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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 Thu. August / 06 / 2020
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
Rocket’s Refinance-Fueled Blastoff Might Not Last The Wall Street Journal
Compare Today's Mortgage Refinance Rates: Aug 05 Credible News
Now's a good time to refinance your mortgage KTNV Las Vegas
Refi Rates Today, July 24, 2020 | Rates slide Bankrate.com
Is It Already Time To Refinance Again? Mortgage News Daily
What is the average refinance closing costs? The fees add up Business Insider
Current Refinance Rates, July 15, 2020 | Rates slide Bankrate.com
Mortgage industry faces 'tsunami' of refinancing deals Phoenix Business Journal
Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings - CNBC
Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings CNBC
Mortgage rates sink to another record low The Washington Post
Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
What is the cheapest way to borrow money? Fox Business
What Is A No-Closing-Cost Mortgage? Bankrate.com
Compare mortgage, refinance, insurance, CD rates Bankrate.com
New Mortgage Rate Record; What Is a "Top Tier" Scenario? Mortgage News Daily
Your Mortgage: Confessions of a refi addict Shawnee Mission Post
Mortgage rates hit historic low and local real estate market soars WNEP Scranton/Wilkes-Barre
Mortgage Credit Availability Up in July Banker & Tradesman
Should I pay off my mortgage or invest the money instead? | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Should I pay off my mortgage or invest the money instead? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Figure Names Wall Street Vet Robert Hershy as Head of Capital Markets Effort for Provenance - Business Wire
Figure Names Wall Street Vet Robert Hershy as Head of Capital Markets Effort for Provenance Business Wire
The feared jumbo mortgage debacle is here — thanks to the coronavirus — and ready to pound the housing market - MarketWatch
The feared jumbo mortgage debacle is here — thanks to the coronavirus — and ready to pound the housing market MarketWatch
Mortgage refinance: Everything you need to know Fox Business
How to get the best mortgage refinance rates Fox Business
How to refinance your mortgage Fox Business
Scammer sells $32m in imaginary mortgages – all to the same bank Mortgage Professional America
LowRates.com Mortgage Reviews & Ratings Bankrate.com
10 things to know before refinancing your mortgage Fox Business
Is now the best time to refinance your mortgage? Fox Business
There Has Never Been a Better Time for Co-ops to Refinance Habitat magazine
Milliman analysis: Increased economic risk from COVID-19 puts pressure on mortgage performance in 2020 Q1, but losses not expected to rise to global financial crisis level - PRNewswire
Milliman analysis: Increased economic risk from COVID-19 puts pressure on mortgage performance in 2020 Q1, but losses not expected to rise to global financial crisis level PRNewswire
Student Loan Refinancing Rates Fall to New Lows Credible News
When should you refinance your mortgage? Fox Business
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway - MONEY
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway MONEY
How does mortgage refinancing work? Bankrate.com
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
The impact of the coronavirus on mortgage refinancings Brookings Institution
The basics of no-closing cost mortgage refinancing Fox Business
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years - CNBC
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years CNBC
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For - Forbes
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For Forbes
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times
Should you join the rush and refinance your mortgage now? Washington Post
Right now would be a good time to refinance your mortgage Tampa Bay Times