Spokane Home Loans | Finance or Refinance Your Home Today (2024)

Home loan financing and refinancing

Our home loan process is customized to fit your needsand we have some of the lowest home loan rates in Spokane! Whether you're a first time home buyer or looking for a home equity loan, our Real Estate Loan Officer, Renee, hasfantastic home loan financing options for you.

call for 30 year rates
apply for an 8-15 year home loan home loan rates

Members with real estate loans who are experiencing financial hardship due to COVID-19 are encouraged to reach out to us to discuss their options.

Buying a home is one of the most significant purchases most of us ever make.We are here for you with a convenient and timely loan process to help you feel confident and informed the entire journey.

We have several options to help you out with realestate-relatedloans, including:

Home equity loans
Home equity line of credit
Home loan refinancing
15-year home loans
30-year home loans
Rental home loans
Raw land loans
Residential land loans

If you have questions about how this works, contact a loan officer today.

contact a loan officer today

home equity loans

You can now borrow up to 90% of your home's value!*

As the real estate market ebbs and flows, you might want to check up on your home's value to see if you've accrued equity. Utilizing your home's equity allows you to do things like create your own personal outdoor oasis, remodel your kitchen or perhapspay off some nagging bills. Home equity loans differ from home equity lines of credit because they areset amounts that you pay down each month versus a line of credit you can use, pay down, use, pay down, and so forth.

Let's make your dream home come true. Apply for a loan with us today!

apply for a home equity loan

Home loan calculator

Find out what your monthly payment will look like with our easy-to-use home loan calculator!

ThisHome Buyer Guideprovides you with helpful information to simplify the mortgage process and help you achieve your personal and financial goals. Click the image above to view the guide!

home equity line of credit

You can now borrow up to 90% of your home's value!*

AHome Equity Line of Credit(HELOC) allows you toutilize the equity (value)of your home as collateralto receive a lower interest rate than a personal loan or credit card. This is a great option for financing larger purchases.Once you're approved for a HELOC, you can utilize the loan on your own time whenever and however you need it.Apply online today!

apply for a heloc

home loan refinancing

You've had your house for a bit and notice home loan rates are lowering - could it be time to refinance?

Tips to know when to Refinance:

When you can secure a lower interest rate, especially if your rate is going to drop by 0.75% or more.
When you are able to shorten the term of your loan, especially by 5 years or more, which will lower the total interest you repay.
When it allows you to switch from an adjustable-rate mortgage (or ARM) to a fixed-rate mortgage to lock in a consistent payment and rate.
When you need to tap into your equity to consolidate other more expensive debt such as credit cards or personal loans.

refinance with an 8-15 year loan today

refinance with a 30 year loan today

15-year home loans

Don't want a 30-year commitment? Check out our 15-year home loan option! We'll make the loan process easy so you can get to enjoying your new home.

apply for a15-year home loan check out our rates

30-year home loans

You put a lot of thought into buying a house that you will be happy with for years to come. Our goal is to make sure you feel just as good with your mortgage decision, too. You can have the best of both worlds!

Rental home loans

Are you looking to earn income from a rental property? Come see Canopy for your financing! We offer the following:

15-year in-house financing apply now
30-year rental home loans through our partnership with Servion fill out our pre-application
Refinancing options available with or without cash-out

Raw land loan

This type of loan is for land that is in its most natural state, completely undeveloped without electricity, roads, sewers, etc. Financing this sort of land can be a less expensive option because there are no pre-developed or zoned areas. However, this type of land cannot be zoned for commercial use.

apply now

Residential land loan

This loan is a great fit if you’re looking to purchase a plot of land intended to build your dream or vacation home. This type of land must be zoned for residential use, and be used for the future sight of your primary or secondary residence.

apply now

Home loan FAQs

The information we require will depend on what type of loan you're looking for. In general, it's always best to be prepared with a copy of your driver's license, your two most recent pay stubs, and your two most recent months of checking/savings statements. Once we receive your application we'll let you know if we need any other information!

Knowing how much you qualify for is crucial to your home-loan search! Getting pre-approved before starting your search will not only give you the total home loan amount you qualify for, but it also helps your negotiating power! In the pre-approval process, we'll determine how much you qualify for by taking a look at the following things: your income, existing debts, available down payment, the interest rate on the loan you qualify for, the cost of your potential property (if you have one in mind already), and taxes & insurance for that property.

No! In fact, we encourage you to get pre-qualified for a home loan BEFORE you start your search. That way you know exactly what your price range is.

You'll typically see two different rates when shopping for mortgages: an interest rate and an Annual Percentage Rate (APR). The interest rate is the cost of borrowing just the loan amount whereas the APR is the true cost of borrowing the funds and may have fees included. You'll want to base your decision primarily on the mortgage APR.

Canopy requires appraisals for all home loan purchases, not necessarily for home refinances. An inspection is a good idea to identify the quality of a home or if any major repairs are needed but it is not a loan requirement.

While we can't give an exact answer to this because each situation is different, we work hard to make the home loan process as quick and smooth as possible. We walk you through the entire home loan process up until closing. Often times what takes the longest is the appraisal and title search and we order these for you right away.

A home equity line of credit or HELOC is a revolving line of credit that uses the equity of your home as collateral. HELOCs are most commonly used when you need access to your home's equity over the next six years. Whereas, a home equity loan is a close-ended loan. As you pay off a home equity loan, the balance decreases and you receive your funds when you are approved for the loan. Home Equity Loans and HELOCs can be used for home improvement, debt consolidation or other high costs like college tuition.

*90% Loan to Value on 2nd position liens only and for qualified borrowers.

Spokane Home Loans | Finance or Refinance Your Home Today (2024)

FAQs

What is the interest rate for a home loan in Spokane WA? ›

Current rates in Spokane, Washington are 7.30% for a 30 year fixed loan, 6.47% for 15 year fixed loan and 7.66% for a 5 year ARM. Data provided by 3rd party RateUpdate.com.

Is refinancing your home a good idea? ›

Refinancing your mortgage can come with a lot of benefits, including lowering your monthly payment and saving you lots of money in the long run. But it's important to understand that it isn't always a smart financial move. Whether refinancing makes sense for you depends on your individual situation.

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Does refinancing hurt your credit? ›

Refinancing will hurt your credit score a bit initially, but might actually help in the long run. Refinancing can significantly lower your debt amount and/or your monthly payment, and lenders like to see both of those. Your score will typically dip a few points, but it can bounce back within a few months.

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How much should mortgage rates drop before refinancing? ›

As a rule of thumb, experts often say that it's not usually worth it to refinance unless your interest rate drops by at least 0.5% to 1%. But that may not be true for everyone.

What is the average interest rate on a $400000 home today? ›

As of January 9, 2024, the national average mortgage rate for a 30-year fixed-rate mortgage is 7.06%. With these terms, if you bought a $400,000 house and put 20% down, your monthly mortgage payment would be $2,141. With these numbers, though, your total interest payment would be $451,844 throughout the loan.

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What is a good loan rate for a home? ›

As of Apr. 26, 2024, the average 30-year fixed mortgage rate is 7.60%, 20-year fixed mortgage rate is 7.49%, 15-year fixed mortgage rate is 7.00%, and 10-year fixed mortgage rate is 6.89%. Average rates for other loan types include 7.51% for an FHA 30-year fixed mortgage and 7.32% for a jumbo 30-year fixed mortgage.

What's the downside of refinancing? ›

The main benefits of refinancing your home are saving money on interest and having the opportunity to change loan terms. Drawbacks include the closing costs you'll pay and the potential for limited savings if you take out a larger loan or choose a longer term.

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What is not a good reason to refinance? ›

Key Takeaways

Don't refinance if you have a long break-even period—the number of months to reach the point when you start saving. Refinancing to lower your monthly payment is great unless you're spending more money in the long-run.

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When not to refinance your house? ›

Here are several scenarios when it doesn't make sense to refinance your mortgage:

It will take longer to break even.
You'll pay more in the long run.
You can't afford the new payments.
Your credit score isn't in great shape.
Interest rates are higher.
You can't afford the closing costs.
You don't have enough equity.

Dec 4, 2022

Will my credit score go up if I refinance my house? ›

The Bottom Line

While applying to refinance can mean a short-term drop of a few points on your credit score, the long-term benefits outweigh the negatives if refinancing betters your financial picture. The impact to your score lasts a year at most. There's a quick bounce back if you stick to good financial habits.

What is the current housing interest rate in Washington state? ›

Today's Mortgage Rates in Washington

Product	Today	Last Week
5/1 ARM	7.25%	7.13%
30 yr fixed mtg refi	6.75%	6.75%
15 yr fixed mtg refi	5.75%	5.63%
7/1 ARM refi	6.75%	6.75%

3 more rows

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What is the interest rate for a 30-year fixed mortgage in Washington state? ›

National mortgage rates by loan type

Product	Interest Rate	APR
30-Year Fixed Rate	7.29%	7.34%
15-Year Fixed Rate	6.74%	6.82%
5-1 ARM	6.68%	7.92%
30-Year Fixed Rate FHA	7.13%	7.18%

2 more rows

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What is the interest rate right now in Washington state? ›

Today's rate

Today's mortgage rates in Washington are 7.426% for a 30-year fixed, 6.559% for a 15-year fixed, and 8.095% for a 5-year adjustable-rate mortgage (ARM).

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What are interest rates today in Washington state? ›

Washington 30-year fixed mortgage rates remain stable at 7.11% The current average 30-year fixed mortgage rate in Washington remained stable at 7.11%. Washington mortgage rates today are 6 basis points higher than the national average rate of 7.05%.

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