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Mortgage Rates Hit Record Lows for Third Consecutive Week

by Mark Rieger, Mark Rieger Realty

 

For the third week in a row, fixed rate mortgages reached record lows, according to the latest data released by Freddie Mac.

The most popular mortgage, the 30-year-fixed mortgage, fell to 3.79 percent last week. The 30-year fixed mortgage has remained below 4 percent every week except one during 2012. A year ago, it averaged 4.61 percent.

The 15-year mortgage also reached a new record low of 3.04 percent. Last year at this time, the 15-year-fixed mortgage was around 3.80 percent.

Freddie Mac’s Vice President and chief economist, Frank Nothaft, claims that ongoing economic turmoil in Europe is partly responsible for the continuing slide in mortgage rates. He said, “The European debt crisis overshadowed improving economic indicators for the U.S. and allowed Treasury bond yields and fixed mortgage rates to ease for another week.” He also indicated that there were signs of progress in the home construction industry. The rate of construction on single-family homes in the nation picked up to its fastest pace in three months.

Speed up your Mortgage Process

by Mark Rieger, Mark Rieger Realty

 

   

Once you decide to Buy a home, you are beginning a process that can take weeks – if not months – to complete.

Being approved for a mortgage loan can take some time. Because it’s currently a buyer’s market, there are other potential homeowners who take up your lender’s time. The amount of paperwork has also increased in the past few years, which can draw out the approval process.

There are a few steps you can take to speed up the process.

1. Gather all paperwork before applying. Have all your paperwork ready before your initial meeting with the lender. You’ll need pay stubs from the past month, a bank statement from the past month, a homeowner’s insurance declaration page, and any other significant financial documentation. The more you initially provide, the faster the loan can be approved.

2. Be honest about your finances. Never exclude any information about your assets or finances. Most of your records are public and can be found by your lender, so don’t omit anything or misrepresent yourself in any way.

3. Make sure you’re there for the appraiser. The appraisal process can take a significant amount of time. Schedule the meeting immediately and be flexible. If the appraiser can’t reach you, the mortgage process could take much longer.

If you have any questions about the home buying or mortgage process, contact me today. I am here to help.

 

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