District Of Columbia Mortgage Rates
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DISTRICT OF COLUMBIA CONFORMING 30 YEAR FIXED RATESToday's Average: 3.41% What does this mean?
About Mortgage Rates in District Of Columbia
Washington DC has more than 280k homes with more than 40% of them occupied by the mortgage holder. When you are searching for a mortgage loan in the Washington or any other DC area you might be overwhelmed with the various features that are offered. Fixed rate mortgages and adjustable rate mortgages are offered and each have features such as lower interest rates or low interest expenses, down payment requirements, closing costs that vary as well as costs for points and other details that might become confusing.
Allow Mortgage 101 to take the confusion out of the loan process. We can secure you a mortgage loan with the best possible features, offering the lowest interest rates, lowest monthly payments and smallest down payment requirements.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage
Fixed Rate Mortgages in Washington DC
This is your parent's mortgage loan. The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower.
In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.
Other Mortgage Terms
Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent
Origination Fee - The fee charged by a lender to prepare loan documents make credit checks inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.
Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.