Oh happy day,
Temperatures slowly rising, bright sunshine. What’s not to love?
On the market side of things, life isn’t quite as sunny. Interest rates have slowly rising over the past week and are looking to continue the trend over the next couple days. Granted, interest rates are still ridiculously low so there is still plenty of incentive to take advantage of these rates.
One thing many clients have been realizing lately is that the mortgage process has become much more labor intensive than it had been 3+ years ago. One of the main things I have been advising my clients of when starting the process is that there will be more back and forth with gathering documentation than previously because of the fallout from the foreclosure crisis forcing lenders to document items like income and assets used for down payments much more meticulously than in the past. Still there are a few things that home buyers can do beforehand or at least check off their list before applying for a mortgage to help keep things simple. Here is a quick article breaking down six items to look over and check off the to-do list when looking into home buying or refinancing.
Rates: 30 year fixed at 4.875% and the 15 year at 4.125%, FHA: 4.50%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing.
Have a great week!
Mortgage Consultant, CMC | Homes Mortgage