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Low Mortgage Rate 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.
Low Mortgage Rate News
Mortgage rates fall to another record low - USA TODAY
 USA TODAY | Mortgage rates fall to another record low USA TODAY WASHINGTON (AP) – Average rates for 30-year and 15-year fixed mortgages fell to record lows for a third straight week. Mortgage rates fell to another new low this week, making houses more affordable for those who qualify for loans. Mortgage Rates: Low Mortgage Rates Hit Record Again Says Freddie Mac 30-Year Mortgage Rates At Record Low 3.79 Percent 3rd week of record low mortgage rates |
Low, low rates boost loans - Boston Herald
Low, low rates boost loans Boston Herald “It's unbelievable,” John Brodrick of Boston's Eastern Bank said yesterday after mortgage giant Freddie Mac reported that average 30-year fixed rates fell to a record-low 3.79 percent. That's the lowest level seen in the 41 years Freddie Mac has ... |
Mortgage rates reach new low, spur refinancing - NorthJersey.com
 e-wisdom.com | Mortgage rates reach new low, spur refinancing NorthJersey.com BY RICHARD NEWMAN Mortgage rates reached another new low recently and, once again, spurred a new flurry of refinancing applications in North Jersey as homeowners seek to lower monthly payments or pay loans off quicker. The Mortgage Bankers Association ... Record Low Mortgage Rates Sparks Refinancing Surge Mortgage Delinquency Rate in U.S. Falls to Lowest Since 2008 Mortgage Delinquencies in U.S. Fall to Lowest Since 2008 |
Mortgage Rates: Low Mortgage Rates Accompany Record High Home Affordability - FreeRateUpdate.com
 Eastern Morning Herald | Mortgage Rates: Low Mortgage Rates Accompany Record High Home Affordability FreeRateUpdate.com Current low mortgage rates are accompanying record high home affordability for the first quarter of 2012 which was reported by the National Association of Realtors. The Housing Affordability Index reached 205.9 which is the first time it has broken 200 ... Fixed Mortgage Rates Drop Further Setting Another Record Low Announces ... 30-Year Fixed Mortgage Rate Hits New Record Low For Second Consecutive Week ... Zillow: US 30-Year Mortgage Rates Fall For 4th Straight Week |
Foreclosures plunge to 5-year low in US recovery - Monterey County Herald
 ABC News | Foreclosures plunge to 5-year low in US recovery Monterey County Herald The US mortgage delinquency rate fell in the first quarter to 7.4 percent, the lowest level in more than three years, the Mortgage Bankers Association said Wednesday. The rate peaked at 10.1 percent in the first quarter of 2010 and was last lower in ... Foreclosure activity drops in April UPI NewsTrack Business Foreclosures Reach 5-Year Low |
Mortgage delinquency rates at lowest levels in three years - e-wisdom.com
 e-wisdom.com | Mortgage delinquency rates at lowest levels in three years e-wisdom.com By Max Thompson The national mortgage delinquency rate dropped in the first quarter (Q1) of 2012 to the lowest level since that seen three years earlier in Q1 2009, TransUnion said in a recent report. The delinquency rate, which is the rate of mortgage ... Mortgage Refinances That Make Sense |
US 30-year mortgage rate falls to record 3.79 pct. - Bismarck Tribune
US 30-year mortgage rate falls to record 3.79 pct. Bismarck Tribune 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 since long-term mortgages began in the 1950s. The 15-year mortgage, a popular option for refinancing, ... |