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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 Sat. July / 31 / 2010
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A mortgage is a loan, usually from a bank, finance company
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A remortgage can be used for the purpose of gaining lower
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Most people choose a home owner loan as it can release the
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Bad Credit? With Poor
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Have you decided to refinance your home or apply for a home
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New practices in the lending industry have made it easier
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limit beyond which the rate paid will not exceed. Mortgages
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