Current home Mortgage interest rates

Current Mortgage Interest Rate AdviceIf you’re searching for the current mortgage interest rate there are several things you need to know about the rate quotes you find online and from your local mortgage broker. Did you know that according to the HUD Secretary your neighbors are overpaying sixteen billion dollars for their home mortgage loans this year alone? Yep, it’s true…and they don’t have a clue. Here are several of my best current mortgage interest rate shopping tips to help you avoid the same mistakes as your neighbors when it comes to refinancing your home loan.

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What is the Current Mortgage Interest Rate?

What is the current mortgage interest rate on any given day? You should know that mortgage rates are quoted from tables meaning that yours could be very different from mine. That’s right, two people with identical homes and credit can be quoted very different mortgage rates on the same day. The reason is that loan originators like mortgage brokers and those humongo-websites like Lending Tree mark up the current mortgage interest rate they are quoting you to collect a hidden commission known as Yield Spread Premium. (Mortgage lender speak for kickback) This fee results in a higher than necessary mortgage payment by a hundred dollars or more every month that you keep the loan. That’s thousands of dollars your neighbors are flushing away because they just didn’t know better.

How to Avoid Hidden Markup & Save

The good news is that you can avoid hidden junk fees like Yield Spread Premium. Before you can avoid this hidden inflation of your current mortgage interest rate, you need to understand how it works. Here’s an example to illustrate my point. Suppose you have a $300, 000 California mortgage loan you need to refinance. Your old loan had a mortgage rate of 6.5% and your broker is quoting you 5.75 percent to refinance. Sounds like a good deal, right? What you don’t know about this “current mortgage interest rate” is that the broker marked up your quote to collect the fee known as Yield Spread Premium from the lender. If you had what’s known as a Par Mortgage Rate, the current mortgage interest rate you deserve, you’d be refinancing at 5.0 percent.

What does this unnecessary markup for a lender kickback do to your payment? In the previous example, your payment at 5.75 percent will be $1, 750 per month. If you had the current mortgage interest rate you deserve at 5.0 percent your payment would only be $1, 610. That’s a difference of $140 per month, a whopping $1, 680 per year you’re throwing away because your mortgage broker lied to you.


BiblioGov To amend the Truth in Lending Act to permit deferrals on home mortgage foreclosures for a limited period to allow homeowners to take remedial action, ... of any reset of the mortgage interest rate.
Book (BiblioGov)
  • Used Book in Good Condition

An equity loan on a home

2005-06-28 15:10:37 by ------

Can be used for anything. To pay off credit cards, etc., anything.
But you're not married to her yet. So your 2 properties are not 100% co-owned as will happen when you sign the marriage papers. Think of this as a sign of future financial problems to come. Her credit rating is supposed to be hers, not yours.
Why did she get rid of the other car when it was still new enough to have $3k still owed on it?? Does she get tired of new things fast?

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Home > Blog > Current Mortgage Rates For Tuesday December 10 2013  — Mortgage Rates & Trends
To recap: currently the Fed is buying $85 billion in MBS and Treasuries per month in an effort to drive down long term interest rates and encourage lending, in an effort to stimulate the economy.

Current mortgage rates at Bank of America (Thursday November 28, 2013)  — USFinancePost
Current mortgage rates at Bank of America The customers looking for new home purchase or refinancing deals at Bank of America (NYSE: BAC) BAC +0.03% might have to face some ups and downs today, when it comes to the underlying rates of interest.

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