With historically-low mortgage rates, Americans are taking advantage of the current climate to improve their financial outlook. According to The National Association of Realtors, sales of previously-owned homes in the United States rose nearly 25% between June and July to a seasonally-adjusted annual rate of 5.86 million. Here are a few things to consider for those in the market to buy a new home, and those interested in refinancing their current mortgage:
Are you a first-time homebuyer?
Good candidates for home ownership have stable income and have been employed in their current position for at least two years. They also have good credit, typically a score of 710 or higher, a low debt-to-income ratio, and they’ve carefully considered their future goals. To get started:
Refinancing Your Home
Homeowners may want to consider refinancing now while the rates are low to save money on monthly payments, finance home improvement projects, or consolidate debt. “This is a great time to refinance,” said Carmen Caputo, Vice President & Mortgage Loan Sales Manager, Fidelity Bank, Scranton.
Refinancing is easier than ever for consumers choosing the latest technology, such as Fidelity Bank’s Mortgage App. The app includes a checklist of documentation required for the application process. The main difference between the list of documents required for refinancing vs. applying for a mortgage is that current homeowners will also need to provide copies of their real estate tax bills, and copies of their homeowners’ insurance. Income verification, a good credit score, and a home appraisal are also part of the process.
While there is no way to know how long the rates will remain this low, some lenders, including Fidelity, have taken measures to give their clients a little extra assurance during the application process. “We are protecting borrowers’ interest rates, so the rate will be locked in for an extended period of time,” Carmen said. In the event a closing takes a bit longer, our clients can have confidence knowing that their rate is protected.”
To learn more, visit Fidelity Bank’s Mortgage Center, contact a mortgage consultant, and check out Mortgage rates hit historic low and local real estate market soars, by Ryan Leckey, WNEP-TV 16.
Fidelity Bank has built a strong history as trusted advisors to customers served, and is proud to be an active member of the communities it serves. With 20 branches located throughout Northeastern Pennsylvania and the Lehigh Valley, Fidelity Bank offers full-service Trust & Investment Departments, a mortgage center, and an array of personal and business banking products and services. The Bank provides 24 hour, 7 day a week service to customers through a variety of digital banking tools, branch offices, online at www.bankatfidelity.com, and through the Customer Care Center at 1-800-388-4380.