If you are thinking about purchasing a new home, don’t wait until you find the perfect home to get pre-qualified!
Make sure you find out how much you can qualify for, interest rates available and your debt to income profile is appropriate before you make any offers. This helps insure that you not only choose a home in the right price range, but help avoid falling in love with a home that you can’t afford!
Another great reason to get quaified as early in the process as possible is to insure the fastest closing possible. Even though home prices have fallen and the housing market is challenging you will find multiple offers on the home you like and you will be at a disadvantage if you have not secured your financing, pre-approval and funds to close. Your offer does not have to be the highest necessarily, just the best one. If there are multiple offers, you may be at a disadvantage if you are not able to show your ability to close. Don’t wait until the last minute!
We have home purchase specialists standing by that can give you FREE home purchase finance advice or a pre-qual. Feel free to check Today’s Lowest Mortgage Rates on our Live Pricing Engine or Contact Us directly.
As the Real Estate and financial markets continue to move up and down, mortgage rates can also be affected. Since mortgage rates are more closely tied to the bond markets, an up or down move in the stock market may not have the result in mortgage rates that one might expects. In fact, many times the resulting mortgage rate changes are counter-intuitive.
More importantly, rates change daily and they can change quickly. Some mortgage professionals have recently noted that their rate quotes have only had shelf lives of three to four hours before market changes have deemed them inaccurate.
How does a consumer navigate fast changing markets in order to refinance their existing loan or purchase a home with the most favorable terms possible?
- Plan – Define your needs ahead of time, do not wait until the last minute. This is especially true of home purchases.
- Consult – Talk to your mortgage professional on a regular basis so they can interpret recent market events to you and communicate how those events can affect you.
- Execute – When you have defined your needs and have determined that now is the best time to move forward, don’t shop yourself out of a good loan! What does this mean? It is easy to get caught up in shopping for the best rate, but it is not uncommon for home owners to miss locking their loan at a great rate because they are in search of better rates that do not exist or that they do not qualify for. It is important to shop to insure you are getting the best rate possible, but set limits to the number of companies you are going to consider doing business with and be careful of having your credit report needlessly and more times than is necessary!
With the resurgence of FHA home loans, many home owners are wondering if they can benefit from an FHA loan. The truth is that you may or may not benefit by converting your existing loan into an FHA loan when you refinance.
Some of the factors that can determine if an FHA loan is right for you:
- Loan To Value
- Home Value
- Size of Existing Loan
- Credit Score
- Amount of Cash You Want to Take Out
With the many changes that have occurred with FHA loans, it is possible that even if you didn’t qualify six months ago, there may be a loan program that is right for you.
One of our mortgage professionals can help you determine if an FHA loan is right for you quickly with no costs.
Our mortgage professionals can give you FREE loan advice to help you understand the mortgage process.
Wondering which loan is right for you? Not a problem! We can help determine which loan will fit your needs for your home purchase, refinance or debt consolidation needs.
If you have any questions, please contact us or call us!
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