Choosing a lender

How to choose a mortgage broker in Seattle

1. How many lenders will price my loan? A bank or direct lender quotes its own rate sheet. A wholesale broker sends the same application to several lenders and shows you where each one lands. Ask for the list, not a number.

2. Where is your compensation? Brokers are paid by the lender, inside the rate, or by you, as a fee. Either is fine; hidden is not. The quote should show the rate with the compensation already inside it, and what a quarter-point higher or lower rate changes.

3. Do you add overlays? Some lenders add rules on top of Fannie Mae, Freddie Mac, FHA and VA guidelines. Ask whether the broker's lenders underwrite straight to agency guidelines, and what happens if one lender says no.

4. Who answers when the listing agent calls? In Seattle's competitive offers, a listing agent will often call the lender before accepting. Ask who picks up, how fast, and whether the pre-approval can be reissued at a different amount for a specific offer.

5. What does the pre-approval actually verify? A real pre-approval reads your credit, calculates income from documents and runs agency rules. An estimate from a form is not the same thing, and agents know the difference. Ask what was checked before the pre-approval was issued.

Mortgage Lending Group is a wholesale broker in Edmonds serving Seattle and all of Washington. You can price a loan on this page before you ever talk to us, and the compensation is already inside the number.