![]() |
Get the Best Rate on Your Home Mortgage LoanHome 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...
Today's refinance rates move higher – August 8, 2022 Bankrate.com Mortgage Refinance Volume Plunges 80% -- but Could You Benefit From a Refinance Today? The Motley Fool Colliers Mortgage closes $1.6 million refinance for 42-unit apartment project in Sioux Falls – REJournals REjournals.com Today’s 30-year mortgage refinance rates dive below 5% for first time in 42 days | August 1, 2022 FOX 6 Milwaukee Today’s mortgage rates: 30-year rates open week with quarter-point drop | August 15, 2022 Fox Business How Does A Home Equity Loan Work? | Overview And Process The Mortgage Reports Blend Labs Has Cut 420 Jobs Since April National Mortgage Professional How to Get Rid of Mortgage Insurance Business Insider Impac Mortgage Holdings sees wider loss, backs off non-QM production Mortgage Professional 5 Ways to Get Cash Out of Your Paid-Off House Business Insider Buying A Home In The U.S. As A Non-resident Bankrate.com Should You Pay Off Your Car Before Buying a House? | Mortgages and Advice | U.S. News U.S News & World Report Money Wells Fargo To Back Off Mortgage Lending After Scrutiny Over Practices With Black Homeowners Moguldom How Shawn Wharrey paid off $247,000 in student loans in 5 years Business Insider Trends in Mortgage Refinancing Activity Freddie Mac Best Mortgage Refinance Companies of July 2022- Compare Refinance Rates | U.S. U.S News & World Report Money Refinance Calculator Bankrate.com When to Refinance Your Mortgage Business Insider Today’s mortgage refinance rates: Look to shorter terms for best savings opportunities | March 15, 2022 Fox Business Today’s mortgage refinance rates: 20-year rates hold below 5% for fourth straight day | July 27, 2022 Fox Business Today's mortgage refinance rates: 3 key rates sink to money-saving levels | Jan. 24, 2022 Fox Business Home refinance options for 2022 The Mortgage Reports Still time to lock in lower rates: 30-year mortgage refinance rates edge down | March 4, 2022 Fox Business Today’s 30-year mortgage refinance rates hold, but for how much longer? | April 4, 2022 Fox Business Today's 30-year mortgage refinance rates hold steady, 3 others inch back up | March 25, 2022 Fox Business Refinancing a reverse mortgage: What to know Fox Business How to refinance your mortgage, a step-by-step guide The Washington Post
|