Mortgage Refinancing: With Seattle Home Values Holding Strong Now May be the Right Time

By Gabriel Traverso
Local Lender Columnist
Aug 29, 2007
Seattle seems to be bucking the national trend of declining home values and some homeowners are thinking that with mortgage rates still low now might be a good time to refinance. Before you make the big decision make sure to do your research.

Smart Refinancing: Know Your Neighborhood

There's a number of reasons to refinance your mortgage. Perhaps you want the cash, maybe rates are lower now than when you bought your home, or maybe you need to refinance out of an adjustable rate or interest only mortgage due to rising payments. Seattle home prices were up 1.3% in April over February's numbers, but this doesn't mean that appreciation is a sure thing. Make sure you have a solid grip on how home values are tracking in your area and do your best to understand your local Seattle market before refinancing--especially if you're tapping equity for cash.

Mortgage Rates Rising? Refinance While They're Still Low

If mortgage rates are driving your interest in refinancing your Seattle home consider the possibility that mortgage rates, according to the industry experts at FreddieMac, are projected to rise steadily into next year. Acting on current low rates could mean saving money in the long run, especially important if you plan on staying in your Seattle home for the foreseeable future.

Budget, Plan, Know Your Finances

If you decide to go forward and refinance, be sure to not only check with your current mortgage lender for refinancing options, but also check rates either in person, by phone, or online. You may find that another lender can offer you a better deal, a better rate, or help save some money on closing costs. As you check on your refinance options make sure you can afford the payments-- including future payments if you choose an adjustable rate mortgage.

Sources
SeattlePi.com
FreddieMac

About the Author
Gabriel Traverso is a freelance writer, professional musician, and an artist. He resides with his family in Reno, NV.