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Mortgage Interest Rates | The McLeod Group Network - KW Capital City Blog

Wednesday, March 6, 2019   /   by Amy McLeod

Top 10 Questions to Ask a Mortgage Lender: Do You Know Them All?

What are the best questions to ask a mortgage lender before you lock in a home loan? If you want to find the very best mortgage for your needs, it pays to not automatically go with the very first lender you see.
“You need to shop around to make sure you’re getting the best interest rate and loan terms,” says Peggy Yee, supervising broker at Frankly Realtors, in Vienna, VA, who recommends that home buyers meet with at least three lenders before they pick.
So how do you compare and contrast your options effectively? Ask these 10 questions below to get a sense of who's right for you.
1. What types of home loans do you offer?
Some lenders offer a wide range of mortgage products, while others specialize in only one or two types of home loans. Finding a lender that offers the type of mortgage you need is a must. These are the most common types of home mortgages:

Fixed-rate loan: True to its name, a fixed-rate mortgage means that t ...

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  amy mcleod, mcleod group network, homebuyers, buying a house, first time home buyers, down payment, mortgages, mortgage interest rates, pre-approval, home loans

Monday, August 20, 2018   /   by Amy McLeod

Oops! 5 Mortgage Moves You May Not Realize You Need to Do

Getting a mortgage is easy, right? You’ve seen the TV commercials and the billboard ads touting promises like, “Get approved for a mortgage today!” Well, sorry to break the news, but the reality is that obtaining a home loan isn’t just one mouse click or phone call away.
There are a number of hoops to jump through and hurdles to cross before a mortgage lender will issue you a loan. To switch metaphors, it's less of a sprint, more of a triathlon—and it’s easy to overlook an important stage or two as you move toward the finish line.
Curious what home buyers often miss, much to their chagrin? Here are five essential steps that many people don't realize are needed for a mortgage.
1. Get pre-approved
In any highly competitive housing market, it's akin to self-sabotage not to get pre-approved before making an offer on a house.
Pre-approval is a commitment from a lender to provide you with a home loan of up to a certain amount. Th ...

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  amy mcleod, mcleod group network, homebuyers, buying a house, first time home buyers, mortgages, mortgage interest rates, credit score, pre-approval, appraisals, home loans

Thursday, May 17, 2018   /   by Amy McLeod

Moving Up to Your Dream Home? Don’t Wait!

Mortgage interest rates have risen by more than half of a point since the beginning of the year, and many assume that if mortgage rates rise, home values will fall. History, however, has shown this not to be true.
Where are home values today compared to the beginning of the year?
While rates have been rising, so have home values. Here are the most recent monthly price increases reported in the Home Price Insights Report from CoreLogic:
·         January: Prices were up 0.5% over the month before.
·         February: Prices were up 1% over the month before.
·         March: Prices were up 1.4% over the month before.
Not only did prices continue to appreciate, the level of appreciation accelerated over the first quarter. CoreLogic believes that home prices will increase by 5.2% over the next twelve months.
How ...

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  amy mcleod, mcleod group network, homebuyers, buying a house, home values, home prices, mortgage interest rates, mortgages, move up buyers

Thursday, April 26, 2018   /   by Amy McLeod

“Short of a war or stock market crash…”

This month, Arch Mortgage Insurance released their spring Housing and Mortgage Market Review. The report explained that an increase in mortgage rates and/or home prices would impact monthly payments this way:
·         A 5% increase in home prices increases payments by roughly 5%
·         A 1% rise in interest rates increases payments by roughly 13% or 14%
That begs the question…
What if both rates and prices increase as predicted?
The report revealed:
“If interest rates and home prices rise by year-end in the ballpark of what most analysts are forecasting, monthly mortgage payments on a new home purchase could increase another 10–15%. That would make 2018 one of the worst full-year deteriorations in affordability for the past 25 years.”
The percent increase in mortgage payments would negatively impact affordability. But, how wou ...

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  amy mcleod, mcleod group network, homebuyers, buying a house, first time home buyers, home values, home prices, housing market updates, down payment, mortgage interest rates, mortgages

Monday, April 16, 2018   /   by Amy McLeod

Getting Pre-Approved Should Always Be Your First Step

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing if your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
One of the many advantages of working with a local real estate pr ...

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  amy mcleod, mcleod group network, homebuyers, first time home buyers, buying a house, home prices, down payment, mortgage interest rates, mortgages, credit score, pre-approval

The McLeod Group Network - KW Capital City
Amy McLeod
1900 Hines St SE, Suite 220
Salem, OR 97302
971-208-5093
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Phil Gerstner
110 Wallace Rd. NW
Salem, OR 97304
503-871-4968
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Traci Benjamin
Homeside Mortgage
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Aaron Memmott
Finance of America
Mortgage Advisor
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NMLS# 1048117
Direct: (503) 718-9876
Cell: (503) 551-1115
Fax: (855) 639-2956

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Elizabeth Smith
Caliber Home Loans
elizabeth.smith@caliberhomeloans.com
NMLS# 228191
Cell: 503-910-0415
eFAX: 844-538-4687

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