Monthly Average
30-Year Fixed-Rate Mortgages Since 1971
Check
out FreddieMac's historical chart
Unlike many things in life that you can shop for to
get the "best price", home mortgages are a not so easy. For one,
there are way to many variables that determine what rate you actually
qualify for based on your FICO credit scores, how much you earn, your
monthly expenses (aka 'debt-to-income') and a few other things. Be
weary of a mortgage company or loan officer who easily starts quoting
interest rates and monthly payments over the phone without digging deeper
into your situation - otherwise you'll be likely be quoted the absolute
lowest rates that only people with perfect credit and a minimum 20% down
payment can actually qualify for.
While I strongly encourage clients to shopping for a mortgage loan with at
least two companies before signing anything, it's absolutely essential
that you do more than simply compare "rates" because predatory lending
still exists and you don't want to find yourself falling for a
"bait-and-switch" loan program because it will cost you big-time down the
road! I always recommend you work with a local lender - someone you
can look in the eye and determine if you like and trust them to handle
your loan. After all, it's the largest financial investment you'll
make!
Denver Area Mortgage Broker (New Homes Loans & Refinancing)
How Do I get "Pre-Approved" for a Loan?
Getting pre-approved for a home loan is an essential part of the home
buying process. It helps prevent you from looking at and falling in
love with properties that you simply can't afford or can't write an offer
on. Here are a few things you should be prepared to have ready as you
start the process:
1.
W-2's for the past 2 years
2. Most recent paycheck stubs covering
the last 30 days
3. Residence addresses for the past
2 years
4. Names & addresses of each employer
for the past 2 years
5. Last 2
months bank statements for all checking/savings accounts
6. Names, addresses, account #'s &
monthly payments on all open loans
7. Addresses of any other real estate
owned
8. Loan information on all real estate
owned
9. Money for credit report and
appraisal
10. Landlord names and addresses -
past 2 years
11. FHA loans: Photo ID and Social
Security card
What is the difference between pre-qualifying and pre-approval?
CLICK HERE TO LEARN MORE ABOUT LOAN PRE-QUALIFYING & PRE-APPROVALS
