Welcome to Mortgage Rates Guide
Mortgage Rates Current Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Your Credit and Low Mortgage Rates
from:While our economy is in a bit of turmoil, low mortgage rates are attracting homeowners to borrow on the equity of their homes to do home improvements, pay off credit card debts, or just go on a much needed vacation. You may want to refinance your current mortgage loan to lower your payments; your credit report can help you get lower mortgage rates.
If you have been thinking about taking out a new mortgage or re-fi loan, now is the time to do it because of the low mortgage rates that are available now to qualified borrowers. If you want to make home improvements, or add on to your home, you will need to get estimates to what this will cost and then go to your lender and ask for a loan. By making home improvements you can increase the value of your home and your mortgage payments may be lower than you were paying before due to the low mortgage rates.
Often people are worried about the economy and not being able to afford their mortgage loans. A good rule of thumb when you are thinking about borrowing is that your mortgage payment should not be higher than a quarter of your monthly income, which is about a week’s salary. To qualify for a loan the mortgage lender will evaluate your finances to determine your ability to pay back the loan. For many, the low mortgage rates are the determining factor for taking out a loan at this time, rather than missing out on a great deal. There are closing costs to borrowing money, and even with the costs, the low mortgage rates can save you a significant amount of money if you refinance.
To take advantage of the low mortgage rates to refinance you will have to apply for another loan. You may have to give information about the home that you are mortgaging, and give information about your employment status. You may be asked to show proof of your pay stubs from your job. If you are self-employed you may be asked how long you have been in business and offer copies of your income tax returns to prove your earnings. Your lender may ask you for the names of your creditors, and the amount you owe. You may also be asked for a photo ID and proof of identity, though your lender may already know you.
If you have any credit report anomalies you may have to give an explanation. A clean credit report can make a difference between paying high or low mortgage rates. The better the credit rating the better the interest rates a lending institution can offer you. In a way, you can think of your credit report like money in the bank, because a good credit report will give qualify you for low mortgage rates.
Mortgage Rates Current Specific links
Mortgage Rates Current News
30-Year Fixed Mortgage Rate Rises Slightly After Falling to All-Time Low Last Week; Current Rate is 3.63%, According ...
SEATTLE -- The 30-year fixed mortgage rate on Zillow(R) Mortgage Marketplace is currently 3.63 percent, up four basis points from 3.59 percent at this same time last week. The 30-year fixed mortgage rate ...
Read more...Fixed mortgage rates hover at record lows
A 30-year fixed rate mortgage averaged 3.78 percent; one year ago, the 30-year FRM averaged 4.6 percent
Read more...Fantastic Home Loans Mortgage Rates in New Zealand
Crown Finance offers a new and exciting website launch to offer clients the best possible deal for home loans. The new site is Fantastic Home Loans and the result is a program that lives up to its name.(PRWEB) May 24, 2012 Fantastic Home Loans would like to provide you with an insight into what is happening with mortgage rates in the last week, as homeowners with mortgages or new home buyers are ...
Read more...Increasing Mortgage Rates Threaten Thousands of Brits with Home-Loss
Increasing Mortgage Rates Threaten Thousands of Brits with Home-Loss RoadFish.com men’s lifestyle and finance magazine today expressed concern for its friends in the UK dealing with the Eurozone crisis, especially after a recent report stated that over 100,000 families in the UK could lose their homes if mortgage prices continue to rise. RoadFish.com men’s lifestyle and finance magazine today ...
Read more...Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance
WASHINGTON, DC-- - A proposed bill to streamline and align the refinance processes of Fannie Mae and Freddie Mac may soon make it easier for homeowners who are current on their mortgage payments but who ...
Read more...