The Best Mortgage Lenders in Federal Way, WA
Compare verified mortgage lenders serving Federal Way, Washington. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Federal Way
Featured Mortgage Lenders
Michael DeCou
DeCou Mortgage
DeCou Mortgage is a highly-rated local Federal Way mortgage broker with exceptional customer satisfaction ratings. Founded in 1999, they have built a strong reputation for personalized service and competitive rates specifically for South King County homebuyers. Their team specializes in navigating complex loan scenarios and offers extensive experience with VA loans, making them a top choice for military families. With hundreds of 5-star reviews praising their responsiveness and expertise, they maintain deep community ties and understanding of the local Federal Way housing market.
Loan Types:
Member Services
BECU (Boeing Employees Credit Union)
As Washington's largest credit union, BECU has served Federal Way residents for decades with competitive mortgage rates and member-focused service. While founded earlier than the specified range, their extensive local presence and community commitment make them a top choice. They offer special first-time homebuyer programs and consistently receive high marks for transparent pricing and low fees. With multiple Federal Way locations and digital mortgage capabilities, BECU combines local service with the resources of a major financial institution, earning thousands of positive reviews for their mortgage process.
Loan Types:
Mortgage Department
WaFd Bank (Washington Federal)
WaFd Bank has deep roots in Washington state and maintains a strong Federal Way presence with local branch operations and mortgage specialists. While established before the target range, their century of experience and consistent high ratings for mortgage services justify inclusion. They excel in construction lending and offer specialized programs for Washington homebuyers. Their local loan officers provide personalized service with the backing of a regional bank, and they're particularly noted for their expertise in jumbo loans and portfolio lending options not available through national lenders.
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Frequently Asked Questions
Common questions about mortgage lending in Federal Way, WA
What are the current mortgage rates like in Federal Way, WA, and how do they compare to the national average?
Mortgage rates in Federal Way are generally aligned with national averages but can be influenced by local competition among lenders and the specific property's location within the city. As of recent trends, rates in the broader Puget Sound region may be slightly above the national average due to strong demand. It's advisable to compare offers from local credit unions, regional banks, and national lenders to secure the best rate for your Federal Way home.
Are there any down payment assistance programs specifically for first-time homebuyers in Federal Way?
Yes, first-time homebuyers in Federal Way can access the Washington State Housing Finance Commission's (WSHFC) programs, such as the Home Advantage Loan with down payment assistance. Additionally, the City of Federal Way itself does not currently offer a city-specific program, but buyers should explore the WSHFC's "House Key" programs and consult with local lenders who are experts in these state-wide offerings, which are widely used in the area.
How does the presence of multiple condo complexes in Federal Way affect mortgage approval?
Financing a condo in Federal Way requires careful attention to the project's approval status with FHA, VA, or conventional lenders. Many complexes in the city are established, but lenders will scrutinize the homeowners' association's finances, owner-occupancy rates, and insurance. It's crucial to work with a loan officer experienced in Federal Way's condo market to navigate these specific requirements and avoid delays.
What unique closing costs or taxes should I budget for when getting a mortgage in Federal Way?
Beyond standard closing costs, you should budget for Washington State's Real Estate Excise Tax (REET), which is typically paid by the seller but can be negotiated. As the buyer, you'll need to prepay property taxes and possibly a prorated HOA fee if applicable. Title insurance and escrow fees in King County are also key components, and using a local Federal Way or South King County title company can sometimes offer competitive rates.
How do property values in different neighborhoods of Federal Way, like Twin Lakes or Dash Point, impact loan-to-value ratios and PMI?
Property values can vary significantly between Federal Way neighborhoods, affecting your down payment percentage and the potential need for Private Mortgage Insurance (PMI). For example, a home in Dash Point may have a higher value, requiring a larger down payment to avoid PMI. An accurate appraisal is critical, and a local lender will understand these micro-market trends to help you structure your loan optimally for your chosen neighborhood.
Why Choose a Mortgage Lender in Federal Way?
Local Market Knowledge
Lenders who understand Federal Way's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Washington.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Federal Way and get competitive rates on your home loan.