You could be inadvertently spending far more on your WA mortgage payments than you need to. If today’s going rate is lower than the rate you originally locked in, now may be a great time to refinance your mortgage.
Your interest on your mortgage plays a key role in the overall amount you will pay on your mortgage over the life of your loan. Even a fraction of a percent up or down can make a huge difference on how much you can expect to pay throughout your mortgage term.
That’s why it’s so important to be able to get the lowest rate possible, which is something you may be able to negotiate with your mortgage lender.
But if you already have a mortgage and locked in at a rate long ago and the current posted rate is lower, that means you are spending a lot more on your mortgage than you need to.
The good news is that rates are on their way down in 2024, so you may be eligible to refinance your mortgage to take advantage of lower rates next year. By refinancing, you can possibly save tens of thousands of dollars over the life of your loan.
Refinancing is Popular in WA Thanks to News of Lower Rates
According to Freddie Mac’s weekly mortgage rate survey, the average 30-year fixed rate mortgage is 6.61% for mortgage applicants. To view rates and costs specific to your situation available through Sammamish Mortgage, click Rate Quote as we can offer terms consistently below national averages.
These mortgage rates are higher now than they were the same time last year. But despite this, they’re expected to decrease in 2024 and 2025. As such, this makes it a great time for buyers to get into the market to take advantage of lower rates.
Homeowners are also seeing the light when it comes to taking advantage of lower interest rates through refinancing. Today, cash-out refinancing is making a comeback and has become increasingly popular over the past few months.
Here are some key points when it comes to refinancing your mortgage to take advantage of a lower rate:
- Refinancing is “worth the hassle” when mortgage rates are low
- Homeowners with the highest credit scores get the lowest rates
- Your current mortgage lender may not offer you the best rates, so comparison shop
Furthermore, the characteristics of the homeowner types most likely to benefit from a refinance include:
- Having with 20% equity in the home
- Having plans to live in the home for at least the next 36 months
- Carrying a current mortgage rate of 5 percent or higher
Even if your current rate is below 5%, utilizing a zero-closing-cost or low-closing-cost option as available through Sammamish Mortgage can still provide significant benefits.
If you have a home and haven’t participated in the Refi Boom, visit our website or call 425-401-8787 to speak with a loan officer and review your mortgage options. You may be able to save hundreds of dollars per month with little to no closing costs.
Looking to Refinance?
Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region that includes Idaho, California, Colorado, and Oregon. We offer a wide variety of mortgage programs and products with flexible qualification criteria since 1992. Please contact us if you have mortgage-related questions.