Mortgage interests are always in flux. They change daily. If you are shopping for any type of mortgage, cash out refi, reverse mortgage, etc.it is important to examine trends. If, for example, rates are currently 3% and you are shopping for 2.5% when the trends are going down it may be wise to wait. On the other hand if trends are increasing it may not pay to wait for something that may not be coming back.
Our suggestion is to begin by understanding the factors which determine your specific mortgage interest rate. Generally these are the main factors:
Loan amount, type and term
Interest rate type, fixed, adjustable, etc.
Banks and credit unions will assess the risk which you represent to them and offer you a rate relative to that risk assessment. DENVER MORTGAGE COMPANY LIMITED is a broker. We will suggest ways to mitigate your risk to lenders before you apply. Denver Mortgage company limited will then shop many of our lenders all of whom have different rules and different programs not available at banks or credit unions such as ITIN loans for resident aliens, hard money loans for “flippers”, reverse mortgages, 5/1, 7/1 10/1, and other ARMS, and many more. Some of our lenders accept FICO scores to 500, asset depletion loans non DSCR, and more.
The national average of 30 year fixed mortgages as of today, 11/6/21 is 3.15% down 2 basis points from last week According to Bankrate. Projections for October inflation are 5.35% compared to 5.40 increase in September.
CALL US AT 720 951 3921 THERE IS NO COST FOR OUR HELP WITH QUESTIONS!