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Become A Mortgage Auditing Specialist
According to U.S. Government Auditors more that 45% of all home mortgages and 75% of home equity loans contain miscalculations or errors in favor of the lender. These errors are costing homeowners to be overcharged billions of dollars per year,...
Home Mortgage Interest Rates: How to Compare
Whether you are looking to purchase your first home, sell your current home and purchase a new one, or you are wondering whether or not you should refinance your existing mortgage, it is beneficial to compare current home mortgage interest rates...
Home Mortgage Low Interest Rate - Finding The Best Mortgage Rate
Interest rates are at an all time low, making now the perfect time to purchase a new home or refinance your existing mortgage. The interest rate you receive will depend largely on your credit rating, monthly debt, and your income. Mortgage loans are...
Honey, I Eliminated The Mortgage Interest Deduction - Plan 2
A bipartisan committee has made two recommendations to President Bush regarding tax reform. In this article, we take a look at the second option.
Tax Reform
A year ago or so, President Bush decided to spend his political capitol on tax reform...
Refinancing Your House - How To Know Whether To Refinance Or Get A Second Mortgage
Refinancing your house’s mortgage is not the same thing as getting a second mortgage. While both allow you to cash out your home’s equity, terms and rates differ between the two types of loans. To know which financing option is best for you, learn...
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Are You Ready for a Home Mortgage Loan?
Buying a Home and committing to a Mortgage can be very scary!
A home mortgage loan is the largest debt that most Americans will take on in their lifetime. As such, making the decision to take out a mortgage is not one that most first time homebuyers take lightly. Not only will your monthly mortgage payments probably be the largest bill that you face each month, but the total amount of debt realized with a home mortgage loan can have a staggering, and sobering effect on the first time home buyer.
I can remember the months leading up to my decision to fill out a mortgage application. I had nightmares about loosing my job, not being able to keep up with my payments and finding myself homeless. And those were on the good nights when I was able to sleep at all!
Committing to a Home Mortgage Doesn’t Have To Cost You Your Sleep
Get the Best Rate on Your Home Mortgage Loan
Home mortgage interest rates hit record lows in 2004 and have remained at record lows as we go through 2005. It is possible today to get a thirty-year fixed rate home mortgage loan for under five percent, and an adjustable rate mortgage can be found for under four percent if you look hard enough!
However, record low mortgage rates do not mean that you should take the first mortgage offer made to you, even if it sounds low. On the contrary, it means that shopping around for the best mortgage possible may be even more beneficial then during a high market period.
If you solicit mortgage rate quotes from enough lenders and pay attention to economic news, you might be able to secure a home mortgage loan at an interest rate that you will not see offered again in your lifetime.
Solicit Several Mortgage Rate Quotes
In order to get the best deal on anything in America, it is important to shop around. Securing a home mortgage loan is no exception to the rule. If you are the type of consumer who likes to walk into the first store that you see and buy what you need without comparing your options, then you might also be inclined to accept
the first home mortgage loan offered to you
.
Doing so would be a big mistake. In order to get the best possible home mortgage loan you will need to “shop” and compare lenders.
Having a substantial down payment on the home that you wish to purchase and applying for a smaller home mortgage loan is another way to increase your chances of getting mortgage approval. Again, this goes back to the risk involved to the lender for financing your loan.
Many mortgage lenders will require that you have a 20% down payment on the home, and then they will grant mortgage loan approval for the remaining 80% of the purchase cost. This helps to offset the lender risk. In the event that you are unable to keep up with monthly mortgage payments and you default on the loan, the lender will have a better chance of recovering his money through foreclosing on and selling the home if the loan is a smaller percentage of the market value of the home.
Therefore, if you can save 30% or more towards a down payment on your home, you will be lowering the risk to the lender and increasing your chances of getting mortgage approval.
You May Have To Accept a Higher Interest Rate on Your Mortgage Loan
If you wish to secure a mortgage despite your bad credit history, and you do not have a sizeable down payment saved up, you may have to agree to a mortgage at a higher interest rate than that which is being offered to low risk borrowers. This is because the lender will want to be compensated for his increased risk level.
This should not necessarily prevent you from taking the loan, though. If you secure the mortgage and are diligent about making timely payments, after paying on it for awhile you will improve your credit history. Then you can refinance the mortgage at a later date with a better rate offer.
Michael Contaro
http://www.atozonline.com
About the Author
For more articles by Michael Contaro, you can go to http://www.atozonline.com
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