Does it pay to shop around for a mortgage in Washington State?

Does it pay to shop around for a Lakewood mortgage broker or just go with my local bank or real estate agents recommendation?

What most people don't realize, is that there are a wide range of mortgage rate options that can vary by thousands of dollars in fees between the various types of lenders.  This would include both local and national lenders, including online lenders as well.  Below is a brief description of each type of lender and the various cost structures of each.

1. Local mortgage broker - This type of mortgage options gives you access to multiple types of lenders.  The mortgage broker has access to wholesale mortgage rates and then adds a margin to come up with the final mortgage rate. Often times, dues to limited layers of overhead can produce a lower mortgage rate than other mortgage structures.

2. Local retail lender - This type of mortgage option is similar to a mortgage broker option, but usually comes with higher rates and fees due to the additional layers of overhead.  After closing, your loan can be sold to another company to service the loan or collect the payments.  

3. National lender - These are your big national banks, like Bank of America, Chase and US Bank. Typically come with longer processing times due to the size of the organizations. Some of their loan products are better priced than others in the marketplace and others more expensive.  Most have certain additional lending requirements that make their underwriting process more challenging to get approved.

4. Online Lender - These types of compaines, Rocket Mortgage, Veteran's United and Loan Depot advertise heavly in order to capture leads.  If you are seaching online, mortgage than likely you will see their ads.  The cost of adversiting is built into the rates and fees making this option typically more expense than a local independent mortgage broker.  

For more information on obtaining a mortgage loan in Tacoma, Lakewood or the south puget sound area, feel free to reach out to Kevin at All Tech Mortgage Inc. your trusted mortgage source since 1996.  253-472-1500 evening and weekends OK.  

We are located at 7403 Lakewood Dr W, STE 4 Lakewood, WA 98499 and can help with your mortgage loan in Washington State.


* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.