Finding the best mortgage refinance loan rate [mortgage-scam.blogspot.com]
Question by mimi: who has the best mortgage loan rates? i am looking to get a mortgage and was wondering if any knows of special rates or first time homebuyers programs they can reccomend Best answer for who has the best mortgage loan rates?:
Answer by Luis S
Okay, since you are a FTHB, let me clue you in on the most important thing. Worry about your payment, as that is the most important thing. Remember, that in addition to a mortgage payment, you have to pay taxes, homeowner's insurance, and depending on how much money you are putting down, PMI (private mortgage insurance) as well. I would suggest if you don't have a large down payment (10% or more), go FHA and put down 3%, keep the rest in saving in case you have an emergency. I would advise you talk to 3-5 banks, and no more, within 2 weeks so it does not affect your credit score. They will all have different rates more than likely, but if I were you I would select the bank that makes the most sense, not the one that sells you a pie in the sky. Most places that offers rates that are way off on the low end probably cannot close the loans, or will surprise you at closing with a higher rate. Rates aren't as important as payment. Call your local bank.
Answer by TBONE
What Luis said, plus stay away from ARMs (Adjustable Rate Mortgages), unless you are absolutely positively believe rates are going to go down. Fixed rate always better.
Attaining a good mortgage refinance loan rate could appear complex and you may fear that you would not know the jargon used by the mortgage trade. It is not really hard to learn the terms. Besides the internet provides all the information, definitions, terminology, mortgage rates, mortgage quotes and you can even apply online straight to your preferred lender.
Certainly there are a few factors influencing a home loan refinance eligibility and eventual decision. Key ones are; existing home equity or down payment in case of new purchase, applicants earnings and credit history. For a traditional refinance mortgage you need to do well on those elements to be offered the best rates by the mortgage lenders.
If you can not score well enough in some of these crucial areas, you could still get home loan refinancing, but it may not be the ideal refinance mortgage rates you were hoping for. Refinance mortgage quotes would tell you what rate you would be offered if you were to put an application now. Do not hesitate, our quote form does not ask your social security number or pull your credit report.Eventually your decision would be based on current refinance rates. Therefore the rate table you see above is indispensable for a home loan search. The table displays the average rates across the country, but you could get the rates and lenders in your state by clicking on selected loan type or carrying out a zip code search. Many homeowners would keep an eye on rates until they identify the best time to secure a great refinance rate.
These tables are updated several times a day to reflect the fluctuations. Hence, bookmarking an automatically refreshing site is handy.A broker would not appreciate it if you keep calling daily to check the changes. Besides you would like to progress in your own time. Naturally, regardless of how nice a person a mortgage consultant is, he still loves to sell a home loan and receive commission and fees in the shortest possible time. They are only human after all. They would get frustrated with an applicant who is taking ages to decide and feel the urge to lead them through a completion. When you are trying to find your own ways, you do not need people ushering you with their own agenda in mind. In order to avoid future problems, you should understand what is at stake and make an informed decision on your mortgage. Consider if the services of a loan agent would be beneficial when you are good and ready. After checking their fees, you might decide to make use of their expertise and experience.
Always keep in mind that you are the best person to look after your interest. Gather as much information as you can online or from brokers and consider them prudently before reaching a final decision. You should be absolutely comfortable with it without any pressures as you are the one who will live with the consequences of that decision.
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