Refinancing your
Washington home loan
By Wendy Croix
The Seattle and Washington real estate market is so hot that benefiting from refinancing depends on how much equity the owner has in the home.
Refinancing is a great idea for owners who are three or four years into their mortgages, and whose credit has significantly improved since their home purchase. Refinancing is also a good idea for older owners who want to tap their equity for home renovations or lifestyle enhancement.
Washington Property: What's it Worth?
Given the pace of the Seattle market, it's tempting to suggest that a Seattle property is worth whatever the owner wants for it. But overpriced homes do stagnate, even in this real estate climate, so it's a good idea for any owner to check his or her home equity before selling or refinancing.
The National Association of Realtors puts Washington owners in touch with a wealth of local real estate resources. Just go to Realtor.com, scroll down to "About the National Association of Realtors," click on "State & Local Associations" and "WA" and check for realtors or home sales information in your area.
Local Seattle Refinance Markets
Many mortgage companies in the state deal only with Washington state residents and customers, so they've got the statewide refinance options down cold. Because the market's so volatile, refinancing can be both tempting and tricky.
Because real estate prices are sky high, the rule of thumb about knocking 2% off your interest rate ceases to be a good guideline. Homeowners need to shop around; the Seattle loan refinance market rates are so competitive that choosy owners stand to gain big dollars.
