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

Like many cities and counties in the Pacific Northwest , Yakima , Washington is named for the indigenous people who first lived there. The Yakama people were the first inhabitants of the Yakima Valley , and they were introduced to Lewis and Clark when their expedition arrived in 1805. Homesteaders followed, and a Catholic Mission was established southwest of Yakima in 1847.

Now home to about 120,000 residents, Yakima is safe, affordable, and within driving distance of major metropolitan areas. The median home price is about $135,000, making Yakima an attractive area for commuters.

You will probably need to apply for a mortgage in order to buy your Yakima home. There are many loan options available to you, including a first mortgage, refinance or a home equity loan against an existing property. Owning your own home is an investment that will reward you for years to come, allowing you to build valuable equity rather than hand money to a landlord month after month with nothing to show for it. The loan to pay for your new Yakima is your mortgage, and it pays to shop for lenders to find the best interest rate and the lowest fees. You can get a loan directly through a lender like a bank or savings and loan, or work with a broker, who deals with several different lenders. It pays to shop around because you will be paying off this loan for many years. It is important to find a broker that you can trust and go over all of the paperwork carefully.

You will need to be prepared to have a broker look at you credit history, and you will also need proof of income. How much you will be allowed to borrow will depend on these things, as well as how much you can reasonably afford to pay back. If this is the purchase of a new home in Yakima , you will want to make as large a down payment as you can, as that will lower your payments over the length of your loan. Your lender or broker will also try to get you the best interest rate they can, and a lot of that decision will depend on your credit history. The better your credit, the more likely a lender will be to loan you money at a good rate.

There are several types of loans and your broker can explain the differences to you. Some have fixed rates to the length of the loan, some start with a low interest rate which can rise over time. Which loan you choose will depend on your needs at the time of the loan. Your loan professional will give you an estimate of what your fees and charges should be, but you should still go over everything carefully to make sure you understand what you are paying for.

Call or visit more than one broker or lender so that you can compare interest rates and fees. You will need to decide on how long you want to be paying off your loan, which generally runs from 15 to 30 years. If you choose a short-term loan, your payments will be higher, but you will have the loan paid off sooner. A longer loan life means lower payments, but you end up paying out more interest in the long run. Most homeowners opt for long term, foxed-rate loans, because of the regular payments schedule and the lower monthly payment.

If you are unsure of how much you can or should borrow, do not worry. One of the things that your lender or broker will do is to look at your credit, your income and, where applicable, your down payment, and give you an idea of how much you can borrow. The better your credit, the more you can borrow at the lowest interest rate, but your income is also a factor.

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