The Best Mortgage Lenders in Mountlake Terrace, WA
Compare verified mortgage lenders serving Mountlake Terrace, Washington. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Mountlake Terrace
Featured Mortgage Lenders
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender known for exceptional customer service and competitive rates in the Mountlake Terrace area. With over 28 years of experience, they offer a wide range of loan products, including specialized programs for first-time homebuyers and veterans. Their local Lynnwood office provides personalized, hands-on support, and they are highly praised for their efficient processing and community involvement. Customers consistently highlight their transparency, reliability, and ability to secure favorable terms.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a highly reputable lender serving Mountlake Terrace with a focus on speed and customer satisfaction. Founded in 2008, they have built a strong presence in Snohomish County, offering streamlined loan processes and competitive rates. Their Everett office ensures local accessibility, and they are known for their innovative technology and commitment to community outreach. Reviews frequently commend their responsive communication, expertise in various loan types, and ability to close loans quickly.
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Caliber Home Loans
Caliber Home Loans, Inc.
Caliber Home Loans is a well-established lender with a strong regional presence, offering comprehensive mortgage solutions to Mountlake Terrace residents. Since 2008, they have provided competitive rates and flexible loan options, including programs for low-down-payment and jumbo loans. Their Bellevue office serves the broader Puget Sound area, and they are recognized for their professional service, detailed guidance, and high customer satisfaction scores. Clients often praise their knowledgeable staff and smooth application experience.
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Frequently Asked Questions
Common questions about mortgage lending in Mountlake Terrace, WA
Are there any special down payment assistance programs for first-time homebuyers in Mountlake Terrace, WA?
Yes, the Washington State Housing Finance Commission (WSHFC) offers several programs, like the Home Advantage and House Key Opportunity programs, which provide down payment assistance and competitive interest rates. These programs are particularly valuable in Mountlake Terrace, where median home prices can be a barrier to entry. Eligibility often includes income limits and a homebuyer education course.
How does being in Snohomish County impact property taxes and my mortgage payment in Mountlake Terrace?
Snohomish County property tax rates are a significant component of your monthly mortgage escrow payment. The current combined rate in Mountlake Terrace is approximately $9-$10 per $1,000 of assessed value. It's crucial to factor this into your budget, as property taxes here are used to fund local services, schools, and city projects, and they can increase with voter-approved levies.
What is a typical down payment percentage needed for a condo in Mountlake Terrace versus a single-family home?
For a single-family home, a 20% down payment is standard to avoid private mortgage insurance (PMI), but many conventional loans allow for as little as 3-5%. For condos, lenders often have stricter requirements; you may need a minimum of 10-25% down, depending on the condo project's certification status and the lender's specific guidelines, which is common in the Puget Sound area.
Does Mountlake Terrace's proximity to Seattle and Boeing affect mortgage rates or loan options here?
While mortgage rates are primarily set by national markets, your employment can impact your loan options. Lenders may offer favorable terms for stable, local employers like Boeing, the aerospace industry, or major healthcare systems. Furthermore, the strong commuter demand for Mountlake Terrace's location can make appraisals more straightforward, supporting loan approvals in this competitive corridor.
Are there specific inspection or appraisal considerations for mortgages on older homes in Mountlake Terrace?
Absolutely. Many homes in Mountlake Terrace were built in the mid-20th century. Lenders will require a thorough inspection, and appraisers will pay close attention to the condition of older roofs, plumbing, electrical systems, and foundations. Issues like knob-and-tube wiring or aging sewer lines must often be addressed to meet lending standards, which is a key local consideration.
Nearby Cities
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Why Choose a Mortgage Lender in Mountlake Terrace?
Local Market Knowledge
Lenders who understand Mountlake Terrace'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 Mountlake Terrace and get competitive rates on your home loan.