Home loan lowest interest rates

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Today we are excited to have Morgan Sims as our guest blogger. Morgan is an accomplished writer who has been featured on many blogs with topics ranging from Real Estate to Social Media. – The KCM Crew

Buying a home is likely the biggest purchase you will make, and even more likely a purchase that will require a loan. When dealing with a financial commitment such as this, understanding how to get the lowest possible interest rate could mean a difference of thousands of dollars. Home loans are a complicated business, so here are a few tips to help you shop for the lowest interest rate.

Qualifying for the Lowest Rates

Computer models fix a large percentage of the costs of a home loan with strict prequalification. Loan officers are not able to give every client that walks in the door the same deal. It is a good idea to be aware of your own credit score and equity, while also comparing rates in your local market, so you know what to expect.

For the best interest rates you'll likely need a credit score of at least 740 and have 20 percent equity. These figures are a general guide and are always changing. However, if your score is considerably lower than this and you have low equity, be prepared for heavily increased rates compared to the best that are offered.

Be Prepared

The best thing you can do for yourself to make the loan process easier is to plan ahead and be prepared. Be sure to gather all the necessary documents before you begin; to ensure timeliness and organization. You should also prepare for the down payment by saving up monthly. Depending on the lender and type of loan, you may be required to put anywhere from 2.25% to 20% of the purchase price down. In addition, keep in mind the estimated closing costs, as many tend to forget to budget for these fees. It’s never too late to start saving.

Another factor to consider is home insurance costs. If insurance costs for your area are particularly low, it may free up some additional cash for loan repayments. Tools like the home insurance calculator allow you to plug in all of your information to get an estimated cost for your home insurance.

Understand your Needs

Before going to speak to anyone about getting a home loan, be sure you are clear about what it is that you're looking for and what parameters you have set. If for any reason they can't be met, be cautious of alternative offers that are suggested to you, as you may be persuaded down a different path.


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Re: Craigslist Post - HELOC vs Fixed Rate Loan

2007-02-15 18:47:28 by 14finance_assist

Hello,
I hope to answer some of the questions you have in regards to taking your home equity loan and getting a fixed rate and fixed payment.
First and foremost, I'm glad to see you have a clear idea of what your goals are for a new loan, and that you are thinking now, of your retirement. Too many people don't pay themself first. Which leads to a later retirement, and may leave you with little retirement savings. So, good job.
As I'm sure you are aware, there are many factors that will determine, what type of programs you will qualify for when it comes to refinancing


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Why are you waiting to buy a home?

2008-01-02 18:49:35 by cecornette

Are you waiting to buy so you can build up your funds for a down payment?
You might want to go ahead and see if you can get a loan anyway - interest rates are still some of the lowest we've had in 40 years and real estate prices are a bit deflated right now.
If you're looking to wait and build your down payment, then you wouldn't want to put your money at too great an amount of risk if you're talking about a few years. Based on stock/bond market history a 3-5 year window would be considered short-term (an average market cycle, including a full Bull market when things are up and a full Bear market when things are down lasts approx


Mortgage Rates info

2004-04-08 08:38:54 by 1Mortgages

Great article (03/27 Mon.gazette) on why to use a mortgage broker. Give me a call. My rates are better than the one's in this article.
_________________________
How low can lenders go?
Mortgage mania breaks out as deals abound. Shopping around can really pay off for borrowers as hungry financial institutions vie for market share
It's a dogfight these days on the mortgage front and your home loan is the prize. Every financial institution appears to have some sort of promotion going to win over new clients.
Some will give you a cash rebate. Some will pay your penalty to get out of an existing mortgage

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Mortgage Loan Rates Continue to March Higher  — 24/7 Wall St.
Mortgage applications fell further last week, with the market index falling to its lowest level in more than a dozen years. Both purchase and refinance applications fell as interest rates increased going into today's Federal Open Market Committee meeting.

Developers want banks to lower interest rates  — Times of India
As per an estimate, average take-off of home loan in Indore alone was at Rs 1,000-1,200 crore per month. IDBI bank claims to having lowest interest rate on home loans at 10.25%.

Tearing Down Walls: The International Monetary Fund 1990-1999
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City of Coronado gives city manager $1.2 million for low interest home loan  — 10News
The City of Coronado authorized a $1.2 million loan so its city manager could buy a home at a low interest rate.

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