All About Mortgages

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Mortgage is a huge part of a real estate transaction for most people. Hence, understanding and preparing for a good mortgage approval is of utmost importance.

15-year Mortgage versus 30-year Mortgage

Most people take up a 30-year mortgage on their homes. The monthly payments are more manageable and it is also easier to qualify for a 30-year mortgage.

15-year mortgages build equity much faster and whenever possible, a Buyer should always consider a 15-year mortgage.

Most people who takes out a 30-year mortgage make extra payments as if it was a 15-year note, but they have the discretion of not doing that in an uncertain job market and economic times like today.

Pre-Qualify versus Pre-Approved

A strong offer is a written offer, submitted with a pre-qualification or pre-approval letter to the Seller indicating two things: (1) You are serious with your offer (2) Serious enough to ensure you could purchase the Seller's property.

Pre-Qualification is a simple initial process where a lender evaluates your credit worthiness based on your credit and other information you provided, typically verbal over the phone or face-to-face.

Pre-Approval is an extensive qualifying process where a lender evaluates your credit worthiness along with the paperwork and application you submit. This is a much "stronger" letter to a Seller.

Two Halves Make a Whole Financing Approval

A buyer needs to be qualified based on some criterias and at the same time, the property the buyer wants to purchase also must "qualify" in order to receive a full final approval for a mortgage.

Mortgage Calculators

Read more about mortgages and related topics below.

Mortgage Interest Rates Spiked Higher Than Normal

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DAILY FIXED MORTGAGE RATES

Mortgage	Rate	APR
FHA 15-Year (1Pt)	4.250%	4.903%
FHA 15-Year (0Pt)	4.500%	4.999%
Conv 15-Year (1Pt)	4.250%	4.549%
Conv 15-Year (0Pt)	4.375%	4.523%
FHA 30-Year (1Pt)	4.875%	5.259%
FHA 30-Year (0Pt)	5.125%	5.421%
Conv 30-Year (1Pt)	4.750%	4.924%
Conv 30-Year (0Pt)	5.000%	5.087%

*Rates subject to change without notice

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