What To Know Before Applying For A Mortgage Pride Mortgage Lending The process for applying for a mortgage can be time consuming, complicated and frustrating. It’s not designed to be a breeze, for a number of reasons. Quite often the reason people do get frustrated during the process though, stems from their own lack of preparation before entering the mortgage market. Lenders have their own checklists and measures that they go through before giving out mortgages to people. And prospective homeowners should do the same thing; they should have their own set of plans in place before app ..read more

Rates for home loans ticked up as global trade concerns countered investors’ belief that the Federal Reserve was likely to raise short-term interest rates. The 30-year fixed-rate mortgage averaged 4.45% during the week ending March 22, according to Freddie Mac’s weekly survey, out Thursday. The 15-year fixed-rate mortgage averaged 3.91%, and the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.68%. All three products rose one basis point during the week. Those rates don’t include fees associated with obtaining mortgage loans. Mortgage rates follow the path of the benchmark 1 ..read more

Mortgage rates haven’t been this high in nearly four years, just as the spring home-buying season is heating up. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average shot up to 4.38 percent with an average 0.6 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.32 percent a week ago and 4.15 percent a year ago. The 30-year fixed rate last hit this height in April 2014. The 15-year fixed-rate average jumped to 3.84 percent with an average 0.5 point. It was 3.77 percent a week ago and 3.35 percent a year ago. The ..read more

Total mortgage application volume rose 4.1 percent last week, according to the Mortgage Bankers Association. The rise in applications doesn’t make sense — unless you factor in fear. Interest rates rose, but borrowers may have jumped in, especially to refinance their current loans, worried that the long run of record low rates is over. The rise in mortgage applications last week doesn’t make sense — unless you factor in fear. Interest rates rose, but borrowers may have jumped in, especially to refinance their current loans, worried that the long run of record low rates is over. Total m ..read more

Loans performed well in September, continuing to erase most of the last vestiges of the market’s Great Recession distress.  The CoreLogic Performance Insights Report for the month says the national delinquency rate is now 5.0 percent. This ties September with August as the lowest rate since 2007. With the rate so low, measures of improvement are becoming slim. The September rate represents only an 0.2 percent year-over-year decline. Early-stage delinquencies, loans that are 30 to 59 days past due, rose 0.3 percent from a year earlier to 2.4 percent. CoreLogic’s chief econom ..read more

The following list of DO’ s and DON’T ‘ s to help guide you through the mortgage process and increase your approval chances. ​ 1. Do disclose all potential problems with regard to employment history, credit and income as well as other sources of fu nds. Tell the loan officer everything so that we can better service your needs. We are on your side and knowledge is our tool to help you overcome what ever the problem may be. ​ 2. Do disclose all income and all debts. You will empower the loan officer to select ideal programs for you with this information. ​ 3. Do qui ..read more

Mortgage rates barely budged today–not too surprising considering today’s bond market levels (which underlie rates) were roughly in line with yesterday’s.  The average lender is quoting conventional 30yr fixed rates of 4.0% or slightly lower for top tier scenarios.  Movement has been minimal since October with day-over-day change most frequently occurring at the “cost” level. In other words, bond markets don’t move enough every day for lenders to change interest rates by their standard 0.125% increments.  Instead, the cost (or rebate) associated with any given rate ser ..read more

Income Employers’ names and addresses for last two years (include dates of employment and gross monthly income) W-2s for last two years and pay stub(s) for last 30 days​ If self-employed: Year-to-date profit and loss statement and balance sheet prepared and signed by an accountant and you Signed tax returns for the last two reporting years Supporting documentation for any other income ​ Assets Last 2 months’ bank statements for the following  (all pages) Checking and savings accounts Credit unions Security accounts (stocks, bonds, life insurance, IRAs, 401(k)s, etc.) ​ Cre ..read more

 With home prices nearly back to where they were when the housing crisis began, CoreLogic’s principal economist Molly Boesel compares the duration of the recent cycle to those of other downturns.  While there hasn’t been a comparable period of performance nationwide, she looks at several regional ones. After hitting peak in 2006, the national price level fell for five years, finally reaching bottom in March 2011.  Most other sources set the date for the bottom of the market to exactly a year later which may indicate they are using inflation adjusted numbers.  From peak ..read more

Home sales might be a bit disappointing, but the National Association of Realtors® (NAR) says consumer attitudes about the economy are not the reason why.  NAR’s third quarter Housing Opportunities and Market Experience (HOME) survey found increasing confidence among respondents about the direction of the national economy and their own finances. There were also more responses that it was a good time to sell a house, and among renters, that it is a good time to buy. With home prices appreciating rapidly, it is no surprise that the share of homeowners that believe now is a&n ..read more