During the month of October we have seen a couple shifts in a 30-year fixed rate mortgage, for the good of the consumer and real estate market. During the first week of the month, we saw the rates drop down nearing all time lows since about Mid 2009, when the rate was at a 4.82 percent. On the 8th it was said by representatives of Fannie Mae that the rate had hit 4.87 percent, almost a whole percent lower than last year.
The 15-year fixed rate also hit a low, at 4.33 percent, also a lot lower than it was this time last year. And also the lowest it has been since 1991, when the Market was at its peak.
Just because the rates are nearing an all time low, doesn’t mean lenders are going to give out loans to just anyone. You still must meet the high standards of the lender, and keep in mind, standards of borrowing vary by lender. They still want to be sure that they are going to get full repayment of any money borrowed. Having a solid credit score, income, and down payment are just a few of the things that lenders are really looking for in order to even consider you for a loan.
If you are considering taking advantage of these low rates, contact a mortgage professional to pre-qualify you before you waste your time shopping for your home. It is important to do this before hand, that way if you don’t get qualified you are not disappointed when you already have your heart set on a home. Make sure to review your credit reports, and have all your financial information ready prior to consulting with a Lender. Your lender will be able to find the right loan for you and your family. Don’t think for one second that you wont be able to get funding, because there are many alternative ways to go about it in todays market, if you qualify of course. Consult your lender today.
Yanni Raz is a mentor for many in the Real Estate Mortgage industry, Yanni Raz is been tutoring many homeowners in California and help some also to save their homes. http://www.homesinsale.com