Washington Mortgage Rates
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WASHINGTON CONFORMING 30 YEAR FIXED RATESToday's Average: 4.97% What does this mean?
About Mortgage Rates in Washington
Mortgage loan packages in Washington can be as varied as the climates in Tacoma and Spokane. Seattle’s stunning natural beauty and recently completed light rail line will continue to drive its housing values and those of suburbs and exurbs around Puget Sound. Regardless of where you want to buy you should think about what loan features are most important to you: the lowest interest rate, lowest interest expenses, lowest payment, or lowest closing costs. First-time home purchases, second-mortgages, home refinancing; whatever your lending need, you would be wise to weigh all your options carefully.
Mortgage101 can help you get a great rate. We the access to some of Washington’s best mortgage deals and tools to help you discover the best mortgage for you. Here are some mortgages you might be right for you.
Mortgage Refinancing in Washington
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.
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
Other Mortgage Terms
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.
Annual Percentage Rate (APR) - The measurement of the full cost of a loan including interest and loan fees expressed as a yearly percentage rate. Because all lenders apply the same rules in calculating the annual percentage rate it provides consumers with a good basis for comparing the cost of different loans.
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.