If you’re buying a home in Seattle or planning to refinance, our Seattle Mortgage Rates tool can help you find the best local lenders and rates available.
Those who find themselves most in need of a Seattle refinance oftentimes are the ones who end up paying the most for it. While some mortgage brokerages will extend refinancing to those with large amounts of debt or less-than-stellar credit records, many "bad credit" home loans have terms to match. However, prospective borrowers who shop the online marketplace can find low-rate Seattle home loans, even with poor credit or ample debt.
The Benefits of Direct Lenders During a Seattle Refinance
Today's direct lenders have learned that those with marked credit aren't necessarily high-risk borrowers. Because of this, direct lenders can offer some of the best rates on the market to buyers who seek a Seattle refinance. Additionally, when interest rates dip, those with an existing Seattle home loan might find extra reason to attempt a refinance as they can save money in the long run with lower interest rates.
Of course, most lenders and brokerages will have closing costs for a new Seattle home loan. This means that when considering a Seattle refinance, borrowers will want to factor for up-front fees and costs alongside loan quotes they acquire with online mortgage calculators. Direct lenders tend to have lower fees due to the absence of a third party like a mortgage broker taking commission, and this essentially benefits the borrower.
Additionally, those who signed up for an adjustable rate mortgage might want to reexamine their loan after a few years. While adjustable rate mortgages can lead to lower payments when interest rates are low in general, a jump in rates means a jump in monthly payments. For those who would like to transition to a more stable payment schedule, a Seattle refinance can secure low, fixed-rate mortgages for existing homeowners.
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