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Best Mortgage Brokers in Seattle

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Agave Home Loans logo
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License Verified:

License: 1951574

Nationwide Multistate Licensing System and Registry

Agave Home Loans

3230 East Broadway Road Suite B-220, Phoenix, AZ 85040
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  • Refinance

Business Description

Agave Home Loans helps clients in the Seattle metro. This independent mortgage provider works directly with many lenders. They assist their clients in achieving their financial objectives by shopping them a loan program that offers the lowest possible interest rate. Some of the loan options they work on include conventional loan, FHA loan, VA loan, and Non-QM loan. Agave Home Loans also helps clients with their mortgage refinancing needs. Co-owner Doug Wang has more than seven years of mortgage industry experience.

License Verified:

License: 1951574

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (597)
Facebook
5.0 / 5 (91)
Yelp
5.0 / 5 (6)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Berlind Corp. DBA Infinity Mortgage Group logo
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License Verified:

License: 35972

Nationwide Multistate Licensing System and Registry

Berlind Corp. DBA Infinity Mortgage Group

654 5th Avenue South Suite 300B, Edmonds, WA 98020
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  • Refinance
  • New Construction

Business Description

Berlind Corp. DBA Infinity Mortgage Group is a mortgage broker serving clients in Seattle and the surrounding areas. It was formed in 1988 and is a member of the National Association of Mortgage Brokers. It has a broker with more than 27 years of experience in the industry who can assist in refinancing and purchasing loans and managing mortgages. The company also offers clients conventional, FHA, and VA Loans, as well as cash-out home loans.

License Verified:

License: 35972

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (14)
Facebook
5.0 / 5 (7)
Yelp
5.0 / 5 (5)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Craig Walker logo
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Craig Walker

227 NE 65th St #101, Seattle, WA 98115
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  • Refinance

Business Description

Craig Walker is a local financial professional managing the loan process for individuals and businesses around the Seattle metro and its surrounding communities. He offers home purchase and refinancing loans, veteran loans, renovation loans, and loan reversals with the help of mortgage company Finance of America, which has originated over 85 billion mortgages through its more than 300 offices globally since 2017. Craig focuses on helping clients meet their financing requirements. He also provides additional support through the learning modules he uploads on his website.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (15)
Facebook
5.0 / 5 (5)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Fast Track Mortgage logo
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Fast Track Mortgage

10000 Aurora Ave N Ste 2, Seattle, WA 98133
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  • Refinance

Business Description

Fast Track Mortgage is a brokerage company serving clients in Seattle. Its mortgage advisers have over 30 years of combined experience and expertise in real estate transactions. Some of the loan programs they offer to homebuyers are conventional, FHA, VA, fixed-rate, and jumbo-home loans. There are also programs available for people who want to refinance their current mortgage loans. The firm utilizes a comparative analysis software that researches and compares various loan programs, helping clients find the best option that suits their needs.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (14)
Facebook
5.0 / 5 (13)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Flyhomes Mortgage logo
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License Verified:

License: 1733272

Nationwide Multistate Licensing System and Registry

Flyhomes Mortgage

1201 Western Avenue, Seattle, WA 98101
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  • New Construction
  • Refinance

Business Description

FlyHomes Mortgage is a Seattle, Washington-based mortgage broker assisting clients with real estate purchases by conducting the pre-approval process and structuring loan agreements between clients and lenders. This firm serves many types of clients at a range of affordability. Available loan options include conventional loans, jumbo loans, FHA, VA, and fixed rates loans, as well as adjustable agreements. FlyHomes Mortgage assists with initial home purchases as well as refinancing, and it offers same-day pre-underwriting.

License Verified:

License: 1733272

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Jesse Oliver Binkley logo
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Jesse Oliver Binkley

Seattle, WA 98126
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  • New Construction
  • Refinance

Business Description

Jesse Oliver Binkley is a mortgage advisor with All Square Mortgage, Inc., serving clients in Seattle and nearby areas. He offers various mortgage loan types, including FHA, USDA, VA, jumbo, conventional, and commercial. He also provides refinancing services to assist local borrowers looking to cash out or get better rates and terms. His company has a digital mortgage portal that allows clients to view, sign, and upload documents online. Jesse has been in the industry for over 15 years.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (3)
Yelp
5.0 / 5 (1)
Kiel Mortgage logo
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License Verified:

License: 40445

Nationwide Multistate Licensing System and Registry

Kiel Mortgage

20425 72nd Avenue South, Kent, WA 98032
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  • New Construction
  • Refinance

Business Description

Kiel Mortgage is a mortgage banker that has been serving the residents of Seattle for three decades. The home loan options that it offers include fixed-rate mortgages, adjustable-rate mortgages, jumbo loans, FHA loans, and VA loans. It also assists clients with reverse mortgages, debt consolidation, and refinancing outstanding mortgages. Kiel Mortgage has sponsored fundraisers and auctions for Attain Housing, Seattle Christian School, Lifewire, and the Guardian Angel Foundation. It is one of the presenters of the home real estate radio show "Street Talk."

License Verified:

License: 40445

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Yelp
3.0 / 5 (16)
Facebook
5.0 / 5 (8)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Matt Thomas logo
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Matt Thomas

707 S. Grady Way Suite 600 Office 6066, 6081 & 6084, Renton, WA 98057
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  • New Construction
  • Refinance

Business Description

Matt Thomas is a mortgage broker serving clients in Seattle and nearby areas. He assists with conventional, jumbo, FHA, and VA loan applications for those looking to purchase or refinance a home. He handles different property types, including primary residences, second homes, and investment properties. His branch offers first-time homebuyer programs with lower down payments and rates. Matt Thomas is part of Supreme Lending, which has been in the industry since 1999 and received a Dallas 100 Award in 2013 and 2014.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.8
Yelp
4.5 / 5 (67)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Detail
Megastar Financial Corporation logo
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License Verified:

License: 3043

Nationwide Multistate Licensing System and Registry

Megastar Financial Corporation

14205 Southeast 36th Street, Bellevue, WA 98006
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  • Refinance

Business Description

Megastar Financial Corporation aims to provide quality financial services in Seattle. The company started in 1999 to cater to the needs of residential homeowners. One of the company's experts is Jeff Johnson, who has been in the business since 2002. His expertise includes customized mortgage solutions, refinance expert, mortgage planning and management, and knowledge of the bond markets. He also covers first-time homebuyers, FHA, and investor financing. For further assistance, customers can get in touch with him via email or phone call.

License Verified:

License: 3043

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Yelp
5.0 / 5 (53)
Facebook
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
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Nikki Holley logo
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Nikki Holley

1224 Madison St, Seattle, WA 98104
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  • Jumbo Loans
  • Refinance
  • New Construction

Business Description

Nikki Holley is a Seattle-based loan professional with KeyBank. She offers loan programs for physicians and Software Engineers seeking to finance homes. These programs include fixed-rate mortgages, ARM products and jumbo loans. With access to programs that allow as little as 10% down up to $1.5 million loan amount with NO mortgage insurance. Her products cater to buyers who are buying in the “Jumbo” loan category. Whether they are borrowing for primary residence, non-owner occupied properties or multi-family residences. Nikki also provides refinancing assistance.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (17)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Northwest First Mortgage LLC logo
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Northwest First Mortgage LLC

5034 48th Ave NE, Seattle, WA 98105
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  • New Construction

Business Description

Northwest First Mortgage LLC offers services to families and individuals in Seattle and the surrounding communities. It assists clients in filing loan applications to help them achieve their dream residential properties. The company processes conventional fixed-rate loans if home buyers have a good credit history. Its agents also provide adjustable-rate mortgages, EAD cardholder, and hard money loan programs. Northwest First Mortgage partners with more than 20 mortgage lenders and investors, such as One American Mortgage, Home Point Financial, and United Wholesale Mortgage.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (69)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
NSB Mortgage logo
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NSB Mortgage

4020 Leary Way NW Suite #302, Seattle, WA 98107
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  • New Construction
  • Refinance

Business Description

NSB Mortgage caters to individuals and businesses in Seattle, and its surrounding areas. It offers home equity lines of credit, doctor and dentist loans, and mortgage solutions for cash buyers looking to recoup some of their capital investment. It also has a variety of programs for international borrowers, as well as USDA rural home loans. The company is fully automated with several of its loan programs, which allows for easier approvals and closings. It has offices in Alaska, Arizona, California, Colorado, and Washington.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (7)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Detail
Seattle Mortgage Brokers logo
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License Verified:

License: 761615

Nationwide Multistate Licensing System and Registry

Seattle Mortgage Brokers

258 South 171st Street, Burien, WA 98148
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  • Refinance

Business Description

Seattle Mortgage Brokers provide borrowers with a variety of loan options and cut through red tape. The Seattle-area firm partners with competitive lenders to ensure good rates. Licensed, knowledgeable, and experienced loan professionals commit to delivering 100% client satisfaction throughout the loan process. Seattle Mortgage Brokers specialize in helping with new home purchases or refinancing existing loans. A range of programs are available to meet individual client needs and budgets including conventional, FHA, VA, and Jumbo loans.

License Verified:

License: 761615

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Yelp
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Seattle Pacific Mortgage Inc logo
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Seattle Pacific Mortgage Inc

11400 SE 8th St, Bellevue, WA 98004
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  • New Construction

Business Description

Seattle Pacific Mortgage Inc. offers various lending options to property buyers in Seattle and the surrounding areas. The company delivers fixed, hybrid, and adjustable-rate mortgages across various products such as jumbo, FHA, and conventional loans. It also consolidates existing debts. The team works with purchases of single-family units and multi-family buildings. Seattle Pacific Mortgage maintains online tools and calculators that give preliminary advice prior to meeting an agent. Its clients include members of the military and their families.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.8
Google
4.8 / 5 (25)
Yelp
5.0 / 5 (8)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
Responsiveness
Friendliness
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Detail
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Seattle’s Mortgage Broker logo
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Seattle’s Mortgage Broker

506 2nd Ave, Suite 1400, Seattle, WA 98104
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  • Refinance

Business Description

Seattle’s Mortgage Broker has been serving clients in the metro for over 15 years. It offers various home loan products and options, including jumbo, FHA, VA, USDA, and low down payment loans for first-time homebuyers. It provides conventional mortgage solutions with different terms and waivers for property inspections. It has flexible terms with eight to 30 years available. Seattle’s Mortgage Broker's Joe Tafolla conducts mortgage courses to help clients navigate the mortgage process from approval to closing.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (83)
Yelp
5.0 / 5 (27)
Facebook
5.0 / 5 (17)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Specialty Home Loans logo
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License Verified:

License: 385463

Nationwide Multistate Licensing System and Registry

Specialty Home Loans

8600 Lake City Way Street 300, Seattle, WA 98115
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  • New Construction

Business Description

Adrian Chu is a mortgage broker with offices in San Francisco and Seattle. He helps his clients acquire fixed-rate, adjustable-rate, interest-only, balloon, and reverse mortgages. He also assists self-employed borrowers who want to avail a loan. The additional loan programs he offers include non-traditional portfolio, FHA, VA, Freddie Mac, and Fannie Mae loans. Chu is also a real estate broker and developer with over 10 years of experience. He is the founder of Specialty Real Estate Group and CHU Design + Build.

License Verified:

License: 385463

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.8
Facebook
4.0 / 5 (19)
Google
5.0 / 5 (15)
Yelp
5.0 / 5 (10)

(+1 additional source)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Washington First Mortgage Loan Corp logo
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Washington First Mortgage Loan Corp

4055 Lake Washington Blvd, Ste 100, Kirkland, WA 98033
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  • Refinance

Business Description

Established in 2011, Washington First Mortgage Loan Corp. is a full-service company that caters to clients in Seattle. It works with first-time homebuyers or individuals looking to refinance their mortgages. Its loan officers provide a wide range of refinancing options, such as conventional, jumbo, commercial, and streamlined FHA and VA cash-out. They design these options to meet the needs of local borrowers. One of its officers, Laurie Ausmus, started her mortgage career in 1986 as a loan closer.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.6
Google
4.8 / 5 (137)
Facebook
4.5 / 5 (44)
Yelp
4.0 / 5 (13)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Detail
West Seattle Mortgage logo
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West Seattle Mortgage

5400 California Ave, Seattle, WA 98136
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  • New Construction
  • Refinance

Business Description

West Seattle Mortgage is an independent broker serving clients in Seattle and the surrounding locations. It provides mortgage loan products that meet the unique needs of clients, including purchase, refinance, FHA, and VA loans. The brokerage has been offering real estate financing services for various types of properties, such as single-family homes, multi-family residences, manufactured homes, townhouses, and condominiums for more than 19 years. The locally owned and operated company aims to provide a streamlined approach to mortgage loan processing.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.7
Yelp
4.5 / 5 (15)
Google
5.0 / 5 (12)
Facebook
4.7 / 5 (6)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Westlake Mortgage LLC logo
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Westlake Mortgage LLC

1500 Westlake Ave N #112, Seattle, WA 98109
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  • Refinance

Business Description

Westlake Mortgage LLC is a local brokerage firm catering to the needs of homebuyers in Seattle. Its mortgage brokers help borrowers buy or refinance real estate loans whether for a condo, a 1940s craftsman home, or a new-construction house. They assess clients' needs and assist them in navigating the wholesale market. Michael Hermsen, the company's founder, has been in the mortgage industry for over 18 years and has volunteered for the Arthritis Foundation and Big Brother Big Sister Foundation.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (34)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Westwood Mortgage logo
Visit WebsiteWebsite

License Verified:

License: 38080

Nationwide Multistate Licensing System and Registry

Westwood Mortgage

9706 4th Avenue Northeast, Seattle, WA 98115
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  • Refinance
  • Alternative Income Documentation Loans

Business Description

Westwood Mortgage has been helping Seattle clients with their home purchasing and refinancing needs since 1989. The loan programs it offers include 15-year fixed-rate loans, 30-year fixed-rate loans, 15-year fixed jumbo loans, 30-year fixed jumbo loans, and conforming jumbo loans. The loan originators at the firm have more than 15 years of experience in the mortgage industry. These professionals help clients find the right mortgage program for their needs and guide them through every step of the loan process.

License Verified:

License: 38080

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.8
Facebook
5.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
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Back to Providers

Frequently Asked Questions

Introduction

It’s the American dream to buy property, and almost everyone who purchases a home does so with the help of a mortgage broker. It can be intimidating when you don’t know where to begin, what information is necessary, and how to receive a loan. A mortgage broker acts as an intermediary between the applicant and the financial institution.


The mortgage broker’s role includes comparing loan terms across lenders to find applicants the best options, collecting paperwork the financial institution needs to analyze the application, and guiding the buyer through the underwriting and closing processes. Mortgage brokers can significantly simplify the home buying process.

Can mortgage brokers work across state lines?

Yes, mortgage brokers can work across state lines. However, each state has different licensing requirements for mortgage brokers. Customers should ensure their broker can legally work in another state before going across state lines. Lastly, don’t forget the mortgage process is often time-sensitive, so being in different time zones can be problematic.

How do mortgage brokers find lenders?

Mortgage brokers work independently and act as a bridge between the client and the lender. They reach out to several lenders to form a network and build professional relationships with those they work with often. They use lenders who best meet a client's rates and terms, and some lenders only do business through mortgage brokers.  

What credit score do mortgage brokers use?

There are two credit scoring models in the United States: FICO and VantageScore. Mortgage lenders typically prefer to use FICO. However, each credit bureau uses a different version of the FICO score:

  • Experian uses FICO Score 2
  • Equifax uses FICO Score 5
  • TransUnion uses FICO Score 4

Do mortgage brokers help with refinancing?

Yes, mortgage brokers can help with refinancing. Individuals who have a solid credit score will typically go to their bank to refinance their mortgage. However, if you don't have excellent credit, a mortgage broker may be able to secure you a better interest rate than you could get on your own.

You pay a fee to the mortgage broker, so you'll want to consider this fee versus your savings in your cost-benefit analysis.

Can you work with two mortgage brokers?

You can definitely work with two mortgage brokers. The advantage of using multiple brokers is that you'll have two people reaching out to several lenders to secure the best rate possible. However, you must ensure you provide matching information to all your brokers. If two brokers provide mismatched information about your application to the same lender, it can send off red flags and delay your approval process.

Do mortgage brokers get better deals?

Yes, a mortgage broker should be able to get you a better deal. Mortgage brokers go to several lenders on your behalf and find the one with the best terms and interest rates. However, note that some mortgage brokers have preferred lenders. A broker may bring you their preferred lender's offer, even if it's not the best one; however, this isn't a regular practice.

How do mortgage brokers get paid?

The customer or the lender pays the mortgage broker. By law, it's illegal for a mortgage broker to accept payment from both parties. Additionally, thanks to the Dodd-Frank Act, a mortgage broker cannot have hidden fees or base their commission on their customer's interest rate.

What makes mortgage brokers different from loan officers?

Loan officers are employees of a single lender. For example, if you go to a bank for a mortgage, you'll deal with their loan officer. They’re paid a set salary and receive bonuses; however, they can only offer loans from their bank.

A mortgage broker works independently or for a firm, and they’re paid by the client or lender. Mortgage brokers can approach several lenders, giving individuals many more options.

What is the difference between a commercial mortgage broker and a home loan broker?

A commercial mortgage broker deals with real estate loans for businesses. The loan for the commercial property is given to the company, not the individual. As a result, the approval process reviews the financial health of the business. In comparison, a home loan broker helps individuals gain a real estate loan for their property.

How much do mortgage brokers make?

According to Salary.com, the average salary for a mortgage broker in the U.S. ranges between $75,344 and $99,498. However, this can significantly vary depending on the state you work in, bonuses, and other factors.

How do mortgage brokers get paid?

How a mortgage broker gets paid entirely depends on who they work for. If they’re an independent contractor, all of their income comes from their clients or lenders. If the person works for a brokerage, they may be paid a combination of a base salary and bonuses from closed deals.

How much do mortgage brokers make per loan?

Mortgage brokers typically make between 1% and 2% of the total loan amount on each deal closed. The client or the lender will pay this fee. The mortgage broker does not receive their payment until the loan is approved and finalized. 

Can mortgage brokers work across state lines?

Yes, mortgage brokers can work across state lines. However, each state has different licensing requirements for its mortgage brokers. To legally close a transaction, you must be certified in the state of the transaction. Additionally, it's helpful to know the state's closing process, as this can change from state to state.

What is a surety bond for mortgage brokers?

A surety bond is a legal contract that binds three parties — the obligee, the principal, and the surety. Surety bonds are typically required to receive a license for operating as a mortgage broker. When a mortgage broker gets a surety bond, it's a legal guarantee they'll perform their obligations to their customers as required by law.

Is it difficult to pass the mortgage brokers’ test?

Upon completion of educational requirements, you must pass the mortgage broker test to receive your license. It's a two-part test called the Safe Mortgage Loan Originator Exam, and it can be a bit challenging. Out of almost 87,600 national test-takers, 57% passed on their first attempt. The test includes both a state and national portion and requires a minimum score of 75% to pass.

Do mortgage brokers need to be licensed?

Yes, all mortgage brokers need to be licensed. Individuals need to complete a 20-hour class that goes over state and federal laws for mortgages and other important information. Next, individuals take the official test with the National Mortgage Licensure System.

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