|Mortgage Refinance Information|
How to Find the Lowest Rate Possible!
The quest is on! You're in the market for a new home loan, a refinance, or a consolidation and you absolutely insist on finding the lowest rate possible! So what better place to do your research, then here on the internet, late at night, with your coffee in hand, and your family fast to sleep!
We'd like to help you on your quest, so here are 3 free tips that we think will speed up your journey, and move you to success:
3. Apples and Oranges
You have to start somewhere. Define "low"? Let's not lick our index fingers, and poke them in the wind to see what direction the storm is heading. If you want the lowest rate possible, you need to know what the market is doing right now, where it's been historically, and what it might be doing over the short term long-haul (say over the next 3 to 6 months.)
a) Fortunately for you, there are TONS of resources available on the internet to do easy market research. Our website provides a Rate-Watch, for example, updated throughout the day, complete with graphs, charts, and specs on fixed rates, ARMS, Jumbo's, and everything in between. But we aren't the only site out there that provides free resources. Just go to your favorite search engine, and you'll find a gazillion sites that would love to give you free market information.
b) What I suggest you do is primarily focus on the 30 year fixed rate, and find a graph demonstrating the TREND over the last 6 to 12 months. A picture is worth a thousand words. Also, check out the current fixed rate, and maybe even poke your eye at the APR for an adjustable rate mortgage, and perhaps check out two or three different resources online. Most of them should be extremely similar. This will encourage your confidence in your own growing knowledge about what's going on out there.
c) What's the news got to say about it? Our site provides a free Financial News watch for mortgages, auto loans, and breaking business stories, updated throughout the day. It's no secret, of course, that news is abundant on the internet, and we aren't the only free resource to provide this information. Go wherever you desire, but read an article or two, even if it's just the first few paragraphs. What's going on with the rates? What are the Feds doing? Any pundits out there talking about how things look, and what may be happening with interest rates? I swear, if you spend 5 minutes doing this, you'll be as informed as the best of them, in terms of having a gestalt view on rates. You will know, with a high level of certainty, what "low" means, in the current world of mortgages and loans.
So take 20 minutes, and derive some benchmarks for yourself. Then, and only then, will you be in a position to gauge what the lowest possible rate truly is, and fully prepared to move forward with your important shopping trip.
Every loan is different. Every lender is unique. Every borrower has his/her own, special, unique set of circumstances. In addition, there are thousands and thousands and thousands of lenders. The information is out there, but what you need is to focus on efficiency.
a) So the best way to sift through the deluge of thousands of lenders, with rates changing daily, and terms that may or may not be posted for all to see, is to use one of the many online services that provide this technology to you (for free.)
b) I won't go into naming my favorites, or listing recommendations, or pointing out the ones that are the oldest, or the newest, or the fastest. That's not the point of this article, and I believe in your ability to make good choices. What I will say, is that I believe in these services.
c) By providing very simple, brief, and concise information on a short form application, you will almost instantly be provided with 3 to 4 loan offers that match your needs and circumstances, from the thousands of lenders, rates, and offers that are collated and organized in the databases of these various loan search providers. I give that an A for efficiency, allowing you to spend your hard-earned time and resources on other more productive things.
d) Once provided with these loan offers, the process naturally, is to compare them. Compare them to the market. Compare them to each other. Compare them to different kinds of lending institutions. Compare their terms. Compare their locations. Compare their histories. And of course, compare their rates, and points, and Origination Fees, and everything else in between. Compare, Compare, Compare.
3. Apples and Oranges:
This may be a counterproductive question, given the nature of this article, but are you absolutely sure that RATE is all you're concerned about? Is getting the LOWEST rate, truly the most important thing to consider, when diving into something as important, as a new mortgage?
a) Sometimes, it's nice to do business with your local bank. They're right around the corner, they know you by name, and maybe you even get a Christmas card and sometimes, even a box of chocolate. They may charge a little more in rate, or their terms might be slightly less competitive, but usually, they'll be up front about that, and what they're selling isn't the bottom-line so much, as the security of knowing who they are, and what kind of personable relationship you can count on over the next 30 years.
b) Sometimes, it's nice to take advantage of your local credit union. Maybe you are a government employee, or you work for the electric company, or your business participates in a local, non-profit credit union. Credit Union customers tend to be loyal, and almost religiously in favor of going the route of the credit union for all financial needs. It's a nice idea, that you own a part of the bank, and that you are borrowing from yourself, in a matter of speaking. So, perhaps the credit union can offer you competitive rates, but more importantly, this is always a good way to go if you're seeking an alternative beyond private lending institutions.
c) Sometimes, it's nice to borrow from the Big Mammas out there. There's nothing like convenience. And if you're into doing everything right out of your neighborhood grocery-store, then you should look into this as well. Rate isn't everything. Convenience matters. Look, if you live a busy California lifestyle, then perhaps it's more important to incorporate ease of doing business into your decision making process.
The point I'm trying to make, is that rate really isn't everything, but it most certainly matters. So, I'm not persuading you against getting the lowest possible rate available, but I am encouraging you to do your homework, and check out all options before making a final decision.
We've enjoyed providing this information to you, and we wish you the best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense.
Publisher's Directions: This article may be freely distributed so long as the copyright, author's information, disclaimer, and an active link (where possible) are included.
Disclaimer: Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.
Copyright 2005, by http://www.Loan-Resource.Org , This article is available in full format at: Lowest Rate Possible , Tom Levine provides a solid, common sense approach to solving problems and answering questions relating to consumer loan products. His website seeks to provide free online resources for the consumer, including rate-watch, tips and articles, financial communication, news, and links to products and services.
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.
A Guide to Quick Homeowner Loans
The search for quick homeowner loans can seem futile at first, especially if you don't know exactly what it is that you're looking for.
Bankruptcy and Buying a Home
Filing bankruptcy is a stressful time in a person's life. Along with discharging your debts and gaining a fresh start, you may wonder if you will be able to buy a home after a bankruptcy. The answer is yes! Mortgage companies and online lenders are now offering home loans for those who have a bankruptcy on their credit report. Some lenders will even approve your loan as soon as one day after your bankruptcy has been discharged.
Credit Problems? With a Subprime Mortgage Lender, Poor Credit is Not a Problem
Have you been turned down for a home loan recently because you have a bad credit history? You may want to consider applying for home financing with a subprime mortgage lender. A subprime mortgage lender is one who specializes in providing financing for people who are difficult for most mortgage companies to finances, it could be because of a low credit score, hard-to-prove income or a combination of those factors with no money to put down.
Reaping Financial Rewards ? Bad Credit Home Equity Loans
Home is the place you inhabit. It is the place where you live, breathe, grow, thrive. It does more than just providing a living space. The moment you build up this house, or moved to your present apartment, you did not realize that you have struck it rich. 'Rich' ? that is not the exact word to define your current status as you are struggling with bad credit. I know you want to argue on this point but let me explain. There is something called home equity that lies in the embryonic state waiting to be germinated. Home equity has more to it than what meets the eye. However, many of us do not understand the meaning of home equity. Let alone use it for their own prosperity.
Little Known Secret: Eliminate your Mortgage in 23 years or less!
Wanna know a little secret? There is an ingenious method you can use, to pay off your 30 year fixed rate loan, in 23 years or less. It's straightforward, simple, and easy to understand. In this article, we're going to explore this little known secret, and we'll provide several examples of how it works, a few methods on how to implement, along with some information on where to go and how to get started.
Getting The Best Rates On Mortgages And Loans
With an impending up-grade to the family due in a few months it soon became clear that our two-bedroom home would need an addition. We loved our house too much to consider moving. Not having the large sum of cash necessary to build it, however, we began a process that became a little more than burdensome. As my wife and I wandered in and out of financial institutions claiming to have "The lowest rates around" and discovering the degree of separation between institutions was greater than we had anticipated, it became very clear that this process would take a lot longer than we had originally thought.
Why You Should Not Get Hung Up on the Interest Rates!!
This is what a mortgage can do for you!
How to Use a Home Equity Line of Credit Calculator
Most home owners know that the lower the interest rate, the lower the monthly payments. But then the process may get a bit fuzzy. While your monthly payments may be the same every month, you are not applying the same amount to the principal of the loan. Your amortization will vary month to month. So, you will have to use a little math to determine how much equity you are actually gaining. Are you confused yet? If you are, don't worry. There is luckily a very helpful tool that will take the guess work out of home equity loans. Before you commit to anything, you should play around with a home equity loan calculator to determine how much you can borrow. There are many sites available online that give you free access to a wealth of tools and calculators.
Home Mortgage Rate Shopping - Why Some Shoppers Give Up And Others Dont
About 29% of current homeowners and a much larger percent of consumers with income levels above $50,000 feel it best to stay as far away from offers to finance or refinancing their home as possible. And this seemly for good reason. Trying to get a great deal on a mortgage loan or shopping for low rate refinancing can be a pain in the neck and a complete and total hassle for most of us. What's worse, when we think we've found a great offer we're made to feel like a heel when we start asking questions about rates, points and fees. But of course their making us feel like a heel is all a part of the game, right?
Private Mortgage Insurance Basics
Will you be asked to pay Private Mortgage Insurance, or PMI? Most lenders will require you to carry PMI if you cannot put 20% or more of your loan amount forward as a down payment. PMI protects the LENDER in case you default on your payments. PMI does not protect you, the borrower. The lender will secure the PMI policy for you, and you will pay for it. Most people choose to have PMI added to their monthly mortgage payments, but other payment arrangements are possible. The monthly cost of PMI is based on your loan amount. An approximate cost of PMI for a $100,000.00 loan is about $50.00 a month.
California Bad Credit Mortgage
California is a beautiful place to live There is no doubt about that. But, to live in California you must pay the price, which is sky high real estate prices. Renting, as opposed to buying in California, can save a little bit of money. However, renting has the disadvantage of not building any equity. As home prices in California continue to rise, you may want to be a homeowner and take advantage of the home appreciation factor. If you're going to be paying a lot of money to live in California anyway, you might as well be making some money on top of it too, right?
What Is The Best Deal For A Mortgage?
Few of us invest the time and effort into researching and securing the best deal for a mortgage to purchase our home.
Home Equity Loan ? Good Choice for Luxury Purchases?
Home equity loans or lines of credit have increased dramatically in popularity in recent years. One of the reasons is that interest rates are at or near historic lows; borrowing money has rarely been more affordable. Another reason is that Americans are enjoying record amounts of equity as home values have skyrocketed in recent years. Given that the loans are affordable and the equity is available, many homeowners are wondering if a home equity loan would be a good way to finance expensive lifestyle items. Would borrowing against your home be a good way to purchase that Dodge Viper you've always wanted? How about that around the world cruise you have always dreamed about? Is taking out a home equity loan for luxury purchases a good idea?
If you fall behind in your mortgage payments, you face the threat of foreclosure.
Home Equity Can Create a Never-ending Money Cycle
What could you do with $10,000? Well, you can have it, now in a new home equity loan! Did you know that if you have been in your home for just one full year, you may already have the opportunity to take out huge dollars in equity from your home -- tens of thousands, even! Did you also know that you can get this money with no closing costs, use it any way you like, and, best of all, it will cost you as little as the price of your cable bill each month, and you can create an amazing money cycle that will give you an endless supply of cash.
Refinance Mortgage Loan ? Tips on Refinancing Your Home Mortgage
Refinancing your home mortgage can come with some great perks. If you do it with no money out of pocket, you can skip one to three mortgage payments. You can save money on your payment or pay off your entire mortgage faster when you have better terms. Here are a few things to pay attention to when you refinance your mortgage loan, to make sure that you don't overlook anything that you might regret, or that can cause you problems later:
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. You may be searching for a first time home loan or to refinance your existing mortgage. Compare lenders carefully and find the best possible terms available to you.
Debt Counseling ? Healing Touch for the Ailing Finances
The financial stories remain similar over the months and the years. With debts becoming a nuisance, people make resolutions and resolve to stand by these resolutions. But, once on a spending spree, little do they care for the resolutions that they made with so much efforts. Debts once again begin their run. And so do the resolutions.
A Guide to Getting a Home Improvement Loan
If you've got a few things around the house that you'd like to spruce up but don't have the money for, you might want to consider getting a home improvement loan. As the name implies, a home improvement loan is designed to pay for improvements to a house or other form of real estate.
|home | site map|
|Mortgage Refinance Sources 2005|