Today's mortgage rate effective July 2, 2015 is 4.125% with an Annual Percentage Rate of 4.311% (servicing released). You may qualify for lower rates. Rates are subject to change without notice.
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Washington Trust Bank is excited to help you fulfill your dream of home ownership. There are many benefits to owning a home and many things to consider before making the decision to purchase your first home.
These free classes, open to the public, are designed to help you better understand the home buying process, as well as answer any questions you may have. Contact a Loan Officer for the class schedule and to find out more.
A Washington Trust Bank loan officer will explain all of your financing options, and help you decide which loan is right for you. Keep in mind: your income, debt, credit history and the amount of money you have saved for a down payment, when determining which loan is the best fit for you!
Down payments are low; plus FHA (Federal Housing Administration) lets you finance up to 96.5% of home purchases, and VA (Veterans Administration) up to 100%.
First-time homebuyers with low-to-moderate incomes may obtain down payment assistance and benefit from expanded program guidelines designed to encourage homeownership.
100% financing may be available for low-to-moderate income borrowers in "designated rural areas."
A Washington Trust Bank loan officer will explain all of your financing options and help you decide which loan is right for you.
No, the seller can’t pay your down payment. However, it can be negotiated to have the seller pay your closing costs.
You may be able to get into a new home with as little as 3.5% of the purchase price for your down payment. You may even qualify for a down payment assistance program. Plus, if the seller is willing to pay the closing costs, you may be able to get into your home without paying anything upfront.
You don’t need to have perfect credit. Good, but not perfect. We understand that sometimes in life circumstances arise that can affect your credit score. Your credit history is not the sole deciding factor in the loan qualification process, but it’s important. It will affect the interest rate you are given on your loan and it will determine the type of loan program you can be offered.
Help to improve your credit history by taking the following steps below:
For Credit Repair and Counseling, contact: