Mortgage Center
Rates have been relatively low over the last month but this week we saw new all-time historical lows. The 30 year rate dropped to 4.69, the 15 year rate dropped to 4.13, and the rates on 5 and 1 year ARMS dropped to 3.89 and 3.82 respectively.
You'll have the best chance of qualifying for a loan and getting a low rate with low fees if you:
- Have a reasonable credit score. Anything above 700 should work, although fees are rising even for people who have scores as high as 739. Here's where to find out what goes into your credit score and how to get your credit score.
- Earn enough money to repay the loan. Here's where to learn about the two affordability tests most lenders use.
- Are able to fully document your income, assets and debts. Here's where to find out about questions you'll be asked on a mortgage application and all the paperwork you'll need. You can't actually apply for a mortgage until you've chosen your home and signed a contract to buy it - but you shouldn't wait until then to start talking with a mortgage lender. A mortgage lender will work with you to determine how much house you can afford based on your income, debt, and other factors and make suggestions about the best mortgage program for you. Getting pre-qualified will also put you in a stronger bargaining position with the seller once you find the home you want - and you'll already have a good relationship with a lender when it comes time to apply for your mortgage .
The following loan calculators can help you begin to determine how much house you can qualify for and what your monthly payment would be. Loan calculators
When most people think about choosing a mortgage lender, they tend to only think about finding the lowest rate. While rates are important - and you certainly should consider the different rates lenders in the area offer on comparable loans - you want a lender you can trust and someone you can work with effectively. So don't let rates be your only criterion. I recommend you contact a few lenders to compare rates for similar loans and get a feel for how they approach your needs and what it will be like to work with them. Following are lenders who I have worked with and confidently recommend:
Lam Nguyen
Office Number: (910) 256-8999
Mobile Number: (910) 448-0291
Fax Number: (910) 795-4929
Email: lam.nguyen@alphamortgage.com
David Flory
Office Number: (910) 313-0045
Fax Number: (910) 313-0046
Email: davidf@cunninghammortgage.com
Corey Riggs
Office Number: (910) 254-3425
Fax Number: (866) 701-1152
Trace McKay
Office Number: (910) 575-5900 ext. 228
Fax Number: (866) 905-8950
