Maybe you’re buying your first home in Washington, or perhaps you’re relocating to Washington from another state. Either way, it’s important that you educate yourself on Washington home loans before shopping for a home and mortgage. This article explains what you’ll need to know before buying a home in Washington:
The median price of a home in Washington is $168,300. Recently, homes in Washington have been appreciating at rates higher than the national average. Additionally, the rate of job growth in Washington places them 13th in the nation. However, income levels in many parts of Washington are too low to purchase a median-priced home with a conventional loan. In fact, Washington is ranked fifth in the nation based on the number of residents that pay more than the recommended 30% of their incomes on their mortgage.
On the other hand, Washington has one of the lowest past-due loan levels in the nation. Additionally, current average interest rates in Washington are below the national average. The problems with high home-price-to-income ratios may stem from the variability of median home prices between Washington zip codes. For example, in the summer of 2005, the median price of a home in Bellevue, Washington, was $566,000; however, at the same time, the median price of a home in Seattle, Washington, was $386,000, and the median price of a home in Spokane, Washington, was $238,000.
Washington law does allow the disbursement of home equity lines of credit. Additionally, Washington’s Equal Credit Opportunity Act prohibits mortgage lending discrimination against individuals based on their race, color, religion, gender, familial status, or national origin.
Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about Washington Mortgage Rates and Loans. |
