Senior Mortgage Loan Originator
Alaska USA Mortgage Company NMLS Unique ID #204060
Phone: (907)796-1202 / fax 907-929-6711
Fax: WA Consumer Loan Co. License #CL-157293
License: Mortgage License #AK157293
How to Secure a Mortgage in Today's Market
During the housing boom, shopping for a mortgage couldn't have been easier. Mortgage interest rates were low, credit was a breeze, and the sheer volume of mortgage products made buying or refinancing a home a cinch, even if you had credit issues. All you had to do was call up a few mortgage companies, ask for a quote, and choose the lowest one. It was really that easy.
This is no longer true in today's volatile market. Sure, interest rates are still very low, and there are a lot of great deals in real estate right now. But lending guidelines are much tighter, the number of mortgage products has significantly diminished since the subprime collapse last summer, and if you have credit issues, there are simply fewer affordable options these days, thanks to risk-based pricing.
With so much at stake, you need an experienced, educated mortgage professional who can help you lock in the right interest rate on the right mortgage product for your individual financial goals and needs. Anyone who quotes you a rate over the phone or the Internet without asking anything about you, your family, your finances or your lifestyle, clearly doesn't have your best interest in mind.
This month, YOU Magazine will show you why good advice always beats lowest price when it comes to buying or refinancing a home, and why you need to treat shopping for a mortgage lender the way you would handle a professional job interview.
But first, let's look at how market volatility affects your mortgage rate.
Mortgage interest rates are set each day by individual lending institutions and are based on the performance of mortgage-backed securities (bonds) in the secondary market. Because of extreme volatility in the financial markets this year, the performance of these bonds has been extremely volatile as well, especially in the last three months.
In fact, interest rates for a 30-year fixed-rate home loan during this time have vacillated wildly between a low of about 5.25% and a high of nearly 7.00%. On a $300K loan, that's a difference in your monthly mortgage payment of $239.30 or over $86,000 more in additional monthly payments throughout the life of the loan.
Rate swings have been equally dramatic over the course of just a few days, and there were several days this year when rates changed nearly 0.25% in just a few hours! In other words, the low interest rate you may have been quoted over the phone at 10:30 am may not be available at 12:45 pm. In this market, you need a mortgage professional who understands the financial markets and when it's right to lock in the most attractive rate for your specific goals and needs.
Also, if lower credit scores are an issue for you, your mortgage professional should be able to help you or direct you to someone who can help you improve your FICO scores and your interest rate.
You can no longer simply shop for a mortgage based on lowest interest rate quotes. Today's home buyer needs good advice from an experienced, educated mortgage professional. Call the professional who supplied you with this copy of YOU Magazine for more information.
License AK# 157293 Washington Consumer Loan Company license# CL-157293 California Residential Mortgage Lending Act, License# 4131067
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|Alaska USA Mortgage Company NMLS Unique ID #204060
8390 Airport Blvd, Suite 102
Juneau, AK 99801
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