All Posts tagged mortgage rates

Mortgage Rate with a 3 in front?????

By Kimberley Kelly 30 Jun, 2012 Buyers, La Quinta, Market Reports buyers, mortgage rates

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La Quinta Buyers..do you qualify for a mortgage with a 3 in front of it???

You too could qualify for a mortgage rate with a 3 in front of it.  Refinance?  Same thing.  This is a very enlightening article from today’s New York Times talking about a young couple that did just that.  Huge documentation will be required of course, but that’s true with ANY mortgage or refi.

The keys are…

1.  Your Credit score..it needs to be in the 700’s minimum.

2.  Money in the bank..prove you can cover a couple months’ payments.

3.  Job Security..prove you’ve got a good job that seems secure

4.  Other assets?  The more cash, or paid off assets..the higher your odds.

The appraisals are starting to come in where they should here in the Palm Springs Valley, so if you’re qualified, why not give it a go?  Of course..the paperwork will be equal to that of a Short Sale, so have your docs in order!