Washington Trust Mortgage Facts
- Offers mortgages in Rhode Island, Connecticut, and Massachusetts
- Affordable housing programs for new buyers
- Fixed and adjustable-rate, Jumbo, Freddie Mac Home Possible, Fannie Mae HomeReady, and other mortgage options
- Online application available
- Request information online, find current rates, and connect with a quote
Table of Contents
Washington Trust Overview
Washington Trust was founded in 1800 in Waverly, Rhode Island, to provide an alternative to distant banking services for residents of the small, growing town. Today, Washington Trust Bankcorp, INC, the parent company of Washington Trust, has $11 billion in assets and 42 branches.
Washington Trust mortgage options include fixed and adjustable-rate mortgages as well as affordable loan options.
History of Washington Trust
Washington Trust is the oldest community bank in the United States, founded in 1800. As such, this bank’s story is closely aligned with the early history of American currency.
Issuing legal banknotes before a federal currency was in use, Washington Trust was the first to place George Washington’s likeness on a paper note.
Originally founded to save Westerly, Rhode Island, residents a lengthy trip to larger cities for banking services, the company became a key part of the financial health of the region.
Over two hundred years of history, Washington Trust continued to grow, expanding to two other states, but the headquarters stayed in Westerly. Customer service stayed local, too, allowing customers to benefit from service close to home.
Washington Trust has a range of different mortgage options for borrowers, including affordable options and conventional loans. Applicants can apply online for a mortgage or speak with a loan specialist at a local branch.
Calculators and loan information are posted online so prospective borrowers can learn more about mortgage possibilities at Washington Trust.
The bank’s reputation is fairly solid, although very little news could be found on the company.
Currently, Washington Trust is not on Trustpilot. The bank has an A+ rating from the BBB, with an average of one star out of five and three customer reviews. Employees rating Washington Trust on Glassdoor give it 3.6 stars out of 5.
Washington Trust Loan Specifics
Fixed-Rate Loans
Fixed-rate loans from Washington Trust provide borrowers with peace of mind that their mortgage payments will stay the same even if rates change. Monthly payments are based on a single rate that stays consistent whenever the market goes up or down.
This is particularly helpful for homeowners who plan to stay in their home or own their property for several years. It’s also true, however, that if rates decrease later, fixed-rate payments stay exactly the same. Washington Trust offers 10, 15, 20, and 30-year fixed-rate mortgages.
Adjustable-Rate Loans
Adjustable-rate mortgages (ARM) from Washington Trust may go up or down depending on market conditions that influence interest rates. Since this is the case, borrowers who plan to sell their homes soon may benefit from an ARM loan.
Rates usually start low and are fixed for a specified period of time. For instance, a 3/1 ARM stays at one consistent rate for the first three years of the loan, then is subject to change every year afterward.
Jumbo Loans
Homes located where housing is high-value and challenging for many people to afford can be financed through jumbo loans to reduce the cost. These are special loans structured for higher home values than what conventional loans typically cover.
Generally, these loans approach $500,000 and higher. Borrowers must be able to qualify for and afford monthly payments on a jumbo loan from Washington Trust in order to use one of these mortgages to purchase a home.
Construction Loans
When financing new construction, it can be challenging for buyers to cover their own mortgage costs while also paying for their current housing expenses.
Construction loans allow for interest-only payments during the construction period, making it possible to pay two mortgages, if necessary, while providing funding for the construction costs.
Washington Trust Loan Options Overview
| Loan Type | Description | Details |
|---|---|---|
| Fixed-Rate Loans | Provides Stability With Consistent Monthly Payments for Long-Term Homeowners | Available in 10, 15, 20, and 30-Year Terms |
| Adjustable-Rate Loans | Rates Fluctuate Based on Market Conditions, Beneficial for Short-Term Homeowners | Initial Fixed Period (e.g., 3/1 ARM) Followed by Yearly Adjustments |
| Jumbo Loans | Tailored for High-Value Properties Beyond Standard Loan Limits | Generally for Homes Exceeding $500,000 |
| Construction Loans | Facilitates Funding for New Construction, Allows Interest-Only Payments During the Build Phase | Supports Covering Two Mortgages During Construction |
Washington Trust Mortgage Customer Experience
Washington Trust has several different loan options for applicants looking to purchase a home or refinance. With flexible standards and program alternatives, the bank offers loan possibilities for a variety of different needs and credit profiles.
Borrowers can learn more online or connect with a mortgage loan specialist to find out more about a mortgage through Washington Trust. Through an online application, borrowers can start the process if they have accurate estimates of their own income and assets.
Depending on the loan option they choose, borrowers may be required to provide additional documentation. They may also need to pay private mortgage insurance (PMI) if they don’t pay at least 20 percent down during the purchase.
Washington Trust appears to have a positive reputation online, although there is very little information and news available. The bank does not appear on Trustpilot but has an A+ rating with the BBB.
In order to apply for a Washington Trust mortgage, borrowers should bring personal information such as income, credit history, asset documentation, and other supporting collateral as needed.
Depending on the type of loan and the applicant’s own credit profile, other documentation may be needed. It’s best to bring thorough information and submit accurate estimates online.
Washington Trust Lender Reputation
Washington Trust does not have a Trustpilot score and has an A+ rating from the BBB along with three customer reviews.
Washington Trust Mortgage Qualifications
| Credit score | Quality | Ease of approval |
|---|---|---|
| 760+ | Excellent | Easy |
| 700-759 | Good | Somewhat easy |
| 621-699 | Fair | Moderate |
| 620 and below | Poor | Difficult |
| N/A | No credit score | Difficult |
Applicants with credit scores at or above 760 have the greatest chances of qualifying for Washington Trust’s best offerings. Borrowers with scores between 700 and 759 generally have fewer loan choices but still have several options available to them.
For applicants with scores between 621 and 699, it may be more difficult to find a favorable offer from Washington Trust. Applying with a score lower than 620 or without a credit score at all may make it challenging to qualify for any mortgage from Washington Trust.
You can have the best chance of receiving a great mortgage offer from Washington Trust by bringing plenty of documentation with you and providing added documentation if your credit profile has any gaps or potential challenges.
| Debt-to-income ratio | Quality | Likelihood to get approved by lender |
|---|---|---|
| 35% or less | Manageable | Likely |
| 36%-49% | Needs improvement | Possible |
| 50% or more | Poor | Unlikely |
Washington Trust Phone Number & Additional Details
Homepage URL: http://www.washtrust.com/
Company Phone: 1-800-475-2265
Headquarters Address: 23 Broad Street, Westerly, RI 02891
States serviced: Rhode Island, Connecticut, Massachusetts
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By obtaining data directly from lenders and carefully reviewing loan terms and conditions, we ensure a comprehensive assessment.
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Washington Trust Mortgage Review
Product Name: Washington Trust Mortgage
Product Description: Washington Trust Mortgage, a division of Washington Trust Bank, offers a comprehensive range of mortgage solutions for potential homebuyers and current homeowners. With a longstanding reputation in the region, the institution prioritizes customer-centric lending processes and competitive rates. Their suite of products caters to various needs, from first-time home buying to refinancing.
Summary of Washington Trust Mortgage
Washington Trust Mortgage, deeply rooted in the Pacific Northwest’s financial landscape, stands as a testament to tailored mortgage offerings that align with individual client needs. Recognizing the complexities inherent in the home buying and refinancing processes, their team of dedicated mortgage professionals provides guidance every step of the way. Leveraging both traditional values and modern digital tools, Washington Trust Mortgage ensures a blend of personal touch with the efficiency today’s consumers expect. The bank’s commitment to community and regional economic growth is evident in its approach, making homeownership more accessible to many.
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Cost and Fees
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Customer Service
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User Experience
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Product Offerings
Overall
Pros
- Diverse Mortgage Offerings: Washington Trust Mortgage provides a broad spectrum of loan options, catering to a wide range of financial situations.
- Local Expertise: With its deep regional roots, the bank has a unique understanding of the local real estate market and economic conditions.
- Personalized Service: Their emphasis on individualized consultation ensures that clients feel understood and supported throughout the lending process.
- Reputation: As a part of Washington Trust Bank, the mortgage division benefits from the longstanding trust and reputation the bank has built over the years.
Cons
- Limited Geographic Reach: Their primary focus on the Pacific Northwest might limit opportunities for potential clients outside this region.
- Online Capabilities: While they offer digital tools, their platform might not be as advanced or comprehensive as some nationwide competitors.
- Potentially Longer Processing Times: Given their emphasis on personalized service, some stages of the mortgage process might take longer compared to larger institutions.
- Product Restrictions: Depending on the region and market conditions, there might be certain limitations or restrictions on available mortgage products.
