Mortgage Interest Rates November 2014

Hello everyone, this is John Vecchitto, a local loan officer with North-east Financial in Middletown. Today I would like to talk to you about residential mortgage interest rates.

When refinancing a home or purchasing a residential property, everyone wants to make sure they get the lowest rates on the market. I did some research online before writing this article and found interest rates all over the place. Most of these rates were in the 4% range. I get asked from homebuyers almost everyday if I could match a particular rate they saw advertised online. This is a tough answer but to understand it, you have to know about those rates you see advertised. When a lender advertises a mortgage interest rate, that rate has to be actually available. If you happen to be the perfect borrower, chances are you would be able to receive the interest rate shown. This is someone with a very high credit score, a high income, very little debt and a perfect credit history. Unfortunately, few of us fall into that category.

Now if you were to ask someone like myself what the interest rates are, I would tell you they were in the fours. I don’t mean to be vague or not know what I’m talking about, but without information like your credit score or financials, it is very hard to tell someone what the exact interest rate is. If you are serious about purchasing a home, it is imperative that you contact someone like me to get pre-approved BEFORE contacting a realtor. It isn’t as easy as asking a few questions over the phone to see how much your interest rate will be and how much you can afford (although we could give you a rough idea). What you are going to want to do is send the following documents:

1. Last 2 years W-2s
2. Most recent paytub
3. Complete bank or 401K statement
4. Current mortgage statement
5. Declarations page of homeowners insurance

Here at North-east Financial, we promise to work hard to find you the best loan product and the best interest rate. As a broker, we work with multiple banks to find the best bank that will work for you. For more information on how you can own the home of your dreams, feel free to call me at 860-918-0251 or email me at johnv@northeast-mortgage.com