Washington Refinance Mortgage Rates
Residents of Washington appreciate the myriad of reasons to make the state their home. Vibrant metropolitan areas, unparalleled natural scenery, and outdoor recreation opportunities abound.
When it comes to making financially beneficial decisions, homeowners naturally consider refinancing as a viable option in the current climate of low interest rates and varied mortgage products. Additionally, residents who have improved their credit scores over the years with judicious handling of personal finances stand to better the terms of a residential loan by investigating mortgage refinance rates in Washington state.
Government-assisted Washington Refinancing Programs
Due to recent national legislation aimed at lightening the mortgage burden for struggling homeowners, some Washington residents may benefit from refinancing their Fannie Mae or Freddie Mac mortgages. A selection of adjustable rate mortgages (ARMs) are available through these government-assisted programs, all of which share the following characteristics:
• A low interest rate and monthly payment for the first 10 years of the mortgage
• After the first 10 years, an adjustable interest rate within preset limits
Families that are just starting out on their career paths will benefit from the initial 10 year period in which to reach a higher level of income and enhance their ability to adapt once their ARM reverts to market interest rates.
Washington State Home Equity Products
Homeowners who are satisfied with their existing mortgage and have accrued equity over the life of their mortgages often consider a Washington state home equity loan as a smart choice in refinancing. While technically they are adding a second loan rather than refinancing their primary mortgage, a no cost or low-cost home equity loan allows families to re-invest a portion of their equity in home improvements, additions, or renovations that will add value to their properties.
How to Find the Best 30 Year Refinance Rates in Washington
The best place for a family to start looking for the lowest home mortgage rates for refinancing is the bank holding its existing mortgage. Local companies are the best sources for the lowest refinance mortgage rates rates in Washington state. Homeowners should more than one option, however, and develop a working knowledge of common mortgage terms, such as FHA and VA, fixed rate and variable rate, to select the best refinancing option for their particular needs.
Having the right tools will benefit homeowners as well. Our online free mortgage & refinance calculator is indispensable in projecting the savings of any Washington refinance package.
Refinance Loan Options
Back to Mortgage by Area