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Guide to Washington Mortgages
Maybe you are buying your first home in Washington, or perhaps you're relocating to Washington from another state. Then again, you may be a long-time Washington resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Washington home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Washington:
The median price of a home in Washington is $211,500. Recently, homes in Washington have been appreciating at rates well above the national average. As a result, income levels in many parts of Washington are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Washington are below the national average, Washington has one of the lowest levels of home affordability in the nation.
In Washington, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Washington's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Washington law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Washington law enacted a set of anti-predatory lending laws in order to help protect Washington homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Washington, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Washington FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Washington's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Washington also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Washington's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Washington Housing Finance Agency.
Last Updated: Wednesday, September 17, 2008
Washington Real Estate Market View
updated Wednesday, September 17, 2008
| Housing & Social Facts |
Washington |
United States |
| Total housing units |
2,651,645 |
n/a |
| Owner-occupied housing units |
64.7% |
66.9% |
| Renter-occupied housing units |
35.3% |
33.1% |
| Vacant housing units |
7.6% |
10.8% |
| Average Home Value |
$227,700 |
$167,500 |
| Average Mortgage Payment |
$1,454.00 |
$1,295.00 |
| Average Rental Payment |
$405 .00 |
$388.00 |
| Total Population |
6,146,338 |
n/a |
| Percentage Male |
49.7% |
49.0% |
| Percentage Female |
50.3% |
51.0% |
| Median Age |
36.7 |
36.4 |
| Under 5 years |
6.4% |
7.0% |
| 18 years and over |
76.0% |
74.6% |
| 65 years and over |
11.1% |
12.1% |
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1 Year Market Value Change for Washington |
| 1yr | 5yr | 10yr |
 |
|
Popular Washington Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Auburn |
40,314 |
$39,208 |
| Bellevue |
109,569 |
$62,338 |
| Bellingham |
67,171 |
$32,530 |
| Edmonds |
39,515 |
$53,522 |
| Everett |
91,488 |
$40,100 |
| Federal Way |
83,259 |
$49,278 |
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| Province Mortgage Company |
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Province Mortgage stands by our commitment of service with a free, no cost, mortgage rate and benefits quote upfront. let us deliver the loan benefits you request before you go down the road spending your time and money. Province Mortgage partners with hundreds of the largest national lenders, who are ready to compete for your mortgage loan on home purchase, cash out, Stated, no doc, A paper, refinance, home equity, new construction, reverse, bankruptcy, foreclosure, 2nd mortgage, and debt consolidation loans. We make shopping for mortgage loans in Washington State easy with our new "Quick Quote" service - just fill out the form below and get your results fast. No cost or obligation, and no waiting, just solid information delivered fast from an experienced local mortgage professional. We truly are committed to offering great mortgage rates on debt consolidation mortgages, refinance mortgage loans, reverse mortgage loans, home equity loans, cash out loans, zero down mortgages, fixed rate mortgages, adjustable rate loans, option arm loans, bankruptcy loans, foreclosure mortgages, biweekly mortgages, and home purchase mortgages. Do not forget to ask us about our preferred local realtors serving Seattle, Bellevue, Tacoma, and the greater Puget Sound Area. We offer an extensive list of loan programs; here is a short list: Adjustable Rate Mortgages, Fixed Rate Mortgages, Balloon Mortgages; 5, 7 & 15 Years, No or Stated Income/ Asset Programs, No Point, No Fee Programs, Home Equity Line of Credit and Home Equity Fixed Loans. Province Mortgage Company
1001 4th Avenue Plaza, Suite 3200
Seattle, WA 98154
888.355.9926 Phone
888.215.9019 Fax Province Mortgage Company is a real estate broker licensed by the WA Dept of Real Estate License
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| Lakemont Mortgage |
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Purchasing a new home or refinancing an existing mortgage is a tremendous financial obligation. You can trust us to find the loan program that's best for you. No matter what your situation is, good credit, poor credit or the need for a speedy closing, over the years we have demonstrated a unique ability to come through for our customers. We at Lakemont Mortgage are industry specialists and uniquely qualified to provide expert knowledge in mortgage lending. Over the years, we have been instrumental in the successful financing of real estate for hundreds of families. Our staff has over 30 years combined experience in the mortgage industry and we are exceptionally qualified to manage what may be your most important financial decision. We know that every customer has specific needs, so at Lakemont Mortgage we make it our top priority to meet those needs with unmatched service and individual attention. With a multitude of loan programs, including Conventional, first time homebuyers, investor loans, and others, we will find the loan that best suits your needs at the most competitive rates. Lakemont Mortgage's commitment to serving our clients is of primary importance, and extends far beyond the process of securing mortgage funds. Our mission is to enhance the financial benefits of home ownership for you! Lakemont Mortgage
50116 Avenue SE Suite 210
Bellevue, WA 98004
Phone: (425) 289-1100
Fax: (425) 289-1101 Lakemont Mortgage is a real estate broker licensed by the WA Dept of Real Estate License
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| AES Mortgage, LLC |
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At AES Mortgage, w will not only help you finance real estate purchases or refinance existing properties, we will also help you plan for your financial future as your personal equity advisors. When you have selected your dream home or an investment property, the paperwork and hoops to jump through with disclosures, appraisals, inspections, title insurance, escrow, notaries and more can be overwhelming. We make ourselves accessible to answer any questions or address any concerns that you may have, in order to make the loan process as easy, efficient and stress-free. We want you to concentrate on more important things like, moving into your new home. We offer a wide array of loan options to fit your mortgage and financial needs. Here is a brief list of loan options to select: Fixed Rates, Adjustable Rate Mortgages, Hybrid Loans, 100% Financing, Home Equity Loans, Home Equity Line of Credit, VA Loans, Refinancing, Interest Only, Option ARM's and Balloon Mortgages. AES Mortgage, LLC
P.O. Box 809
Richland, WA 99352
509.627.5939 Phone
866.432.3832 Toll Free
509.627.5981 Fax Broker ID# 510-MB-27557
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