Mortgage and Refinancing Information Channel:
We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
How to Find the Lowest Rate Possible!
The quest is on! You're in the market for a new home loan, a refinance, or a consolidation and you absolutely insist on finding the lowest rate possible! So what better place to do your research, then here on the internet, late at night, with your coffee in hand, and your family fast to sleep!
We'd like to help you on your quest, so here are 3 free tips that we think will speed up your journey, and move you to success:
3. Apples and Oranges
You have to start somewhere. Define "low"? Let's not lick our index fingers, and poke them in the wind to see what direction the storm is heading. If you want the lowest rate possible, you need to know what the market is doing right now, where it's been historically, and what it might be doing over the short term long-haul (say over the next 3 to 6 months.)
a) Fortunately for you, there are TONS of resources available on the internet to do easy market research. Our website provides a Rate-Watch, for example, updated throughout the day, complete with graphs, charts, and specs on fixed rates, ARMS, Jumbo's, and everything in between. But we aren't the only site out there that provides free resources. Just go to your favorite search engine, and you'll find a gazillion sites that would love to give you free market information.
b) What I suggest you do is primarily focus on the 30 year fixed rate, and find a graph demonstrating the TREND over the last 6 to 12 months. A picture is worth a thousand words. Also, check out the current fixed rate, and maybe even poke your eye at the APR for an adjustable rate mortgage, and perhaps check out two or three different resources online. Most of them should be extremely similar. This will encourage your confidence in your own growing knowledge about what's going on out there.
c) What's the news got to say about it? Our site provides a free Financial News watch for mortgages, auto loans, and breaking business stories, updated throughout the day. It's no secret, of course, that news is abundant on the internet, and we aren't the only free resource to provide this information. Go wherever you desire, but read an article or two, even if it's just the first few paragraphs. What's going on with the rates? What are the Feds doing? Any pundits out there talking about how things look, and what may be happening with interest rates? I swear, if you spend 5 minutes doing this, you'll be as informed as the best of them, in terms of having a gestalt view on rates. You will know, with a high level of certainty, what "low" means, in the current world of mortgages and loans.
So take 20 minutes, and derive some benchmarks for yourself. Then, and only then, will you be in a position to gauge what the lowest possible rate truly is, and fully prepared to move forward with your important shopping trip.
Every loan is different. Every lender is unique. Every borrower has his/her own, special, unique set of circumstances. In addition, there are thousands and thousands and thousands of lenders. The information is out there, but what you need is to focus on efficiency.
a) So the best way to sift through the deluge of thousands of lenders, with rates changing daily, and terms that may or may not be posted for all to see, is to use one of the many online services that provide this technology to you (for free.)
b) I won't go into naming my favorites, or listing recommendations, or pointing out the ones that are the oldest, or the newest, or the fastest. That's not the point of this article, and I believe in your ability to make good choices. What I will say, is that I believe in these services.
c) By providing very simple, brief, and concise information on a short form application, you will almost instantly be provided with 3 to 4 loan offers that match your needs and circumstances, from the thousands of lenders, rates, and offers that are collated and organized in the databases of these various loan search providers. I give that an A for efficiency, allowing you to spend your hard-earned time and resources on other more productive things.
d) Once provided with these loan offers, the process naturally, is to compare them. Compare them to the market. Compare them to each other. Compare them to different kinds of lending institutions. Compare their terms. Compare their locations. Compare their histories. And of course, compare their rates, and points, and Origination Fees, and everything else in between. Compare, Compare, Compare.
3. Apples and Oranges:
This may be a counterproductive question, given the nature of this article, but are you absolutely sure that RATE is all you're concerned about? Is getting the LOWEST rate, truly the most important thing to consider, when diving into something as important, as a new mortgage?
a) Sometimes, it's nice to do business with your local bank. They're right around the corner, they know you by name, and maybe you even get a Christmas card and sometimes, even a box of chocolate. They may charge a little more in rate, or their terms might be slightly less competitive, but usually, they'll be up front about that, and what they're selling isn't the bottom-line so much, as the security of knowing who they are, and what kind of personable relationship you can count on over the next 30 years.
b) Sometimes, it's nice to take advantage of your local credit union. Maybe you are a government employee, or you work for the electric company, or your business participates in a local, non-profit credit union. Credit Union customers tend to be loyal, and almost religiously in favor of going the route of the credit union for all financial needs. It's a nice idea, that you own a part of the bank, and that you are borrowing from yourself, in a matter of speaking. So, perhaps the credit union can offer you competitive rates, but more importantly, this is always a good way to go if you're seeking an alternative beyond private lending institutions.
c) Sometimes, it's nice to borrow from the Big Mammas out there. There's nothing like convenience. And if you're into doing everything right out of your neighborhood grocery-store, then you should look into this as well. Rate isn't everything. Convenience matters. Look, if you live a busy California lifestyle, then perhaps it's more important to incorporate ease of doing business into your decision making process.
The point I'm trying to make, is that rate really isn't everything, but it most certainly matters. So, I'm not persuading you against getting the lowest possible rate available, but I am encouraging you to do your homework, and check out all options before making a final decision.
We've enjoyed providing this information to you, and we wish you the best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense.
Publisher's Directions: This article may be freely distributed so long as the copyright, author's information, disclaimer, and an active link (where possible) are included.
Disclaimer: Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.
Copyright 2005, by http://www.Loan-Resource.Org , This article is available in full format at: Lowest Rate Possible , Tom Levine provides a solid, common sense approach to solving problems and answering questions relating to consumer loan products. His website seeks to provide free online resources for the consumer, including rate-watch, tips and articles, financial communication, news, and links to products and services.
MORE RESOURCES updated Sun. September / 27 / 2020
Mortgage and refinance rates today, September 25, 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage and refinance rates today, September 25, 2020 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Refinancing Your Mortgage Is About to Get More Expensive The Wall Street Journal
How to refinance your mortgage fox29.com
What is a conforming mortgage loan? Bankrate.com
Mortgage and refinance rates today, September 24, 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage and refinance rates today, September 24, 2020 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Sovereign Lending Group, Mortgage Refinance Company, Hires Curt Rosequist As They Expand To Texas. - globenewswire.com
Sovereign Lending Group, Mortgage Refinance Company, Hires Curt Rosequist As They Expand To Texas. globenewswire.com
How to refinance your mortgage without closing costs Fox Business
How often can you refinance your mortgage? Fox Business
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low - CNBC
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low CNBC
Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. - Bankrate.com
Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. Bankrate.com
Mortgage and refinance rates today, September 15, 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage and refinance rates today, September 15, 2020 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Mortgage Refinance Calculator Clark.com
Should I refinance my mortgage? A financial planner explains Business Insider
How and Why to Refinance Your Mortgage: A Step-By-Step Guide Clark.com - Clark Howard
The refinancing boom is just getting started HousingWire
Refinance soon to avoid the FHFA adverse market refinance fee | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Refinance soon to avoid the FHFA adverse market refinance fee | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Clark Howard’s Special Rule for Refinancing Your Mortgage Clark.com - Clark Howard
REAL ESTATE MATTERS: Reader insight on couple near retirement refinancing their home - Sarasota Herald-Tribune
REAL ESTATE MATTERS: Reader insight on couple near retirement refinancing their home Sarasota Herald-Tribune
When Should I Refinance With a No Closing Cost Mortgage? Clark.com - Clark Howard
15-year mortgage rate hits new record low Bankrate.com
New Fed policy could mean years of low mortgage rates | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
New Fed policy could mean years of low mortgage rates | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Refresher on The New Refi Fee and Its Effect on Mortgage Rates Mortgage News Daily
Seven Out of 10 Homeowners Who Research Refinancing Get Unwanted Sales Pitches: Survey - Credible News
Seven Out of 10 Homeowners Who Research Refinancing Get Unwanted Sales Pitches: Survey Credible News
Mortgage refinance: Everything you need to know Fox Business
FHFA's Official Report on Q2 Mortgage Relief Numbers Mortgage News Daily
United Shore seeks to outpace Rocket in mortgage war The Detroit News
Record number of banks offering cashback of up to $4000 for moving your mortgage, but is it worth it? - 9News
Record number of banks offering cashback of up to $4000 for moving your mortgage, but is it worth it? 9News
Dwight Capital Provides $36M HUD Loan on Seattle Suburb Rental Asset Commercial Observer
Home loans: How to refinance your home loan and save thousands of dollars Gold Coast Bulletin
Warren Buffett Has This Advice for Homebuyers The Motley Fool
How to get the best mortgage refinance rates Fox Business
When should you refinance your mortgage? Fox Business
10 things to know before refinancing your mortgage Fox Business
Compare Today's Mortgage Refinance Rates: Sep 26 Credible News
Ops, LO, AE Jobs; Broker, Construction, MSR Management Products; Using Digital for Customer Service - Mortgage News Daily
Ops, LO, AE Jobs; Broker, Construction, MSR Management Products; Using Digital for Customer Service Mortgage News Daily
These 2 Stocks Are the Real (Estate) Deal Motley Fool
How to get a low-cost mortgage refinance Bankrate.com
Mortgage refinancing is about to get more expensive Pittsburgh Post-Gazette
Mortgage refinancing will be 0.5% more expensive, Fannie Mae and Freddie Mac to raise fees - USA TODAY
Mortgage refinancing will be 0.5% more expensive, Fannie Mae and Freddie Mac to raise fees USA TODAY
How does mortgage refinancing work? Bankrate.com
Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You - The Wall Street Journal
Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You The Wall Street Journal
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC