Salmon Bay Mortgage
Salmon Bay Mortgage is a Seattle mortgage lender that operates as a division of Golden Empire Mortgage, Inc. (GEM), a lender based in Bakersfield, California. Its site lists purchase, refinance, construction, jumbo, HELOC and bridge loans, and says it has helped Seattle borrowers since 2005. The licenses it shows cover Washington and Oregon.
What Salmon Bay Mortgage offers
- Purchase and refinance loans: standard home loans for buying or refinancing. The site does not publish rates or fees, so you need a Loan Estimate to see your cost.
- Buy before you sell: a program the site calls StepUp, plus bridge loans, for owners who want to buy their next home before the current one sells.
- Construction and jumbo loans: financing to build a home, and loans for homes priced above conventional loan limits.
- HELOCs: a home equity line of credit lets you borrow against the value of your home. Your home secures the line, so missed payments put it at risk.
- Other programs: first-time buyer and co-buying options.
Who it may suit, and who should look elsewhere
Right for you if:
- You are buying, building or refinancing in Washington or Oregon and want a local office in Seattle’s Greenwood area.
- You need to buy a new home before you sell your current one.
Not right for you if:
- Your property is in another state. Check GEM’s own licensing list before you apply.
- You want to compare published rates online first. The site lists none.
Before you apply
The site’s footer lists NMLS #2855880 for Salmon Bay Mortgage and NMLS #2427 for Golden Empire Mortgage. It also shows Washington Consumer Loan Company License CL-2427 and Oregon Mortgage Lending License ML-2891. GEM’s licensing page lists 25 states.
GEM has a regulatory record. The FTC alleged that GEM charged Hispanic borrowers higher prices for mortgage loans than non-Hispanic white borrowers. The settlement paid $1.5 million to consumers, and in April 2011 the FTC mailed refunds to 3,162 borrowers. In 2015, GEM settled with California’s regulator over per diem interest overcharges and agreed to pay $241,580, without admitting or denying the findings.
You can reach the Seattle office at (206) 789-8629 or through its site, salmonbaylending.com. Ask at least two other lenders for a Loan Estimate and compare the APR and closing costs line by line. Our guide on how to check if a lender is licensed shows how to confirm an NMLS record, and our mortgage guide explains the main loan types.
