District of Columbia Mortgage Rates
Compare District of Columbia mortgage rates and choose the best option for your needs.
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Mortgage in District of Columbia: Top Lenders in 2024
Are you looking to purchase a home in the District of Columbia? One of the most convenient ways to achieve this is by obtaining a mortgage loan, regardless of the type of property you're seeking, be it a residential estate or an apartment. However, it's important to note that the terms and conditions of home loans can differ significantly among various mortgage lenders. To assist you in evaluating your future expenses, you can utilize our mortgage calculator. In this guide, we will assess several highly regarded lenders and determine which ones are worth considering.
DC Mortgage Lenders Comparison
Each of the lenders reviewed in this guide is a reputable company with a strong track record and competitive rates. To provide you with comprehensive information, we will compare them based on several key criteria, including the APR (Annual Percentage Rate), minimum down payment requirements, minimum eligibility criteria, and more. By evaluating these factors, you can make an informed decision and choose the lender that best suits your needs and financial circumstances.
Morty, Inc. Mortgage
Not a lender by itself, but a mortgage broker, Morty, Inc. appeared in 2016. The company is headquartered in New York City and provides coverage in almost all states, except for Hawaii, Massachusetts, Missouri, and Nevada.
Morty offers a wide range of mortgage options, including fixed-rate and variable-rate conventional mortgages, jumbo mortgages, and FHA-insured loans. However, refinancing is only available for loans that were originally issued through Morty.
For a 30-year fixed-rate mortgage, the APR is 6.667%. The rates for 20-year and 10-year loans are lower, at 6.425% and 5.452%, respectively. To qualify for a mortgage through Morty, applicants need a minimum credit score of 600 and a debt-to-income ratio (DTI) that is less than or equal to 45%. The required minimum down payment may vary depending on the size of the property.
| Pros: | Cons: |
|---|---|
| Wide range of mortgage options. Morty, Inc offers various mortgage options, including conventional, jumbo, and FHA-insured loans, providing borrowers with flexibility and choice. | Limited refinancing options. Morty, Inc only offers refinancing options for loans that were originally issued through their platform. Borrowers who have existing mortgages from other lenders may not be able to refinance through Morty. |
| Nationwide coverage. While Morty, Inc is physically headquartered in New York City, it offers close-to-nationwide coverage, including the District of Columbia. This allows borrowers in D.C. to access lender's services and mortgage options. | Relatively new company. Morty was established in 2016, which means it has a shorter track record compared to some traditional lenders. Borrowers may consider the company's relatively young age when evaluating its stability and reputation. |
| Streamlined application process. As a mortgage broker, Morty aims to simplify the mortgage application process. By using their platform, borrowers can fill out a single application and compare multiple loan options from different lenders, saving time and effort. | |
| Competitive rates. Morty provides competitive rates on its mortgage options, allowing borrowers to potentially secure favorable interest rates on their home loans. |
AmeriSave
AmeriSave has built a strong reputation as a nationwide lender since its establishment in 2002, with its roots in Georgia. As a result, residents of Georgia often receive attractive loan offers from this lender. AmeriSave's credibility is supported by its excellent ratings from trusted sources such as BBB (A+) and Trustpilot (4.3/5).
While the advertised rate of 4.899% may seem appealing, it typically requires a high FICO score of 740 and a 20% down payment. It's important to note that your actual interest rate is likely to be higher than the advertised rate. For a conventional loan, a credit score of 620 is generally needed, while government-insured plans are available for borrowers with a credit score as low as 600.
| Pros: | Cons: |
|---|---|
| Nationwide coverage. AmeriSave is a well-established nationwide lender, providing mortgage services across the country, including in the District of Columbia. This widespread presence ensures that borrowers in D.C. can access their services conveniently. | Advertised rates vs. actual rates. The rates advertised by AmeriSave may not necessarily be the rates borrowers end up receiving. Your actual interest rate may depend on factors such as your credit score, down payment, and other financial considerations. It's important to be aware that the final rate could be higher than the advertised rate. |
| Credibility and reputation. AmeriSave has earned a strong reputation in the lending industry. The lender boasts an excellent rating from BBB (A+) and positive customer reviews on Trustpilot (4.3/5). This reflects their commitment to customer satisfaction and reliable service. | Stringent requirements. To qualify for the most competitive rates, AmeriSave typically requires a high FICO credit score and a substantial down payment. Meeting these requirements may pose a challenge for some borrowers. |
| Competitive rates. AmeriSave offers competitive interest rates, which can potentially save borrowers money over the life of their mortgage. While the advertised rate may require a high credit score and down payment, AmeriSave provides options for various credit profiles, making it accessible to a wide range of borrowers. | Limited information on specific D.C. offerings. While AmeriSave is a nationwide lender, it's important to ensure that it has specific mortgage offerings tailored to the District of Columbia. It's recommended to inquire about their loan products, terms, and eligibility criteria specific to D.C. to ensure they align with your needs and preferences. |
Infinity Mortgage Group
Infinity Mortgage Group, established in 1998 in Edmonds, exclusively serves Washington State and offers a wide range of mortgage options. These include fixed and variable rates, as well as FHA- and VA-backed loans, with flexible term lengths ranging from 5 to 30 years.
For conventional mortgages, Infinity Mortgage Group provides various APR rates: 6.274% for a 30-year loan, 6.141% for a 20-year loan, 5.25% for a 15-year loan, and 5.18% for a 10-year loan. Additionally, the company advertises jumbo and Super Jumbo loans with higher limits, but these typically come with higher rates, resulting in increased total loan payments.
To secure the lowest possible rate, you can begin the process by filling out an online form. Following a review of your income, credit score, and other eligibility factors, you will receive specialized offers tailored to your circumstances. This personalized approach helps ensure that you receive suitable mortgage options.
| Pros: | Cons: |
|---|---|
| Local expertise. The Infinity Mortgage Group is licensed to serve Washington State, including the District of Columbia. Their in-depth knowledge of the local market can provide valuable insights and guidance specific to the area. | Limited coverage area. The Infinity Mortgage Group is only licensed to serve Washington State, which means their services are restricted to residents of that area. If you're looking to purchase a home outside of Washington State, you would need to consider alternative lenders. |
| Wide range of options. The Infinity Mortgage Group offers a variety of mortgage options, including fixed and variable rates, FHA- and VA-backed loans, and different term lengths. This allows borrowers to choose a mortgage that best suits their needs and preferences. | Potential higher rates for jumbo loans. While the Infinity Mortgage Group offers jumbo and Super Jumbo loans, these loans typically come with higher rates. Borrowers seeking larger loan amounts should carefully consider the potential impact on their total loan payments. |
| Competitive APR rates. The Infinity Mortgage Group provides competitive APR rates for conventional mortgages. These rates can help borrowers secure a mortgage with favorable terms and potentially lower monthly payments. |
Average Mortgage Rate in District of Columbia from 1978 to 2018
The chart shows average conventional mortgage 30-Year Fixed Rates in District of Columbia.
Source: Federal Housing Finance Agency Monthly Interest Rate Survey
Information about the Housing Market and Real Estate Prices in District of Columbia
| Criteria | Amount, $ |
|---|---|
| The median home value in District of Columbia | $550,905 |
| The income required to buy the median priced home in District of Columbia | $90,264 |
| The monthly mortgage payment required to buy the median priced home in District of Columbia | $2,090 |
| The median household income for District of Columbia | $87,557 |
Things to Consider When Choosing a Mortgage Lender
When considering a mortgage loan, it's crucial to approach it as a significant long-term commitment spanning 15 to 30 years. Therefore, it's essential to carefully evaluate and analyze various factors before finalizing an agreement with a specific lender. There are key aspects that should be taken into account when choosing a lending entity.
Type of Lender
In general, there are two popular options to consider when seeking a mortgage: traditional banks and online mortgage lenders. Banks often provide competitive interest rates, but they typically have strict credit requirements. The approval process may also take longer, and meeting their eligibility criteria can be challenging. On the other hand, online mortgage lenders offer faster processing times and have less stringent requirements for borrowers. This can make it easier for potential homebuyers to qualify for a loan.
APR and Fees
Like any loan, a mortgage comes with costs beyond the interest rate. These costs include additional fees like origination fees, mortgage insurance fees, and closing costs. As of the current writing, the average mortgage rate for a 30-year fixed-rate loan in the District of Columbia is 6.58%. It's important to consider these costs when calculating the overall expense of your mortgage.
Terms and Conditions
In this context, it is essential to take into account the minimum required down payment, which can range from 0% to 20% depending on the type of loan and your current circumstances (such as military status, employment type, self-employment, etc.). Another crucial factor to consider is the loan term, which represents the total length of the loan. Common options for loan terms include 15 and 30 years.
What Mortgage Lender is the Number One in District of Columbia?
The selection of reputable mortgage lenders in the District of Columbia (DC) is extensive, making it difficult to provide a definitive answer to this question. The choice ultimately depends on individual preferences and circumstances. One prominent industry leader to consider is Rocket Mortgage, which had a substantial loan volume of $11.5 billion in 2021. To make an informed decision, it is advisable to consult our list of recommended lenders.
First-Time Homebuyer Programs in District of Columbia
Buying a home for the first time can be challenging, but there are government programs available to help make it more affordable.
The following are three government programs that can help first-time homebuyers in the District of Columbia:
- Federal Housing Administration loan program. Federal Housing Administration (FHA) loans are insured by the federal government, which means that lenders are more willing to offer them to borrowers with lower credit scores or smaller down payments. FHA loans typically have lower interest rates than conventional loans, and they allow borrowers to put down as little as 3.5% of the purchase price.
- USDA loan program. U.S. Department of Agriculture (USDA) loans are available to borrowers who live in rural areas. These loans offer zero down payment options and have flexible credit requirements.
- VA loan programs. Veteran Affairs (VA) loans are available to veterans and their spouses. These loans offer no down payment requirements and have very low closing costs.
In addition to these government programs, several private lenders offer special programs for first-time homebuyers. These programs may offer lower interest rates, down payment assistance, or other benefits.
Pre-Approval: What Does It Mean?
Preliminary approval serves as a confirmation of a potential homebuyer's credibility and assures home sellers that lenders are prepared to approve a mortgage loan for the buyer. To obtain pre-approval, individuals must provide supporting documentation to demonstrate their ability to make payments. This typically includes earning statements, account statements, W-2 forms, or alternative proof of income for a minimum of two years. Additionally, filling out the Uniform Residential Loan Application form is necessary to complete the pre-approval process.