Washington Mortgage Rates

March 4, 2015 11:42 AM Eastern

Refinance rates now in SEATTLE, WA [Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

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Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

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WA Mortgage Rates and Loan Programs for Residents
Washington is the northern-most continental state on the West Coast, and offers its residents a unique mixture of natural wilderness and metropolitan centers. Many major technology companies are based in Seattle and Vancouver, making these two cities famous for their advancements in technological fields.

Families and individuals who wish to live in this diverse state can benefit from a variety of programs. With homebuyer education programs and special rates, the dream of owning a home in Washington can be achieved by almost anyone.

Getting a Home Loan with Current Washington Mortgage Rates
The first step in obtaining a loan at current WA mortgage interest rates is to attend a free homebuyer education class. This education program is offered through, and sponsored by, the Washington State Housing Finance Commission.

The seminars present important information for future homebuyers. The seminars are designed to inform potential homebuyers of the financial obligations involved in buying and owning a home, as well as the home loan application process.

Understanding WA Mortgage Interest Rates with a Loan Officer
After attending a homebuyer education seminar, you are ready to work with a loan officer to obtain a first time homebuyer loan. The loan officer can help you understand WA mortgage interest rates in order to decide whether buying a home is right for you. If you determine that you are ready to become a homeowner, this officer will then assist you in finding the right loan program for you.

Two Loan Programs with Rates Lower Than Current WA Mortgage Interest Rates
Two loan programs offer low interest rates for new home buyers; these rates are often lower than current Washington mortgage interest rates. The Express Loan and the House Key State Bond programs, both available through the Washington State Housing Finance Commission, can help first time buyers successfully get into a home.

The Express Loan offers financing for a home purchase and down payment assistance for qualified buyers. In order to use this program, certain requirements must be met by applicants:

• The first mortgage must be obtained through a qualified lender.
• You must be buying in a targeted area or be a first-time homebuyer.
• Your purchase must meet an acquisition cost limit.

The House Key State Bond has three levels of financing based on your income, the purchase price of your home and the area you want to live in. Unlike the Express loan, it does not include financing for a down payment, but most loans have 30-year, fixed rate terms. This program includes:

• conventional loans
• FHA mortgages
• Rural Housing Services (RHS) loans
• VA mortgages