Helpful Resources For Finding The Lowest Mortgage Rates - By: Real Estate1
Interest rates haven't been this low in years, and there's every reason to believe that the current low mortgage rates will continue to be available to both new home buyers and homeowners looking to refinance their current mortgages. A lower interest rate on your mortgage can potentially save you tens of thousands of dollars on the cost of your new home or mortgage refinance. Finding the lowest mortgage rates takes a little work, but the potential savings make the search more than worth the effort.
On the other hand, there are resources that will make your hunt for the lowest mortgage rates much easier. Looking in the right places and accessing the right people can keep you in the loop and make it much easier to find lenders willing to offer you the lowest mortgage rates possible. These hints and tips can help you find a mortgage or refinance your current mortgage at the lowest interest rates available today.
Mortgage Rate Resources Online
There are a number of resources online that will help keep you informed about current national and local prevailing mortgage rates. One of the most reliable and useful resources for determining the lowest mortgage rates is the Federal Housing Finance Agency web page. The front page of the FHFA web site lists the Freddie Mac Weekly Primary Mortgage Market Survey, which will give you the average mortgage rates nationally for both the current and previous week. You'll also find up to date news and information that may affect the interest rates in the coming weeks and days. You can get even more detailed information about the current interest rates in your region at the Freddie Mac web site.
In addition to finding general information about low interest rates online, you can get mortgage rate quotes from multiple lenders at many web sites. Look for a loan comparison site that allows you to enter basic information once, then submits that information to at least three local lenders who are likely to offer you a loan. The best mortgage comparison sites also provide information for you about mortgages and current interest rates, as well as loan calculators to help you decide how much mortgage you can afford.
Other Resources to Help You Find Low Mortgage Rates
Today's ease of doing business and finding information online makes it easy to forget other resources at your disposal. This can be a big mistake when you're looking for a low interest mortgage or second mortgage on your home. There are a number of resources in your community and circle of acquaintances that can be very useful in pointing you toward lenders who will offer you a mortgage at low interest rates.
- Your local bank is one possibility for a low interest mortgage. If you have one or more accounts in good standing at a local bank, you may be eligible for special interest rates as a good customer. Likewise, some banks may offer lower interest rates or other perks for existing customers who are willing to have mortgage payments automatically deducted from their existing accounts.
- Don't forget your local credit union. Credit unions typically offer lower loan rates than traditional banks of deposit. If you have a credit union available either locally or through your union or other organization, be sure to check their prevailing interest rates and policies for making mortgage loans.
- Ask your real estate agent for a list of trusted lenders. Real estate agents and Realtors do business with mortgage brokers and lenders on an ongoing basis. That means that they have a pretty good idea of which lenders are likely to offer mortgages to specific types of clients. This can be especially important if your credit score doesn't qualify you for the best interest rates at more traditional lenders.
- Go through a mortgage broker. Mortgage brokers make their living by finding the best mortgages for home buyers, but keep in mind when working through a broker that many lenders pay a fee to a broker for every loan originated through them. Be sure to compare the interest rates you're offered on loans through a broker just as carefully as you would mortgages that you'd found yourself.
It's been years since there has been such a perfect combination of prices, tax incentives and low mortgage rates for home buyers. These conditions won't last, but while they exist, it's an excellent time to invest in a new home. Take advantage of the situation, but don't let it affect your judgment, though. Be sure to take the time to comparison shop and find the lowest mortgage rates and best loans for your situation.
On the other hand, there are resources that will make your hunt for the lowest mortgage rates much easier. Looking in the right places and accessing the right people can keep you in the loop and make it much easier to find lenders willing to offer you the lowest mortgage rates possible. These hints and tips can help you find a mortgage or refinance your current mortgage at the lowest interest rates available today.
Mortgage Rate Resources Online
There are a number of resources online that will help keep you informed about current national and local prevailing mortgage rates. One of the most reliable and useful resources for determining the lowest mortgage rates is the Federal Housing Finance Agency web page. The front page of the FHFA web site lists the Freddie Mac Weekly Primary Mortgage Market Survey, which will give you the average mortgage rates nationally for both the current and previous week. You'll also find up to date news and information that may affect the interest rates in the coming weeks and days. You can get even more detailed information about the current interest rates in your region at the Freddie Mac web site.
In addition to finding general information about low interest rates online, you can get mortgage rate quotes from multiple lenders at many web sites. Look for a loan comparison site that allows you to enter basic information once, then submits that information to at least three local lenders who are likely to offer you a loan. The best mortgage comparison sites also provide information for you about mortgages and current interest rates, as well as loan calculators to help you decide how much mortgage you can afford.
Other Resources to Help You Find Low Mortgage Rates
Today's ease of doing business and finding information online makes it easy to forget other resources at your disposal. This can be a big mistake when you're looking for a low interest mortgage or second mortgage on your home. There are a number of resources in your community and circle of acquaintances that can be very useful in pointing you toward lenders who will offer you a mortgage at low interest rates.
- Your local bank is one possibility for a low interest mortgage. If you have one or more accounts in good standing at a local bank, you may be eligible for special interest rates as a good customer. Likewise, some banks may offer lower interest rates or other perks for existing customers who are willing to have mortgage payments automatically deducted from their existing accounts.
- Don't forget your local credit union. Credit unions typically offer lower loan rates than traditional banks of deposit. If you have a credit union available either locally or through your union or other organization, be sure to check their prevailing interest rates and policies for making mortgage loans.
- Ask your real estate agent for a list of trusted lenders. Real estate agents and Realtors do business with mortgage brokers and lenders on an ongoing basis. That means that they have a pretty good idea of which lenders are likely to offer mortgages to specific types of clients. This can be especially important if your credit score doesn't qualify you for the best interest rates at more traditional lenders.
- Go through a mortgage broker. Mortgage brokers make their living by finding the best mortgages for home buyers, but keep in mind when working through a broker that many lenders pay a fee to a broker for every loan originated through them. Be sure to compare the interest rates you're offered on loans through a broker just as carefully as you would mortgages that you'd found yourself.
It's been years since there has been such a perfect combination of prices, tax incentives and low mortgage rates for home buyers. These conditions won't last, but while they exist, it's an excellent time to invest in a new home. Take advantage of the situation, but don't let it affect your judgment, though. Be sure to take the time to comparison shop and find the lowest mortgage rates and best loans for your situation.
Interest rates haven't been this low in years, and there's every reason to believe that the current low mortgage rates will continue to be available to both new home buyers and homeowners looking to refinance their current mortgages.
Cynthia Andrews is a freelance writer who offers tips about how to find the lowest mortgage rates.
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