Washington Refinance 

A Washington refinance can be the simplest of transactions.  Washington state can best be described as two distinct regions: the urban sprawling cities of the greater Seattle region and the beautifully landscaped areas of the eastern region.  Often the housing values, and therefore the loan amounts, can vary as widely as the topography. 

Seattle and the entire Puget Sound region have experienced tremendous growth over the last decade.  This is mostly due to the success and strong recent orders and deliveries of Boeing.  In addition, many of the high tech industries have expanded operations, creating a greater demand for office space.  This continued economic strength is one of the main reasons why the greater Seattle housing market has continued its strong performance despite the downturn felt throughout the rest of the nation. 

Housing affordability has stabilized recently making a Washington refinance that much more desirous for many homeowners.  As home price appreciation stabilizes, many homeowners are seeking to take advantage of their newly acquired equity and perform significant improvements to their properties.  Washington refinance activity continues to be strong with mortgage refinance applications rising by 8% in the last quarter. 

The expansiveness of the eastern region of the state can make a Washington refinance a bit more challenging.  The owners of traditional site built homes are still finding refinance options plentiful with near historic low interest rates.  However, the lending guidelines for owners of manufactured homes have been significantly tightened.  In many cases, lenders have ceased to lend money on manufactured homes altogether making the refinance or purchase of these properties that much more difficult for these homeowners. 

Washington Fixed Rate Refinance

In these times of adjustable rate mortgage fluctuations and economic uncertainty, many Washington homeowners are selecting a traditional 30 year fixed as their choice for their refinance.  A 30 year fixed is designed for a conservative homeowner seeking the confidence a secure rate and payment will afford them.  The slowing economy has prompted the Federal Reserve to take immediate action reducing 30 year fixed rates to near historic lows.  As a result, Washington has seen a refinance boom over the last 12 months. 

Washington Adjustable Rate Mortgages

There are a large number of adjustable rate mortgage options available for homeowners in Washington.  Generally these programs are geared towards those with a shorter term plan for the home.  If you are planning to sell the property or potentially refinance in 3-7 years time, an adjustable rate mortgage may be the right loan for you.  The initial rate offered on these adjustable rate mortgages is lower than a traditional 30 year fixed.  So, if you are looking for the lowest payment possible while still having stability during the first 3-7 years of the loan, an adjustable rate mortgage may be best suited for your needs. 

No matter what the scenario, there has never been a better time to refinance a Washington home and take advantage of the home price appreciation this region has seen over the last few years. 

Click Get Started to see how much you can save on your Washington refinance. 

Speak With A Loan Coordinator 

Would you prefer to speak with a Loan Coordinator over the telephone?  Please call us directly at   1-800-276-CYOL(2965) and choose option 1.  Or, click here to have one of our experienced representatives contact you directly.