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Mortgage rates


emmajacob36
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Which mortgage companies have the best rates right now? I am trying to get pre-approved for a mortgage and buy my first home but the rate they quoted me was high. I have good credit score and no credit card debt. Are there any other lenders I should check with?

Since you list your in anywhere USA, most people show at least their state. The rules and laws are different between states. Making this small change can result in better reply's to you.

Getting a mortgage is much more than good credit and $zero credit card debt. What also looked are your recent transactions. How long have your established credit, what was the highest amount owed and paid back, and the credit mix (types of credit installation, revolving, secured debt).

I saw this a lot when I was a L/O - people that paid off all their debt, having no transactions. Their credit score rating was listed as N/A (as in no activity). Your credit report is like a heart, you need to purchase and pay for things to keep your score high and alive. No activity results in no reportable information.

Your best choice for a home loan may be at your local credit union. They are owned by members, closing costs can be less, sometimes better interest rates. The problem with using a credit union, during the process of obtaining a loan. If sometime comes up, your application is done.

The other choice could be a conventional bank - they can have different programs. They are owed by investors, closing costs interest rates could be higher.

Once reason the current lender is giving you a high interest rate. This can be due to your down payment. The more you put down, the lower the rate can be.

I don't know your details -the reason for the high rate is you! My advise is to stay where you are and save up more $$$$ for a larger down payment.

In today's world there is very little difference between who charges what Trying to shop around between rated between different lenders with you having little or not mortgage experience. Is not advisable. Yes you can maybe find a lower rate, this could lead to higher closing costs. You getting to the closing today and all the numbers change. I do not recommend this - maybe one of two, but not multiple. Have your credit run multiple times in one month - will lower your credit score.

Think seriously about these two options, which is the best?

You could go with a higher rate, which would result in paying more each month. This could amount to $100000.00 more over the life of the loan.

The other option you have is to stay put where you are and save up more for a down payment. That way could result is a lower interest rate and no PMI (required mortgage insurance for less than 20% down payment). Over the life of the loan, can result in a lower payment. Saving you thousands over the life of the loan. Point you will spent less!

The above two options - do you want to pay more or do you want to pay less?

If your situation is needing to move, you could possibly rent somewhere else for a short period and saving up for a larger down payment. A few $1000 saved in a few months and added to your deposit, again with will payment less.

Do not be pushed when they tell you "the rates are going to going up". That will be a lie - rates are going to be low probably through the presidential election next year.

I used to write and recommend FHA loan for first time buyers. Knowing what I know today. If you mess up and go late, you can quickly get into trouble. I no longer recommend them.

Point - you want a conforming loan, low fixed interest rate, no PMI, and your taxes and insurance included with your payment. This is the best type of loan.

Lastly - if you feel you found a house you really like, wake up! It is a buyers market out there. Sorry I am a little long winded, I enjoy what I do....:)++

Good Luck....xdancex

:)

Edited by 2ndTimeAround
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I would suggest looking for mortgage companies in particular that can respond to what your looking for. Mostly companies do offer services on evaluating the rates before settling in mortgage transaction. Brokers can oversee your capability of investing when there is enough knowledge to sustain the data.

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Since you list your in anywhere USA, most people show at least their state. The rules and laws are different between states. Making this small change can result in better reply's to you.

Getting a mortgage is much more than good credit and $zero credit card debt. What also looked are your recent transactions. How long have your established credit, what was the highest amount owed and paid back, and the credit mix (types of credit installation, revolving, secured debt).

I saw this a lot when I was a L/O - people that paid off all their debt, having no transactions. Their credit score rating was listed as N/A (as in no activity). Your credit report is like a heart, you need to purchase and pay for things to keep your score high and alive. No activity results in no reportable information.

Your best choice for a home loan may be at your local credit union. They are owned by members, closing costs can be less, sometimes better interest rates. The problem with using a credit union, during the process of obtaining a loan. If sometime comes up, your application is done.

The other choice could be a conventional bank - they can have different programs. They are owed by investors, closing costs interest rates could be higher.

Once reason the current lender is giving you a high interest rate. This can be due to your down payment. The more you put down, the lower the rate can be.

I don't know your details -the reason for the high rate is you! My advise is to stay where you are and save up more $$$$ for a larger down payment.

In today's world there is very little difference between who charges what Trying to shop around between rated between different lenders with you having little or not mortgage experience. Is not advisable. Yes you can maybe find a lower rate, this could lead to higher closing costs. You getting to the closing today and all the numbers change. I do not recommend this - maybe one of two, but not multiple. Have your credit run multiple times in one month - will lower your credit score.

Think seriously about these two options, which is the best?

You could go with a higher rate, which would result in paying more each month. This could amount to $100000.00 more over the life of the loan.

The other option you have is to stay put where you are and save up more for a down payment. That way could result is a lower interest rate and no PMI (required mortgage insurance for less than 20% down payment). Over the life of the loan, can result in a lower payment. Saving you thousands over the life of the loan. Point you will spent less!

The above two options - do you want to pay more or do you want to pay less?

If your situation is needing to move, you could possibly rent somewhere else for a short period and saving up for a larger down payment. A few $1000 saved in a few months and added to your deposit, again with will payment less.

Do not be pushed when they tell you "the rates are going to going up". That will be a lie - rates are going to be low probably through the presidential election next year.

I used to write and recommend FHA loan for first time buyers. Knowing what I know today. If you mess up and go late, you can quickly get into trouble. I no longer recommend them.

Point - you want a conforming loan, low fixed interest rate, no PMI, and your taxes and insurance included with your payment. This is the best type of loan.

Lastly - if you feel you found a house you really like, wake up! It is a buyers market out there. Sorry I am a little long winded, I enjoy what I do....:)++

Good Luck....xdancex

:)

Thanks for sharing this useful information here.

It will help me and all other members who are finding difficulties in getting mortgage loan at low interest rates..!!

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