If you are thinking about getting a post-bankruptcy Washington mortgage refinance, there has never been a better time than right now. Property values in the state are at an all time high, especially in areas surrounding Seattle. This means that you should have no problem getting the loan you need, even if you plan on getting cash-back at closing.
Washington Mortgage Refinance Rates
Rates in Washington are extremely low, averaging only 5.64 percent on 30 year loans and 5.38 percent on 15 year loans. This is one of the main reasons why it is the perfect time to refinance. Even with a bankruptcy on your credit report, you stand a good chance of lowering your mortgage rate, and in turn, lowering your monthly mortgage payment. You will also have a much easier time affording a loan.
Washington Home Values
Whether you plan on getting just enough to pay off your original mortgage or extra money so that you can have cash back at closing, you will need to make sure your home is worth more than the amount of the post-bankruptcy Washington mortgage refinance loan. Fortunately, this shouldn't be much of a problem given all of the price gains that have been breaking home value records throughout the state.
New PMI Tax Deduction
If you get a new loan or a refinance equal to 100 percent of your home's value, you will inevitably be stuck paying private mortgage insurance (PMI). The premiums for this insurance can be very expensive and are essentially a waste of money, as the insurance protects only the lender, not the borrower. PMI has never been tax deductible until now. Congress recently approved a tax break for borrowers who refinance in the 2007 year.
Visit Washington Lending Center
to see our Recommended After Bankruptcy Mortgage Refinance Lenders Servicing Washington, whether you are looking for home purchase, refinance or a home equity loan.
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