Washington Mortgage is a financial service provider that specializes in providing mortgage loans to customers in the U.S. state of Washington. It is a full-service lender, offering a variety of mortgage products such as conventional, FHA, VA, and USDA loans for purchase and refinance. Washington Mortgage strives to provide the best customer service and the most competitive rates and terms for its clients. It also offers financial counseling and homebuyer education classes to help borrowers make informed decisions. The types of Washington Mortgage loans include fixed-rate, adjustable-rate, jumbo, FHA, VA, USDA, and reverse mortgages.
Washington Mortgage
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The average mortgage payment is $3,048 on 30-year fixed mortgage, and $3,976 on a 15-year fixed mortgage. However, a more accurate measure of what the typical American spends on their mortgage each month would be a median: $1,672 in 2021, ing to the US Census Bureau.
New American Funding credit requirements Conventional loans require a 620 FICO score. FHA loans, USDA loans, and VA loans typically require at least 580.
?The average monthly payment for a $400,000 home is $3,037,? says Walsh. ?That's based on the typical first-time homebuyer down payment of 7%, average interest rate of 6.61%, average property tax rate of 1%, average homeowners insurance of $140 per month, and average Private Mortgage Insurance of 0.6%.?
The average monthly mortgage payment in Washington is $1,459. But the cost of your mortgage payment may vary depending on various loan factors, including home price and interest rate.
Today's rate Today's mortgage rates in Washington are 6.880% for a 30-year fixed, 5.877% for a 15-year fixed, and 7.517% for a 5-year adjustable-rate mortgage (ARM).
To put this into perspective, a buyer sporting a score of 760 or higher and monthly income of $6,100 might qualify to buy a home for about $500,000 with a 10% down payment.
Monthly payments for a $250,000 mortgage On a $250,000 fixed-rate mortgage with an annual percentage rate (APR) of 4%, you'd pay $1,193.54 per month for a 30-year term or $1,849.22 for a 15-year one.
On a $300,000 mortgage with a 3% APR, you'd pay $2,071.74 per month on a 15-year loan and $1,264.81 on a 30-year loan, not including escrow. Escrow costs vary depending on your home's location, insurer, and other details.
