Today’s mortgage rates–averaging  just over 5.0% for a 30-year fixed loan–are steals. Experts agree that loans will hover in the 4.75% to 5.5% range all year. This bodes well for anyone choosing to buy a Wisconsin Rapids home this year.

As you begin to research mortgage information take note of the following four tips:

1. Some lenders are requiring more information. This can cause banks to take longer to approve your loan. Make sure you know how long each bank will need to approve your loan. My suggestion: start your loan search early in your home buying process…
2. To land the best rates you’ll usually need at least 20% down and a credit score of 720 or better. Remember, you get one free credit report per year from each of the big three (TransUnion, Experian, and Equifax).
3. To qualify for a mortgage, your total debt should be less than 43% of your pretax income.
4. Your home debt (monthly mortgage, insurance and taxes) should be less than 31% of your pretax income.

What next?

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