Ask Kyle: Home Mortgage Interest Rates at All Time Lows
December 4, 2008 at 1:08 am Leave a comment
Recent interest rate drops have everyone wondering what exactly is required to qualify for those low fixed rates. Interest rates are as low as 5.125% on 30yr Fixed loans. No, that’s not a typo and it’s not too good to be true.
It’s an excellent time to buy or refinance if you can qualify.
Lenders are looking for:
- Full Documentation… Income documented through W2’s & Pay stubs (2 yrs Tax Returns for those who are self-employed).
- Lower Loan to Value (LTV’s under 80% preferably)
- Credit scores of 680 +
It doesn’t sound like too much to ask for to qualify for fixed interest rates in the low 5% range. Over the last few years homeowners have been able to qualify with little in the way of income documentation. We’re back to basics with the current lending environment. There are only a few exceptions that will allow for stated income or low documentation loans.
The good news is that these historic low interest rates are available and should be taken advantage of. Give me a call to discuss your individual scenario…
Kyle B. Bailey
Mortgage Planner
Direct: 425.673.8227
Cell: 425.293.5371
Fax: 480.287.8704
kbailey@golfsavingsbank.com
Entry filed under: Ask Kyle - Our Mortgage Expert, • Real Estate. Tags: Seattle home finance, Seattle mortgage, Vashon home finance, Vashon mortgage.
Trackback this post | Subscribe to the comments via RSS Feed