Question: What do you think mortgage interest rates will do in 2013?
Rhonda: I think there is a good chance we will see them go up. We have already seen a small upward movement this year. I think especially toward mid-year, we will see an increase in rates. There’s lots going on with fiscal talks in Washington, DC that could effect the long term rates. The stock market has also been doing good this year, which has partially caused our current upward movement.
Question: Is now a good time to purchase a home?
Rhonda: Yes, we are starting to see some firming of purchase prices as well as interest rates going up. We are also seeing less inventory.
Question: Is now a good time to sell a home?
Rhonda: I think that would depend on your current need to sell.
Question: I keep hearing that it is harder to get a mortgage and you have to have 20% down. Is that true?
Rhonda: I think that is partially true. You need to be able to prove income and stability of that income. You also typically need to have at least a 640 credit score. The higher the score the better deal you will get on rate. As far as down payment goes, there are still some great programs that allow less down payment. VA (Veterans Administration), Guaranteed Rural Housing, FHA (Federal Housing Authority), and Conventional with mortgage insurance. All of them require some type of mortgage insurance or funding fee. So, if you have 20% down, then you don’t have to pay that.
For more information,
I can be contacted at:
Dependable Mortgage Co.
Rhonda Sherman, Owner
License # 100008357 NMLS # 381084
145 Grand Avenue, Suite B
Grand Junction, CO. 81501
(970) 257-1502 or (970) 250-8613
Website: Dependable Mortgage Co.
Regulated by the Division of Real Estate
An Equal Housing Lender