The Best Mortgage Lenders in Medina, WA
Compare verified mortgage lenders serving Medina, Washington. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Medina
Featured Mortgage Lenders
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is highly regarded for its exceptional customer service and competitive rates, with a strong local presence in the Bellevue/Medina area. They offer a wide range of loan products and are praised for their personalized, efficient process, making them a top choice for homebuyers in Washington. Their team is known for guiding clients through every step with expertise and care.
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Caliber Home Loans
Caliber Home Loans, Inc.
Caliber Home Loans is a nationally recognized lender with a robust presence in Washington, serving Medina and the greater Seattle area. They are known for their competitive rates, streamlined online tools, and responsive customer service. Clients appreciate their flexibility in handling various loan types and their commitment to a smooth, transparent mortgage experience.
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Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is one of the top mortgage lenders in the U.S., with a strong local office in Bellevue that serves Medina residents. They excel in using technology to simplify the mortgage process, offering fast closings and competitive rates. Their experienced team is dedicated to providing personalized service and a wide array of loan options, earning high marks for customer satisfaction.
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Frequently Asked Questions
Common questions about mortgage lending in Medina, WA
What are the typical down payment requirements for a home in Medina, given its high property values?
Due to Medina's luxury market with a median home price well over $2 million, standard 20% down payments are common, but jumbo loans often require 20-30% down. Some lenders may offer jumbo loans with 10-15% down but with stricter credit and reserve requirements. It's crucial to have substantial liquid assets and proof of income to qualify for financing in this market.
Are there any local or state down payment assistance programs available for first-time homebuyers in Medina?
Given Medina's exceptionally high home prices, traditional first-time homebuyer assistance programs like the Washington State Housing Finance Commission's programs have income and loan limits that are typically far below what's needed to purchase in Medina. Buyers in this market generally rely on conventional jumbo financing, private banking relationships, or significant personal capital rather than public assistance programs.
How do property taxes in Medina, WA, impact my mortgage payment and qualification?
Medina has relatively high property tax rates, which are factored into your debt-to-income (DTI) ratio during loan qualification. Lenders will use the estimated annual tax bill, which can be several thousand dollars monthly for a median-priced home, to calculate your total monthly obligation. This significantly affects how much home you can qualify for, making accurate tax escrow estimates critical.
What type of mortgage is most common for the luxury estates in Medina?
Jumbo loans are the standard for Medina's luxury real estate, as loan amounts far exceed the conforming loan limits set by Fannie Mae and Freddie Mac (for 2024, $1,149,825 in King County). These loans often have slightly higher interest rates and more stringent underwriting, requiring excellent credit scores (often 740+), substantial reserves (6-12 months of payments), and thorough income verification.
Does living in a flood-prone area along Lake Washington or the waterfront affect the mortgage process in Medina?
Yes, waterfront or low-lying properties in Medina may require a separate flood insurance policy, which is mandatory for a mortgage if the home is in a FEMA-designated Special Flood Hazard Area (SFHA). This additional annual cost, which can be substantial, must be included in your monthly escrow payment and will be factored into your DTI ratio by the lender during qualification.
Why Choose a Mortgage Lender in Medina?
Local Market Knowledge
Lenders who understand Medina'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 Medina and get competitive rates on your home loan.