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Washington Mortgage

Don't let your past credit problems hinder your home finance options. Shop & Compare mortgage rates by state, loan quotes and Seattle DC real estate news articles and for helpful insight for applicants in Washington. Check the local Washington rates for second mortgage loans.

Our Washington Mortgage Lenders offer a variety of home mortgage. Loan products ranging from jumbo, bad credit, FHA, VA and interest only mortgage rate options help to ensure the best possible home financing options for Washington consumers.

  • Washington Lending
  • FHA Home Refinance
  • Cash Back Loans
  • Home Purchase
  • Home Equity Loans

Home refinancing or taking out a new second mortgage can help credit repair, while often increasing your credit scores with consistent payments. Even if you had a past bankruptcy or were enrolled in consumer credit counseling, Nationwide Mortgages offers many sub-prime lending programs to help improve your finances at home.

  • Refinance 1st & 2nd mortgages into lower rate mortgage loan
  • No more compounding credit card debt
  • Consolidate all your bills into one lower mortgage payment
  • Refinance home equity lines into fixed rate loans
  • Save up to 75% with Bill Consolidation
  • Interest Only mortgage refinancing
  • Convert your variable rates to fixed interest
  • Rebuild your credit & Raise your Scores
  • Cash Out for 2nd Home Purchasing
  • Finance Home Repairs
  • Set up a home equity line of credit
Mortgage Rates for Washington

Seattle

Spokane

Tacoma

Washington Revises Consumer Loan Regulations

New regulations amending the Consumer Loan Act went into effect in Washington on March 1, 2006. The new regulations repeal the previous rules

and have been redrafted in a question and answer format to make the rules easier to understand. The revisions include, but are not limited to, the following changes:

New definitions to reflect amendments to the Consumer Loan Act; Clarification of the transactions covered by the Consumer Loan Act;

Expansion of the documentation requirements for license applications; Eliminating the need for licensure of certain back-office functions;

Expansion of prohibited business practices; Expansion of the reporting requirements for significant events; and providing sanctions for failing to file the annual assessments and worksheets on time.


Don't let your past credit problems hinder your home finance options.

Refinancing or adding a second mortgage can help your credit rebound, and will often increase your credit scores with timely payments.

 

 
Mortgage Terms to Know for the Loan Process

Conventional Loan

Second Mortgage

Escrow

A mortgage loan not insured by FHA or guaranteed by the VA. Fannie Mae sets the conforming loan amounts and for 48 states any loan amount under $417,000 for 1-4 unit properties. For more information and guidelines by state, please visit www.fanniemae.com

A fixed or adjustable rate loan, secured by the equity in your home. Interest is usually tax-deductible to 100% CLTV. Often used for home improvement or freeing of equity for investment in other real estate or investment. Great loan for refinancing to replace or substitute for consumer loans whose interest is not tax-deductible like credit card debt and personal loans.

An account held by the mortgage lender into which the homebuyer pays money for tax or insurance payments. Also earnest deposits held pending loan closing by a 3 rd party.

Index Closing Costs Refinance

A number, usually a percentage, upon which future interest rates for adjustable rate mortgages are based. Common indexes include the Cost of Funds for the Eleventh Federal District of banks or the average rate of a one year Government Treasury Security.

Any fees paid by the borrowers or sellers during the closing of the mortgage loan. This normally includes an origination fee, discount points, attorney's fees, title insurance, survey, and any items which must be prepaid, such as taxes and insurance escrow payments.

Obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property.

Deferred Interest

Impound

Negative Amortization

When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the loan balance. This is common with negative amortization loans.

Reserves of a borrower's monthly payments held by the lender to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due.

Occurs when your monthly payments are not less than the interest due. This unpaid interest is added to the unpaid balance of the loan. The danger of negative amortization is that the homebuyer ends up owing more than the original amount of the loan.

Washington Mortgage Loan Terms:

  1. First Mortgage Product is available with a 2/28 or 3/27 LIBOR ARM, a 15/15 and 30/30 fixed term, and a 30/15-balloon term. The 2/28, 3/27 and 30/30 terms are available with an Interest Only option with some restrictions.
  2. The Second Mortgage Loans are available with a 15,20, 25 and 30-Year fixed term and a 30/15-balloon term..
  3. Pricing is subject to change daily. Please refer to loan officer for updated interest rates by state.
  4. 40 Yr Amortization: First Mortgage programs are available with a 2/38 or 3/37 LIBOR ARM and 40/30 Balloon first
  5. Interest only is available on the 2/28, 3/27 and 30/30 first liens only
Apply Online or Call our Friendly & Experienced Loan Department at 1-800-584-0694