Guide to Refinance, Mortgage,
& Home Equity Loans in
Bellingham, Washington (WA)

Bellingham, WA has nearly seventy-two thousand residents, and the area is home to a number of colleges and universities as well as the Bellingham International Airport. With a mild climate, some popular local attractions, and a growing waterfront redevelopment project, home prices continue to increase in the area.

If you are a Bellingham homeowner, the increase in home prices is great news for you. You may have some equity in your home that you did not previously realize existed, and that means you now have the opportunity to cash out that equity to meet your other financial needs. There are two primary ways to cash out the equity you have built up in your home. First, you can apply for a “cash out” refinance loan.

A cash-out refinance loan replaces your initial mortgage. You will choose a new rate, term, and loan type then talk with your refinance lender about the “cash-out” option. After the close of the loan, you will get a check from the bank for the equity in your home. The next month you will begin making payments on your new mortgage loan.

The second way to cash out the equity in your home is through a home equity loan.

A home equity loan is a loan in addition to your mortgage. It is also called a “second mortgage.” You will still get a check at the end of the process, but instead of having only one mortgage payment to make each month, you will have two payments. Your home equity loan does not have to be with your initial mortgage lender.

With either type of equity access, you can use the money for whatever you like, whether it is home improvements, financing the kids’ colleges, or consolidating your other debt. If you are interested in accessing the equity you have built up in your home but you are not quite sure whether or not this type of financing is right for you, there are several reasons a home equity loan or a “cash out” refinance is better than other methods of financing.

Low Interest Rates – Home equity loans and cash out refinance loans come with some of the lowest finance interest rates on the market. If you are debating whether to take money from a personal loan, a credit card, or a loan on your home, the home equity loan or “cash out” refinance is certainly the way to go. Compare higher interest rates you might have with other loan products with those a home lender can offer you, and you will see for yourself that there is truly no comparison.
Tax Deductible Interest – In almost all cases, the interest you pay on your home equity loan or your cash out refinance loan is deductible each year on your federal income taxes. That means a little more in your pocket on April 15 each year.
Longer Loan Terms – The minimum term for a home equity loan or “cash out” refinance is usually ten years, which is much longer than other forms of financing you might be thinking about. It means smaller payments, which equals more money in your pocket each month.

If you are ready to take advantage of a “cash out” refinance or a home equity loan on your Bellingham home, contact a lender today. If, on the other hand, you think Bellingham sounds like a great place to live, it is time to begin considering your Bellingham mortgage options.

Whether you want to live by the bay or you would prefer to live just off-campus of one of the colleges in town, a great mortgage will make you more comfortable in your home. Talk with a lender before you start home shopping, as he or she can grant pre-approval for a loan to help you know what price range is right for you.

Want to get started? Home equity loans, refinance products, and mortgages are our specialty. Take a moment to fill out the form below, and a lender will contact you about your Bellingham loan product.

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