3 Things Insiders Ask When Getting a Mortgage
Home prices remain low, as supply exceeds demand across the U.S. In addition, the National Association of Realtors reports that pending U.S. home prices declined on a monthly basis by 5.5% in April (although home sales are up over April 2011).
The NAR's chief economist, Lawrence Yun, implies that buyers may want to strike while the iron is hot -- and prices are low. He says that the April numbers represent a short-term dip, and that the long-term fundamentals in the housing market are actually fairly sound if Congress and the White House can get their financial act together.
"Home contract activity has been above year-ago levels now for 12 consecutive months," Yun says in a May 30 press release. "Housing market activity has clearly broken out at notably higher levels and is on track to see the best performance since 2007. All of the major housing market indicators are expected to trend gradually up, but a new federal budget must be passed before the end of the year for the economy to continue to move forward."With 30-year fixed mortgage rates once again under 4% (they're at 3.84% this week, according to the BankingMyWay National Mortgage Rates tracker), maybe it really is a good time to buy. If so, don't go in with blinders on. The mortgage process is loaded with tripwires and potholes that can derail the best-intentioned and most frugal homebuyer. To help consumers get a better grip on shopping for a mortgage, LendingTree has some helpful tips. In a release sent today, LendingTree outlines three key questions mortgage industry insiders would ask if they were shopping for a mortgage. The tips come from a survey of 300 U.S. lenders in the LendingTree network, and constitute what the online lending giant calls the mortgage industry's "point of view" on getting a mortgage. Here are three key questions to ask -- and answers to absorb -- for consumers from the LendingTree survey:
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV