Get Instant Tacoma Mortgage Rates
Now may be an ideal time to buy a home in the Tacoma area. If you’re looking to buy, you need to shop around for the best possible mortgage rate. A good mortgage rate will ensure a reasonable payment and contribute toward your financial condition. Sammamish Mortgage can provide you with a competitive mortgage rate for your Tacoma home. Get in touch with us today to learn more.
Tacoma Housing Market
Whatever its reputation may have been in the past, the city of Tacoma has become the latest hot market in the State of Washington. While the market has cooled down in places like Seattle and Bellevue, things have really taken off southward in the Tacoma area. Currently, the median home value in Tacoma is about $474,616, but that figure represents a 4.5% decrease from previous levels as recently as last year.
Part of the reason for Tacoma’s appeal is its proximity to Seattle. Tacoma residents can use the freeway to reach downtown Seattle by either car or transit in under an hour. And given Tacoma’s relative affordability, we can see why this city has become attractive to those who work in the Seattle area.
Aside from affordability and proximity to Seattle, however, Tacoma has other things that can make it a desirable place to live. Tacoma has quite a few pleasant neighborhoods, including Hilltop, Fern Hill, Excelsior, Hillsdale, Salishan, University Place, Ruston Way, and others. What’s more, there are several attractive parks, such as Wapato Park and Wright Park, and also features a top-rated zoo, Point Defiance. If you relocate to Tacoma, there will be no shortage of fun things to do.
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.