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Get the Best Rate on Your Home Mortgage Loan
Home mortgage interest rates hit record lows in 2004 and have
remained at record lows as we go through 2005. It is possible
today to get a thirty-year fixed rate home mortgage loan for
under five percent, and an adjustable rate mortgage can be found
for under four percent if you look hard enough!
However, record low mortgage rates do not mean that you should
take the first mortgage offer made to you, even if it sounds low.
On the contrary, it means that shopping around for the best
mortgage possible may be even more beneficial then during a high
market period.
If you solicit mortgage rate quotes from enough lenders and
pay attention to economic news, you might be able to secure a
home mortgage loan at an interest rate that you will not see
offered again in your lifetime.
Solicit Several Mortgage Rate Quotes
In order to get the best deal on anything in America, it is
important to shop around. Securing a home mortgage loan or a and
2nd
mortgage is no exception to the rule. If you are the type of
consumer who likes to walk into the first store that you see and
buy what you need without comparing your options, then you might
also be inclined to accept the first home mortgage loan offered
to you.
Doing so would be a big mistake. Unless you have a long term
established relationship with a lender who considers you one of
his best customers and is willing to loan money to you at the
prime interest rate, then in order to get the best possible home
mortgage loan you will need to "shop" and compare lenders.
Because the home mortgage rate is so volatile right now, it
often changes during the course of one business day. Therefore,
it is best to solicit all of your mortgage rate quotes on the
same day. Compare offers from various lenders, and request a rate
lock from the lender offering the best choice.
Why the Home Mortgage Interest Rate Matters So Much
The interest rate that you secure your home mortgage loan at
will have a big impact on the total amount that you end up paying
for your home by the time the loan is paid in full.
To illustrate this, let's say that you buy a home for $150,000
using a 30 year fixed mortgage with a 6 percent interest rate. By
the time the home mortgage is paid in full it will have ended up
costing you almost three times the original cost of the home.
Using the same home and the same 30 year fixed mortgage, but
lowering the interest rate by only one percentage point, down to
a 5 percent interest rate, will save you approximately $100,000
over the life of the home mortgage loan.
Clearly, getting the best possible interest rate on your home
mortgage loan is one of the most important economic decisions you
will face. Since mortgage rates are at an all time loan, now is a
great time to gather some home mortgage rate quotes!
Copyright 2005 Tracy Price
Tracy Price is a staff writer at http://www.2nd-mortgage-tips.com
Providing free educational information on mortgages, 2nd
mortgages, home refinancing, etc...
 MORE RESOURCES updated Tue. February / 07 / 2012
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$11.94M Refinance for Northeast RBS Citizens Bank PortfolioCitybizlist Real EstateGreg Nalbandian, Senior Vice President and Managing Director of NorthMarq Capital's New Jersey Regional office, has arranged a first mortgage refinance totaling $11.94 million for a RBS Citizens Bank Portfolio of 16 RBS Citizens Bank branches in New ... |
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Boehner On Refi Plan: Bad Idea, Obama!Mortgageorbby MortgageOrb.com on Thursday 02 February 2012 Any hope for bipartisan support of President Obama's mortgage refinance proposal was squashed by House Speaker John Boehner, who dismissed the new initiative as a continuation of failed policies.and more » |
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Peek Inside: Sound Credit Union's Marketing DepartmentThe Financial BrandFirst, from a sheer results standpoint, we recently introduced a re-purposed home equity product as a no-fee, mortgage refinance option. The target audience was people who had about 15 years or less left on their mortgage, who wanted to take advantage ... |
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RELATED MORTGAGE AND REFINANCING ARTICLES:
A Guide to Direct
Homeowner Loans
Are you considering applying for direct homeowner loans?
Perhaps you're simply wanting more information on direct
homeowner loans so that you'll be able to make an informed
decision? Direct homeowner loans can be very useful for a
wide variety of purposes ranging from purchasing new
vehicles to consolidating old debts, but as with all loans
should be researched and carefully considered before any
final decisions are made. How direct homeowner loans
work. Direct homeowner loans are based upon the equity that
you have in your home? equity, of course, being the
percentage of your home's value that is free from any
mortgage or loan.
Mortgage and Credit Card
Companies Under the Spotlight on Consumer
Charging
For the first time since May 1996 reports have indicated
that wage increases have risen faster than house price
inflation. According to Nationwide, "The overall picture
remains one of a gently softening market".
Home Loan Lenders -
Finding the Best Home Mortgage Lender
The process of obtaining a mortgage or home loan can be
very stressful and quite time consuming. Finding the best
lender for your situation requires research and comparisons
between lenders and loan packages.
Thought Fixed Rate Will
Give You a Respite from the Perils of Variable Rates! Think
Again
Slight increases in the interest rates raise your hackles.
Tension grips your mind as to how you are going to make the
extra payment.
Good FICO Credit Score?
Tips to Getting the Most Out of Your Home Mortgage Loan
With Good Credit
Sometimes so much is talked about how to solve the problem
of having bad credit, but what about when you have an
excellent credit rating? Good credit is considered to be a
credit score of 650 or higher. How can you get the best
interest rate and loan terms to make your good credit
history work for you? Even with excellent credit, you have
to be careful not to get talked into a loan that may not be
the best one you could qualify for.
Flexible Mortgages -
Offering Relief from the Fixed Mortgage
A pension mortgage may seem lucrative at the first sight.
However, they seldom are, if the customers who took pension
mortgage are to be believed.
Are Biweekly Mortgages
Really Worthwhile?
You may have heard people, especially mortgage lenders,
extolling the virtues of biweekly payments, saying that you
can save thousands of dollars and take 5-7 years off your
mortgage--and then offering to set up a biweekly plan for
you for as little as $400. But you don't have to spend $400
to begin saving money and time on your mortgage.
Foreclosure Scams To Be
Aware Of
Homeowners facing foreclosure should be aware of
unscrupulous lenders and scammers. Don't get me wrong, most
lenders and agencies are reputable and legit.
What is a
Mortgage?
A mortgage is a loan, usually from a bank, finance company
or building society to help you buy your home. A mortgage is
a loan, from a bank or building society that is secured
against your house or flat.
FHA Mortgage: What's the
Best Way to Show an Underwriter that You're Ready to Buy a
House?
Mortgage underwriters can be a suspicious bunch. If you
have bruised or even bad credit, you have your work cut out
for you.
5 Tips for Savvy Use of
Your Home Equity Line of Credit
Tapping your home's equity to pay college expenses,
consolidate credit card debt or even to buy a new car or
boat is common place. Many economists attribute the
additional buying power afforded consumers through home
equity debt as a primary reason the nation's economy has
been able to emerge from the recent recession.
Why Choose a
Remortgage?
A remortgage can be used for the purpose of gaining lower
interest rates on your mortgage or raising finance through
releasing equity.The term "Remortgage" is used to explain
the process of moving your mortgage to a new lender.
Why Choose a Home Owner
Loan?
Most people choose a home owner loan as it can release the
capital that is tied up in their property for immediate
use. The loan can be used for any purpose, and is available
to anyone who owns their home.
Doing a California
Refinance Online
Californians are passionate people. I know.
What is an Interest Only
Mortgage?
An Interest Only Mortgage is one where the repayments are
made up entirely of the interest on the loan. When the
mortgage term is complete, the capital originally borrowed
is still outstanding.
Refinance Your Mortgage
to Rebuild Credit
Refinancing your mortgage is one way to rebuild your
credit, particularly if you have recently declared
bankruptcy. With a poor credit history, you can find
refinancing through a sub prime lender.
How to Secure the Best
Mortgage Deal and Save Yourself Thousands in
Interest
When you consider that the average home owner will pay out
far more in interest over the lifetime of their mortgage
than their home actually cost in the first place, you can
see why working to secure yourself the best possible
mortgage deal now could save you tens of thousands of
dollars in interest over the 25 - 30 year lifetime of your
home loan. For the majority of us our house is the single
most important and expensive purchase we ever make! Because
this is the case we invest a lot of time and effort into
finding the perfect property in the most ideal location,
however few of us invest the time and effort we should into
researching and securing the best possible finance method
for purchasing our home.
Home Loans and Mortgages
- Beware of Deed Theft Scam
The average home in the United States has a value of
$206,000, a record amount. Real estate prices have been
rising throughout the country during the last five years,
and homeowners have seen the value of their property
skyrocket.
Bad Credit? With Poor
Credit You Can Still Refinance Or Get A Home Equity Line Of
Credit
Have you decided to refinance your home or apply for a home
equity line of credit but worry about your credit rating?
Even with poor credit it is possible to refinance your
existing mortgage or obtain a home equity line of credit.
New practices in the lending industry have made it easier
than ever for you to refinance your mortgage or get a home
equity line of credit.
What is a Capped
Mortgage?
A capped mortgage is a variable rate mortgage with a capped
limit beyond which the rate paid will not exceed. Mortgages
are available in a number of different interest rate
options, one of which is the capped rate.
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