Wednesday, September 14, 2022 / by Todd Mowry
Mortgage rates have been on a roller coaster ride this year, rising and falling amid inflationary pressures and economic uncertainty. And even the experts are divided when it comes to predicting where rates are headed next.1
This climate has been unsettling for some homebuyers and sellers. However, with proper planning, you can work toward qualifying for the best mortgage rates available today – and open up the possibility of refinancing at a lower rate in the future.
How does a lower mortgage rate save you money? According to Trading Economics, the average new mortgage size in the United States is currently around $410,000.2 Let’s compare a 5.0% versus a 6.0% fixed-interest rate on that amount over a 30-year term.
Mortgage Rate(30-year fixed)
Monthly Payment on $410,000 Loan(excludes taxes, insurance, etc.)
Difference in Monthly Payment
Total Interest Over 30 Years
Difference in Interest
Tuesday, July 14, 2020 / by Todd Mowry
What happens in the mortgage loan process after you get pre-qualified and have found a house to buy?
Getting a pre-qualification is not exactly what it sounds like. Most people think this is all I need to buy a home. Pre-qualification is just a quick look at your credit and income to see if you can possibly qualify to be approved for a mortgage. You do a quick application..they give you a pre-qualification letter and you go on your way looking for a home thinking you are ready and good to go. While you are good to find a home and turn in an offer you are still a long way off from being ready to buy.
If you are not pre qualified it would be a good idea to get pre qualified before you start your home search. Waiting till you have found the home can cause delays in being able to offer. Things in your past history can throw a wrench in to your application and you may lose the home you offered on, because of having to wait for answers or correction. If you don't have any; ...