MORTGAGE 101: AN EASY-TO-FOLLOW PRIMER FOR FIRST TIME BORROWERS

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If you're thinking about applying for a first mortgage, you're doing so at a good time — but then again a) you've already been told it's a good time and b) it's been a good time for a very long time.

How long? According to figures from Freddie Mac, mortgage rates were last what could be considered high in fall 2008, at the start of what became the Great Recession. The U.S. average for the benchmark 30-year fixed rate mortgage was 6.46 percent on Oct. 30 of that year. (Not that anyone considered that exorbitant; rates had hovered between 5 and 7 percent almost since the start of the millennium, and before then had been higher still. Try 18.63 percent in October 1981 — that's like buying a house on your Visa card.)

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Keith Kaplan

CalBRE #01933707
Sothebys International Realty
9255 Sunset Blvd.
West Hollywood, CA   90069

keith.kaplan@sothebyshomes.com

310-646-7791

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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