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Why Are 30-Year Mortgage Rates So Popular?

This last week the interest rate on a fixed-rate 30-year mortgage rose a very small amount, so it now sits at 4.86%. Despite being a slight increase when going week-to-week, this is nearly a full point higher than the interest rates on the same mortgages a year ago says Freddie Mac.

These higher interest rates change the entire home buying process, particularly the part where potential purchasers weigh out the real costs of borrowing from lenders. In fact, some real estate markets have begun to see dips in both prices and sales because of rising interest rates.

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How Will the Fed Rate Hike Impact Us?

The Federal Reserve just increased it’s rate by a quarter point and the word is that the rates will only continue to increase over the coming months and years. But what does this mean for consumers?

What will happen to cash-tied funds like savings, mortgages, or auto loans? Those looking for a home will obviously be most concerned with how mortgages are affected, but the way other cash-tied funds will be altered is also important. This is because the current state of all existing loans will weigh heavily on the financial situation of those who have taken them out or plan to make use of them in the near future.

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Mortgage Volume on The Up and Up

After a steep decline for the great part of the past month, things started looking up for the mortgage industry. More borrowers returned to refinance or purchase homes, causing rates to rise once again.

The total application volume for mortgages over this past week rose by just over four percent. While this is great news for mortgage lenders, rates are still fifteen percent lower than they were at this same time last year.

Why is It Increasing?

The rise in loans may be thanks to more stability in the current mortgage market. This follows wide swings (both upwards and downwards) at the start of last month.

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How to Still Get A Mortgage with Credit Blemishes

Sometimes life has a way of throwing monkey wrenches into your plans at the worst possible times. While obtaining a mortgage assures you’ll have the funds upfront for a mortgage, life offers no such assurances.

Millions of Americans can attest to this. It doesn’t take much to become far behind on your bills. When this happens, blemishes appear on your credit report, negatively impacting your score and hurting your chances of ever getting a mortgage.

Everyone believes a second chance at a good credit report and a stable financial life, however. Just because life has gotten in the way, doesn’t mean that all hope is gone. One shining beacon of hope lays in something called SmartTrac.

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How People Pick Their Mortgage Companies

Although most would assume that people picked their mortgage companies based on who had the lowest interest rates, this isn’t actually the case. In fact, it’s the determining factor with the least amount of pull in the final decision, according to recent surveys by the MortgageSAT Borrower Satisfaction Program.

While a lot of money could be saved by lower interest rates, other things were foremost in the minds of those consumers surveyed. Here we’ll look at what those things were.

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Income Verification Docs to Have Ready When Applying for A Mortgage

Before you decide to fill out the paperwork for a mortgage you will want to ensure you have all your paperwork together. While it may seem like there is a substantial number of documents needed, they can all be broken down into two simple categories: identity verification, and income verification.

Identity Verification

Identity verification is straightforward, although lenders may vary slightly in how many documents are needed, which forms they will accept, or which they generally prefer. Examples of identity verification include your driver’s license, school or work ID card, birth certificate, social security card, or passport. It is wise to have at least three of these on hand.

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Now Is A Good Time for A Mortgage – Rates Are Dropping!

The rates of long-term mortgages in the United States fell once again this week. This follows a trend which has encompassed five of the previous six fiscal weeks. While the drop may not be jaw dropping, it does bring a modicum of relief to those who are currently in the market to purchase a new home.

Although interest rates are dropping, they are still higher than they were at this time in the previous year when they sat at 3.96 percent. Currently, even with the downward trend, rates are sitting at just over four and a half percent. Shorter, 15-year fix rate loans are lower than the previous year – if just barely. Today they sit at 3.99 percent, whereas last year they sat at just over four percent.

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How Do You Know If It is a Good Time to Refinance?

While a constantly fluctuating economy is rarely beneficial, it does every great once in a while offer a time where it is good to refinance your current mortgage. You might have heard of someone else refinancing and getting a great deal, but keep in mind that each person has a different situation. Sometimes what worked great for one person is not such a great idea for another. So how do you know when it is an appropriate time to refinance? Check out our useful tips below.

  • Pull out your mortgage and look over them with a fine-tooth comb. Check the interest rate, special terms, and any other pertinent information – such as if it is adjustable or fixed rate, and if adjustable, when does it transfer to a fixed rate term.

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Tips on How to Get Pre-Approved for A Mortgage

Getting a pre-approval for a mortgage is important. Many real estate agents will not even provide home viewings without a letter stating the prospective buyers are pre-approved. But how does one obtain one of these vital first steps in the home purchasing process?

It is harder than ever to get a traditional mortgage, thanks to rising home costs and an economy which, while on the mend, has not fully recovered from the recent fiscal crisis. For this reason, you should be sure to put your best foot forward from the very beginning – and that begins with the pre-approval.

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How to Get the Mortgage You Need – Expert Tips

It can be daunting applying for your first mortgage, and the idea of sharing so much personal information with a real estate agency isn’t the easiest thing in the world. The situation becomes even scarier when faced with the prospects of being denied the ability to purchase your dream home.

To best fight the fear of obtaining your first loan, you should head to your appointment armed with as much knowledge as possible. This knowledge, consequently, will also allow you the best chance at being approved. If your ready to begin, check out these expert tips below.

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