Today's mortgage rate effective February 9, 2016 is 3.500% with an Annual Percentage Rate of 3.732% (servicing released). You may qualify for lower rates. Rates are subject to change without notice.
CAN I BUY A HOME FOR WHAT I AM PAYING IN RENT?
There are many variables to consider when answering this question. First you need to take a look at your income, your monthly expenses, your credit score, and the amount you have saved for a down payment. All of these factors will be very important when trying to determine the mortgage you can afford. Your credit score, combined with the amount of money you have saved for your down payment, will be the main drivers behind the amount you will pay monthly for your mortgage. In most cases, renters are currently paying the same amount in rent, if not slightly less, than what homeowners are paying for their mortgage. Keep in mind that with tax deductions for owning a home, tax savings may be significantly greater for homeowners than it is for renters. Please consult your tax advisor for details on potential tax savings.
WHAT MORTGAGE LOAN IS RIGHT FOR ME?
Purchasing a home is often the largest financial decision that a person can make. To find the home that’s right for you, you should really understand your mortgage options. Consider hiring a realtor to help walk you through the process. Ultimately, the more research you do and the more you understand the current real estate market, the better equipped you are to find a loan that fits your needs.
IS RIGHT NOW REALLY A GOOD TIME TO BUY?
Right now is a great time to consider buying a house. Whether you are a first time-home buyer searching for the perfect starter home, or you are an expanding family looking to upgrade into a larger home, interest rates continue to be at historically low levels, making homes more affordable now than ever. Another reason to consider buying is the relatively high level of inventory; there are a lot of houses on the market and a lot of properties to choose from. Also, prices have dropped over the last few years making homes more affordable. As always, consult with the professionals first, get pre-qualified for a home loan by your lender, and consult with a real estate agent to help you navigate through the process.
WILL I EVEN QUALIFY FOR A LOAN?
The answer to this question has three parts: first, you will need to have stable, provable, monthly income; second, you will need good credit, although it does not need to be perfect; and third, you will most often need at least 3.5% of the home purchase price for your down payment. You may be eligible for grant funds or down payment assistance programs offered by Washington Trust Bank.
If you are looking to refinance your current mortgage, you will need to have some equity in your home. Borrowers need to prove their ability to repay their loan, they need to have good credit, and they need to have funds available when it comes time to close.
HOW DO I KNOW WHICH LOAN BEST FITS MY NEEDS?
A Washington Trust Bank loan officer will explain all of your financing options and help you decide which loan is right for you. Give the professionals at Washington Trust Bank a call today and you can learn more about the many loan products they offer. With a visit, you will be able to determine if you qualify for a loan and how much you may qualify for.
HOW MUCH CAN I QUALIFY FOR?
Our loan officers can assist you with a calculation. The loan officer’s estimate would be dependent upon your income versus your bills and the amount of down payment you have.
CAN MY PARTNER AND I APPLY FOR A LOAN TOGETHER IF WE ARE NOT MARRIED?
Yes you can. You do not have to be married to qualify together for a home loan.
I JUST HAD A DIVORCE; CAN I STILL APPLY FOR A LOAN?
Yes you can; you would need to qualify for the loan with your income alone.
DO I HAVE TO BE A WASHINGTON TRUST BANK CUSTOMER TO GET A HOME LOAN THERE?
No, we offer home loans to all qualified buyers. Our goal is to gain your confidence through the loan process so that you will become a customer of Washington Trust Bank.
DO I NEED TO HAVE PERFECT CREDIT?
No. Perfect credit helps, but even if your credit is not perfect you may still qualify. Sometimes in life people have circumstances that impact credit. Talk with a Washington Trust Bank loan officer about your circumstances. Your credit history will not be the sole deciding factor in the loan qualification process, but it is very important. It can affect your interest rate and it will determine the type of loan program you will be offered.
HOW MUCH OF A DOWN PAYMENT DO I NEED?
You may be able to get into a new home with as little as 3.5% of the purchase price for your down payment. Most buyers will need to put 20% down.
HOW LONG DO I NEED TO BE IN MY JOB TO GET A LOAN?
As long as you have been in your job for 12 months or in the same career field for 12 months, you may qualify for a home loan.
CAN I APPLY ONLINE?
YES. You may contact us and start the application process here. One of our professionals will personally answer any questions and start the process.
WHO WILL WORK WITH ME?
A local Washington Trust Bank Home Loan Officer will work with you from start to finish. Find our list of experienced loan officers here.
WILL I MAKE MY PAYMENTS TO WASHINGTON TRUST BANK?
You will be given a choice of loan options that could affect to whom you make your payments.
CAN I MAKE MY PAYMENTS AT A BRANCH?
If you choose a loan program that is serviced by Washington Trust Bank, you can make the payments at a branch.
WILL YOU SELL MY LOAN?
We may sell your loan, but we offer you a choice during the application process. Generally, if we sell your loan then you may obtain better pricing, but you may prefer to keep all of your business with Washington Trust Bank.
HOW WILL IT IMPACT ME IF YOU SELL MY LOAN?
You will receive an instruction letter notifying you of the sale. This will include information on where to make your payment if your loan is sold. You will likely begin making payments to them on your second payment. Selling your loan will not impact the terms of the loan.