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50 Year Mortgage Rates Article
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Your Credit and Low Mortgage Rates
from:While our economy is in a bit of turmoil, low mortgage rates are attracting 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.
50 Year Mortgage Rates Specific links
50 Year Mortgage Rates News
Bankrate: Mortgage Rates Hold at Record Lows - MarketWatch (press release)
 Mortgage Rates & Trends (blog) | 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 ... Current Mortgage Rates for Wednesday, May 23, 2012 |
Another week, another record low for mortgage rates - Bizjournals.com
 Bloomberg | Another week, another record low for mortgage rates Bizjournals.com Average mortgage rates hit another record low this week, dropping to 3.78 percent for a 30-year fixed loan. The average rate on a 30-year fixed-rate mortgage fell slightly to another new record low this week, according to Freddie Mac's (OTC BB: FMCC) ... Buybacks Wearing on Industry; Fannie, Freddie and Wall Street;... |
Hoboken Homes Gone in an Hour Show Recovery - BusinessWeek
Hoboken Homes Gone in an Hour Show Recovery BusinessWeek Mortgage rates for 30-year loans fell to 3.78 percent in the week ended yesterday, the lowest in Freddie Mac records dating back to 1971. The Federal Reserve has pledged to hold interest rates near zero through the end of 2014 and has bought home-loan ... |
BNZ joins mortgage rate war - New Zealand Herald
 New Zealand Herald | BNZ joins mortgage rate war New Zealand Herald BNZ already had the lowest 18 month mortgage rate of 5.10 per cent, but this morning it cut its 1 year rate by 50 basis points to 5.25 per cent and cut its 2 year rate by 24 basis points to 5.65 per cent. It cut its 3 year rate by 40 basis points to ... Euro troubles send mortgage rates to record lows |
Brokers fear mortgage rate rise in Greek exit - Money Marketing
 Money Marketing | Brokers fear mortgage rate rise in Greek exit Money Marketing Brokers fear mortgage rates could rise by up to 1 per cent if Greece leaves the eurozone. Greece is set to hold its second elections in under two months on June 17, the result of which is likely to decide if Greece stays in the single currency. |