The capital city really needs no introduction. There is so much history, culture, and international appeal to the District of Columbia. Countless monuments, conferences, protests, and easy access to the entire east coast make living in DC ideal. Unfortunately, however, the percentage of homeowners is seriously low in our nation’s capital. This could be largely because of the fact that mortgage rates are far too expensive for those who already own their homes. Many of these individuals could benefit largely from refinancing their homes. These individuals could save a substantial amount of money and tap into their equity by obtaining a new loan that will cover the balance of their existing loan. This gives them access to the many new and creative developments in the lending industry, and refinancing packages ultimately aim to save current homeowners thousands of dollars throughout the life of their loans.
Quick Washington, DC Housing Facts:
- Percent of homeowners in Washington, DC: 40.8%
- Percent of renters in Washington, DC: 59.2%
- Median annual income in Washington, DC: $42,505
- Average credit score in Washington, DC: 677
- Median Washington, DC home value: $157,200
When to Refinance in Washington, DC
Timing is an important consideration when considering a refinancing program. You must first consider what your current mortgage has to offer. Outside of saving a few hundred dollars each month, make sure that it is really practical for you to actually refinance your existing loan. It would be counterproductive if you went through all of the trouble to refinance your loan and ended up paying more than you would have with your original loan. Next, be sure to look closely at trends in the market. Are rates going up? Are they going down? Are they consistent? These factors are going to allow you to reap the most benefits from your refinancing program. If rates stay consistently less than what you are currently paying by 1.5 to 2%, it is probably a good time to refinance. If they are higher, it may be a good idea to wait to refinance. Regardless of your individual reasons for refinancing, it is a best to do the research necessary to save money.
How much house can I afford in DC
Because of the high cost of housing, one of the biggest problems facing Washington, DC’s homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Don’t forget there are many other home options out there specifically for Washington, DC’s residences. We work with local and national lenders to make sure that you get the best rate possible.
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