Refinance in Washington state

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I do not lend in Washington, but your question is generic enough I can reply. Cash out refinances are generally not tied to prime - however home equity lines of credit are. If that truly your goal, look for that. If not, expect your cash out refinance will be market fannie mae/freddie mac rates, which is higher than prime.

I'm afraid the days of 3% financing are gone.. For conventional financing, rates are tied to the Mortgage backed securities bond market.. not prime.. Cash out refi's carry a higher interest rate than a purchase or a "rate and term" refinance.. and the rate varies based on your credit score, loan to value and property type.. so it's near impossible to tell you what to expect without knowing all the details of your scenario.. HELOC's are a good option for 2nd's and they are tied to prime, but they also adjust monthly based on a margin added to prime for your final rate.. For an accurate calculation of what you should expect to pay, you should contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

To do a cash out refinance and get "prime" rates you will be paying the loan level pricing adjustments that will be charged for the risk layer of doing a cash out refinance. I lend in Washington if you would like to discuss your options in greater detail.dcondron@rightstartmortgage.com