Where Can I Apply for a Seattle Mortgage Besides a Bank?

Statistically speaking, most people get their Seattle mortgages through a bank. While there are a lot of benefits to getting a loan from a commercial bank, you have other options available to you. Here are a few places where you can apply for a Seattle mortgage loan besides a bank.

Seattle Mortgage Broker – People in this industry serve as an intermediary between lenders and individuals looking for loans. Typically, Seattle mortgage brokers have access to a large pool of resources which they can help homebuyers find a loan with the best terms for their particular situation. Most are paid a commission and must comply with banking and finance laws in the consumer’s jurisdiction.

Direct Lenders – There are people out there who will lend you money directly to purchase a home. For the most part, these people will be friends or family members who have a large amount of cash they are willing to hand over to you. Arrangements like these typically involve a contract that lays out the terms of the loan such as the repayment schedule and interest rates. On the surface, this may seem like the best option. However, money has a way of ruining relationships, so make sure you are willing to take that chance before you sign on the dotted line.

Credit Unions – Technically credit unions are banks. Unlike commercial banks, however, credit unions are owned by the members of the institution. In addition to receiving better interest rates and terms on your mortgage loan, you will often receive better service. Credit unions are usually more willing to work with members who may have credit problems and the profits generated by the institution are funneled back into the local community.

Consider all of your available options when looking for the best Seattle mortgage for you. It could end up saving you thousands of dollars in the long run.

This blog is courtesy of Adrian Willanger at Coldwell Banker Danforth & Associates 206 909-7536 helping people buy and sale homes in the Greater Seattle area.