Washington Trust Review 2024 | ConsumerAffairs® (2024)

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Washington Trust Review 2024 | ConsumerAffairs® (1)

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About Washington Trust

Washington Trust (NMLS #901927) offers a range of mortgage products, including VA, FHA, jumbo, construction and HELOC loans in Rhode Island, Connecticut and Massachusetts. It combines over two centuries of experience with comprehensive financial capabilities. Washington Trust has over 40 physical locations and operates in three states. It was founded in 1800 and has headquarters in Westerly, Rhode Island.

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Pros & Cons

Pros

  • Wide range of mortgage products
  • Long history of financial stability
  • Strong community involvement and support

Cons

  • Only available in three states
  • Potentially high origination fees
  • No USDA loans offered

Washington Trust rates

Disclosures from Washington Trust indicate that its rates for 30-year fixed-rate mortgages range from 6% to 6.625% as of the time of publishing. For reference, the national average 30-year fixed-rate mortgage is 6.46%, according to Freddie Mac.

Washington Trust publishes its current rates for loans on its website. For the most accurate rates based on your individual situation, contact Washington Trust or get prequalified on its website.

Mortgage rates vary based on your credit history, the type of loan, the loan amount, your down payment and the loan term.

Washington Trust loan types

Washington Trust offers a variety of mortgage products, including:

  • VA
  • FHA
  • Jumbo
  • Construction
  • HELOC

Washington Trust loan maximum

The maximum loan you can get with Washington Trust depends on the type of loan you apply for and your financial qualifications.

In most of the country, conforming loan limits in 2024 are $766,550 for single-unit properties. In Alaska and Hawaii, the limit is $1,149,825. Limits in high-cost counties in the other 48 states can be above $766,550 but are never higher than $1,149,825.

Washington Trust requirements

Below are the basic requirements borrowers must meet to take out a loan with Washington Trust.

Washington Trust minimum credit score

The minimum credit score requirement for a loan from Washington Trust depends on the type of loan you apply for:

  • 620 for a VA loan
  • 580 for a FHA loan
  • 680 for a jumbo loan
  • 680 for a construction loan
  • 620 for a HELOC loan

Even if you can’t meet these credit score requirements, you might be able to apply for a nonqualified mortgage through another lender. Note that this will likely result in a higher interest rate.

Washington Trust minimum down payment

The minimum down payment for Washington Trust depends on the loan type:

  • 0% for a VA loan
  • 3.50% for a FHA loan
  • 20% for a jumbo loan
  • 10% for a construction loan
  • 0% for a HELOC loan

Conventional loans typically require a higher credit score and down payment than you need for a government-backed mortgage, but individual cases may differ.

Washington Trust maximum debt-to-income ratio

Washington Trust recommends that all borrowers have a debt-to-income (DTI) ratio of no more than 43%. Washington Trust’s maximum DTI ratio depends on the loan type and your financial situation.

For reference, most lenders issue conventional loans to those with a DTI ratio below 36%, but some mortgage lenders and loan types allow for a DTI ratio of up to 45%. Some FHA-insured loans may even allow for a DTI ratio of up to 50%.

Washington Trust application process

Washington Trust’s application can be completed online, by phone or in person. Be prepared to provide information about your income and assets so that Washington Trust can determine how much you can borrow.

Washington Trust application features

FeaturesAvailability
Online application
Mobile document upload
Physical branches
Publishes minimum rate on website
Rate lock
Prequalification (no hard credit pull)
Certified approval letter

» LEARN: How to get a mortgage

Washington Trust costs and fees

You can expect to pay from 0.5% to 1.5% of the loan amount in origination fees as part of your closing costs with Washington Trust. This fee can vary, but we recommend that you plan to spend between 2% and 5% of your loan amount in closing costs on top of your down payment.

Compare Washington Trust to other companies

CompaniesPurchase optionsRefinancing optionsMinimum credit score
Washington Trust VA, FHA, jumbo, construction and HELOC Cash-out, rate, term 580 to 680
Guaranteed Rate Mortgage Conventional, FHA, VA, ARMs, interest-only, jumbo and HELOC Cash-out, rate and term 580 to 620
NewDay USA VA Cash-out, rate and term Undisclosed

Washington Trust FAQ

Is Washington Trust legit?

Yes, Washington Trust is a legitimate mortgage lender. It was founded in 1800 and has 40 locations in the U.S.

What type of loans does Washington Trust offer?

Washington Trust provides VA, FHA, jumbo, construction and HELOC loans.

How do you apply for a loan from Washington Trust?

You can apply for a loan from Washington Trust online, by phone or in person.

Where is Washington Trust available?

Washington Trust has physical locations in three states and operates in three states: Rhode Island, Connecticut and Massachusetts.

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Washington Trust Company Information

Company Name:
Washington Trust
Address:
23 Broad St.
City:
Westerly
State/Province:
RI
Postal Code:
02891
Country:
United States
Website:
www.washtrust.com
Washington Trust Review 2024 | ConsumerAffairs® (2024)

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