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Washington District of Columbia mortgages are available in every variety, with the jumbo mortgage being the most common mortgage issued in Washington D.C. Home prices in and around Washington D.C. are nearly double that of the national median price range, triple of more depressed areas in the nation. Because the prices are so high the need for jumbo loans (loans exceeding $417,000) is great. Residents of the District of Columbia are able to qualify for VA and FHA home programs. Adjustable rate, fixed rate and balloon mortgages are also common in the district. Sub prime loans, interest only mortgages and graduated payment loans can also be used here.

Washington District of Columbia Mortgage Rates

Mortgage rates in Washington D.C. are very high, perhaps the highest in the nation. Recently it has been noted that mortgage rates around the District of Columbia were 20 basis points (5%) higher than the national median. This higher mortgage rate has to do with the availability of homes in this small area and the desirability to obtain the property. Loan qualifications will include down payment amount, credit and employment history and type of loan applied for. People applying for a sub prime mortgage due to bad credit will pay a significantly higher rate than with a conventional loan. Applicants debt to credit ratio and the loan to value ratio will also help determine the final mortgage rate. Different lenders may offer point purchasing programs that allows you to buy down the interest rate on the loan.

Washington District of Columbia Refinance Rates

District of Columbia refinance rates are equal to their mortgage rates. They are the highest rates in the country. Residents wishing to refinance their homes will need to have their property appraised to determine value and equity. Borrowers who wish to use the equity to pay down debt will pay higher interest rates than those looking to only reduce their loan interest. Closing costs may or may not be included in the loan.

Washington District of Columbia Mortgage Brokers And Lenders

Even though Washington D.C. is the smallest area of the United States, it has a thriving financial district which offers residents a large choice of mortgage brokers and lenders. D.C. residents can choose from a bank, credit union, private lender or internet lending firm to secure a loan for their home.