The best way to benefit from low mortgage rates online.

The best way to benefit from low mortgage rates online is to stay informed. There are many great offers available on the web, but it takes some effort to do the proper research. Many people are concerned that certain offers are too good to be true and while this is something to keep in mind realize that there are some very lucrative deals to be had in the current market.

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Know the Type of Loan You Qualify For

The housing industry offers several types of loans, and you should research which one will benefit you the most and for which you are qualified. VA Loans are offered to current or former members of the military and currently they are some of the best loans available, requiring no down payment. FHA loans have some restrictions and are available to people who have some credit issues or are unable to make big down payments. They are also at a great rate, but keep in mind that you have to pay mortgage insurance premiums on FHA loans so factor that into the final costs when comparing. Finally, Conventional loans are also at a good rate currently but you need to have the cash in hand for a down payment if you go this route.

Take Advantage of Government Programs

HARP or Home Affordable Refinance Program began back in 2009 as an economic stimulus initiative by President Obama. Currently, the rates are in the 4% range. This program is only on the books for another year, it will end in December of 2015. The greatest benefits of this program are that it wipes out the need for a homeowner to have equity in the home to qualify for the refinance, and it eliminates loan to value limitations.

USDA loans are available to people interested in purchasing in rural or under-populated suburban areas. This loan has great rates and offers 100% financing for 30-year fixed notes.

Know When to Lock In Your Rate

When you are considering a purchase or refinance, keep in mind that rates can and do change on a daily basis. It is not unheard of for the rates to change more than five times in a single day during a volatile market. Keep this in mind when doing web-based research. Mortgage lenders will not honor rates unless they have been locked in. When you are comparing lending rates and find a great deal, be sure to lock in the rate so you won't be disappointed later if the rates increase.

Do your online research and always look for both the best deal today, the best mortgage rates and what makes the most sense for your finances in the future.

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Contributing Sources - Use these people on a regular basis.

Posted in Financial Services Post Date 05/02/2021






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