Today's Mortgage Rates
| 30-year fixed | 5.100% |
| 15-year fixed | 4.300% |
| 3/1 adjustable | 6.000% |
| 5/1 adjustable | 6.125% |
| 7/1 adjustable | 6.500% |
| 10/1 adjustable | 6.625% |
| 30 Year Fixed | 5.100% |
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MORTGAGE CALCULATOR |  |
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Financing and Mortgage Considerations
Because buying a new home is a significant expense and finding the right mortgage broker is a must if you want to save yourself from having to deal with this time-consuming process. The complexity involved with buying your new home can make the process seem daunting unless you have taking the steps needed to choose a mortgage specialist that will effectively eliminate the complexities that come with financing your new home.
A good mortgage broker will assist you by ensuring you understand the loan process by being there to answer you questions along the way to you new home purchase. Since buying a home may be the single biggest purchase you'll make in your lifetime, It is critical that you understand what you'll be able to afford and just what the process of obtaining financing will be like - a good mortgage broker can help you in these areas.
Prior to starting your home seach there are some things to consider:
- Choose your mortgage broker
- Get pre-qualified
- Pre-approval
Three Important Financial Steps
Choosing a mortgage broker is a good first step since they can explain your mortgage options to you and assist you along the way by finding the best rate and terms for your situation. A secure loan is also important and a broker can assist with this as well. Invaluable is the assistance that a good mortgage broker can provide along the way by answering your questions and helping you with your concerns throughout the loan process.
Pre-qualification is another important step in the financial process. This simple process confirms how much home you can afford and is separate from pre-apporval. Lending institutions vary, but many can help you to pre-qualify online or over the phone. Prequalification streamlines your efforts by keeping you from becoming focused on or distracted by something outside the scope of your affordability.
Getting pre-approved is more significant than the pre-qualification step just mentioned. This step involves the lender's committing to loan you a specific amount of money to purchase the property. This is a crucial step in the purchasing process since many real estate agents - as well as home sellers - look for this step before agreeing to work with you. Why is that the case? Well, simply stated, it lets the seller know that you are a serious buyer. The added benefit is that you also have a better negotiating position and the closing process will likely be shorter if you are pre-approved for the loan.
Need Help Finding a Mortgage Broker?
If you would like help finding a qualified mortgage broker, be sure and contact us. We work regularly with a variety of local brokers and can give you recommendations on whom to consult when you are looking for a new home.
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This site has been designed to provide consumer information on the local real estate market. It is not intended to solicit clients currently working with a Realtor, nor is it intended to solicit properties already listed for sale. This information is true to the best of our knowledge but is not guaranteed to be without error. If you would like to correct erroneous information or request the addition of a complex, please contact us.
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