Home owners looking to take advantage of today’s low rates with a refinance or purchase, may want to consider a 20 year fixed conventional mortgage. The 20 year fixed conventional offers lower rates than the 30 year fixed and lower payments than a 15 year fixed mortgage.
Here are some rates based on pricing available as of October 17, 2014 at 1:21 pm. Rates quoted below are based on a $500,000 sales price/value with a $400,000 loan amount (80% loan to value) with credit scores of 740 or higher. Rates apply to a purchase or rate/term refinance owner occupied, primary residence. Closing by November 24, 2014 or sooner. Mortgage rates are subject to credit approval and may change. Click here for a current rate quote for homes located in Washington state.
15 year fixed conventional: 3.000% (apr 3.233%) priced with 1.072 points. Principal and interest (P&I) payment of $2,762.33 (property taxes and home owners insurance not included).
20 year fixed conventional: 3.625% (apr 3.821%) priced with 1.148% points. P&I of $2,345.61.
30 year fixed conventional: 3.875% (apr 4.041%) priced with 1.423 points. P&I of $1,880.95; or
30 year fixed conventional: 4.000% (apr 4.119%) priced with 0.854 points. P&I of $1,909.66.
Which mortgage is right for you depends on your personal financial scenario. Home owners can always pay more towards their principal to effectively create a shorter term loan and whittle down the interest.
If I can help you with your refinance or home purchase for your property located anywhere in Washington state, please contact me!
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