Don’t Wait For Mortgage Interest Rates to Go Lower, Now Is the Right Time to Buy

By Jason Boone

BEND – Mortgage interest rates rose slightly this week but they still continue to remain at a one year low.

The current mortgage interest rate for a 30-year, fixed rate mortgage loan is 4.14 percent while the mortgage interest rate for a 15-year, fixed rate mortgage loan is 3.27 percent.

Frank Nothaft on Mortgage Interest Rates

In a recent interview Frank Nothaft, Freddie Mac’s chief economist and vice president said this about the current state of mortgage interest rates “Mortgage rates were little changed amid a week of light economic reports, of the few releases, ISM non-manufacturing index rose to 58.7 in July from 56.0 a month earlier. Also, factory orders were up 1.1 percent in June”.

Nothaft feels that current mortgage interest rates are positive economic indicators which show that our economy is growing steadily.

Should You Apply For A Mortgage Loan Now?

If you’ve been thinking about applying for a mortgage loan to finance a home the answer is yes, now is the right time since mortgage interest rates for fixed rate loans from local banks and mortgage lenders across the United States are the lowest they’ve been in years and current mortgage interest rates are predicted to stay low for the rest of the year.

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How to Get Started With Applying For a Mortgage Loan

Step 1 – Gather your financial information: This includes your bank statements, check stubs to show proof of income, social security card, names and addresses of last 2 employers, monthly debt obligations, value of your bank/investment/retirement account and other assets.

Step 2 – Prepare data on the Real Estate you want to purchase: including year the house was built, estimated down payment amount, purchase price, annual property taxes, homeowners insurance and possible homeowner association dues which you will be expected to pay.

Step 3 – Use a mortgage interest rate calculator to see what type of mortgage payment you can afford.

Step 4 – Pull your credit report to make sure that there are no negative, inaccurate items or unpaid debts on your credit report.

Step 5 – Contact a mortgage broker to get the best mortgage interest rates today.

Simple Tips to Keep In Mind When Applying For a Mortgage Loan

* Tip 1 – Don’t make any major purchases or change jobs until after you’ve purchased a home. This tip is important because, you could lose your pre-qualification status for your mortgage loan if your credit score changes.

* Tip 2 – Pay off debts but don’t cancel credit accounts. Banks who manage mortgage-backed securities will want to make sure you have a good debt-to-income ratio but you could actually hurt your credit score by closing or canceling certain credit accounts that’s, why it’s best to leave those accounts open when trying to purchase a home.

* Tip 3 – Keep in mind how much additional money you will need for buying a home including money for closing costs, homeowners insurance and property taxes.

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Contact Us for All of Your Real Estate Needs

To learn more about current mortgage interest rates, or to view Bend Oregon homes for sale, contact me, Jason Boone, Principal Broker at Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by emailing me at jason@sgbend.com.