Washington homeowners are offered special home equity incentives with low interest second mortgage loans. BD Nationwide lenders extend residents in Washington second mortgages, fixed-rate home equity loans, cash out refinancing, and lines of credit for financing home improvement projects and debt consolidation.

Fixed Rate Home Equity Loans & Interest Only HELOC Credit Lines

Washington residents can qualify for unique 2nd mortgage loans with good and bad credit scores depending upon the debt to income ratios and loan to values.

2nd Mortgage Volume is up over 7% in 2024 for stand-alone 2nd mortgages in Washington

Competitive 2nd mortgage rates
100% programs available
No PMI or Mortgage Insurance Required
Loans for all credit types
“Stated Income” for self-employed
No Pre-Pay option for Washington Residents
Combine all mortgages together
1st Time Homebuyers are allowed

5 Reasons to Get a Second Mortgage in Washington

A second mortgage can be a valuable financial tool for homeowners looking to access the equity they’ve built up in their property. Whether you’re considering a home equity loan or a home equity line of credit, a second mortgage can provide you with the funds you need for various purposes. If you live in Washington State, here are five reasons why you might want to consider shopping with top rated Washington mortgage lenders .

1. Leverage Your Home’s Equity for Major Expenses

Washington’s real estate market has seen significant growth in recent years, especially in cities like Seattle, Bellevue, and Tacoma. With rising home values, many homeowners in Washington have built substantial equity in their properties. A second mortgage allows you to tap into that equity, providing access to a large sum of money that can be used for major expenses such as home renovations, medical bills, or education costs. By leveraging your home’s equity, you can avoid higher-interest loans like credit cards or personal loans.

2. Fund Home Renovations and Increase Property Value

One of the most popular reasons for taking out a second mortgage is to fund home renovations. In Washington’s competitive housing market, making improvements to your home can significantly increase its value. Whether you’re upgrading your kitchen, adding a bathroom, or building an outdoor living space, investing in renovations can boost your home’s resale value. Using a second mortgage to finance these projects can be more cost-effective than other forms of credit because of the typically lower interest rates.

3. Lower Interest Rates Compared to Other Loans

Second mortgages, especially HELOCs and home equity loans, often come with lower interest rates than unsecured loans such as credit cards or personal loans. This is because the loan is secured by your home, making it less risky for the lender. In Washington, where home prices are high, accessing your home equity through a second mortgage can provide a more affordable borrowing option. The lower interest rates can save you money over time, particularly if you’re using the funds to pay off higher-interest debt.

4. Consolidate Debt

If you’re carrying high-interest debt, such as credit card balances or personal loans, a second mortgage can help you consolidate your debt into one manageable monthly payment. By using a second mortgage to pay off higher-interest debts, you can lower your overall interest payments and simplify your finances. Washington homeowners with substantial equity can take advantage of this strategy to save money and pay down debt more quickly.

5. Emergency Fund or Financial Flexibility

A second mortgage, particularly a HELOC, provides financial flexibility by offering access to funds when you need them. In Washington’s unpredictable economy, having a HELOC can serve as an emergency fund for unexpected expenses, such as medical bills, car repairs, or sudden job loss. Unlike a traditional loan, a HELOC allows you to borrow only what you need, when you need it, making it a convenient option for managing financial uncertainty.

Local Tips From The Underwriting Mortgage Pros: – WA

Did you know that you can qualify for a zero down loan and not have perfect credit? Many subprime lenders are offering programs for first time homebuyers and the traditional 20% down is not required. – K. Hinkley, Washington Mortgage Broker at WA Home Equity inc.

Washington homeowners can take advantage of monthly loan specials that are offered exclusively to homeowners residing in the Pacific North-West. Ask your mortgage broker about state specific guidelines, pre-payment penalties, interest rate lock agreement and APR restrictions. Mortgages rates that can vary depending upon state, loan amount and credit score.

Nationwide lenders help Washington homeowners consolidate credit card debt and loans that have higher interest rates. We provide qualified applicants affordable 2nd mortgages for multi-purposes in refinancing or purchase transactions.

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Nationwide Testimonial State of Washington

“Thanks to your team at Nationwide for their professional advice and friendly approach in helping us consolidate our bills & loans with one of your second mortgages. Thanks for showing me another solution to refinancing my first mortgage. Your good efforts and loan helped save us money! We can now rest assured that we got the best deal! Thanks for everything!” C. Jensen – Tacoma, WA

Washington State Loan Updates

Like most of the Pacific North West, Washington has experienced reduced sale prices for homes that closed escrow in 2007. Overview for WA State Mortgages

Are your Home Equity Credit Line Interest Rates Rising? Find out if you can save money with a fixed rate. State Home Equity Rates – WA

Application volumes for second mortgages in Washington have surged, particularly in cities such as Seattle, Spokane, Tacoma, Vancouver, Bellevue, Everett, Kent, and Bellingham. Seattle, in particular, has seen a notable uptick, with more consumers opting for home equity loans. These second liens have gained increased popularity due to their flexibility, providing homeowners with access to their property’s equity whenever needed. Options range from variable credit lines to fixed-rate installment loans. Check the Local Home Equity Rates for Seattle, WA

Facts from The Mortgage Broker Practices Act: Legislature was created to establish a state system of licensure in addition to rules of practice & conduct of mortgage brokers and loan originators to promote honesty & fair dealing with citizens and to preserve public confidence in the lending and real estate community. For more information, please visit wamb.org

State Facts: Washington

Homeownership rate 64.6%

For more information please visit commerce.gov/states/washingtonstate.html

Washington Housing Market “Strong”?

Mixed signals from the Washington State housing market. Statewide home sales dropped 12.5% from the first to second quarter of 2006.

But the median sales price has jumped almost 15%. The climbing prime interest rate has most likely caused the slowing sales market.

The Federal Reserve usually raises the interest rate to fight inflation say some analysts. In some markets, a higher interest rate and slowing sales have forced homeowners to slash prices.

There was an increase in home equity and second mortgage loan applications, while refinance applications were down.

But a quick look at the Washington State figures and seems homeowners have done the opposite. The Washington Center for Real Estate Research reports the median sales price in the state has jumped from $280,200 to $293,000 during the first two quarters. Even as the prime interest rate has climbed almost one point during the same period. Every borrower who has a line of credit or an adjustable rate second mortgage is affected by the Fed raising this rate. Each time the Fed increases the rate, these second mortgage payments go up as well.

Research center director Glenn Crellin at Washington State University, said that, “While some parts of the country are reporting substantially fewer sales and significantly increased inventories of homes available for sale, here in Washington the market is flat and inventories are very modestly improved. The market remains very strong.”

Washington State’s so-called strong market could result from less new construction. One report shows the major metropolitan areas already congested with homes, slowing new home construction and forcing home seekers to purchase pre-existing homes. Higher interest rates also affect builder loans. In Washington State’s case, less new construction and higher home prices could keep their market in favor of the seller.

Taking Out a Second Mortgage in Washington

A second mortgage can offer Washington homeowners a range of financial benefits, from funding home improvements to consolidating debt or preparing for emergencies. With the state’s rising property values, tapping into your home equity can be a strategic way to access affordable credit and make the most of your property investment. However, it’s essential to carefully consider your financial situation and long-term goals before taking out a second mortgage, as your home will serve as collateral.

Compare Washington Second Mortgage & Refinance Opportunities