Best Mortgage Lenders in Washington State

How to Choose the Best Mortgage Lender for Your Needs

Here’s a smart buyer checklist for comparing lenders

✅ Compare APR, Not Just Interest Rate

While the interest rate tells you the cost of borrowing, the APR (Annual Percentage Rate) includes additional lender fees like origination, underwriting, and discount points.

That makes it a more accurate measure of the loan's true cost. Two lenders may offer similar interest rates but drastically different APRs. Always ask for both and compare side by side to avoid surprise costs. This single step can save you thousands over the life of your loan.

✅ Ask for a Loan Estimate (LE) and Compare Item by Item

A Loan Estimate is a detailed summary of your mortgage terms and fees, provided within 3 business days of your application. It helps you compare lenders transparently.

Pay close attention to Section A (Loan Costs) where origination and underwriting fees are listed. Compare multiple LEs to see where lenders pad costs. Don’t hesitate to question any unclear line items many fees are negotiable.

✅ Check if the Lender Participates in WA-Specific DPA Programs

Washington offers powerful Down Payment Assistance (DPA) options like the Home Advantage and House Key Opportunity programs. But only lenders approved by the Washington State Housing Finance Commission (WSHFC) can offer them.

If you’re a first-time buyer or have limited savings, these can cover thousands in upfront costs. Ask your lender directly if they participate. If not, consider one who does.

✅Ask About Rate Lock Timelines and Lock Extension Costs

Rates fluctuate daily, sometimes hourly so a rate lock protects you during your home search and underwriting process. Ask how long the lock lasts (30 or 45 days), whether it can be extended, and what fees apply.

Some lenders also offer a float-down option if rates drop before closing. Delays in inspections or appraisals are common in WA, so flexibility matters. Locking smart can save you real money.

✅ Read Online Reviews from WA Buyers

Online reviews on platforms like Zillow, NerdWallet, and Trustpilot offer honest insight into a lender’s customer service and local experience. Filter by Washington State or your city to see relevant feedback.

Look for mentions of smooth closings, fast communication, and knowledge of WA-specific programs. Avoid lenders with repeated complaints about delays or bait-and-switch rate tactics. Real experiences matter more than marketing.

✅ Work with a Discount Real Estate Brokerage

Even with a great lender, buyers often overpay on agent commissions. WithJoy.AI gives back up to 70% of the buyer agent’s commission as a closing rebate often $6,000 to $15,000.

This can cover your entire closing costs or reduce your cash to close. You still get full-service, local agents plus smart AI-powered search tools. It’s the modern way to buy and save more in Washington.