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Scoring a Low Mortgage Rate
from: Mortage & Debt FactsToday’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.
Mortgage Jobs Specific links
Mortgage Jobs News
Employment up over 40% at First Internet Bank - MarketWatch (press release)
Employment up over 40% at First Internet Bank MarketWatch (press release) He went on to explain these positions helped to support the Bank's recently launched commercial lending initiative as well as its established and growing mortgage lending operation. First Internet Bank offers commercial and industrial lending locally, ... |
Mortgage Rates Fall Again - ABC News (blog)
 WRAL.com | Mortgage Rates Fall Again ABC News (blog) Prices are close to 10-year lows in most markets, and rates for 30-year fixed mortgages are at their cheapest ever. Mortgage buyer Freddie Mac says the average rate on a 30-year loan fell to 3.78 percent, the lowest since long-term mortgages began in ... US 30-year mortgage rate falls to record 3.78 pct. |
On the Job Hunt? Reverse Mortgage Boost Hiring Efforts - Reverse Mortgage Daily
On the Job Hunt? Reverse Mortgage Boost Hiring Efforts Reverse Mortgage Daily Whether you are seeking a position in operations, originating or underwriting, of if you are interested in becoming a branch, check out the following opportunities that are now open across the US Or for a complete list of jobs, visit Reverse Mortgage ... |
Fraud Alert Issued to the Armed Services Community to Aid in Fighting HAMP ... - LoanSafe
Fraud Alert Issued to the Armed Services Community to Aid in Fighting HAMP ... LoanSafe Lawrence Yun, NAR chief economist, said new jobs are the key. “Ongoing job creation, which is at a higher level this year, is fueling an underlying demand for commercial real estate space, assisted by a steady increase in consumer spending,” he said. |
Add a personal message:(80 character limit) - Boston.com
Add a personal message:(80 character limit) Boston.com Employers have added 1 million jobs in the past five months. And unemployment has dropped a full percentage point since August, from 9.1 percent to 8.1 percent in April. Mortgage rates, meanwhile, have fallen to record lows, making home-buying more ... |