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Home Mortgage Refinance Loan Article
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Scoring a Low Mortgage Rate
from: Deb St. George - HomelessInKingCounty.comToday’s mortgage rates are at historically low levels. So, scoring a low mortgage rate when compared to other decades in recent history is not hard. The trouble comes in when you are trying to get the average low mortgage rate and your credit or finances keep lenders from offering you the going rate. Or, it could be that despite the going rate, you want something even lower. These are all reasonable scenarios and there are ways to work towards the mortgage rate that you envision.
Prepare Before You Apply
If you know that your credit is shaky, don’t bother to apply for a mortgage loan without first checking into your credit score. You can get your credit reports for free; however, you will have to pay to see your credit scores. You can use some of that payment to procure the services of a credit counseling agency that can recommend some strategies to help you fix your credit in preparation for applying for a home loan. Just be sure to check out the reputation of the counseling agency, as there are some agencies that are fraudulent.
There are also community services offered by state and local governmental agencies that can teach you how to start shaping up your finances to qualify for a good rate. They may have programs where you can even buy a house for less than 20% down payment and even some way to subsidize the mortgage rate, if you qualify based on income levels or special conditions. Check the website of the department of Housing and Urban Development (HUD) to see about the many different programs from FHA to VA and more.
Pay Down With Points
If you want a mortgage rate that is even lower than the one offered (and it’s pretty good as it is), you can still ask if you pay points to lower the rate. Points are 1% of the total value of the loan and paying more points can lower your rate on the life of the loan. Of course, this increases the money you need up front, but if you are shopping for a low mortgage rate, then this is a definite strategy.
Look at Unconventional Loans
This is where people in the housing bust got in trouble, but adjustable rate mortgages are still out there. Currently, the low mortgage rate offered by an adjustable rate mortgage (ARM) for a period of time is what influences people to get these types of mortgages. However, they do adjust and then the sticker shock can be substantial. So, when trying to get a low mortgage rate, make sure you understand whether it is for the life of the loan or a temporary period.
Home Mortgage Refinance Loan News
Can you refinance an underwater home without HARP? - wflx
 eNewsChannels | Can you refinance an underwater home without HARP? wflx More >> A lot of homeowners with underwater mortgages would like to refinance, but they don't qualify for HARP (the federal Home Affordable Refinance Program). Do they have other options?More >> What kind of credit score do you need to qualify for a ... Mortgage Lender Residential Finance Corp. Explains Benefits of HARP 2.0 California Refinancing Expert Explains New Home Affordable Refinance Program Clarifying HARP 2.0 Myths |
US 30-year mortgage rate falls to record 3.79 pct. - BusinessWeek
US 30-year mortgage rate falls to record 3.79 pct. BusinessWeek The steady decline has made home-buying and refinancing more affordable than ever for those who can qualify. Mortgage buyer Freddie Mac says the rate on the 30-year loan dipped to 3.79 percent. That's down from 3.83 percent last week and the lowest ... |
Boom-Era Debt Sparking German Apartment Sales: Mortgages - Bloomberg
Boom-Era Debt Sparking German Apartment Sales: Mortgages Bloomberg Loans for the deals were typically packaged and sold as commercial mortgage-backed securities. A total of 10 billion euros of German multifamily CMBS is now set to mature by the end of 2014, according to data compiled by Bloomberg. |
Mortgage refinancing applications jump; rates fall: MBA - Chicago Tribune
 e-wisdom.com | Mortgage refinancing applications jump; rates fall: MBA Chicago Tribune NEW YORK (Reuters) - Applications for US home mortgages surged last week, driven by increased demand for refinancing as interest rates hit fresh lows, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted ... A Refinancing Boom On European Strife Mortgage rates reach new low, spur refinancing Mortgage applications increase on jump in refinancing |
Iowa residents catch up on mortgage payments - Quad City Times
Iowa residents catch up on mortgage payments Quad City Times People can refinance their home loan with lower payments thanks to interest rates as low as 3.75 percent for a 30-year fixed mortgage. That means someone with a $150000 home whose interest rate was 6 percent could save $200 per month refinancing into a ... |
What mortgage rate will you really get? - MSN Money
 Bloomberg | What mortgage rate will you really get? MSN Money Rates and prices can be low, but if you are looking for work, you won't be buying aa home or refinancing a mortgage. But there is a second problem that has persisted for several years: low credit scores. According to Fair Isaac, the creator of the FICO ... Lenders less leery of reducing homeowners' principal Mortgage Principal Reductions Weighed for Fannie, Freddie Mortgage Forgiveness Said to Be Part of New U.S.-Backed Program |
Obama's Disclosure Shows Mortgage Refinance Not High on Agenda - San Francisco Chronicle
 BBC News | Obama's Disclosure Shows Mortgage Refinance Not High on Agenda San Francisco Chronicle The loan was obtained in 2005. Rates for a 30-year fixed mortgage averaged 4.46 percent last year, according to Bankrate.com data, hitting a low at the end of the year of 3.92 percent. In 2011, 4.3 million homeowners refinanced, according to data from ... Obama Disclosures Reveal Account at JPMorgan |