Seattle’s housing market is fairly similar to the national housing market. Interest rates in Washington are higher than they have been in four years. But don’t despair. People are still buying despite the unfavorable conditions. Keep reading to find out how you can enter the Seattle housing market too.
Quick Seattle Housing Facts
Percent of Homeowners in Seattle: 64.6%
Percent of Renters in Seattle: 35.4%
Median Seattle Household Income: $45,776
Average Seattle Credit Score: 690
Best Cities to Live in near Seattle: Bainbridge Island, Vancouver, Redmond
Median Seattle Home Value: $168,300
How Much Real Estate Can I Afford In Seattle?
You don’t have to be mortgage savvy or a mathematical egghead to figure out where you stand in the Seattle housing market. All you need is a pen and paper, a little brain power, and us. We can help you determine your financial standing without even running your credit report or investigating your bank account. All you have to do is follow our two step process and you’ll have a great idea of where you stand and what you should do next.
First, fill out the following questionnaire:
- How much am I willing to spend on my monthly mortgage payments? It is very important to be honest, accurate, and realistic when answering this question. Doing so can help you avoid undesirable situations in the future.
- What kind of payment plan do I want to use? There are a ton of different plans out there. If you’re feeling overwhelmed, read up on the Fixed Rate Mortgage and Adjustable Rate Mortgages first. All the other mortgage plans vary from those two basic ideas.
- What are property taxes like in Seattle?
- What are current interest rates in Seattle?
Now, check out our online mortgage calculators. Once you’ve done your number crunching, you should be well on your way to your next step.
Refinancing in Seattle
A refinance mortgage is loan that a borrower takes out to pay off their existing mortgage. The reason people do this is so they can take advantage of lower interest rates, or change their payment plan. There are usually two ways in which a borrower may be offered lower rates: when the market interest rate drops 2% below their rate and when the borrower’s credit score improves enough to qualify them for a lower rate.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.