Washington Mortgage Refinance
The “Evergreen State” is ripe with mortgage refinance opportunities. Washington home owners seeking to lower their monthly mortgage payments have found that rates from local lenders are competitive. For example, a 10/1 adjustable rate mortgage (ARM) has a rate of 4.48% APR. For a fixed rate product, borrowers can receive 4.75% APR to 5.42% APR on a 30 year product. Comparing mortgages in Washington (population 6,395,798) can be challenging, but all borrowers need to know are the basics. Understand the difference between mortgage types (fixed or adjustable rate mortgages) and amortization tables. Establish a budget along with financial goals before visiting with a local Washington lender and compare similar products, terms and amounts. Also, know home values—for example, the median home value for a home in Washington is $254,200. Homes values in Seattle (98101) are $291,900 and in Kennewick (99336) at $151,600. Understand median home sale prices too. The median home sale price in Washington is $259,100. Homes Mount Vernon (98274) have sale prices of approximately $222,000 and in Spokane (99201) home sale price are around $163,700.