.avif)
Washington Fixed-Rate Mortgage
A reliable home loan where the interest rate remains constant throughout the entire loan term.
.avif)
Embarking on the journey of homeownership often means comparing different mortgage options. One of the most trusted choices for Washington homebuyers is the Fixed-Rate Mortgage (FRM). In this guide, we explain how Fixed-Rate Mortgages work, the types available, who qualifies, and why many buyers in Washington prefer them for long-term stability.
Understanding Fixed-Rate Mortgages:
A Fixed-Rate Mortgage is a dependable home loan where the interest rate stays the same for the entire loan period. This makes monthly payments predictable, which is especially helpful for budgeting in Washington’s changing housing market.
Types of Fixed-Rate Mortgages:
1. 30-Year Fixed-Rate Mortgage (30-Year FRM):
A great option for buyers who want lower monthly payments and more financial flexibility.
Interest Rate: Competitive and stable
Down Payment Options: As low as 3% to 5%
Fast Close: Usually within 14–21 days
Eligibility:
Minimum 3% down payment for low-balance loans
Minimum 5% down payment for high-balance loans
Minimum credit score: 620
Loan amount must fall within Washington’s county conforming limits
2. 15-Year Fixed-Rate Mortgage (15-Year FRM):
Best for people who want to pay off their home faster and save money on interest.
Interest Rate: Lower than the 30-year FRM
Monthly Payments: Higher because the term is shorter
Eligibility Criteria:
Suitable for buyers who want quicker payoff
Helps build equity faster
Requires comfort with higher monthly payments
Benefits of Fixed-Rate Mortgages:
Rate Stability: Payments never change
Easier Long-Term Planning: Perfect for budgeting
Protection From Market Swings: Locked rate means no surprises
Eligibility Criteria for Fixed-Rate Mortgages:
Stable income
Good credit (620 or higher)
Reasonable debt-to-income ratio
Down payment: 3%–5% depending on loan type
Comparing 30-Year vs. 15-Year Fixed-Rate Loans
A 15-year FRM costs less in total interest but has higher monthly payments.
A 30-year FRM offers lower monthly payments and more cash flow flexibility.
Borrowers can make extra payments anytime on either option to reduce principal.
Are Fixed-Rate Loans the Lowest Rates?
Fixed-rate mortgages—especially 30-year loans—often offer the most stable and competitive rates. Sometimes, programs like ARMs or Jumbo loans may appear lower, but they also come with different risks.
Why Choose a Fixed-Rate Mortgage?
Predictable monthly payments
Steady equity growth
Protection against inflation
Is a 30-Year Fixed Better Than a 15-Year Loan?
A 15-year loan saves more on overall interest, but many Washington buyers prefer the flexibility of a 30-year fixed mortgage. Lower monthly payments allow extra room for investments, home repairs, or savings.
Fixed-Rate vs. Adjustable-Rate Mortgages (ARMs)
Fixed-Rate: Rate stays the same
ARM: Rate adjusts after a set period, which can increase payment risk
For most buyers wanting certainty—especially in markets like Washington—fixed-rate loans offer peace of mind.
Washington FAQs
Get a free instant rate quote
Take a first step towards your dream home
Free & non binding
No documents required
No impact on credit score
No hidden costs
.svg)
.svg)
.svg)
.svg)
.svg)
