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Low Mortgage Rates Article
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Scoring a Low Mortgage Rate
from:Today’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 Rates Specific links
Low Mortgage Rates News
Mortgage rates hit record low of 3.78% - San Francisco Chronicle
 Bloomberg | Mortgage rates hit record low of 3.78% San Francisco Chronicle US mortgage rates for 30-year loans fell to a record low for a fourth straight week, reducing borrowing costs as a housing recovery takes hold. The average rate for a 30-year fixed mortgage dropped to 3.78 percent in the week ended Thursday from 3.79 ... Low Mortgage Rates Helping To Sell Homes Record Low Mortgage Rates: Basement for Sellers? Long-term mortgage rate again falls to record low |
Mortgage Rates: Low Mortgage Rates Attracting Borrowers to Mortgage Refinances - FreeRateUpdate.com
 San Francisco Bay Area Today (press release) | Mortgage Rates: Low Mortgage Rates Attracting Borrowers to Mortgage Refinances FreeRateUpdate.com Low mortgage rates remain stable and are attracting borrowers to mortgage refinances in larger numbers. According to the Mortgage Banker's Association's Weekly Mortgage Applications Survey released yesterday, mortgage applications increased 5.6% for ... Bankrate: Mortgage Rates Hold at Record Lows Rates are Great, Home Prices Less Filling Mortgage Rates Remain at Record Lows |
Record-low mortgage rates spur refinancing - The Hill (blog)
 New Zealand Herald | Record-low mortgage rates spur refinancing The Hill (blog) By Vicki Needham - 05/23/12 09:48 AM ET Record-low mortgage rates spurred the third straight increase in refinance applications last week as the housing finance market starts to rebound. Overall, mortgage applications increased 3.8 percent for the week ... MBA Weekly Survey: Refinance Applications Increase Because of Record Low ... Mortgage Rates: Low Mortgage Rates Push Existing Home Sales Higher Low Mortgage Rates Push Maryland Town To #1 Affordability Spot |
Real estate industry pushes Senate on refi bill - MarketWatch
 Washington Times | Real estate industry pushes Senate on refi bill MarketWatch Clogged mortgage pipelines have created headaches for hundreds of thousands of Americans trying to take advantage of low mortgage rates. (Photo: Joe Raedle/Getty Images) Appearing before the Senate Banking Committee, Mark Zandi, chief economist and ... Push intensifies to pass home-loan refinancing bill Mortgage Q&A: Borrowers hit by mess others made Don't HARP on it, refinance program too good to pass up |
Hoboken Homes Gone in 60 Minutes Signal US Recovery: Mortgages - BusinessWeek
Hoboken Homes Gone in 60 Minutes Signal US Recovery: Mortgages BusinessWeek The interest rates are there and they've been waiting so long to move on with their lives that they came out this spring.” US homebuilders (S15HOME) are reporting their most-improved spring selling season in seven years as record low mortgage rates, ... |