Getting the Best Mortgage Rates in Washington (10-15-30-Year Fixed Rate & 5/1, 7/1 ARM Loans)
Are you in the market to buy a home in Washington? Or are you looking to refinance an existing Washington mortgage loan?
With current national averages hovering around 3.71 percent, mortgage rates in Seattle, Spokane, Tacoma, Vancouver, Bellevue, Kent, Everett, Reton, Spokane Valley, or any other city in Washington are right on par with the rest of the country.
Your monthly mortgage cost will depend on a variety of factors, including the total amount of the loan, interest rates, down payment, terms, and even your credit score.
Regardless of whether you are refinancing or buying a home for the first time, one of the best ways to proactively keep a Washington mortgage manageable is to secure the best Washington mortgage rates. Not only does it lower your financial burden and promote good financial health, but it can also help you save money over the long-term.
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What Influences Washington Mortgage Rates?
Washington state mortgage rates can be influenced by a variety of factors, some of which a borrower has little to no control over.
See below for a quick overview of the three most common ways that Washington mortgage rates can be affected in Spokane, Seattle, Vancouver, Tacoma, Renton, Bellevue, Kent, Everett, and other cities in Washington state.
Credit Score
Just like any other loan, your credit score is used as a benchmark for reliability. If you have a high credit score, lenders see that as proof of reliability, and will offer lower mortgage rates in Washington as a result.
A low credit score is problematic for lenders, since it raises doubts on whether they can trust borrowers to pay off their Washington mortgage.
While you are exploring the best Washington mortgage rates, you should also take the time to look over your credit score with a fine-toothed comb. Look for ways to boost your score through paying off any old debts or resolving errors before you apply for a Washington home mortgage.
Seattle, WA
Location
The location of your home could make a difference in your Washington home mortgage rate, since lenders may have varying rates depending on each neighborhood or city.
There may also be differences when purchasing a home in an urban vs. rural area, so make sure that you take note of the location and use a home affordability calculator that allows for that data.
Down Payment
Putting aside more money for a down payment certainly isn’t fun, but it’s a great way to boost your chances of getting lower Washington mortgage rates. According to Bankrate, most lenders require a payment of at least 3 percent.
Although lenders may allow for lower down payments, the best way to save yourself from additional long-term costs—like mortgage insurance—is to put 20 percent down.
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Key Requirements for Buying a House in Washington
Before you apply for a Washington mortgage loan, you’ll want to ensure that you complete the below list of requirements:
- Get your down payment ready (~20% of the loan amount)
- Maintain good to excellent credit
- Save some extra funds for your closing costs
- Gather your financial documents
- Get a home appraisal
- Figure out which loan type you need: a conventional mortgage loan (10, 15, 20, or 30-year fixed rate loan) or an adjustable rate mortgage (5/1, 3/1, or 7/1 ARM)
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Conclusion – Finding a Top Mortgage Loan for a Home in Washington
Once you know what type of Washington mortgage you are interested in, your next step is to start evaluating lenders to find the best Washington state mortgage rates and terms.
Just as with any other shopping experience, it’s important to weigh your options and compare offers from multiple Washington state mortgage lenders to ensure that you are getting the best deal possible.
Having an affordable, manageable Washington state mortgage is determined not just by your monthly payments, but also by interest rates and mortgage terms—so don’t be afraid to shop around until you find the best mortgage rates in Washington for your financial needs.
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