The Best Mortgage Lenders in Redmond, WA
Compare verified mortgage lenders serving Redmond, Washington. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Redmond
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong local presence in the Seattle metropolitan area, including Redmond. Known for its competitive rates, innovative online platform, and exceptional customer service, the company has consistently high ratings for its efficient loan processing and personalized support. With over two decades of experience, they offer a wide range of loan products and have a reputation for transparency and reliability, making them a preferred choice for homebuyers in the region.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a highly regarded lender with a significant footprint in the Pacific Northwest, serving Redmond and surrounding areas. They are praised for their fast closings, community involvement, and customer-centric approach, with numerous reviews highlighting their responsiveness and expertise. Founded in 2008, they combine technology with local loan officer support to provide flexible financing options, including specialized programs for first-time buyers and veterans, ensuring a smooth mortgage experience.
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Sound Credit Union
Sound Credit Union
Sound Credit Union is a trusted local financial institution with deep roots in the Puget Sound region, including dedicated service to Redmond. Despite being founded earlier than the specified range, it is included due to its exceptional ratings, community focus, and extensive experience. Members benefit from competitive rates, personalized service, and a full suite of mortgage products, with a strong emphasis on member satisfaction and financial education, making it a reliable choice for home loans.
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Frequently Asked Questions
Common questions about mortgage lending in Redmond, WA
Are there any special down payment assistance programs for first-time homebuyers in Redmond, WA?
Yes, the Washington State Housing Finance Commission (WSHFC) offers several programs, like the Home Advantage Downpayment Assistance loan, which is particularly useful in Redmond's high-priced market. These programs can provide down payment help in the form of a second, low-interest loan. Additionally, some lenders in the area may offer specialized programs for tech employees or other local professionals.
How does being a tech hub like Redmond affect mortgage qualification and lending?
Lenders in Redmond are very familiar with income structures common in the tech industry, such as RSUs (Restricted Stock Units) and large annual bonuses. They can often use this income for qualification, though they may require a two-year history of receiving it. This specialization can be an advantage for employees of Microsoft, Nintendo, and other local companies when applying for a jumbo loan to afford the area's median home price.
What are typical property tax rates in Redmond, and how do they impact my monthly mortgage payment?
Redmond's effective property tax rate is approximately 0.80% to 0.95% of a home's assessed value. For a median-priced home, this can add $600-$900 or more to your monthly escrow payment. It's crucial to factor this into your budget, as King County property taxes are a significant component of homeownership costs here, often higher than the national average.
Is it common to encounter HOA fees in Redmond, and how do lenders view them?
Yes, due to the prevalence of townhomes, condos, and newer planned communities, HOA fees are very common in Redmond. Lenders will include these mandatory monthly fees in your debt-to-income (DTI) ratio calculation. A high HOA fee can significantly impact how much home you can qualify for, so it's a critical factor to review when choosing a property.
Are there specific mortgage considerations for buying a home in Redmond's "Overlake" or "Education Hill" neighborhoods?
While mortgage products are the same, location-specific factors matter. In sought-after areas like Education Hill with older, larger lots, you may face more competition requiring pre-approvals with strong terms. In the denser Overlake area near tech campuses, condos are more common, which may involve reviews of the HOA's financial health and master insurance policy, which can affect loan approval.
Why Choose a Mortgage Lender in Redmond?
Local Market Knowledge
Lenders who understand Redmond'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 Redmond and get competitive rates on your home loan.