Mortgage Rate Today And Preparation For Home Buying

According to Bankrate.com today, the average rate on a 30-year fixed mortgage is 3.08% with an APR of 3.30% the rate went down 2 basis points since the same time last week from 3.10%.

The 15-year fixed mortgage has an average rate of 2.42% with an APR of 2.71% rose 2 basis points from 2.40%.

The 30-year jumbo mortgage average rate is 3.04% with an APR of 3.16% has dropped 3 basis points today from 3.07% a week earlier.

The average rate on a 5/1 ARM is 2.82% with an APR of 3.96% it was 2.84% last week.

For purchasing a home, mortgages and mortgage lenders are a necessary part, as it would be difficult to understand what you’re paying for and how much can you actually afford.

A mortgage calculator helps you estimate your monthly mortgage payment depending on your interest rate, the purchase price, down payment, and other expenses.

You will need:

The home price
Amount of your down payment
The interest rate
The loan term
And any taxes, insurance, and HOA fees if applicable, to calculate your monthly mortgage payment.

Along with saving for your down payment have some reserve funds for inspection and appraisal, closing costs, ongoing costs, furnishings, repairs, and renovations.

Before home seeing activity it helps to get a pre-approval for a mortgage, which shows that you are a serious buyer.

You will need your Social Security card, W-2 forms, pay stubs, bank statements, tax returns, and any other documents that the lender asks for to get pre-approval of the mortgage.

Reference Source: Forbes

https://www.compareclosing.com/mortgagenews/mortgage-rate-today-and-preparation-for-home-buying/

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