Lowest Mortgage Rates     

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Lowest Mortgage Rates are available for many borrowers from a variety of different lending sources. The way to make sure you get the lowest mortgage rate that you deserve is to shop around and make sure that you are dealing with a qualified lender that can fund your loan by themselves.

You can find some sites online that allow you to find and compare some of the local lenders in your market with rates, points and other fees. This is a good way to understand what the lenders in your local area are offering. Not all mortgage rates are the same in this country.

Lowest Mortgage rates can be found anywhere and at anytime if you do your research and study. First of all you need to have great credit to get the lowest mortgage rates that will be offered for the product you are buying. If you have credit scores in the high 700s or low 800s you will be able to qualify, subject to income and other underwriting requirement, for the best rates that your lender has to offer.

Just because you have a credit score in the high 700s or low 800s does not mean you will qualify for a mortgage loan. You still have to prove that you have the income and assets to afford what you are buying. The economy has slowed and the home lenders have become a little more cautious when it comes to lending and approving applicants for home loans.

If you have good credit and good income and a source for your down payment you should be able to qualify for that special home loan you want at the lowest mortgage rates that should be available to people in your local area.

Some areas of this country will have lower interest rates than other parts of the country. Why? Well, in larger states like California the competition is great for the qualified home buyer so more financial institutions are bidding for your application and they will offer a lower rate to get you to come with them. In other states that are not as competitive, you will find that the lenders do not need to offer any special discounts to get your business.

When looking for the lowest mortgage rates you will find that many of the lowest rates will be offered for adjustable rate mortgages and for term loans that are less than twenty years. The reason these loans are lower in rates is because you are going to pay the loan back quicker than a thirty year mortgage. That is the major reason that adjustable and ten year mortgage rates are less.

Finding the lowest mortgage rate may be the best deal for you and then again, it may not be.  Just because you get a lower interest rate does not mean you are getting a better deal, you need to check out how many points or fees the lender is charging to get this low interest rate.  If you do not plan on staying in your home for a long period of time, you may want to investigate getting a shorter term amortization or even an adjustable rate mortgage.

With this current economy we have heard some bad things about the adjustable rate mortgages, but, they are not all bad.  If you plan on living in your home for just a few years before you move or relocate, then you may want to look into the adjustable rates and the advantages they offer you.  Most of the people that got in trouble with the mortgages recently, could not afford a home loan in the first place and should not have been approved.

Getting the lowest mortgage interest rate is some thing that we all desire and want but can we all get it?  No.  Because once we finance our homes it is not worth the cost of refinancing our mortgages just because rates move a little lower than what we currently have.  Now, if your rate is a point or more over the current lower mortgage rate that you can now receive, you may want to crunch the numbers to see if it makes sense for you to refi at the lower mortgage rates.
 

 

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