Wasting Hundreds Per Month On Your Mortgage in WA?

Published:
March 7, 2012
Last updated:
April 6, 2022
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In This Article

You could be inadvertently spending far more on your WA mortgage payments than you need to. With rates as low as they are today, now may be a great time to refinance your mortgage to take advantage of lower rates!

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, odds are the rates that are being offered today are much lower than what you are paying. That means you are spending a lot more on your mortgage than you need to.

The good news is that you may be eligible to refinance your mortgage to take advantage of today’s low rates. Interest rates have been on a steady decline in WA for months now and have been hovering near historic lows for a long time. By refinancing, you can benefit from these lower rates and possibly save tens of thousands of dollars over the life of your loan.

Refinancing is Popular in WA Thanks to Lower Rates

According to Freddie Mac’s weekly mortgage rate survey, the average 30-year fixed rate mortgage just broke the 4.0% threshold 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 even though they may be on the rise, they’re still relatively low compared to where rates were a few years back. 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 today’s 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.

Mortgage rates are at record lows but can’t stay down forever. If you have a home in Washington or Oregon 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.

View Washington State Mortgage Rates

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, 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.

Get an Instant Mortgage Rate Quote Today

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