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1 min read Nov 24, 2022

3 Best Mortgage Lenders in Washington State

3 Best Mortgage Lenders in Washington State

Mortgage lenders finance buyers so that they can buy their dream homes. Let’s look at the best mortgage lenders in Washington State and assess which is ideal for home buyers amidst sporadically rising interest rates.

Reviews: 3 Best Mortgage Lenders in Washington State

1. Better Mortgage, Washington State

Best Digital Platform

Better.com

  • Min. Credit Score: 620
  • πŸ“ Coverage: 45 markets
  • 4.25 starsΒ 4.3/5 (1,918 reviews)

Better Mortgage is an online platform that helps home buyers get a mortgage for new homes, refinances, etc. With its fast closing time, and highly intuitive digitized interface, Better.com offers a seamless mortgage application process.

  • Pre-Approval Speed: 20 minutes
  • Credit Score: 620
  • Interest Rate: Lower than National Average (7%)
  • Days to Close: 32 days
  • Types of Loans:
    • Better.com offers fixed- and adjustable-rate conventional and jumbo loans, FHA loans
    • Better.com doesn’t offer VA and USDA loans

What You Need to Know about Applying for a Mortgage from Better.com

  • How to apply: Online via better.com website

Better Mortgage has 4.3 out of 5 stars on Trustpilot.

Near-Nationwide Coverage: Better.com is helping home buyers get mortgages in 47 states.

2. Rocket Mortgage, Washington State

Best for Refinances

Rocket

  • Min. Credit Score: 620
  • πŸ“ Coverage: 45 markets
  • 4 Stars 4/5 (2,031 reviews)

Rocket Mortgage is an online mortgage lender and is quite popular for refinances. In 2021, Rocket Mortgage achieved $1 billion in annual closed loan volume and became the biggest mortgage lender in the U.S.

  • Pre-Approval Speed: 8 minutes
  • Credit Scores against Loan Types:
    • 580 – FHA, VA
    • 620 – Conventional
    • 680 – Jumbo
  • Interest Rate: Same as National Average (7%)
  • Days to Close: 47 days
  • Types of Loans:
    • Offers fixed- and adjustable-rate conventional and jumbo loans, FHA loans
    • Doesn’t offer USDA, home equity, HELOCs, land loans, or loans to purchase foreclosures

What You Need to Know about Applying for a Mortgage from Rocketmortgage.com

  • How to apply: Online via rocketmortgage.com website or in-person at one of the 4 branch offices in Charlotte, Cleveland, Detroit and Phoenix.

Rocket Mortgage has 4 out of 5 stars on Consumer Affairs.

Nationwide Coverage: Rocketmortgage.com is available in 50 states.

3. Wells Fargo, Washington State

Best for Variety of Products

Wells Fargo

  • Min. Credit Score: 600
  • πŸ“ Coverage: 45 markets
  • 4 Stars Β 4/5 (2,775 reviews)

Wells Fargo is one of the four largest banks in the United States, and it provides services such as home equity loans and home equity lines of credit

  • Pre-Approval Speed: Undisclosed
  • Credit Score:600
  • Interest Rate: Same as National Average (7%)
  • Days to Close: 30-90 days
  • Types of Loans:
      • Conventional loans
      • Federal Housing Administration (FHA) loans
      • Department of Veterans Affairs (VA) loans
      • U.S. Department of Agriculture (USDA) loans
      • Jumbo loans
      • Refinance loans
      • Cash-out refinance (certain loan products)
      • Fixed-rate loans
      • Adjustable-rate loans
      • Construction loans
      • Union Plus mortgage

What You Need to Know about Applying for a Mortgage from WellsFargo.comΒ –

  • How to apply: You can apply for a mortgage from Wells Fargo online, by calling, or by visiting a local consultant.

Wells Fargo has 4 out of 5 stars on Consumer Affairs.

Nationwide Coverage: Wells Fargo are available in all 50 states.

What is a Mortgage?

A loan taken to buy a house is a mortgage. The borrower will make payments to the mortgage lender periodically, and the property serves as the collateral. The common types of mortgages are:

  • Fixed-rate mortages: Interest rate remains constant throughout the term of the loan
    • 5-year fixed-rate mortgages
    • 15-year fixed-rate mortgages
  • Adjustable-rate mortgages: Interest rate is fixed for a period of time, and then changes based on the prevailing interest rates once a year.

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