Washington Mortgage Refinance

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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Washington state sits on the most north-western side of the country. Bordered by Oregon, Idaho, British Columbia, Canada, and the Pacific Ocean, Washington is unique, as it is the only state named after a president, and its flag is the only green colored flag in the country. The state's more present day history includes having served Dairy Queen's first soft-serve ice-cream, Starbucks was founded here, it is home to the only rainforests in the continental US, and it has the largest apple production in the country. Washington's largest cities are Seattle, Spokane, Tacoma, Vancouver (not Canada's Vancouver), Bellevue, Everett, Federal Way, Kent, Yakima and Bellingham.

Indeed, now might be the right time for refinancing in Washington, as there are more properties available than buyers. Expensive homes and waterfront properties are being reduced in price in order to stimulate purchases. Interest rates are slightly lower, which means home owners who wish to upgrade might consider Washington mortgage refinance. Plus, earlier in the year, the housing market was very busy due to the federal tax credit, which made competition fierce. Real estate agents want to keep the momentum going.

In addition to being a buyer's market in some areas of Washington state, regular-sized homes, outside of the luxury market and premium locations, have actually appreciated. For home owners pondering the idea of Washington mortgage refinance as a means to renovate existing homes, or obtain cashback to do other things, owning houses that remain stable in pricing is always better than mortgaged properties that have declined in value.

Further, Washington's economy has remained strong, and in fact, it was recently named as a top housing market for potential future growth by Fiserv. If the predictions of twenty-five to forty percent increases in housing prices in up-and-coming areas is even remotely accurate, existing home owners are in very good positions when comparing their debt to value ratios. Although jobs have been lost in this state, people are spending, and the economy has not experienced the same negative effects of other states. According to government statistics, Washington's unemployment rate has been below the national average.

Unfortunately, one of the reasons that there are so many houses from which to choose is that foreclosures have been increasing in Washington. And, in an effort to reduce foreclosures and avoid late payments, the Washington State Office of the Attorney General is urging home owners to contact their lenders to seek either loan modifications or new loans by way of Washington mortgage refinance. Personnel are trying to reinforce the fact that lower rates and better terms might be available, hence home owners must take the initiative to investigate their options. Of course, it is not necessary to undertake this task alone, as trained housing counselors are available to help.

Moreover, the AG's website lists available resources, along with checklists, to facilitate the task of obtaining information and assistance, making it easier and less time consuming. One issue, of which many home owners are not aware, and one that is extremely important to point out here, is that home owners should not abandon their properties. Even if they are in financial trouble and believe that they have nothing, they should not just up and move when they still technically own the home. Depending on the amount of the home loan, there is still the possibility to recoup a little money when the sale is completed.

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