Current Home Equity Loan Rates in Arizona Today
Arizona HOME EQUITY LOAN RATES TODAY
Current home equity loan rates in
Arizona.
Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Compare home equity loan rates in Arizona.
Key Points
• Home equity loans offer a lump sum of money that you repay with fixed monthly payments, typically for 20 years.
• Because a home equity loan uses your home as collateral, the interest rate is lower than for unsecured personal loans; however, if you fail to make payments, you could face foreclosure.
• To qualify for the lowest rates, it’s important to build a strong credit score, manage debt-to-income ratio, obtain adequate property insurance, and maintain sufficient home equity.
• Home equity loans can be used for a variety of purposes, including home renovations, educational costs, and debt consolidation.
• Closing costs and fees for home equity loans can vary significantly and should be considered when budgeting.
Introduction to Home Equity Loan Rates
If you want to know your options for tapping your home equity, you’ve come to the right place. This guide focuses on how Arizona homeowners can get the best available rate on a home equity loan, also known as a “closed end” second mortgage.
We’ll also talk about how to calculate your home equity and different types of home equity loans, such as HELOCs and cash-out refis. And we’ll show you some handy online tools to help you zero in on the right repayment term.
Your home equity is a powerful financial tool, and understanding the rates in Arizona can help you make the most of it.
How Do Home Equity Loans Work?
What is a home equity loan? Usually, funds are distributed in a lump sum, which you start paying back right away with fixed monthly payments over 5 to 30 years. This predictability can be a big help when you’re planning your budget. And because it’s secured by your home, a home equity loan offers a lower interest rate than other, unsecured loans. The downside: Failing to make the monthly payments could result in foreclosure.
Most lenders require your combined loan-to-value ratio (CLTV) to be 85% — that’s your mortgage balance plus the amount you want to borrow, divided by the appraised value of your home. You can estimate your maximum loan amount with this two-step formula:
• Home Value x 85% = Maximum Mortgage + Loan Amount
• Maximum Amount – Mortgage Owed = Maximum Home Equity Loan Amount
Let’s say your home is appraised at $800,000 and your mortgage owed is $600,000.
• $800,000 X 85% = $680,000
• $680,000 – $600,000 = $80,000 Max loan amount
A home equity loan calculator can help you determine how much you can borrow, based on your home’s value and your existing mortgage balance.
Home equity loans are the Swiss Army knives of the financial world, ready to tackle a variety of needs, from sprucing up your home to unexpected medical bills to consolidating high-interest debt. They offer the kind of flexibility that can help you reach your goals faster. In Arizona, home equity loans are a particularly good option, thanks to the state’s strong housing market.
HELOCs vs Home Equity Loans
How do you decide between a HELOC vs. a home equity loan? Both can allow you to borrow a large sum at a relatively low interest rate, and with lower fees than a mortgage refinance. But there are significant differences, as the chart below shows.
| HELOC | Home equity loan | |
|---|---|---|
| Type | Revolving line of credit | Installment loan |
| Interest rate | Usually variable-rate | Usually fixed-rate |
| Repayment | Repay only what you borrow; you may have the option to make interest-only payments during the draw period. | Starts immediately at a set monthly payment. |
| Disbursement | Charge only the amount you need. | Lump sum. |
Recommended: What Is a Home Equity Line of Credit?
How Are Home Equity Loan Interest Rates Determined?
Home equity loan interest rates are based on the prime rate, which is influenced by a variety of economic factors. Understanding these factors can help you predict whether home equity loan rates are likely to rise or fall in Arizona.
The prime rate is the interest rate that banks give to their most creditworthy customers. The prime rate influences the interest rates that banks offer on home equity loans.
When shopping around for home equity loans rates, remember that half a percentage point can make a big difference in affordability over the long term. In the table below, you’ll see how the interest rate on a $50,000 home equity loan affects the monthly payment and total interest paid over a 10-year term:
| Interest Rate | Monthly Payment | Total Interest Paid |
|---|---|---|
| 8.50% | $620 | $24,391 |
| 8.00% | $607 | $22,797 |
| 7.50% | $594 | $21,221 |
Arizona Home Equity Loan Rate Trends
Like most interest rates, the prime interest rate has fluctuated over time. That has a direct impact on the rates for home equity loans. Keeping an eye on the benchmark prime interest rate can give you a heads-up on what’s to come with your home equity loan.
Historical Prime Interest Rates
Since 2018, the prime rate has fluctuated from a low of 3.25% in 2020 to a high of 8.50% in 2023.
| Date | Prime Rate |
|---|---|
| 9/19/2024 | 8.00% |
| 7/27/2023 | 8.50% |
| 5/4/2023 | 8.25% |
| 3/23/2023 | 8.00% |
| 2/2/2023 | 7.75% |
| 12/15/2022 | 7.50% |
| 11/3/2022 | 7.00% |
| 9/22/2022 | 6.25% |
| 7/28/2022 | 5.50% |
| 6/16/2022 | 4.75% |
| 5/5/2022 | 4.00% |
| 3/17/2022 | 3.50% |
| 3/16/2020 | 3.25% |
| 3/4/2020 | 4.25% |
| 10/31/2019 | 4.75% |
| 9/19/2019 | 5.00% |
| 8/1/2019 | 5.25% |
| 12/20/2018 | 5.50% |
| 9/27/2018 | 5.25% |
Source: St. Louis Fed
Source: TradingView.com
Factors Influencing Home Equity Loan Rates
A variety of factors can impact the interest rates you’re offered for a home equity loan in Arizona. Understanding these factors can help you secure a more competitive rate, which can help your financial situation and get you closer to your goals as a homeowner.
Credit Score
A strong credit score is your ticket to favorable interest rates and terms on Arizona home equity loans. It’s a reflection of your financial prudence and can lead to lower monthly payments, among other benefits. Lenders typically like to see a credit score of 680 or higher for home equity loans. Many lenders prefer 700+.
Loan-to-Value (LTV) Ratio
The loan-to-value ratio, or LTV, is a comparison of your loan size to the appraised value of your home. It’s a big deal because the lower your LTV, the better your interest rate. The maximum LTV most lenders allow for a home equity loan is 85%, though some lenders will allow you to borrow 100%.
Home Value
Lenders use professional appraisals to determine the market value of a home. This helps them decide how much money they can lend you and at what interest rate.
Home Value Stability
When home values are stable or on the rise, you stand to gain more equity. This is especially good news if you’re considering a home equity loan. Home value stability can translate to improved loan terms, lower interest rates, and better financial opportunities.
Property Location
Properties in high-risk areas, such as those prone to natural disasters, may have higher interest rates because lenders view them as riskier. This risk premium is added to the interest rate to compensate the lender for the increased risk of default and potential loss on the property.
Lender Policies
Lending institutions have different policies, criteria, and guidelines that influence the interest rates they offer to potential borrowers, especially for home equity loans. By comparing different lenders, borrowers can identify and secure the most favorable interest rates available.
Recommended: Cash Refinance vs Home Equity Line of Credit
How to Qualify for the Lowest Rates
To ensure you snag the best Arizona home equity loan rates out there, make it a priority to boost your credit score, manage your debt-to-income ratio wisely, get the right property insurance, and maintain a healthy amount of home equity.
Build a Strong Credit Score
You can take charge of your financial future by being proactive about your credit score. Making consistent, timely payments and managing your finances responsibly can help you secure more favorable interest rates on home equity loans, which could mean significant savings for you.
Keep Your Debt-to-Income Ratio in Check
A lower debt-to-income (DTI) ratio indicates your overall financial health. Not only does it make you look better to lenders, but it can also snag you more favorable home equity loan terms and interest rates. That can save you thousands of dollars in the long run. The DTI requirement for a home equity loan is typically 36% to 50%.
Obtain Adequate Property Insurance
Lenders often require comprehensive property insurance to protect their investment, especially in areas with increased risk, such as flood zones. This insurance helps ensure that you and your lender are financially protected in the event of property damage or loss due to natural disasters or other unexpected events.
Keep Your Equity Above 20%
Why the 20% benchmark? It’s a safety net, ensuring you have a financial cushion and that the lending institution is protected from potential losses.
Fixed vs. Variable Interest Rates
Understanding the difference between fixed and variable rates can help you make the best financial decision for your situation. Home equity loans are typically offered with a fixed interest rate. This means that your monthly payments will remain the same over the life of the loan, which can make it easier to budget.
Home equity loans are structured much like your first home loan. You borrow a specific amount and agree to repay it, with interest, over a set period of time (typically 20 years). The amount of the loan is secured by your home and paid back with a series of regular payments.
Tools & Calculators
SoFi has a wealth of financial tools and calculators that can help you determine whether a home equity loan may be right for you and what your monthly payments will be. These resources can help you plan for the future and make sure you’re making the most of your home’s equity. Here, in addition to the home equity loan calculator, you’ll find a HELOC repayment calculator and a HELOC interest only calculator.
Run the numbers on your home equity loan.
-
Home Equity Loan Calculator
Enter a few details about your home loan and we’ll provide you your maximum home equity loan amount.
-
HELOC Payment Calculator
Punch in your HELOC amount and we’ll estimate your monthly payment amount for your HELOC.
-
HELOC Interest Only Calculator
Use SoFI’s HELOC interest calculator to estimate how much monthly interest you’ll pay .
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Closing Costs and Fees
Closing costs and fees for home equity loans can vary significantly from lender to lender. Understanding these costs and their potential impact on the overall loan amount can help you budget effectively and make informed decisions about your financing options.
Closing costs for home equity loans generally range from 2% to 5% of the loan amount. Your costs will likely include an application fee, title search, appraisal, and attorney’s fees.
• Loan origination fees, which are for processing the loan paperwork, are typically around 0.5% to 1% of the loan amount. Alternatively, this can be a flat fee that’s charged no matter how much you’re borrowing.
• Title insurance costs for home equity loans can range from 0.5% to 1% of the loan balance, with title search fees typically falling between $100 and $250. These fees can vary depending on the location of the property, the loan amount, and the lender’s requirements.
• An appraisal is an unbiased professional opinion of a home’s value. Appraisals are almost always used in purchase and sale transactions and commonly used in mortgage refinance transactions. Appraisals for home equity loans typically range between $300 and $500.
• The preparation of documents and legal fees associated with home equity loans can vary significantly, ranging from a minimum of $500 to a maximum of $2,000. The specific cost incurred is largely influenced by the level of complexity associated with the loan process.
• Credit report costs for lenders can vary significantly, usually falling between $50 and $100, depending on the number of credit bureaus that must be accessed. Lenders may also incur additional fees for specialized credit reports or expedited services.
You can find lenders who will waive the closing costs on a home equity loan. But the trade-off might be a slightly higher interest rate to cover the costs the lender would typically recoup at closing.
Tax Deductibility of Home Equity Loan Interest
The deductibility of home equity loan interest for tax purposes depends on how you use the loan. You can deduct the interest on your home equity loan only if the money is funneled directly into the acquisition, construction, or substantial improvement of your residential property. Other uses of the loan don’t make the cut for tax deductions.
For borrowers who are married and file jointly, you can deduct the interest on up to $750,000 of qualified home equity loans obtained after December 15, 2017. Single filers are allowed up to $375,000 of such loans for deduction.
To claim the home equity loan interest deduction, you’ve got to itemize your deductions on your tax return. Taking the standard deduction isn’t possible if you want to snag this benefit. (Also keep in mind, it’s the interest you pay that’s tax-deductible, not the principal.)
Speaking with an experienced tax advisor can be invaluable in helping you navigate the complexities of the tax code and make the most of potential tax benefits associated with home equity loan interest deductions.
Alternatives to Home Equity Loans
If you’re still wondering how to get equity out of your home, you should explore other options like home equity lines of credit (HELOCs), home equity conversion mortgages (HECMs), and cash-out refinances. Each of these comes with its own unique features and eligibility requirements. You should understand these options thoroughly to make an informed decision and choose the best financing solution that suits your specific needs and circumstances.
Home Equity Line of Credit (HELOC)
A HELOC is a lot like a credit card, but with much lower interest rates. It’s a flexible way to borrow money, because you can take out what you need, when you need it. And like a credit card, as you pay down the balance, your available credit is replenished.
As noted above, HELOCs have variable interest rates that can change with the market. If you’re considering a HELOC, it’s important to understand that your payments could go up if interest rates rise, which means you could end up paying more over the life of the loan.
Home Equity Conversion Mortgage (HECM)
HECMs are government-backed reverse mortgages specifically designed for homeowners aged 62 and above. HECMs provide retirees with cash borrowed against the value of their home, through a lump sum, monthly payouts, or a credit line. Borrowers make no monthly payments themselves, as long as they stay in their home. And because the money borrowed isn’t considered income, income taxes aren’t owed on it.
Because interest is building over time and not being repaid, however, HECMs can eat into the equity you’ve built in your home, which may be less than ideal if you’re planning to pass it on to an heir as an asset.
Cash-Out Refinance
A cash-out refinance involves securing a new mortgage loan to pay off the existing one and obtain a lump sum of cash. The amount of cash received is determined by the amount of equity that the homeowner has. This equity is calculated by subtracting the outstanding mortgage balance from the appraised value of the home.
The Takeaway
Home equity loans can be a great way to get the cash you need for a variety of uses. By understanding the details of your loan and taking the time to shop around, you can make the best decision for your situation and get the most out of your home equity loan.
Unlock your home’s value with a home equity loan from SoFi.
FAQ
What would the monthly payment be on a $50,000 home equity loan?
Your monthly payment on a $50,000 home equity loan will depend on the interest rate and the length of the loan. For a $50,000 loan with an 8.00% interest rate and a 10-year term, your monthly payment would be $607. Using a monthly payment calculator can help you get an accurate estimate based on current rates and terms, so you can figure out what your payment will be.
What is the monthly payment on a $100,000 HELOC?
The monthly payment on a $100,000 home equity loan depends on the interest rate charged and the repayment term. For example, a $100,000 loan at 7.00% interest with a 20-year term would result in a monthly payment of $775. A monthly payment calculator can be a useful tool to estimate your payment amount.
What is the payment on a $25,000 home equity loan?
The monthly payment on a $25,000 home equity loan is determined by a number of factors, including the interest rate, loan term, and any fees involved. For example, a $25,000 loan with a 7.00% APR and a 5-year loan term has a monthly payment of $495. By using a loan calculator, you can get a good estimate of what your monthly payment will be, allowing you to make the best financial decision for your situation.
What would the payment be on a $30,000 home equity loan?
The interest rate and term of the loan will determine the monthly payment of a $30,000 loan. An 8.50% interest rate repaid over 10 years gives you a monthly payment of $372. Use our loan payment calculator to determine what your monthly payment might be based on the interest rate and term of the loan.
What might disqualify you from getting a home equity loan?
There are a few key factors that might make you ineligible for a home equity loan. These include a poor credit history, not enough equity in your home, a high debt-to-income ratio, or not having enough property insurance. Each factor can play a big role in your ability to get a home equity loan, so it’s important to consider them before applying.
What are the benefits of a HELOC?
The beauty of a HELOC is its flexibility. You can borrow what you need, when you need it, and you’ll only pay interest on the amount you’ve drawn — much like a credit card.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
This content is provided for informational and educational purposes only and should not be construed as financial advice.
SOHL-Q324-063
More home equity resources.
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What is a Home Equity Line of Credit
-
Different Types of Home Equity Loans
-
HELOC vs Home Equity Loan: How They Compare
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Cost of Living in Washington
Cost of Living in Washington
By Alene Laney
(Last Updated – November 11,2024)
Washington state has the seventh highest cost of living in the United States, according to data from MERIC, the Missouri Economic Research and Information Center. That’s behind Hawaii, California, and New York, but ahead of states like New Jersey and Oregon.
If you’re wondering exactly how much it’s going to cost to live in Washington, we’ve put together the most accurate, comprehensive guide possible, all backed up by data from the U.S. Census Bureau, the Bureau of Economic Analysis, Zillow, and other recent sources of data. By the end of this article, you should have a pretty good idea of what to expect from the cost of living in Washington state.
What’s the Average Cost of Living in Washington?
The average cost of living in Washington per person is $60,528 according to 2023 data compiled by the Bureau of Economic Analysis. The relatively high cost of living in Washington vs. the cost of living in the U.S. as a whole is largely due to the price of housing, which can be quite high in the areas surrounding Seattle, but also due to costly transportation and health care expenses. MERIC data shows that most other cost of living expenses will be close to the national average (some, like utilities, are even lower).
When the $60,528 is broken down by category, you can see the average cost of living in Washington state for housing, utilities, health care, groceries, transportation, and all other personal expenditures. We’ve included numbers per person and for a family of four.
|
Category |
Average Annual Per-Capita Cost in Washington |
Average cost for family of four |
|
Housing and Utilities |
$11,785 |
$47,140 |
|
Health Care |
$9,013 |
$36,052 |
|
Food and Beverages (non-restaurant) |
$4,543 |
$18,172 |
|
Gas and Energy Goods |
$1,146 |
$4,584 |
|
All Other Personal Expenditures |
$34,041 |
$9136,164 |
|
Total Personal Expenditures |
$60,528 |
$242,112 |
Housing Costs in Washington
Average Housing Costs in Washington: $1,731 (rent) to $2,396 (mortgage)
Washington state has over 3.2 million housing units. The median monthly rent sits at $1,731, while the average mortgage payment is $2,396. If you’re buying your first home in the state, there are down payment assistance programs available and other resources for novice buyers. Remember that you can usually qualify as a first-time homebuyer if you have not owned a primary residence in the last three years.
If you’re looking for housing in Washington, this is typically what you’ll find, according to the United States Census Bureau:
• Median monthly mortgage cost: $2,396
• Studio rent: $1,442
• 1-bedroom rent: $1,533
• 2-bedroom rent: $1,752
• 3-bedroom rent: $2,002
• 4-bedroom rent: $2,401
• 5-bedrooms or more rent: $2,499
• Median gross rent: $1,731
Keep in mind the less expensive areas of the state are factored into the median rent and mortgage numbers. If you’re looking at high-cost areas, you can expect to pay much more and you may need a jumbo loan.
With that in mind, it’s helpful to see what homes are worth across the state, so that you’ll have some numbers in mind when you begin to look for a home loan and go through the mortgage preapproval process. Here are 10 cities in Washington and their average homes values as of August 31, 2024.
|
City |
Average home value |
|
Seattle(Seattle Housing Market Trends) |
$748,591 |
|
Spokane |
$417,086 |
|
Kennewick |
$432,558 |
|
Wenatchee |
$499,067 |
|
Shelton |
$464,267 |
|
Walla Walla |
$413,709 |
|
Pullman |
$382,407 |
|
Olympia |
$524,070 |
|
Bellingham |
$606,975 |
|
Yakima |
$343,372 |
|
Statewide |
$591,888 |
|
Source: Zillow Home Value Index |
|
Utility Costs in Washington
Average Utility Costs in Washington: $346 per month
Though housing costs in Washington can take a large chunk of your budget, you’ll see utility costs close to the national average, if not a little better. Electricity, for example, comes in at an average monthly cost of $107, which is lower than California and similar to Oregon.
|
Utility |
Average monthly cost |
|
Electricity |
$107 |
|
Natural gas |
$33 |
|
Cable and Internet |
$125 |
|
Water |
$81 |
Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price, 2021; Inspirecleanenergy.com; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report 2022; and Rentcafe.com, What Is the Average Water Bill?
Groceries & Food
Average Grocery & Food Costs in Washington: $4543 per year
Groceries are some of the more expensive items you’ll find in Washington. You can expect to pay more for your groceries in Washington state than you would in many other states.
According to data from the BEA, the per-capita expenditure is $4,543 per year, or $379 per month.
The following is a grocery index for the major metro areas in Washington state. An index score of 100 indicates a national average, so it’s pretty clear that groceries are more expensive in every city in Washington when compared with the rest of the United States.
|
City/county |
Grocery cost index |
|
Kent |
115.3 |
|
Seattle |
115.5 |
|
Tacoma |
111.7 |
|
Spokane |
110.1 |
|
Kitsap County |
109.6 |
|
Mount Vernon-Skagit County |
109.2 |
|
Bellingham |
108.9 |
|
Olympia |
108.3 |
|
Kennewick-Richard-Pasco |
104.7 |
|
Moses Lake |
106.4 |
|
Yakima |
104.5 |
Transportation
Average Transportation Costs in Washington: $828 to $1,387 per month
Transportation expenses in Washington state are on the high side, as noted above, but how much you spend also depends on your family size and lifestyle. Washington residents can expect to pay the following costs for transportation, according to MIT’s Living Wage Calculator .
|
Family size |
Transportation costs |
|
1 adult, no children |
$828 |
|
2 working adults, no children |
$958 |
|
2 working adults and 3 children |
$1,387 |
Health Care in Washington
Average cost of health care in Washington: $9,013 per year
Healthcare seems expensive everywhere, and Washington state is no different. The average annual per capita cost of healthcare in Washington is $9,013, which is actually a little below the annual average of $9,130 in the United States.
Keep in mind, this number is for the entire year, and is for one person.
Recommended: Best Affordable Places in the U.S.
Child Care in Washington
Average Child Care Costs in Washington: $1,034 to $1,710 per child
If you have little ones still in need of full-time care, you’ll want to know what to expect when it comes to child care in Washington state. Keep in mind, as with other areas in the country, the older they get, the more affordable the tuition becomes.
|
Type of Child Care |
Per Child |
|
Infant Classroom |
$1,710 |
|
Toddler Classroom |
$1,227 |
|
Preschooler Classroom |
$1,034 |
|
Home-based Family Child Care |
$1,151 |
Taxes in Washington
Average taxes in Washington: $6,069
One of the best perks about living in Washington state is there is no income tax or corporate income tax, which creates the environment for one of the lowest tax burdens in the U.S.
• Captital gains: 7%
• Combined state and average local sales tax: 9.38%
• Gas tax: 52.82 cents per gallon
• Cigarette tax: $3.025
• Effective property tax rate: .76%
Washington also charges an estate tax and a state gross receipts tax. Between all the different taxes, Washington collects around $6,644 in taxes per capita.
Miscellaneous Costs
Average of miscellaneous costs in Washington: $34,041 per year
When it comes to all other expenses in Washington, most people spend right around $32,089, according to the BEA. That’s quite a lot, so where does it all go? There’s no shortage of cool things to do or businesses to support when you’re based in Washington. Some of these include:
• Space Needle tickets: $29 to $46.50
• Museum of Flight ticket: $26
• Whale watching tour: $105
• Mount Rainier tour: $195
• Starbucks every morning: $4
• Costco membership: $65
• REI jacket: $100
• Seattle mariners tickets: From $24
• Holland America Cruise from Seattle to Alaska: $1,274
How Much Money Do You Need to Live Comfortably in Washington?
Washington state ranks as one of the least affordable states in the nation, with housing costs mostly to blame. Although the average monthly expense for one person will depend on your lifestyle and family size, MIT’s Living Wage Calculator can help give you an idea of what they expect a living wage to be in Washington state.
For example, a family of four can expect to live reasonably comfortably on an hourly wage of $30.94 if there are two wage earners in the home. A single person with no kids needs $25.60 per hour to live comfortably, while a single parent with two kids needs $56.89 per hour to meet their needs.
Take a look at the chart below.
|
|
0 children |
1 child |
2 children |
3 children |
|
1 adult |
$25.60 |
$44.51 |
$56.89 |
$73.48 |
|
2 adults, 1 working |
$34.25 |
$40.39 |
$45.31 |
$50.31 |
|
2 adults, both working |
$17.12 |
$24.50 |
$30.94 |
$36.27 |
What City Has the Lowest Cost of Living in Washington?
Since the cost of living in Washington state is most affected by housing costs, you’ll find the lowest cost of living in Washington in cities with less expensive housing options. Of the 10 largest cities in Washington, the cities with the lowest housing costs are:
Yakima
The average home value in this sunny, central Washington city of just under 100,000 people is a relatively affordable $343,372. The cost of living index is 99.8, putting Yakima just at the edge of the average cost for Washington. Yakima has long been agricultural, with a strong apple-farming economy, especially. But there are also more than 250 manufacturing companies here, including aircraft parts makers.
Kennewick
The average home value in this Columbia River town is $432,558 and the cost of living index is 98. Kennewick is a friendly town of just over 80,000 people. Its 300 or so days of sunshine a year and mild winters have earned it the nickname, “winter paradise.”
Spokane
The state’s second-largest city has an average home value of $417,086 and a cost of living index of 101. It also has 40 acres of riverfront park, a strong beer scene and food culture, and plenty of opportunity for outdoor adventure.
Other smaller areas throughout Washington, especially in the central and eastern regions, are more likely to have lower cost of living expenses as well.
Recommended: Different Types of Mortgage Loans
Helpful Resources for Future Washington Residents
SoFi Home Loans
Washington is one of the higher-cost states where you can put down roots, but if you can find a home you love at a price you can afford, you’ll be well on your way to settling happily in the Evergreen State.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
What salary do I need to live in Washington?
The salary you need to feel comfortable depends on your level of comfort and family size. MIT’s living wage guide lists $25.60 per hour as a living wage for a single person in Washington state with no children, and it goes up from there.
Is it expensive to live in Washington state?
Washington state is one of the most expensive states to live in, mostly due to housing costs near Seattle. If you’re able to find housing at a rate affordable to you or live in a city with less expensive housing costs, you’ll find most other costs in line with what you’ll pay in other areas of the country.
Is it cheaper to live in WA or CA?
Washington state, as a whole, has a lower cost of living than California in almost all categories, including housing, utilities, and other personal expenditures.
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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
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SOHL-Q324-113
Personal Loans – MAIN PDP (Variant)
Low rates. No fees
required. Personal loans
made easy online.
Get funds as soon as the same day you sign‡
with our quick, easy application process.
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Low monthly payments
Save big by consolidating high-rate debt to one fixed payment.
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Get $5K to $100K
Get funds as soon as the same day you sign‡ or we can pay off your credit card directly.
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Direct Pay
We’ll pay your credit card lender so you don’t have to.
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See rates in 60 seconds
No impact to your credit score.† No commitment.
We’ve helped members pay off over $26B in debt with a SoFi Personal Loan.
The savings and experiences of members herein may not be representative of the experiences of all members. Savings are not guaranteed and will vary based on your unique situation and other factors.
We’ve helped members like these pay off over $26B in debt with a SoFi Personal Loan.
The savings and experiences of members herein may not be representative of the experiences of all members. Savings are not guaranteed and will vary, based on your unique situation and other factors.
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Why apply for a SoFi Personal Loan?
-
Low rates
Low fixed rates that won’t change over time, protecting you from rising interest rates.
-
No fees required
That means no origination fees required, no prepayment penalty fees and no late fees whatsoever.
-
Same-day funding‡
Your funds could be available as quickly as the same day your loan is approved.
Expand to see how the features of a SoFi Personal Loan makes it stand out from the rest.
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How do personal loans work? A personal loan is a borrowed sum of money that is paid back with interest in installments. With SoFi Personal Loans, you can borrow between $5,000 and $100,000 for various expenditures that include home improvements, credit card consolidation, medical bills, IVF, even unplanned life events that call for emergency funds, and more. You can also check your rate in 60 seconds without affecting your credit score†, and get your loan amount funded as soon as the same day you’re approved.‡
Learn more
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Save thousands with a low, fixed-rate personal loan.
With credit card rates on the rise, see how you could save thousands on interest by consolidating existing debt into a low fixed monthly payment.
View your rate
Example chart shows calculations based on a 5 year SoFi Personal Loan with a fixed rate of 14.90% APR, which is the rounded average median funded APR for SoFi Personal Loan borrowers who took out a loan with a 5 year term” from April 1 2023 – April 1 2024. Lowest rates are reserved for the most qualified borrowers. The ‘High-Interest Rate Credit-Card’ APR shown is the average credit card APR reported by Wallethub for Q1 2024 under their Good Credit category. The savings estimate also assumes that the borrower doesn’t take out any additional credit card debt during the same period. Both calculations assume 60 total monthly payments, no origination fee option selected and no pre-payment amounts.
Personal Loan Calculator
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Easily apply for a personal loan online in 3 steps.
-
Prequalify
Find the rate that you qualify for in 60 seconds with no commitment.
-
Choose your loan terms
Choose from 2-7 year terms and finish your application online.
-
Receive your funds
Sign your documents and funds will be wired to your account—as quickly as the same day.‡
View your rate
Resources on personal loans.
We have over 500 articles, budgeting tools, and guides—all with the goal of helping you Get Your Money Right®.
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Personal Loan FAQs
What can I use a personal loan for?
Many people apply for a low-interest personal loan to consolidate high-interest credit card debt. These loans can also be used to fund major life purchases or expenses, like home improvements, weddings, unexpected medical expenses, moving expenses, or funerals.
Learn more: What Are The Common Uses For Personal Loans?
What is a personal loan?
A personal loan is a loan offered by many banks, credit unions, or online personal loan lenders and typically range from $5K-$100K. While many loans specify how the money should be spent, personal loans allow for more flexibility and can be used to cover big expenses or consolidate high-interest debt with a more favorable rate.
Learn more: What is a Personal Loan?
Should I take out a personal loan to pay off my credit cards?
Personal loans can be used for a variety of purposes, but are commonly used to consolidate high-interest credit card debt. When using a personal loan to pay off credit card debt, the loan funding is used to pay off the cards’ outstanding balances. Ideally, the new debt consolidation loans will have a lower interest rate, making payments more manageable or saving the person money from accrued interest. Click here to learn more about the pros and cons of using low interest personal loans to consolidate debt.
Learn more: Using a Personal Loan to Pay Off Credit Card Debt
How can I calculate my expected monthly payments for a personal loan?
The monthly payment for a personal loan is determined by a variety of factors, including your interest rate, loan amount, loan term, and more. Our Personal Loan Calculator can help you figure out your monthly payments and decide whether applying for a personal loan is the right move for you.
Do personal loans require down payments?
No, unsecured personal loans do not require a down payment, unlike a secured home loan.
What credit score is needed for a personal loan?
Applying for personal loans online or at your financial institution will require meeting your lender’s criteria. Since most personal loans are unsecured (meaning they don’t require collateral) this criteria assures the lender that you can repay the loan. Lenders will typically evaluate your credit score, income, and debt-to-income ratio, among other factors. Lower credit scores could affect your eligibility, terms or rate for a SoFi Personal Loan.
Learn more: Typical Personal Loan Requirements Needed for Approval
Are SoFi Personal Loans fixed interest rate or variable interest rate loans?
SoFi Personal Loans are fixed rate loans. If you like the consistency of knowing exactly what your monthly payments will be over time, you might prefer a fixed rate loan. Also, if you plan to pay your loan back over a longer period of time, say 10 or 20 years, you might prefer to eliminate the risk of interest rate changes over time by selecting a fixed rate loan.
Is the SoFi Personal Loan secured or unsecured?
SoFi Personal Loans are unsecured loans. This means that you do not need to provide collateral for the loan.
How much money can I get a personal loan for?
The answer depends on a wide range of factors, which mainly includes the type of lender and your
credit score. A SoFi Personal Loan allows applicants to borrow between $5,000 and $100,000.
Will applying for a personal loan affect my credit?
To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more credit bureaus, which is considered a hard credit pull.
How long do I need to wait to reapply after my Personal Loan application has been declined?
You will need to wait at least 30 days before re-applying for a Personal Loan with the same borrower(s). You are welcome to retry at any time with a co-borrower, if the previous application was as a single borrower. If you initially applied with a co-borrower, you can retry as a single borrower or with a different co-borrower.
See all FAQs
Apply for your personal loan in 60 seconds.
Your time matters—so we made it fast to get started.
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BTW it’s a soft inquiry, so it won’t affect your credit score.†
† To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2022 was around $30K. Information current as of 6/2/23. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.
Fixed rates from 8.74% APR to 35.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 12/14/25 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
5 Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
7 Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
§ Awards or rankings are not indicative of future success or results. Neither SoFi Bank, N.A. nor its employees paid a fee in exchange for ratings. Awards and ratings are independently determined and awarded by their respective publications.
‡ Same-Day Personal Loan Funding: 82% of typical SoFi personal loan applications, excluding Direct Pay personal loans and personal loan refinance, from January 1, 2022–January 1, 2023 that were signed before 7pm ET on a business day were funded the same day.
^ Direct Pay: Terms and conditions apply. Offer good for new personal loan customers with credit cards in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi’s underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. Offer good for new customers only. Cannot be combined with other rate discounts with the exception of the 0.25% autopay rate discount, 0.25% direct deposit discount. SoFi reserves the right to change or terminate the Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your credit card lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card fees.
Excellent/4.4/5 star rating based on 8,887 reviews as of October 21, 2024. © 2024 Trustpilot, Inc. All rights reserved.
Returning Borrower Special Pricing: Current and former SoFi Personal Loan, Student Loan Refinance, In-school loan, or home mortgage loan customers may be eligible for Returning Borrower special pricing on a personal loan if they meet the eligibility criteria and any other applicable terms and conditions. To receive this offer you must (1) apply for a new personal loan and submit your application; (2) complete a loan application with SoFi within 90 days of your application submit date; and (3) meet SoFi’s underwriting criteria. The pricing special automatically will be reflected in the rate offered at the time of application, and it will fall within SoFi’s standard Personal Loan range of rates. SoFi reserves the right to discontinue or modify the Returning Borrower Special Pricing at any time and without notice. Such changes or modifications will only apply to applications begun after the effective date of the change.
How long do I need to wait to reapply after my Personal Loan application has been declined?
You will need to wait at least 30 days before re-applying for a Personal Loan with the same borrower(s). You are welcome to retry at any time with a co-borrower, if the previous application was as a single borrower. If you initially applied with a co-borrower, you can retry as a single borrower or with a different co-borrower.
Personal Loans DR – Dropdown (Variant)
Low rates. No fees required.
Personal loans made easy online.
-
Low fixed rates
Consolidate high-interest debt with a low fixed-rate personal loan and you could save big.
-
No fees required
No origination fees required, no prepayment penalty fees, and no late fees whatsoever.
-
Fast funding
Borrow $5K–$100K and receive funds fast. Your funds could be available as quickly as the same day you sign.1
-
Apply online
Our online application process is quick and easy. View your rate in just a few minutes to get started.
Easily apply for a personal loan online in 3 steps.
-
Prequalify
Find the rate that you qualify for in just a few minutes with no commitment.
-
Choose your loan terms
Choose from 2-7 year terms and finish your application online.
-
Receive your funds
Sign your documents and funds will be wired to your account—as quickly as the same day.‡
View your rate
{/* Horizon */}
Our members have paid off more than $26B in high-interest debt.
The savings and experiences of members herein may not be representative of the experiences of all members. Savings are not guaranteed and will vary based on your unique situation and other factors.
2Fixed rates from 8.74% APR to 35.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 12/14/25 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
PERSONAL LOAN INTEREST RATES AND FEES | ELIGIBILITY AND IMPORTANT DETAILS. Annual percentage rates (APRs) shown include the 0.25% autopay discount. If approved for a loan, the rates and terms offered will depend on things like creditworthiness, the length of the loan, and other factors, and will fall within the range of rates available by applicable loan term; check out our full APR examples and terms. Remember, not all applicants will qualify for the lowest rate. Want to learn more? See our eligibility criteria at SoFi.com/eligibility-criteria. SoFi reserves the right to change interest rates at any time without notice, changes would only apply to applications begun after the effective date of the change. Fixed Rates: Fixed rates range from 8.74% APR to 35.49% APR (with autopay). The SoFi 0.25% autopay interest rate reduction requires you to agree to make your scheduled monthly payments by an automatic monthly deduction (ACH) from a savings or checking account. Enrolling in autopay is not required to receive a loan from SoFi. Loan Terms: SoFi Personal Loans offer loans with a period of repayment between 2 and 7-year terms. Loan Fees: SoFi personal loans have no fees required; specifically, no origination fees required, no late fees, no prepayment penalties.
PERSONAL LOAN | REPAYMENT EXAMPLE. The following example depicts the APR, monthly payment and total payments during the life of a $30,000 personal loan with a 2-year repayment term, a 0.25% autopay discount, and a fixed rate between 8.74% APR to 35.49% APR. It works out to 24 monthly payments ranging from $1,356.68–$1,529.07 for a total amount of payments ranging from $32,560.37–$36,697.76. This repayment example assumes that the borrower is signed up for autopay and that all payments are made on time, with no pre-payments. Actual rates may vary based on repayment term, loan amount, creditworthiness, and other terms and conditions. SoFi does not offer variable rate personal loans. State restrictions may apply.
SoFi x Haley Jones: The Home Team Advantage
SoFi Mortgages
Haley Jones has the home team advantage.
Basketball star Haley Jones is teaming up with us to buy her first home. See how SoFi could give you the play-by-play to dominate your home purchase.
View your rate
Checking your rate will not affect your credit score.†
What gives SoFi the edge?
View your rate
Checking your rate will not affect your credit score.†
Competitive rates
We’ll help you score a rate that fits your budget.
Low down payment options
Get down payments as low as 3%-5% for first-time homebuyers.1
Flexible term options
Choose from 10-8, 15-7, 20-6, and 30-year5 mortgage loan options.
Simple online application
Enjoy a quick and easy application process from any device.
Dedicated Mortgage Loan Officers
Get play-by-play guidance each step of the way.
Your pregame strategy to apply for a SoFi Home Mortgage Loan.
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View your rate
Checking won’t affect your credit score.†
Level up your home-buying game.
We’ve got a deep bench of resources to help you with your home purchase.
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First-Time Homebuyer Guide
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How to Budget for Buying a House
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Mortgage
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FAQs
What is a mortgage?
A mortgage loan (or home loan) is a loan to purchase a home or other real estate—without having all the money upfront.
Learn more: Understanding Mortgage Basics
What are the different types of mortgage loans?
There are a variety of different mortgage loan options with different interest rates, terms, and protections. Fixed-rate mortgages have the same rate throughout the life of the loan, whereas adjustable-rate mortgages have interest rates that can fluctuate after an initial fixed-rate period of months to years. Federal Housing Administration (FHA) loans are loans issued by mortgage lenders on behalf of the government and are insured by the FHA. Learn more about different types of mortgage loans and their unique benefits here.
How much do I qualify for?
You can begin to figure out the right mortgage loan for you by evaluating your down payment, interest rate, credit score, and monthly payments. This Mortgage Calculator can help you get started.
What are the current mortgage rates?
Interest rates can vary and are subject to change. Our Mortgage Calculator can help you find a rate that works for you. You can also reach out to a Mortgage Loan Officer to discuss your needs.
How can I get the lowest mortgage rate?
Your mortgage loan’s interest rate is affected by your credit score, down payment, and the amount of your mortgage loan, among other factors. Our Mortgage Calculator can help you get a better look at your options.
How does my credit score affect my home mortgage interest rate?
Your credit score will weigh heavily in whether you qualify for a conventional or FHA mortgage loan and the interest rate on that loan. This article breaks down how your credit score can affect your interest rate, monthly payments, and mortgage loan options.
What is the minimum down payment on a home?
Mortgage lenders have traditionally asked borrowers to pay at least 20% of a home’s purchase price as a down payment. However, this is changing. Your credit score, type of mortgage loan, and purchase price can all affect how much you’re required to put down. This article breaks down these factors and can help you determine how much you should put down.
Do I need to get a home appraisal before getting a mortgage loan?
A home appraisal is an objective and professional analysis of a home’s value. An appraisal consists of information like the floor plan, amenities, and size, as well as a visual inspection, real estate trends in the area, and the value of homes near yours. Before applying for mortgage loan refinancing, listing your house on the market, or buying a home, you’ll need to get a home appraisal.
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5 30-YEAR Payment Example: The payment for a 30-year term, loan amount $362000.00, Rate 6.125%, LTV 80% is $2200.00 for full Principal and Interest Payments with $4695.14 due at closing. The Annual Percentage Rate is 6.335%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
6 20-YEAR Payment Example: The payment for a 20-year term, loan amount $362000.00, Rate 5.990%, LTV 80% is $2591.00 for full Principal and Interest Payments with $4952.16 due at closing. The Annual Percentage Rate is 6.276%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
7 15-YEAR Payment Example: The payment for a 15-year term, loan amount $362000.00, Rate 5.250%, LTV 80% is $2910.00 for full Principal and Interest Payments with $5187.46 due at closing. The Annual Percentage Rate is 5.612%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
8 10-YEAR Payment Example: The payment for a 10-year term, loan amount $362000.00, Rate 5.250%, LTV 80% is $3884.00 for full Principal and Interest Payments with $5364.84 due at closing. The Annual Percentage Rate is 5.778%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
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