First Washington Mortgage

read moreUsing our online loan application, you can take your time and complete your application whenever it's convenient for you. And, you can always save your work and come back and complete it later if you need to. We can guide you to the right loan amount and best program for you. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from. We'll guide you through the process and make it worry-free to improve your interest rate and monthly payment.

read moreIf you are currently in a low, 30 year fixed rate; you're in good shape. But, if any of the reasons below applies to your current situation, you may want to look at refinancing. First Washington Mortgage is a mortgage company offering mortgage refinancing services in Florida, Delaware, Washington DC, Maryland and Virginia. If you can get a fixed rate that is lower than the one you currently have, you can lower your monthly payments. If you have enough equity you can get cash out by refinancing.

read moreWith a fixed-rate loan, your payment doesn't change for the entire duration of the loan. The amount allocated to your principal (the amount you borrowed) goes up, but the amount you pay in interest will go down accordingly. Your property taxes may go up (or rarely, down), and so might the homeowner's insurance in your monthly payment. But generally payment amounts on your fixed-rate mortgage will increase very little. You might choose a fixed-rate loan in order to lock in a low interest rate. People select these types of loans because interest rates are low and they wish to lock in the lower rate.

read moreThere are no black and white answers to these questions. Its a matter of give and take. If you plan on a 30 year mortgage, you can probably make a lower down payment (or perhaps no down payment at all) and still manage the monthly payments. If, on the other hand, you plan on a 15 year mortgage, you'll probably want to make a larger down payment to keep your monthly payments in line with what you can afford. Many buyers look at their cash on hand as their only source for their down payment. This simply is not the case.

read moreIn a reverse mortgage loan (sometimes referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without selling their homes. Choosing between a monthly amount, a line of credit, or a one-time payment, you may receive a loan amount determined by your equity. Paying back your loan isn't required until the borrower sells the property, moves (such as to a care facility) or dies. You or representative of your estate is obligated to repay the reverse mortgage loan, interest, and other finance fees after your property is sold, or you are no longer living in it.

read moreSome have said that only when your new interest is at least 2 points lower, should you refinance your loan. Maybe several years ago that was good advice, but as refinance costs have been getting lower, it could be a good time to look into it. A refinance can be worth its cost several times over, because of the advantages that come, along with a reduced interest rate. You might be able to bring down your interest rate (sometimes substantially) and reduce your monthly mortgage payment amount with a refinanced mortgage.

read moreVA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans. Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage.

read moreAs you'll see below, many of the buyer's closing costs cover the costs of getting the mortgage loan. At First Washington Mortgage, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate". Very shortly after you submit your application, we will give you the "Good Faith Estimate" of your costs. We base this cost estimate on our extensive past experience. It's important to note that while our GFEs are very precise, we cannot always predict your costs to the penny.