Getting the Best Mortgage Rates in Seattle (10-15-30-Year Fixed, 5/1, 7/1 ARM)
Are you in the market to buy a home in Seattle? Are you looking to refinance an existing Seattle mortgage?
Whether you are refinancing or buying for the first time, you’ll want to make sure that you get the best possible Seattle mortgage rates.
Investing in Seattle real estate will become one of the biggest financial decisions of your life. Of course, it will probably also be one of the most expensive.
Your monthly cost on a Seattle mortgage will depend on a variety of factors, including the total loan amount, interest rates, down payment, terms, and even your credit score.
One of the best ways to proactively keep Seattle mortgages manageable is to secure the best Seattle mortgage rates. Not only can this lower your financial burden and promote good financial health, but it can also help you save money over the long-term.
Seattle Mortgage Rates from Banks vs Online Lenders
In the past, getting a Seattle mortgage meant sitting down with a representative and filling out hours of paperwork in an office.
Today, homeowners looking for the best mortgage rates in Seattle have the advantage of choosing between online lenders or brick-and-mortar banks to apply for Seattle mortgages.
Should you choose a local bank or an online lender for a Seattle mortgage? Which one will offer the best mortgage rates in Seattle?
See the below sections for a quick explanation of what sets these types of mortgage lenders in Seattle apart.
While most banks will offer online mortgage applications, the bulk of the Seattle mortgage application process will occur in-person.
For some borrowers, brick-and-mortar banks are a huge benefit, since these Seattle mortgage lenders provide the benefit of one-on-one support.
If you have an established relationship with a local bank, you may even be able to get better Seattle mortgage rates as a result. However, because banks have higher overhead, their mortgage rates in Seattle may reflect higher percentages to cover general maintenance costs.
Additionally, the application process may be more time-consuming, since you’ll need to make an appointment with a loan officer, gather all of your documents, and wait anywhere between 30-45 days for Seattle mortgages to process.
Online Mortgage Lenders
With the rise of online mortgage lenders, searching for the best mortgage rates in Seattle is more convenient than ever.
For many borrowers, the application process for Seattle mortgages will be much easier, too. Rather than bring physical copies to an office, borrowers can send digital copies or authorize automatic retrieval for Seattle mortgage documents.
Without brick-and-mortar locations, online lenders often have the best mortgage rates in Seattle, since they don’t need to pay for the operational costs of running a physical office.
No matter what kind of lender you choose, you’ll want to do your own research to ensure that they are offering the best Seattle mortgage rates for your unique financial situation.
Key Requirements for Buying a House in Seattle
Before you apply for a Seattle mortgage, you’ll want to complete the below list of requirements.
- Get your down payment ready (~20% of the loan amount)
- Maintain good to excellent credit
- Save some extra funds for your closing cost
- Maintain a low debt balance
- Demonstrate sufficient income
- Gather your financial documents
- Get a home appraisal on the home
You’ll also need to examine your options for for conventional (10, 15, 20, or 30-year ) or adjustable rate Seattle home loans (5/1, 3/1, 7/1 ARM) before choosing the best mortgage rates in Seattle for you.
Conclusion – Getting a Top Mortgage Loan for a Home in Seattle
Once you know what type of Seattle mortgage you are interested in, your next step is to start evaluating lenders to find the best Seattle mortgage rates and terms.
Just as with any other shopping experience, it’s important to weigh in your options and compare offers from multiple lenders to ensure that you are getting the best deal possible.
Affordable and manageable Seattle mortgages are determined not just by monthly payments, but also by interest rates and Seattle mortgage terms.
As such, don’t be afraid to shop around until you find the best mortgage rates in Seattle for your financial needs.
Mortgage Rate Table Disclaimer
Click here to read AdvisoryHQ’s disclaimer on the mortgage loan table(s) displayed on this page.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.