Best Mortgage Loan Rate

People are always looking for the best mortgage loan rate that they could get their hands on. While it may be tempting to take on the word of the lenders for the low interest rates on some of their mortgage loan products, most of these banks calculate the rate on a case-to-case basis. They usually determine the interest rate for each individual based on a set of criteria.

Even local banks nowadays use at the prevailing rate in the market and charge them to the borrower. If you go to a local bank and apply for a 30-year fixed rate mortgage loan, the local bank will still look at the base rate for this loan.

When you go to a lender for mortgage loans, you bring with you your special situation-your employment, your credit rating, your present debt and the things that your present income and savings situation. The banks will then look at your circumstances and adjust the base rate to suit your needs without compromising their profit margin. Low rates are usually given to those with good credit rating.

It is therefore important for you to make your payments on time and take good care of your credit rating and your credit history. That way, you will not find it difficult to apply for refinance mortgage loans in the future.

Blots and blemishes on your credit record will make it more difficult for you to borrow money. You may even be charged with higher rate because of this. That is because you represent a higher risk to the bank’s business.

Your present employment, salary level and monthly expenditures are also taken into account. Banks and mortgage lenders want the assurance that you can pay your amortization.

After the process has been followed, the mortgage lenders will then present a rate for your mortgage loan. Most of the time, this is higher than the published or advertised rates. You may react violently in this case. But most of the time, lenders are not willing to lower their rates. What you need to do then is to consult another mortgage lender or a bank, hoping to get the best mortgage loan rate.

After doing some sort of window shopping, you can compare different rates and make a decision based on the best mortgage rate that you can find. The best way to go through this is to make a large down payment, have a good credit score and aim for a good income level.

How to Get the Best Mortgage Loan Rate Refinance

Are you in the market for a refinance loan? Do you want to make sure that you get the absolute best mortgage loan rate refinance that you can possibly qualify for? Here are three tips that will help you get the best mortgage loan rate on your refinance possible.

Best Mortgage Loan Rate Refinance Tip #1 – Shopping around

You have to shop your rate and your fees. There are so many companies out there that you have to compare quotes across the board. You need to get at least 3 quotes and one of them should be a mortgage broker. Then, you need to make the companies compete for your business. Every time one of your companies gives you a better quote than another get it and writing and use it to your advantage.

Best Mortgage Loan Rate Refinance Tip #2 – Using the quotes to your advantage

When you get a quote in writing you need to call up the other competing companies and, then fax them a copy of the quote. It is now a waiting game. You will wait to see what each company is willing to do and if they will beat the quote you sent them. If not, then, you know they really don’t want to do a refinance mortgage for you.

Best Mortgage Loan Rate Refinance Tip #3 – Getting the best deal you possibly can

In order to get the best deal possible you have to know how to work the system to your advantage. You need to take the quote that has the best rate and the one that has the best fees and combine them. You do this by telling each company to match or beat the quote on either the fees or the rate or you will go with the other company. By doing this one of the two companies will bend and give you the best mortgage loan rate refinance you can get.

You now have the blueprint to a successful refinance loan. You can use these tips in order to get the best mortgage loan rate refinance that you qualify for today. Follow these tips and you will have success with your refinance loan

Best Mortgage Loan Rate – Do You Have What it Takes?

Shopping around for the best mortgage loan rate can be a good or bad experience, depending on how you go about it. If you go in blindly, with no idea about the current mortgage rate or your credit, chances are that you’ll end up making bad choices. But a little background knowledge can help you fix your credit and get the best rates possible.

What’s My Credit?
These rates depend upon how good or how bad your credit rating is. If you have no credit history or a bad credit, it’s still possible to find lenders who will offer you a second mortgage rate. But the interest rates will be exorbitantly high. This might seem unfair but look at it from the lenders’ point of view- a bad credit rating means that they have no assurance that you’ll be able to pay them back.

The first step in getting the best mortgage loan rate is to find out what your credit ranking is. There are three main credit reporting agencies- Equifax, TransUnion and Experian. You can get one free report from each of them every year and online facilities are also available. And what exactly goes into a credit score? Your ranking will be determined by your unused credit lines, loan accounts and your current debt rate. Your overall score will be somewhere between 300 and 850. You can expect to get good interest rates if you score above 700- in fact, the closer to 850 your score is, the better your rates will be.

Improve Yourself!
So what happens if your credit rating isn’t above 700? In fact, what happens if it falls somewhere below 300? Don’t worry- majority of people end up with a credit rating that falls between 100 and 650. The good news is that you can take steps to fix this. You don’t have to pay up all your debts right away- all you need to do is set up some payment plans for yourself. Keep a certain amount of money on your credit cards and make sure you make your payments regularly every month. This will show your potential lenders that you are serious about maintaining your finances.

Apart from finding the best mortgage loan rate, you can also speak to your lender about an adjustable mortgage rate. Lender rates will vary so try and shop and compare as much as you can. Look into both fixed and variable interest rates as well as how long the loan will extend for.

Remember that it’s not enough to just get the best mortgage loan rate- make sure that you keep making your payments on a regular basis. This will continue to improve your credit ranking and make a good impression on your lender.

Who Offers the Best Mortgage Loans For Buyers With Good Credit?

A mortgage is what most Americans face when they are looking to purchase a home because homes are expensive undertakings that can rarely be bought outright. One way in which people can get low rates is by having a good credit score that is built up over time. Mortgage loans are easier to obtain and payments will be lower when a potential buyer’s credit score is good.

When looking for venues and lenders who offer the best loans, potential home buyers should look in variety of places. The most obvious place to start is at their regular bank. This is probably best because a bank is the primary place where most mortgages originate. In a sense, when a person takes out a mortgage from a bank, the bank owns the house until a mortgage is paid completely off.

For people who are in the military, getting a home loan is very easy because of the security offered by the federal government. Obviously, this type of government subsidy is not offered to regular civilians. However, the government will give members of the armed forces money for renting off the base. But when looking to buy, they will definitely assist a person in acquiring a more than fair mortgage.

Having a good credit score is the main factor in getting the best loan available from any bank. Most banks are going to charge the comparable rates, so it is important to shop around a bit. But the fortunate thing about having a good credit score is that banks will actually compete for your business because they see the great potential for returns on lent money.

Though prime rates are adjusted, choosing a bank that offers the best sum of borrowed money at the right rate with low monthly payments is key factor in shopping around. Do not jump on the first low offer from a bank because they are trying to squeeze every extra dime out of a customer’s pocket they can. Take as much time is needed to make a well-informed decision when buying a home.

When looking at who offers the best mortgage loans for buyers with good credit, the quick answer is all banks. Having good credit means that a person is a solid investment and pays their bills in full and on time. Banks are the primary sources of loans, but each has their own rates and charges for setting up a mortgage. Compare each different venue’s price to make the best possible decision.

USDA Loans – The Best Mortgage Loan You Never Heard Of

The best mortgage loan you never heard of? How about a USDA guaranty loan?

So what’s so good about a USDA loan?

100% LTV – the highest LTV is mortgage lending today.
Market interest rates.
Less than perfect credit accepted.

You didn’t know it, but the USDA has been in the real estate business for years. The program was initially designed to stimulate rural development and assist the agriculture community with housing. Agricultural stimulus packages are a long standing pillar of US economic policy going back to the turn of the last century. In fact, most our early prominent government economists were from the agricultural school. A famous alumnus of this school was John Kenneth Galbraith. USDA guaranty loans were designed as a modest program to provide housing in areas that large lenders shunned.

National lenders often penalized rural loans by raising rates and lowering LTV ratios because it was thought that rural properties could not be liquidated at prices high enough to cover the loan.

The trick to USDA loans is that the property must be located in an USDA approved area. Now here’s the trick – the USDA uses the 2000 census data for its map. Areas that were rural in 2000 are now smack dab in the middle of huge growth patterns. Areas such the Kyle/Buda area south of Austin; Pflugerville east of the tollway; some areas of Leander/Cedar Park; Liberty Hill; the area across from the Dominion in San Antonio; parts of Comal County.

Real estate developers are nothing if not resourceful, and they’re exploiting this loop hole to the extreme. Paired with a 96.5% LTV FHA loan, a 100% USDA makes a great partner – and a great way to sell out a subdivision.

Loans are processed similar to an FHA loan. Lenders authorized to make and sell USDA loans will process and underwrite the loan. Guidelines are much more flexible so there is a degree of common sense underwriting. Loans are then sold to Wall Street with the USDA guaranty fee.

This is a great loan for first time homebuyers, or anyone, looking to move into the suburbs at extremely beneficial terms. This is a much better program than even the sub-prime loans of the last 5 years.

This is also a great loan for seniors looking to retire to country, buying a home and some acreage.

The down side to this great opportunity is that the USDA will soon update their maps and the hot areas are sure to lose their designation as rural.

Check out our website below for more information and USDA resources, or call us with your questions.