Redmond Mortgage Rates
Well-known as the home to the primary campus of Microsoft, the city of Redmond is one of the most attractive areas to live in the Greater Seattle-Bellevue metropolitan complex. The city of Redmond currently has a median home value of around $1,261,835 as of January 2022, a spike of almost 26% year over year. It’s a cost effective alternative to the nearby Sammamish Valley, where home prices are well over double that figure.
Redmond boasts high-quality neighborhoods, a vibrant town center, low crime, excellent employment opportunities, and a host of other perks. To the south of Redmond, you’ll find one of the city’s most appealing attractions: Lake Sammamish. Residents can take out their boats and enjoy this highly attractive body of water.
The city also has several very attractive parks, such as Grass Lawn Park and Marymoor Park. Redmond is very close to Bellevue, and so those who need to commute to work will have a quick travel time. What’s more, commuting to Seattle from Redmond will also be fairly easy because Redmond is located close to Highway 520.
A few of Redmond’s top-notch neighborhoods include Bear Creek, Campton, Education Hill, Sammamish Valley, Avondale, and English Hill. Anyone of these neighborhoods would be a great place to call home. Learn more about buying a home in Redmond, WA.
Understanding Your Quote and Percentage Rate
Your rate quote is based on a variety of factors (including your credit score, down payment, and purchase price) and delivers the most accurate results possible based on your inputs.
- Detailed costs breakdown: Click on the “view” tab under “details” to see an itemized list of all estimated costs.
- Rate & APR: Your rate is the anticipated interest rate. The APR is the total cost of your loan, expressed as an annual percentage rate.
- Origination charges: Sammamish Mortgage doesn’t charge industry-standard lender fees, so the amount for “origination fee” will typically be zero.
- Discount points: You can buy “points” by paying an amount for each point equal to 1% of the purchase price, and lower your interest rate by up to a quarter of a percent for each point purchased.
- Monthly mortgage payment: This includes the principal and interest included in your base monthly payment.
- Estimated third-party charges: This includes the wide range of fees included in your closing costs.
- Closing costs: The closing cost total listed includes everything except prepaid items such as property taxes, homeowner’s insurance, and daily interest.
- Private mortgage insurance premiums: PMI is required on loan to value (LTV) ratios over 80% (except on VA loans). We offer reduced PMI options with as little as 3% down.
- Rate locks: We can lock your rate from 30 up to 180 days.
One of the big advantages of applying for mortgage rate quotes and preapproval through Sammamish Mortgage is that we charge none of the traditional lender fees added by mortgage brokers.
We also pay our Loan Officers a salary instead of a commission based on the loan amount, so they are motivated to help you find the best home loan, not just sell you the biggest loan.
If you are ready to move forward, you can view rates, obtain a customized quote using our Instant Rate Quote tool, or apply for preapproval directly from our website.