{"id":3264,"date":"2012-07-03T13:28:08","date_gmt":"2012-07-03T13:28:08","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=3264"},"modified":"2012-07-03T13:28:08","modified_gmt":"2012-07-03T13:28:08","slug":"how-buyers-can-snag-mortgage-rates-in-3-range","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/how-buyers-can-snag-mortgage-rates-in-3-range\/","title":{"rendered":"How Buyers Can Snag Mortgage Rates in 3% Range"},"content":{"rendered":"

How Buyers Can Snag Mortgage Rates in 3% Range.<\/h2>\n
\"How<\/a>

How Buyers Can Snag Mortgage Rates in 3% Range<\/p><\/div>\n

Mortgage rates are at record lows, with 30-year fixed-rate mortgages\u2014the most popular choice among home buyers\u2014averaging in the 3 percent range for the last several weeks.<\/p>\n

So how can home buyers snag such low financing for their home purchase?<\/p>\n

Banks have tightened their lending standards in recent years, which has put such record-low rates out of reach for many home buyers. To get a loan, borrowers find that lenders scrutinize their credit scores, income, employment history, liquid assets, down payment, property value, type of property (single home vs. multifamily, for example), and how much money they\u2019ll have left after closing, The New York Times reports.<\/p>\n

Mortgage brokers say the greatest challenge in processing a loan nowadays is \u201cdocumenting your income and every bit of information on your application, down to the last $200 your mother sent you for your birthday.\u201d<\/p>\n

\u201cWhat\u2019s tougher today is the level of scrutiny and documentation and analysis and re-verification around assets, income, employment and appraisals,\u201d says Bob Walters, Quick Loans chief economist. \u201cLenders are terrified, literally terrified, of repurchases. What that means is if a lender makes a mistake, or there\u2019s a difference in opinion, and they close the loan and it goes into default, Fannie Mae or Freddie Mac could require them to repurchase the loan.\u201d<\/p>\n

To secure the lowest mortgage rate, The New York Times reports you need the following:<\/p>\n