Welcome to Mortgage Rates Guide
Bankratecom Mortgage Rates Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
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.
Bankratecom Mortgage Rates Specific links
Bankratecom Mortgage Rates News
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) The average rate on the benchmark 30-year fixed mortgage rate was unchanged at the record low of 3.97 percent according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.41 discount and origination points. Rates are Great, Home Prices Less Filling Mortgage Rates Remain at Record Lows Current Mortgage Rates: SunTrust, TD Bank and US Bank Home Purchase Rates for ... |
Bankrate.com Identifies Group of High-Yield Checking Accounts That ... - MarketWatch (press release)
Bankrate.com Identifies Group of High-Yield Checking Accounts That ... MarketWatch (press release) NEW YORK, May 23, 2012 /PRNewswire via COMTEX/ -- Bankrate.com's (NYSE:RATE) 2012 High-Yield Checking Survey found that the average APY for high-yield checking accounts is 2.05%, more than 34 times the current national average for an interest-bearing ... |
Hoboken Homes Gone in 60 Minutes Signal U.S. Recovery: Mortgages - San Francisco Chronicle
 The Star-Ledger - NJ.com | Hoboken Homes Gone in 60 Minutes Signal U.S. Recovery: Mortgages San Francisco Chronicle Rates for 30-year jumbo mortgages fell to 4.38 percent yesterday from 5.11 percent a year ago, according to data from Bankrate.com. In Hoboken, Toll Brothers increased prices six times since it began selling apartments last spring in the 157-unit 1450 ... Hoboken homes gone in 60 minutes For proof that housing market is getting healthier, look to Hoboken |
Bankrate: Mortgage Rates Set 3rd New Record in a Row - MarketWatch (press release)
 San Francisco Bay Area Today (press release) | Bankrate: Mortgage Rates Set 3rd New Record in a Row MarketWatch (press release) NEW YORK, May 10, 2012 /PRNewswire via COMTEX/ -- Mortgage rates fell for a fifth consecutive week, with the average rate on the benchmark 30-year fixed mortgage rate dropping to 4.02 percent, according to Bankrate.com's weekly national survey. Mortgage Rate Predictions For The Next 7 Days (May 10, 2012) With Mortgage Rates so Low, How to Swing a Refi? Mortgage Rates Fell For 5th Week in a Row |
Bankrate: Mortgage Rates Set 4th New Record in a Row - MarketWatch (press release)
 Eastern Morning Herald | Bankrate: Mortgage Rates Set 4th New Record in a Row MarketWatch (press release) The average rate on the benchmark 30-year fixed mortgage rate dropped below the 4 percent mark for the first time ever, down to 3.97 percent, according to Bankrate.com's (NYSE:RATE) weekly national survey. The average 30-year fixed mortgage has an ... Today's Mortgage Rates: Chase, SunTrust and Wells Fargo Home Purchase Rates ... |