Denver Home Mortgage

Denver Home Mortgage Assistance website was created to share with you valuable information whether you want to purchase a your first house, or if you’re already a home owner and are just looking for assistance with your Denver refinance. We hope you’ll find the information here helpful in your quest.

It’s true: Denver mortgage rates today are right around 5% – but how can you get the best refinancing deal?

People everywhere are asking the same question; how to get in on these incredibly low mortgage interest rates. The problem is, even when people call their current lender, many people are having trouble getting through to them on the phone. It’s no surprise that the frustration level is high.

Believe it or not, it could take as long as 3 months for the mortgage market to be back to working normally, according to what one expert at Fannie Mae believes. His expectations are to see interest rates for home mortgages to stay in the neighborhood of 4.75% to 5.25% for the rest of the year.The main message here is to not panic. It will take some time to get a mortgage done, but that shouldn’t be a problem.

Things to keep in mind

1. Recognize opportunity

Look – there is opportunity here. 30-year fixed mortgage rates are at 4.6%. The ‘normal’ rate, in historical terms, is in the neighborhood of 8%.. That difference is quite significant.

Let us have a closer look at it. First, let’s take a 30 year fixed mtg at 4.6%. Let’s say you borrowed $170,300 for thrity years on a fixed rate mortgage (the average cost of a home) if your interest rate was 5%, you would be paying roughly $915.At an 8% rate, you would be paying $1,250. The savings? Three hundred thirty five dollars per month; that’s about $4000 a year.

2. Be cautious

Be prepared for the fact that it’s going to take longer to get through the refinance process these days. And that’s something to be aware of. Something else to be prepared for is the fact that Fannie Mae and Freddi Mac have apparently raised their fees.

So don’t be surprised to find that you’re paying one to two percent more of the loan amount in the way of fees, and sometimes even higher on top of all other closing costs.

3. Find the best rates

Today, one of the biggest issues for people is having enough equity in their home.These days you’ll need at least 20% equity to get the best rates.

You’ll also want to be sure your credit score is as clean and high as it possibly can be. Get copies of your credit report to make sure there are no errors at annualcreditreport.com.

Talk to several mortgage lending companies to be sure you feel comfortable with who you’ll be working with as well as getting the most competitive rate possible. Make sure to have all your paperwork ready for you lender in advance. The following is a basic list of the documents you’ll need:

A complete application, two years of tax returns, one month of paystubs, 3 months of bank statements (checking, savings, mutual funds), the most current mortgage statement you have and finally, a copy of your deed.

Do these things to get ready for your Denver home mortgage refi or purchase loan, and you will most likely be in as great shape as possible to get what you are looking for as you move forward.