Tag: Rebecca Mott

Dos and Don’ts When Applying for a Mortgage

You will have to obtain a home loan pre-approval (if you are taking out a loan) or provide proof of funds (if you are cash/not taking out a loan) in order to look at properties; however, a loan pre-approval is not always a loan approval…mainly because applicants may not always follow important steps in obtaining a loan and being qualified.

Make your loan application process go more smoothly by starting with this as a guideline, provided by Rebecca Mott and her team at Guaranteed Rate. This is just a start – talk with your lender in detail and look around to find the best lender for your needs.

Dos and Donts of Mortgage

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Rebecca Mott
VP of Mortgage Lending/New Construction Specialist
rebecca.mott@guaranteedrate.com
Phone: 630.969.4607
http://www.guaranteedrate.com/rebeccamott

Rate on 30-Year Mortgage at Two-Year High

That is right. Increasing mortgage rates (currently at 4.51 percent) are all the more reason to buy before rates continue to increase, if you will be taking out a home loan.

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Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan jumped from 4.29 percent the previous week. Just two months ago, it was 3.35 percent — barely above the record low of 3.31 percent.

The average on the 15-year fixed mortgage rose to 3.53 percent from 3.39 percent last week. That’s the highest since August 2011.

Remember: the average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount and not all lenders charge the same fees.

Contact our great Mortgage Advisor in our full-service office, Rebecca Mott, at Coldwell Banker Home Loans / PPH. Her number is 708-364-6759 (also the number in the calendar above).