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Your Credit and Low Mortgage Rates
from: Mortage & Debt FactsWhen our economy is in a bit of turmoil, low mortgage rates attract homeowners to borrow on the equity of their homes to do home improvements, pay off credit card debts, or just go on a much needed vacation.
You may want to refinance your current mortgage loan to lower your payments; your credit report can help you get lower mortgage rates.
If you have been thinking about taking out a new mortgage or re-fi loan, now is the time to do it because of the low mortgage rates that are available now to qualified borrowers. If you want to make home improvements, or add on to your home, you will need to get estimates to what this will cost and then go to your lender and ask for a loan. By making home improvements you can increase the value of your home and your mortgage payments may be lower than you were paying before due to the low mortgage rates.
Often people are worried about the economy and not being able to afford their mortgage loans. A good rule of thumb when you are thinking about borrowing is that your mortgage payment should not be higher than a quarter of your monthly income, which is about a week’s salary.
To qualify for a loan the mortgage lender will evaluate your finances to determine your ability to pay back the loan. For many, the low mortgage rates are the determining factor for taking out a loan at this time, rather than missing out on a great deal.
There are closing costs to borrowing money, and even with the costs, the low mortgage rates can save you a significant amount of money if you refinance.
To take advantage of the low mortgage rates to refinance you will have to apply for another loan. You may have to give information about the home that you are mortgaging, and give information about your employment status. You may be asked to show proof of your pay stubs from your job.
If you are self-employed you may be asked how long you have been in business and offer copies of your income tax returns to prove your earnings. Your lender may ask you for the names of your creditors, and the amount you owe. You may also be asked for a photo ID and proof of identity, though your lender may already know you.
If you have any credit report anomalies you may have to give an explanation. A clean credit report can make a difference between paying high or low mortgage rates. The better the credit rating the better the interest rates a lending institution can offer you.
In a way, you can think of your credit report like money in the bank, because a good credit report will give qualify you for low mortgage rates.
Average Mortgage Interest Rates Specific links
Average Mortgage Interest Rates News
UK Lending Drops as Recession, Interest Rates Take Toll - Wall Street Journal
UK Lending Drops as Recession, Interest Rates Take Toll Wall Street Journal By Ilona Billington LONDON (Dow Jones)--Mortgage and business lending in the UK dropped in April as the slowing economy, rising interest rates and growing concern over Greece's future in the euro zone damped demand, and after a tax break for first-time ... |
Freddie Mac: 30-year mortgage rate down a tick at 3.78% - Los Angeles Times
 OregonLive.com | Freddie Mac: 30-year mortgage rate down a tick at 3.78% Los Angeles Times By E. Scott Reckard Record low interest rates for 30-year mortgages edged down another tick, Freddie Mac said in its latest survey, which showed lenders across the nation offering the benchmark loan at 3.78% compared to 3.79% last week. Average US rate on 30-year mortgage dips to record low of 3.78 percent; 15 ... PRESS RELEASE: Freddie Mac Says Historic Lows For Fixed Mortgage Rates Hold Steady US 30-year mortgage rate falls to record 3.78 pct. |
Bankrate: Mortgage Rates Hold at Record Lows - MarketWatch (press release)
 San Francisco Bay Area Today (press release) | Bankrate: Mortgage Rates Hold at Record Lows MarketWatch (press release) NEW YORK, May 24, 2012 /PRNewswire via COMTEX/ -- Mortgage rates were little changed, remaining at record low levels. The average rate on the benchmark 30-year fixed mortgage rate was unchanged at the record low of 3.97 percent according to ... Even Lower Interest Rates Keep Refi's Rolling Refinance Applications Increase in U.S. for Third Consecutive Week, Driven by ... Current Mortgage Rates: SunTrust, TD Bank and US Bank Home Purchase Rates for ... |
Real estate industry pushes Senate on refi bill - MarketWatch
Real estate industry pushes Senate on refi bill MarketWatch By Mara Grbenick of Medill News Service WASHINGTON (MarketWatch) — Real estate and mortgage industry leaders urged a Senate committee on Thursday to back a plan that would lower interest rates for homeowners with government-owned mortgages. |
Average US mortgage rates for the past 52 weeks, at a glance - Washington Post
Average US mortgage rates for the past 52 weeks, at a glance Washington Post The average US rate for the 30-year fixed mortgage fell to a record low for a fourth straight week. Cheap mortgages have helped boost home sales modestly this year. Here's a look at rates for fixed- and adjustable-rate mortgages over the past 15 weeks: ... US mortgage rates for past 52 weeks at a glance |