDepot also waives refinance fees and reimburses appraisal fees for all future refinances after your first refinance with loanDepot.
Loan offers at loanDepot are not incentivized to promote one product over another, unlike other scandal-ridden banks. This means you won’t be pressured into taking a loan that doesn’t make sense for your unique needs and borrowing situation.
LoanDepot does publish interest rates online. Selecting “Compare Mortgage Rates” toward the bottom of loanDepot’s website takes you to a display of interest rates for 5/1 ARMs and 15- and 30-year fixed home loans. The thing is, these rates can’t be customized for your location or credit score, so it’s extremely likely your actual rate will vary.
Perhaps even more important, the rate assumptions are based on a borrower with a credit score of 740 or higher and a debt-to-income ratio of 35% or lower.
Pros
- Offers digital income, asset and employment verification.
- One of the nation’s most active lenders of FHA and VA loans.
Cons
- Does not offer home equity loans or lines of credit.
- Doesn’t provide a lot of information about loan products and eligibility requirements without an application.
Bank Of America Mortage
Bank Of America Mortage is Ideal for borrowers who prefer a traditional bank. Bank of America offers several loans with low down payments, and existing customers may get a discount on fees.
Bank of America serves roughly 66 million customers in all 50 states. The lender offers conventional, Federal Housing Administration, Department of Veterans Affairs and jumbo loans as well as home equity lines of credit and mortgage refinancing.
There’s no minimum loan amount for most loans. The maximum loan amount is $5 million, which is available as a jumbo loan. Other loan products have lower maximum loan amounts, including $1.5 million for VA loans and $679,650 for conforming conventional loans in high-cost markets. Bank of America’s home equity line of credit ranges from $25,000 to $1 million with a maximum loan-to-value ratio of 85%.
Pros
- Allows borrowers to apply entirely online.
- The lender offers annual percentage rate or closing cost discounts for qualifying Bank of America and Merrill Lynch clients.
- Bank of America has a wide variety of mortgage products.
Cons
- U.S. Department of Agriculture and home equity loans are not available.
- Charges an application fee of $1,170, on average.
- Bank of America requires a down payment for all loans except VA loans and home equity lines of credit.