Washington State Department of Financial Institutions

Assess Your Homeownership Status
Now May Be The Right Time To Take Action

Homeownership has been the focal point of the American Dream for decades. In the past few years, however, many Washington residents found themselves saddled with mortgages they couldn’t afford, making that dream a nightmare that ended in foreclosure.

The national news of rising foreclosures, scams and fraudulent “help” for homeowners has made many wary of purchasing a home, seeking foreclosure assistance or refinancing to take advantage of today’s low interest rates.

However, with assistance programs available and interest rates on 30-year fixed mortgages at a historic low, now may be the right time for many Washington residents to assess their homeownership situation and act accordingly.

President Obama Discusses Low Interest Rates
Barack Obama
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Refinancing To Historically Low Interest Rates

If you are a homeowner, have equity in your home and sound credit but a high interest rate mortgage, you may wish to consider refinancing. Understand that refinancing may not be right for you depending your specific financial situation, but that it may be well worth your time to research the mortgage interest rates of various licensed lending organizations.

Taking advantage of today’s historically low interest rates could mean more money in your family’s savings account.

Resources

Assistance For Those Struggling To Make Mortgage Payments

If you’re a homeowner struggling to make your payments, take action now to avoid losing your home. You may be eligible for a loan modification from your lender. Be cautious, however, as scammers and fraudsters abound. Make sure the person you’re working with is licensed to do business in the state of Washington, and be wary of anyone asking for large amounts of money up front.

Through the Washington State Homeownership Information Program, our state reached out to Washington residents hoping to make the American Dream their dream come true — and to those seeking assistance in avoiding foreclosure. More than 2,600 Washington residents accepted our state’s offer to help. Only 14 of those counseling experiences ended in foreclosure. Nearly 100 resulted in new Washington homeowners.

Funding is still available for Washington residents to receive free homeownership counseling. Visit www.homeownership.wa.gov for more information. Many also may be eligible eligible for assistance through a newly launched national program designed to help American homeowners refinance existing mortgages into loans with lower interest rates and assist homeowners facing foreclosure get the help they need www.makinghomeaffordable.gov.

Resources

Buying A Home - Discover Whether You're Ready

If you’ve been waiting for the “right time” to purchase a home, now is a great time to attend a free Washington State Housing Finance Commission homeownership class and start the process of discovering whether you’re ready. Free home buying seminars.

Check your credit report, know your credit score and do some research on the type of home you’d like and average pricing. Check your credit report at www.annualcreditreport.com.

Once you’ve completed your classes and established that you have sound credit, talk to lenders about what you can afford. Before you know it, you could be moving into your very own home!

Resources

Washington’s Lenders Are Ready To Lend & Assist You

Contrary to what you may think, our state’s banks, credit unions, consumer loan companies and mortgage brokers have money available for buyers with sound credit. Washington’s financial institutions have a strong presence in your communities and have excellent financing options for home buyers, including great programs for first time homebuyers. With the addition of expanded FHA guidelines, they can meet a variety of different borrower needs.

If you’re concerned about taking out a loan because you’re not sure about a financial institution’s health, remember this: If your funds are appropriately structured at your local FDIC- or NCUA-insured institution — your money is safe. When you talk to your lender about purchasing or refinancing, you may also want to discuss the distribution of your current accounts to make sure they meet full coverage guidelines and are still appropriate for you.

Contact Your Local Lender, Realtor, Or Mortgage Professional

Where To Turn For Help & More Information

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