Washington Mortgages

There is a wealth of new construction being built in Washington, and it is being offered at lower prices than existing Washington homes. This is causing new homebuyers to be able to afford more home for their dollar. There are many Washington Mortgages that can also aid in this process and allow buyers to purchase even more home for their dollar. Washington Interest Only Loans allow borrowers to pay interest only monthly payments for a specified initial period of time, usually 3, 5, 7, or 10 years. Washington Interest Only Loans offer substantially lower payments at the start of the loan than do other loans (in which the principal and interest are figured in). After the initial interest only period, the principal balance originally borrowed is due in full with interest and is set up in a fully amortized payment program. Washington Interest Only Loans are great if your home is in an area that is appreciating at a rapid pace, if you have a sizable amount of equity in your home, if you have a lot of investments, or if you are expecting to earn a larger income in the future.

Another Washington mortgage to consider is the Washington Fixed Rate Mortgage. Washington Fixed Rate Mortgages offer a fixed interest rate and monthly payment for the entire term of the loan. Washington Fixed Rate Mortgages are offered in 10, 15, 20, 25, or 30-year terms. Washington Fixed Rate Mortgages typically offer slightly higher premiums (in the form of interest rates) than do Washington ARM (adjustable rate mortgage) products. However, with the trend in 2005 indicating rising interest rates, many homeowners are opting for the Washington Fixed Rate Mortgage for the security and stability it will bring for the future.