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Home Mortgage tips – Getting the Best

With the market experiencing a supply glut of homes, fixed-rate mortgages are now experiencing historically low interest rates. Here are some tips to getting the best possible home mortgage available. Just remember to keep a good credit score.

Here are some tips to help you get the best possible loan.

(1) Watch your rate.

The closer you are to closing on a home mortgage deal you have keep tracking your interest rates which continue to fluctuate. If the rate for the deal you are making suddenly goes up with no reasonable explanation you may have to find another lender for a mortgage even if you may have to push back your date of purchase by several days.

(2) Get preapproved, not prequalified.

The loan with the lowest rate and fees that are less than a thousand dollars are usually the best deal for people looking for a home mortgage. It pays to get a pre-approval for these loans. This usually entails filling out an application that details your income, savings and personal debt. It will be checked against your credit report and if it passes their tests, you can get the preapproval letter with how much you can borrow for your home mortgage.

This is much better than getting prequalified because prequalification does not include your credit score. In this manner, you get an idea of what problems you may encounter when getting a mortgage and what rates you can expect. But Should I Refinance Home

(3) Get the best rates

Fixed-rate loans now are so cheap there’s no point in looking for something else. It’s just a matter of shopping around to find out what is the best rate you can get for your home mortgage. You can do this by doing some aggressive research online, asking your friends or agent and joining credit unions.

With the market the way it is now, it shouldn’t be so hard to find a home mortgage to your advantage.

Refinance Your Loan! Here are Some Ways – Part I

Okay we’ve talked a lot about Refinancing your loan. But how to do it? What are your options? In this first part, we’re going to show you what options you have when it comes to a refinance move. Your home mortgage will go a long way yet. 🙂

Continue reading Refinance Your Loan! Here are Some Ways – Part I

An Argument for Home Mortgage Refinancing

I want to make another case for home refinancing because with the uncertainty of the times, it is a good idea to always know what kind of options you may have when it comes to financing. One of these options may be to take advantage of your home equity through refinancing.

Refinancing?

Home mortgage refinancing means taking out a new loan with a new set of conditions, terms and interest rate and uses it to pay off an existing mortgage. This service is usually offered by a lot of financial institutions, and your current mortgagor may also offer this. A best way to go is to research aggressively for offerings that will give you the best possible interest rate.

Advantages of a Home Mortgage Refinance

Why should you consider refinancing? Could there be any benefit? Yes there are several! Here are some:

(1) Lower monthly payments – you achieve this by extending the terms of your loan. By taking your existing 10 year loan and refinancing this into a 30 year term, you can lower your monthly payments considerably, thereby increasing the cash that you have at the end of each month which you can use for more important causes.

(2) Lower interest rates – with the current credit crunch, loans may be harder to come by, but if you can do it, you can take advantage of such historically low home mortgage interest rates now available in the market.

(3) Instant Cash – Yes, you can get a nice lump of cash by refinancing and applying for a loan larger than what your current mortgage owes. Of course, this is still money you owe, so it would be smart to put this to good use, like renovating your property.

(4) Shorter mortgage – If you have some extra money to spend and you’re not comfortable with having such a long-term, you can use refinancing to take out a shorter-term loan and at the same time take advantage of the lower interest rates that these loans offer.

Of course, refinancing your existing mortgage is not without its disadvantages or cost. We will tackle this more in a later feature.

How to Refinance – Are Adjustable Rate Mortgages (ARM) Bad?

A couple I know recently purchased a home costing $400,000. They weighed their options and felt that the best way to finance this is with an adjustable rate mortgage (ARM).

ARMs have taken a lot of criticisms for the mortgage crisis. With these loans like these, borrowers pay out at a low initial rate for a fixed period of time. After that, mortgages will defer to higher rates. Critics say they lure borrowers into purchases that they can’t really afford.

Continue reading How to Refinance – Are Adjustable Rate Mortgages (ARM) Bad?

Take Advantage of Cheap Refinance Mortgage Rates

A small consolation of the mortgage crisis are the depressed refinance mortgage rates that are now available. These historically low rates make refinancing a very lucrative option for a lot of people, for extra money to spend or to save. But before you make a move take advantage of cheap refinance mortgage rates, you have to make sure to do the math and make sure that you don’t end up spending a lot when trying to close a refinancing deal. Here are some tips

Continue reading Take Advantage of Cheap Refinance Mortgage Rates

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Read the news carefully today. You never know what you're gonna get. For recommended reading materials on mortgages and refinance aspects and how to fix your deeds or just plain news on real estate, check out the new york times online. It's a very good source of information.