Best of
Best Washington Mortgage Lenders of 2019
NerdWalletJuly 2, 2019
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NerdWallet picked some of the best Washington mortgage lenders across five different categories, including loans for first-time home buyers, borrowers with low credit and those looking to refinance.
at Quicken Loans
at Quicken Loans
Min. Credit Score
620
Min. Down Payment
3%
Ideal choice for convenience and quick-response customer service. Quicken Loans provides just about all the services your neighborhood lender does — with online convenience.
Pros
- Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch.
- Instantly verifies employment and income for more than 60% of working Americans.
- Offers custom fixed-rate loan terms that are between eight and 30 years.
- Provides FHA-backed loans, USDA loans as well as products offered by Freddie Mac and Fannie Mae that require down payments as low as 3%.
Cons
- Doesn't offer home equity loans or HELOCs.
- If you’re a “look me in the eye” type of customer, you’re out of luck.
- Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.
National / Regional
National
Min. Down Payment
3%
Ideal for first-time home buyers or those with weaker credit. Citibank Mortgage, a large-scale lender with a full menu of home loan products, offers low down payment options and considers alternative credit data.
Pros
- Low down payment options.
- Discounts for Citibank customers.
- Looks at alternative credit data like rent history and child support payments.
- Available in all 50 states.
Cons
- Charges a mortgage application fee.
- Did not disclose origination fees, which may vary.
- Can't complete loan online.
at Rocket Mortgage
at Rocket Mortgage
Min. Credit Score
620
Min. Down Payment
3%
Ideal for anyone who appreciates smartphone app service, support and time savings. A fully digital home loan experience with a large variety of mortgage products.
Pros
- The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.
- With your authorization, accesses asset statements from 98% of U.S. financial institutions.
- Tells you the loan amount you’ll qualify for within minutes.
- Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.
Cons
- Doesn't offer home equity loans or HELOCs.
- If you’re a “look me in the eye” type of customer, you’re out of luck.
- Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who are looking to apply for a mortgage and manage the process through online tools, whether buying or refinancing. Guaranteed Rate offers FHA, VA and USDA loans for borrowers who are well-qualified.
Pros
- Works with most borrowers as long as they have good credit scores and incomes.
- Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.
- Has a 95% customer satisfaction rate, according to company data.
Cons
- Charges some fees, such as a $1,290 lender fee that includes a $150 application fee.
- Offers many products, which might confuse or overwhelm borrowers.
- Several click-throughs required for personalized rates.
at Veterans United
at Veterans United
Min. Credit Score
620
Min. Down Payment
0%
Ideal for veterans and active-duty servicemembers. Veterans United is the nation's largest VA home purchase lender but also offers an excellent selection of other government and conventional loans.
Pros
- Also offers FHA, USDA and conventional loans.
- Offers 24/7 customer service.
- You can complete a loan application and pre-qualify online.
- Registers a low volume of complaints filed with the Consumer Financial Protection Bureau.
- Offers free credit score education and assistance.
- Provides a client advocate team staffed by former senior enlisted leaders from each branch of the armed forces.
Cons
- Doesn’t offer home equity loans or HELOCs.
- Loans are available in all 50 states, but Veterans United has offices in only about half.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for those who appreciate the full-service experience of a leading regional bank. Flagstar offers a full menu of fixed and adjustable home loans and mortgage refinancing, as well as jumbo loans and home equity financing.
Pros
- Embraces FHA-backed home loans.
- Offers three construction loan offerings.
- A professional loan package is tailored for the needs of doctors, lawyers, architects and certified public accountants.
- Flagstar reps are familiar with low-down-payment state bond programs for first-time home buyers and income-limited households, as well as the areas that qualify for USDA loans.
- Offers home equity loans and home equity lines of credit.
Cons
- Charges an average $1,000 origination fee.
at loanDepot
at loanDepot
Min. Credit Score
620
Min. Down Payment
3.5%
Ideal for borrowers looking to get a mortgage with help from a loan officer. Digital back-office operations are said to add efficiency to the loan process.
Pros
- Offers digital income, asset and employment verification.
- Has over 150 affiliated loan stores nationwide for customers who prefer face-to-face service.
- One of the nation’s most active lenders of FHA and VA loans.
Cons
- Published mortgage rates include up to three points of prepaid interest and fees.
- Does not offer home equity loans or lines of credit.
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at Reali Loans
at Reali Loans
Min. Credit Score
620
Min. Down Payment
5%
Ideal for tech-savvy home buyers and refinancers in its multi-state lending territory. Reali Loans has an automated lending platform that offers round-the-clock access to application and loan-management tools.
Pros
- Boasts of closing loans quickly.
- No upfront origination or broker fees.
- 24/7 access to your loan and its progress.
- Transparent platform that automates (and shortens) the refinance process.
Cons
- Currently operates in a limited number of states.
- Doesn’t offer USDA government loans.
at New American
at New American
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who need to be evaluated on the basis of nontraditional credit. New American Funding offers FHA and VA loans, works with down payment assistance programs, and seeks borrowers whose credit histories don't fit the mold of traditional banking.
Pros
- Uses manual underwriting to evaluate creditworthiness.
- Offers full online mortgage application, rate quotes, document upload and loan tracking.
Cons
- Services not available in all 50 states.
at Vylla
at Vylla
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers or credit-challenged borrowers who may have trouble qualifying for a mortgage.
Pros
- Low minimum credit score.
- Online application, loan tracking and document upload.
- Free rate locks.
Cons
- No online preapproval.
- No presence in Massachusetts or North Dakota.
Summary of Best Washington Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Quicken Loans at Quicken Loans | first-time home buyers | 620 | 3% | at Quicken Loans |
 Citibank Mortgage | first-time home buyers | N/A | 3% | Read review |
Rocket Mortgage at Rocket Mortgage | online lenders | 620 | 3% | at Rocket Mortgage |
 Guaranteed Rate | online lenders | 620 | 3% | Read review |
Veterans United at Veterans United | government loans | 620 | 0% | at Veterans United |
 Flagstar | government loans | 620 | 3% | Read review |
loanDepot at loanDepot | refinancing | 620 | 3.5% | at loanDepot |
Reali Loans at Reali Loans | refinancing | 620 | 5% | at Reali Loans |
New American Funding at New American | low credit | 620 | 3% | at New American |
Vylla at Vylla | low credit | 620 | 3% | at Vylla |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Quicken Loans at Quicken Loans | first-time home buyers | 620 | 3% | at Quicken Loans |
Citibank Mortgage | first-time home buyers | N/A | 3% | Read review |
Rocket Mortgage at Rocket Mortgage | online lenders | 620 | 3% | at Rocket Mortgage |
Guaranteed Rate | online lenders | 620 | 3% | Read review |
Veterans United at Veterans United | government loans | 620 | 0% | at Veterans United |
Flagstar | government loans | 620 | 3% | Read review |
loanDepot at loanDepot | refinancing | 620 | 3.5% | at loanDepot |
Reali Loans at Reali Loans | refinancing | 620 | 5% | at Reali Loans |
New American Funding at New American | low credit | 620 | 3% | at New American |
Vylla at Vylla | low credit | 620 | 3% | at Vylla |
Last updated on July 2, 2019
Methodology
NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.
To recap our selections...
NerdWallet's Best Washington Mortgage Lenders of 2019
- : Best for first-time home buyers
- Citibank Mortgage: Best for first-time home buyers
- : Best for online lenders
- Guaranteed Rate: Best for online lenders
- : Best for government loans
- Flagstar: Best for government loans
- : Best for refinancing
- : Best for refinancing
- : Best for low credit
- : Best for low credit
