Sammy Thomas, a consultant living in Ridgewood, N.J., wasn’t looking for a 15-year mortgage when he decided to refinance as rates dipped last year. And 15-year mortgages come with lower rates. The reward for those higher payments is that over time, you’ll pay much less in interest by shortening the life of the loan. “Forget about adjustable rates altogether unless you have sufficient financial stability that you could absorb a higher monthly payment if your timetable doesn’t pan out,” McBride said.ĭecide length of loan: Fifteen-year loans are more popular with refinancing homeowners than they are with first-time homebuyers because many buyers can’t afford the higher monthly payments. According to the Mortgage Bankers Association, ARMs make up about 7 percent of the current market.īut ARMs make sense only for people who know for sure that they’re going to be in the house for a limited time. In exchange for accepting the risk that interest rates will rise, borrowers get a lower initial rate on ARMs. Adjustable-rate mortgages (ARMs) offer a fixed rate for, typically, the first five or seven years after that, the rates can rise every year. Those boundaries dictate what your price range is,” said McBride.Ĭhoose between rates: The standard loan offers a fixed interest rate for 30 years. In addition, getting preapproved for a mortgage amount “sets boundaries around what you can afford. This will make you a stronger buyer, because sellers will know you have the financing in place to move forward. Get preapproved: Even before you start looking for a house, you should get preapproved for a mortgage. Then shop around among several lenders for the best rate. During the housing boom, Stein said, lenders “weren’t looking at anything – now they’re looking at everything.” Now, borrowers need to show one month’s worth of pay stubs, two months of bank statements and two years of tax returns, according to Stein.
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Regulators have cracked down since the housing boom free-for-all, when unqualified buyers and borrowers got or refinanced mortgages they couldn’t actually afford. It’s a good idea to try to improve your score in the months before you apply for a mortgage, because even a 20-point improvement can make a difference in the rate you can get, according to David Stein, chief operating officer of Residential Home Funding in Parsippany, N.J.īe ready to offer up a lot of paperwork to document your income, debts and assets. Anyone with scores below 620 will find it very difficult to qualify for a mortgage borrowers with scores over 740 qualify for the best rates. You can check your credit score at for $19.95. Then do what you can to improve your credit rating by paying down your debt.Īvoid borrowing to buy a car or other big-ticket item in the months before you apply for a mortgage – and, for that matter, up to the date you finally close on your new home. If interested in learning more, please visit and register with our referral code: MAC.Given the changing mortgage landscape, here are five things borrowers can do to get the best deal:ĭo your homework: The first step is to check your credit report with the three credit reporting agencies.
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