Seattle Mortgage Programs

Search the rate survey below to check for mortgage rates from some of the state's leanding mortgage lenders and brokers. Keep in mind that MoneyRates, the company that compiles the survey, does not collect data for every type of program. So, there is a chance the various companies in the survey have additional products that are not posted. Please contact the various mortgage companies to inquire about their Seattle mortgage programs.

Some Popular Mortgage Programs to Research:


Seattle Fixed Rate Mortgages

* Popular options for clients who are planning on being in their homes for more than 5-7 years
* Most popular products on the market because they offer the security of a fixed rate for a set number or years.
* Most companies will have access to 40, 30, 25, 20, 15, and 10 year Seattle fixed rate mortgage products.

Seattle Adjustable Rate Mortgages

* Adjustable rate mortgages (ARMs) may be a good financing solution for people who plan on being in their properties for less than 7 years.
* ARMs carry a higher degree of risk than fixed rate loans because, like the name states, the rates adjust after the fixed introductory period. There are ways and programs to minimize these risks. Ask a licensed mortgage professional to discuss the pros and cons of these products.

Seattle Interest Only Loans

* Interest only loans may be a good choice for people in areas of high real estate appreciation and for those who are not planning on being in their properties for an extended period of time.
* Just like adjustable rate mortgages, interest only loans carry a higher degree of risk because the principal balance does not go down unless additional payments are made. There are multiple Seattle interest only loan programs from which to choose. Be sure to weigh the potential risk with the rewards.

Seattle Jumbo Loans

* You either already live in Seattle or have likely begun searching for real estate. So, you already know that homes in Seattle are not cheap. Jumbo mortgage programs are geared for customers looking to borrow funds greater than what is allowed by Fannie Mae’s and Freddie Mac’s conforming loan limits. In most areas of the Country, that limit is above $417,000. This loan limit can vary by zip code in areas where housing prices are well above average (i.e. Seattle). This is great news considering conforming rates are 99.999% of the time lower than jumbo rates.

Zero and No Money Down Seattle Mortgage Programs:

Seattle VA Loans

* If you are a military veteran or are currently serving in the Armed Forces, then be sure to ask us about our lenders’ VA loan programs. In today’s market, 100% financing is pretty much non-existent except for VA loans and USDA rural housing loans.

Seattle FHA Loans

* Backed by the Federal Housing Administration, FHA loans are designed to help homebuyers purchase property with 3-3.5% down. Rates on FHA loans can be comparable to conventional conforming loans.
* The guidelines for FHA loans can be more stringent in certain facets but more liberal in other areas such as credit history.

Seattle Mobile Home/Manufactured Home Financing

* Today, mobile home financing can be tough to find. The majority of the major lenders in the United State have backed out of the marketplace place as they felt that risk was not worth the reward. There are still plenty of mortgage companies out there that will finance single and double wide mobile homes but mortgage rates and program guidelines may be different than that of stick built homes. American Financial Resources is one mortgage lender that offers mobile home loans in the State of Washington. They have a FHA loan product that can be used to finance manufactured properties. They can be reached at 800-316-9508. Please note that the rates in the survey on this web site are not likely applicable to mobile home financing.

If you would like to learn more about the various types of home loan programs available in the marketplace there are plenty of great resources to turn to. Web sites such as Bankrate.com, ForTheBestRate.com, BurlingtonMortgage.biz, and Erate.com offer great mortgage rate comparison shopping information. On these sites you can see interest rates and closing costs from multiple mortgage companies serving your community without having to disclose your contact information (unless you opt to). From fixed rate loan programs such as 30 year and 20 year mortgage loans to adjustable rate products such as 5/1 and 7 year ARMs, make sure that you spend some time researching interest rates before selecting a mortgage provider. It could save you tens or thousands of dollars over the life of your loan.