Register Real Estate Advisors

There are several lenders that I recommend to my clients, depending on their needs. If you need to get a loan pre-approval, call me for a reference. I work with lenders all the time and I can help you. You want to be sure the lender you are using is truthworthy, professional, and dedicated to getting you to the closing table so you can purchase your new home.

When you start looking for a home, you first need a pre-approval for a mortgage.  Below is a list of things your lender is going to need to process your loan.  They may ask for additional items, but this is a list to get you started.  Make sure you get these items to your lender in a timely manner your home purchase moving along.  This way, you will be able to close when you have planned to close on your new home.

10.  Previous addresses where you have lived over the past 5-7 years.

9.  Payments you are currently making; a list of current lenders and revolving creditors with account numbers.

8.  Credit card numbers with amounts you owe on each credit card.

7.  Verification of all income, including child support and part time jobs.

6.  Documentation on all retirement accounts, like a 401K.

5.  Asset list.  Things on this list would include boats, cars, collectibles, RV, etc.  Also include brokerage account statements for stocks and bonds.

4.  Two to three years of tax returns.

3.  Checking and savings account statements for banks and credit unions.

2.  Current pay stubs.

1.  W-2′s.

SEATTLE, March 2 /PRNewswire/ — The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.80 percent, down four basis points from 4.84 percent compared to this same time last week. The 30-year fixed mortgage rate peaked at 4.87 percent late last week before hovering below 4.80 percent over the weekend.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060503/ZILLOWLOGO)
Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the site, and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey.
The rate for 15-year fixed home loans is currently 4.23 percent, while the rate for 5-1 adjustable-rate mortgages (ARM) is 3.57 percent.
The total volume of mortgage requests in the past week was unchanged from the prior week. Of last week’s requests, 32.2 percent were for refinance loans, 65.8 percent were for purchase loans and 2.0 percent were for home equity loans. The prior week, 30.2 percent of requests were for refinance loans, 67.7 percent were for purchase loans and 2.1 percent were for home equity loans.
Below are current rates for 30-year fixed mortgages by state. Additional states’ rates are available at: www.zillow.com/Mortgage_Rates.
State Current 30-Year Fixed Rate (3/2/10) Last week’s 30-Year Fixed Rate (2/23/10) Change in Basis Points
California Mortgage Rates
4.71% 4.82% -11
Colorado Mortgage Rates
4.88% 4.92% -4
Florida Mortgage Rates
4.79% 4.86% -7
Illinois Mortgage Rates
4.79% 4.85% -6
Massachusetts Mortgage Rates
4.90% 4.88% +2
New Jersey Mortgage Rates
4.86% 4.89% -3
New York Mortgage Rates
4.88% 5.00% -12
Pennsylvania Mortgage Rates
4.81% 4.78% +3
Texas Mortgage Rates
4.69% 4.82% -13
Washington Mortgage Rates
4.82% 4.89% -7

About Zillow Mortgage Marketplace
Zillow Mortgage Marketplace is a free, open, and transparent lending marketplace, where borrowers connect with lenders to find loans and get the best mortgage rates. Borrowers anonymously submit loan requests and receive an unlimited number of custom mortgage quotes with real rates directly from thousands of competing lenders. Zillow Mortgage Marketplace also provides mortgage calculators, mortgage advice, mortgage widgets, and lender directories.
Zillow.com and Zillow are registered trademarks of Zillow, Inc.
SOURCE Zillow.com

Today rates went up…our Real Estate Research Center at Texas A&M said it was coming…

(COLLEGE STATION, Tex.) — Mortgage interest rates are low right now, but don’t expect that to last. When the government quits buying mortgage-backed securities, rates will head up and away.

Dr. Mark Dotzour, chief economist for the Real Estate Center at Texas A&M University, explained why mortgage rates were so low at the end of 2009.

“First, the global consensus among bondholders appeared to be that inflation will remain low in the United States for an extended period. This caused the ten-year U.S. Treasury rate to fall to between 3.2 and 3.6 percent for much of the second half of 2009.”

With extraordinary levels of federal deficit spending,  Dotzour said it is unlikely that the low-inflation scenario will be popular when the economy starts to rebound.  Consumers should expect mortgage rates to rise when signs of improvement appear.

A second factor contributing to the low mortgage rates is the Federal Reserve Bank’s unprecedented purchase of nearly all the mortgage-backed securities issued by Fannie Mae and Freddie Mac in 2009, he said. Totaling more than $1 trillion for the year, this program has been extended through the end of March 2010.

“The Fed has never done this before in its history, “said Dotzour. “They are doing this to stimulate the economy by keeping mortgage rates as low as possible. When the Fed stops buying these securities from Fannie and Freddie, mortgage rates are likely to increase, possibly quite abruptly.”

How far will rates go up when the Fed terminates its buying program?  Dotzour said that question is difficult to answer precisely, because this has never been done before. But many experts think that rates could move up one-half to 1 percent.

“The combination of extraordinarily low mortgage rates and current price levels are making homes extremely affordable to American families. In fact, national and Texas housing affordability indices indicate that homes are more affordable than ever. But this will not last. When the economy recovers and the Fed stops purchasing mortgages, rates will rise.”

To read more on this subject, see Dotzour’s article in the January 2010 issue of Tierra Grande magazine.