FAQs

Whether it’s your first time buying a home or you’re experienced in real estate, there’s lots to think about when making a home purchase. Here’s some of the questions we often receive about the home-buying process.

There are many variables to consider when answering this question. First you need to take a look at your income, your monthly expenses, your credit score and the amount you have saved for a down payment. All of these factors will be very important when trying to determine the mortgage you can afford. Your credit score and the size of your down payment will be the main factors in determining how much you will pay each month. You’ll also want to consider factors outside of the mortgage payments, such as maintenance, updates and repairs as well as the tax benefits of home ownership.

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The best way to determine which type of loan will work best for you is to sit down with a loan officer. They can walk you through the options and determine what makes the most sense for your needs and goals. Check out our mortgage types page to get an idea of some of your options and then contact one of our loan officers to set a time to meet. Even if you’re not ready to buy a home just yet, they can answer your questions and walk you through the different types of loans so you’re prepared when you do decide to buy.

In order to qualify for a loan you will need to have stable, provable, monthly income, have good credit and have a down payment saved, generally at least 3.5% of the home purchase price. If you don’t know if you can save for your down payment, we offer grant funds and down payment assistance to qualified home loan customers.

If you are interested in refinancing your current mortgage, you will need to have some equity in your home and be able to prove your ability to repay the loan. You will also need to have the funds to pay closing costs.

To determine how much you will qualify for, our loan officers will look at your income, your credit and how much you have saved for your down payment. To get an estimate of the amount you could qualify for, try our home loan qualification calculator.

Yes you can. You do not have to be married to qualify for a home loan together.

Yes you can. You would just need to qualify for the loan with your income alone.

No. We offer home loans to all qualified buyers.

No. Your credit history will not be the sole deciding factor in the loan qualification process, but it is very important. It can affect your interest rate and it will determine the type of loan program you will be offered. Great credit helps, but even if your credit is not perfect you may still qualify.

You may be able to get into a new home with as little as 3.5% of the purchase price for your down payment but most buyers will need to put 20% down.

As long as you have been in your job for 12 months or in the same career field for 12 months, you may qualify for a home loan.

Yes. Call us at 800.788.4578 with any questions as you go through the process.

A local Washington Trust Bank Home Loan Officer will work with you from start to finish.

If you choose a loan program that is serviced by Washington Trust Bank, you can make the payments at a branch.

We may sell your loan, but we offer you a choice during the application process. Generally, if we sell your loan then you will obtain better pricing, but you may prefer to keep all of your business with Washington Trust Bank.

You will receive an instruction letter notifying you of the sale. This will include information on where to make your payment if your loan is sold. You will likely begin making payments to them on your second payment. Selling your loan will not impact the terms of the loan.

For information requests or notices of error on your mortgage, please write to us at the address listed below. Be sure to include your name, account number, and details about your inquiry including what information you are requesting or what you think is incorrect. A member of our team will follow up with you in writing within five business days of receiving your letter.

Washington Trust Bank
P.O. Box 37
Spokane, WA 99210

For regulatory reasons, we must receive information requests or error notifications in writing. If there’s anything else we can assist you with, please visit your local branch or give us a call at 800.788.4578.