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Washington Mortgage Loans

Review Rates and Terms from Top Lenders Online

Find out why people visit our site to shop and evaluate mortgage lenders from the state of Washington that offer a variety of home loan programs. 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. With Washington mortgage rates becoming more affordable than ever, local applicants can feel good they are getting the best rate possible for buying or refinancing a home. If you are tired of dealing with loan brokers that do not understand your local housing market, then you will enjoy the lending process at Nationwide. If you are buying a home, talk with a Washington lender who can help you get a pre-approval letter quickly and that may help your offer get accepted.

Compare Interest Rates on Home Loans from the Best Washington Mortgage Lenders Online

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Washington Mortgages
  • Washington Lending
  • FHA Home Refinance
  • Cash Back Loans
  • Home Purchase
  • Home Equity Loans
  • Buy a 2nd Home in Washington

Did you know that refinancing your house or taking out a new second mortgage can accelerate the rebound of a credit score? In many cases, homeowners can raise their credit scores by making consistent loan payments. Even if you had a past bankruptcy or were enrolled in consumer credit counseling, Nationwide Mortgages has a great track record in matching borrowers with reputable lenders that offer many sub-prime lending programs to help improve your finances at home.

  • Refinance 1st & 2nd mortgages into lower rate
  • Find loans to wipe out compounding credit card interest and debt.
  • Consolidate all your bills into one lower mortgage payment
  • Learn how to get a mortgage loan with no closing costs or fees
  • Refinance home equity lines into fixed rate loans
  • Interest Only mortgage refinancing
  • Jumbo mortgages for higher loan amounts
  • Rebuild your credit profile with Trans Union, Equifax and Experian
  • 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.


Find the Lowest Rates

Compare rates and lending costs from the leading Washington mortgage lenders online.

Refinancing has become very attractive because rates are low and the Home Affordable Refinance Program is approving rate and term refinancing without any loan to value measurements. See HARP Lenders.


Washington Mortgage Rates
Washington Mortgage Lenders

 

 

1st Time Home Buying Advice for Consumers In Washington

Without a doubt, one of the most important decisions that any individual or family will ever make comes when they are ready to purchase their first home. Because a home represents the greatest single investment and asset that the average individual will ever make, it is well worth taking a little bit of time to make sure that a person is purchasing the right property with a first time home loan in Washington.

Although it may seem like common sense, one of the easiest things that a prospective homebuyer can do in order to ensure that they don't run into any unforeseen problems is to take a little time to do some research. This means that an individual will need to take a look at the home prices in the area that they are interested in living in in order to get an idea of exactly what type of purchase price they can expect to pay. It's also good idea for person to carefully consider exactly how much house they actually need. The average person probably doesn't need a mansion.

The next step when it comes to research is for person to do a little bit of digging when it comes to themselves. It's not enough just for person to have a good idea of what their price range is if they do not also know what their own personal credit score is, the types of fees and closing costs that are going to be required, and the restrictions that are out there when it comes to first time home buyer loans.

A person who understands exactly what banks look at when it comes to determining whether or not an individual will qualify for a loan will be in a much better position to negotiate for the best possible terms. For example, many individuals may be unaware of the fact that their employment history can sometimes be every bit as important as their credit history. Likewise, the new regulations being put in place will require banks to take into account things like past collections and judgments when it comes to determining a person's current debt to income ratio.

Depending on whether individuals interested in getting a loan for a traditional lender or through an agency like the FHA, there will be different requirements regarding the amount of down payment that they have available. For example, the FHA generally requires 3.5% while traditional lenders may require significantly greater amounts.

Washington Mortgage Terms to Know for the Loan Process

Conventional Loan

Second Mortgage

Escrow

A residential lien that is 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

Homeowners in Washington frequently choose 2nd mortgages to pay for home repairs or remodeling. Borrowers also like these loans because they offer quick cash and usually the interest is tax-deductible unlike charge cards card and most consumer installment 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 3rd 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.


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
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