If you’ve got a lot of debt it’s a good idea to work on paying it down before trying to get preapproved for a mortgage. Ideally, you should shoot to have a debt-to-income ratio of about a third or less.
Low Cost Mortgage Lenders Lender-Paid Closing Costs And A Low Rate, Too. The 30-year mortgage rate averaged 4.17% in 2014 according to Freddie Mac. Rates are currently in the mid-3s. That means you can get most or all your closing costs paid for, and still have the full-closing-cost loan rate from just two years ago.
In order to get preapproved for a mortgage, you first must qualify for one. Potential borrowers interested in a conventional mortgage are generally expected to meet the following requirements: Provide at least a 3% down payment.