MORTGAGE RATES & NEWS:  What is happening now?

You should contact a lender of your choosing to verify the current rates and how they may apply to your needs.

  • Check your credit status. As of September 2005 (or earlier, depending on where you live), you have the right to receive a free credit report once a year from each of the 3 major credit bureaus—Equifax, Experian and TransUnion. For completeness, it is best to review reports from each one of them.

  • Work with me and the lender to determine how much you can afford to pay for a home. This will save you time and possible disappointment in the search.

  • Ask your lender for your credit score. This score, which is calculated based on your credit history and other factors, determines how lenders view your creditworthiness and determine the loan terms to offer. Scoring rules vary widely, but generally a score of 650 or higher means that you qualify for the most favorable loan terms.

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  • Shop around. Different lenders charge different rates and fees and have different options. Be sure to compare to get the best deal. I can help direct you to many reliable lenders.

  • Be sure you understand the risks of your mortgage and know whether you can handle possible payment increases.
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