Current Mortgage Rates

Thursday, December 04, 2008



The mortgage application is a process that requires considerable paperwork. First there is the application form, which asks for detailed information about you, your employment record, the house you want to purchase, etc. The lender will need documentation pertaining to your personal finances - your earnings, your monthly expenses, and your debts - to help gauge your willingness and ability to repay the mortgage. Steps to complete the Loan and Mortgage Application:
  1. Select Loan Type
  2. Loan Details (for selected loan types)
  3. Personal Information (Applicant and Co-applicant)
  4. Employment and Other Income (Applicant and Co-applicant)
  5. Assets (Applicant and Co-applicant)
  6. Liabilities (Applicant and Co-applicant)
  7. Legal Agreement (Applicant and Co-applicant)
  8. Contact Information and Confirmation
Generally, you'll be asked for the following information:

Personal
  • Employment and salary history for the past two years
  • Addresses of your residence for the past two years, as well as landlords (if applicable)
  • Your social security number and that of your co-borrowers
Financial:
  • Your current income - this includes your base salary, and commissions or bonuses, dividends, etc. (income from alimony, child support, or separate maintenance payment need not be revealed if you don't want it to be considered as a basis for repaying the loan)
  • Numbers and locations of your bank accounts
  • Bank/Investment account numbers, balances, and names of the institutions holding them
If you are self-employed or compensated by commissions, you will need to supply your federal tax returns for the most recent year you filed and the year preceding that one (two years total).




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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed5.62%
30-yr. fixed jumbo7.50%
15-yr. fixed5.38%
15-yr. fixed jumbo7.25%
7/1 ARM6.12%
5/1 ARM5.88%
3/1 ARM5.88%
1-yr. ARM6.62%
1-yr. LIBOR ARM6.12%
10/1 ARM6.25%
40-yr. fixed6.88%
*Mortgage Rates Updated: 12/04/2008