TriStar Finance Review: A Price Leading Mortgage Lender?

Posted on April 29th, 2021
TriStar Finance Review: A Price Leading Mortgage Lender?

Today we’ll review “TriStar Finance Inc.,” a so-called local mortgage lender (depending upon where you live) that says it offers an array of loan programs almost as diverse as its customer base.

In other words, you should be able to find what you’re looking for in the way of a home loan if you turn to TriStar for help.

And they say competitive rates and great customer service are their specialty, so it might be possible to snag the trifecta of loan choice, a solid mortgage rate, and excellent customer satisfaction.

Let’s learn more about this Pacific Northwest mortgage lender to see if they could be a good fit your needs.

TriStar Finance Fast Facts

  • Direct mortgage lender that offers home purchase and refinance loans
  • Established in 2006, headquartered in Kirkland, WA
  • Offers a wide array of loan programs including stated income and bank statement loans
  • Licensed to do business in five states on the West Coast

TriStar Finance Inc. is a direct-to-consumer mortgage lender located on the waterfront in Kirkland, Washington, just east of Seattle.

They offer both home purchase loans to first-time buyers and mortgage refinances to existing homeowners, along with everything in between.

The company got its start back in 2006, which was around the time the housing market was peaking before it eventually began to crash a couple years later.

Despite that timing, they now have 15 years under their belt and a lot of really good reviews from past customers.

Currently, they’re licensed to do business in just five states, all of which are located on the West Coast, including Alaska, California, Oregon, Idaho, and Washington.

They are especially proud to serve clients in the PNW/Seattle/Bellevue area in an effort to support the local economy and job market.

How to Apply for a Mortgage with TriStar Finance

  • Simply visit their website and click on Apply Online to begin immediately
  • They offer a digital mortgage application that allows you to complete most tasks electronically
  • You can also generate a mortgage pre-approval or simply request a mortgage rate quote online
  • Borrowers get 24/7 access to their own personal mortgage professional

TriStar Finance makes it super easy to get started on a mortgage application. Simply visit their website and click on “Apply Online.”

From there, you’ll be able to begin filling out the digital mortgage app powered by Shape Software.

It allows you to complete the app at your convenience on your own time, from anywhere on any supported device including a smartphone.

You can scan and upload documentation, generate a mortgage pre-approval, and track your loan progress on the fly via the online borrower portal.

If you’re not quite ready to apply, it’s also possible to request a quote online by answering a series of basic questions.

Alternatively, you can simply call them up on the phone and get connected with a loan originator to talk about your specific loan scenario and mortgage loan pricing.

Loan Programs Offered by TriStar Finance

  • Home purchase loans
  • Refinance loans: rate and term, cash out, streamline
  • Rehab loans
  • Conforming loans
  • Jumbo loans
  • FHA loans
  • VA loans
  • USDA loans
  • Investment property loans
  • Stated income and bank statement loans

TriStar Finance offers a ton of different loan programs, whether you’re purchasing a home or refinancing an existing mortgage.

You can get financing on all property types, including vacation homes and investment properties, along with condos and townhomes.

They offer conforming loans backed by Fannie and Freddie, jumbo loans, and government-backed loans including FHA, VA, and USDA loan options.

TriStar also offer rehab loans, including the FHA 203k loan and a similar option from the VA. But it’s unclear if they also offer the Fannie Mae HomeStyle renovation loan.

Additionally, it’s possible to get a stated income loan (bank statement program) if you’re self-employed or simply have complicated finances.

The company believes very few financial challenges are insurmountable, and says it has the resources and experience to handle just about anything you throw at them.

So homeowners with an especially tricky loan scenario could be a good fit here.

Both fixed-rate and adjustable-rate options are available in a variety of different loan terms, such as 30-year and 15-year fixed mortgages, and 5/1 or 7/1 ARMs.

TriStar Finance Mortgage Rates

One advantage to using TriStar Finance is their transparency when it comes to mortgage rates. You’ll see them the second their website loads on the front page.

They don’t require you to sign up or give out your contact information first, which is certainly a plus.

Of course, you’ll want to nail down pricing with a loan officer for your specific loan scenario to ensure it’s accurate.

Still, if you want to know where they stand, simply visit their website and you’ll get a decent idea. They also advertise on other mortgage comparison websites like Zillow.

And from what I saw, they offered the second lowest interest rate on the platform with just $1 in lender fees.

That being said, it’s unclear what fees they charge, though it’s obvious they can structure your mortgage as a no cost loan if you don’t want to pay anything out of pocket.

All in all, they look good on the pricing front, though you should always put in the time to shop around and gather multiple quotes.

TriStar Finance Mortgage Reviews

On Zillow, the company has a stellar 4.94-star rating from about 125 reviews, which is pretty darn close to perfection.

Many of the reviews indicate that the mortgage rate and/or closing costs were lower than expected, a good sign if you want a cheap home loan to go with good customer service.

On Google, they’ve got a 4.5-star rating from 17 reviews, and on Yelp, a less favorable 3.5-star rating, though also only from fewer than 20 reviews.

While they are not an accredited business with the Better Business Bureau, they do hold an ‘A+’ rating based on their customer complaint history.

They also have a 4.2-star rating on the BBB website from customer reviews, which is pretty good for that specific website.

All in all, TriStar Finance appears to be a well-liked mortgage lender that has access to a very wide range of loan programs.

The fact that they’re transparent when it comes to their mortgage rates is also a plus. So if you happen to live on the West Coast, they could be worth looking into if you’re in need a home loan.

TriStar Finance Pros and Cons

The Good

  • Can apply online in minutes without assistance
  • Offer a digital mortgage application
  • Openly advertise their daily mortgage rates online
  • Tons of loan programs to choose from including stated loans
  • Excellent reviews from past customers
  • A+ BBB rating
  • Free mortgage calculator and mortgage tutorials on site

The Not

  • Only licensed in Alaska, California, Oregon, Idaho, and Washington
  • No physical locations other than their headquarters
  • Unclear what lender fees they charge

(photo: Henry Burrows)

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