Washington Mortgage Refinancing | WA Lender

 The state of Washington offers many different mortgage types to choose from. If you want a variable interest rate that fluctuates with current market rates, you can choose an Adjustable Rate Mortgage. If, however, you want a predictable, consistent monthly mortgage payment that stays the same for the entire loan term, choose a Fixed Rate Mortgage.

 

There are many other types of mortgages to explore, including Interest Only mortgages, reverse mortgages, home equity loans, and commercial mortgages. Whether you’re looking for a cozy two-bedroom in the heart of Seattle, a retail store off of I-90 in Spokane, or a mountain home near North Cascades National Park, we’ll provide you with up-to-date Washington mortgage information, rates, and lender suggestions.

 

We’ll Match You with a Trustworthy Washington Mortgage Lender

Whether you’re a first-time homebuyer, or you’ve been around the block a number of times, it’s important to find a reputable Washington mortgage lender. Every day, we help to match aspiring Washington homeowners with accredited, reliable, and financially-stable Washington mortgage lenders. Once you’re matched with a top-quality WA lender, be sure to ask your loan originator the following questions:

  • What are the advantages and disadvantages of each Washington mortgage type?
  • Which mortgage would I benefit the most from?
  • What are the long-term costs associated with each option?
  • Are any of the closing costs or points negotiable?
  • Can I pay off the mortgage early, without penalty?
  • Should I get a shorter-term loan (e.g. 10 years) or a longer-term loan (30-years)?
  • What is the current rate cap of an Adjustable Rate Mortgage?

 

Understanding APR

When you speak with your Washington loan originator, ask them about your loan’s Annual Percentage Rate (APR). Unlike the loan’s interest rate, APR includes all closing costs and fees. Many people only consider the loan’s mortgage rate, but this is a mistake because APR is the true rate of your mortgage.

 

Washington Mortgage Refinancing

Perhaps you already own a home in Washington, but you want a lower monthly payment. You can do this by refinancing your mortgage. A straight refinance allows you to lower your monthly mortgage payment by issuing a new mortgage at a lower interest rate and/or extended term. You could also choose a cash-out refinance, where you tap into your home equity to receive extra money. You can use this money to pay for home renovations, consolidate debt, or simply pay daily living expenses.

 

How Credit Score Affects Buying Power

As you may know, your credit score affects many aspects of life. Borrowers with poor credit scores are red flags to lenders; they see these borrowers as high risk and potentially unable to make their monthly payments. Washington lenders issue higher interest rates and stricter penalties to those with poor credit. For example, a borrower with a credit score of 700 could receive a 6% interest rate on a 30-year loan, while someone with a credit score of 580 could receive an 8.5% rate on the same loan. That’s a huge difference and could cost thousands and thousands more in interest over the life of the loan.

 

Before you begin the mortgage application process, be sure that your finances are in order, you pay your bills on time, and your credit score is in good standing. The better your credit score, the lower your interest rate and overall mortgage payment.

 

Open the Door to Your Washington Home Today!

With the current low interest rates and reduced home prices, it’s a buyer’s market. Whether you’re looking for a home on Moses Lake, a country cabin in Walla Walla, or a modern home in Olympia off of Interstate 5, it’s time to begin your Washington home-buying journey. Why wait? We can help by sending you a free home mortgage rate quote - contact us today!