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Ir a lateral
Vroom Vroom Nestled in the drivers seat you feel like you are at home in your favorite recliner. With a firm grip at and on the steering wheel you bolt down the German Autobahn with no other cars in sight. The wind whips through your hair as sunrays melt off your cool shades. You glance over at that someone special in the passengers seat and shout out It doesnt get any better than this Suddenly the sound of a throat being cleared causes your eyelids to sheepishly rise. The voice came from the salesman Honest Al who is sporting a green plaid suit that was the latest fashion. years ago It hits you that you are in a car showroom. You ask Al about the lowest price he can offer you. After he replies your jaw hits the car floor. If he had given you an equity home loan mortgage rate at relatively the same value the result would have been the same.
Good Better Best
A gold nugget of shopping wisdom is that you can always find a better price. You could find a better price at a car auction than at a used car lot. You could find a better price in a clothing brands factory outlet than at a department stores seasonal sale. And you could find a better equity home loan mortgage rate on the Internet than at a flybynight mortgage lender. Although it takes some time and effort to find the best mortgage interest rate it is definitely worthwhile. Except for those who can afford skyscrapers and corporations houses are the biggest investment for most people. So it pays to spend some extra time and energy to find the lowest equity home loan mortgage rate available.
A Date with Rates
Life would be easier if you could just take out a mortgage and always pay a standard equity home loan mortgage rate.
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How can you be sure youve got the right mortgage broker as you shop around
First make sure you are working with an experienced professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you tell
Here are simple questions your lender ABSOLUTELY must be able to answer correctly. If they dont have the answersRUNDONT WALK RUNTO A LENDER THAT DOES
. What are mortgage interest rates based on
The only correct answer is Mortgage Backed Securities or Mortgage Bonds NOT the year Treasury Note. While the year Treasury Note sometimes trends in the same direction as Mortgage Bonds it is not unusual to see them move in completely opposite directions. DO NOT work with a lender who has their eyes on the wrong indicators.
. What is the next Economic Report or event that could cause interest rate movement
A professional lender will have this at their fingertips. For an uptodate calendar of weekly economic reports and events that may cause rates to fluctuate visit www.pdxloan.comeconomicreport and join the weekly distribution list for MMG Weekly this is a copy of a weekly newsletter on current Economic Reports.
. When Bernanke and the Fed change rates what does this mean and what impact does this have on mortgage interest rates
The answer may surprise you. When the Fed makes a move they can change a rate called the Fed Funds Rate or Discount Rate. These are both very shortterm rates that impact credit cards Home Equity credit lines auto loans and the like. On the day of the Fed move Mortgage rates most often will actually move in the opposite direction as the Fed change. This is due to the dynamics within the fi nancial markets in response to infl ation. For more information and explanation visit Google or research online further.
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When you first apply for a mortgage refinancing you may feel youve stepped into a different culture with a language all its own. More than likely your mortgage refinancing professional is throwing many new terms and expressions your way. Its the responsibility of that same mortgage refinancing professional to make sure you understand everything thats being explained to you so you should never hesitate to ask them to stop and clarify. However if you can approach your application meeting armed with some familiarity with mortgage refinancing terms everyone can be more comfortable from the very beginning. Familiarize yourself with the following and youll be a step ahead of the average firsttime borrower.
HUD HUD stands for Housing and Urban Development and refers to the US Department of Housing and Urban Development Settlement Statement documents pertaining to the house being financed. When your loan officer talks about having you sign the HUD they are referring to that settlement statement. The HUD will detail all payoff information including any fees associated with your mortgage refinancing loan.
LTV and CLTV LTV and CLTV stand for Loan to Value and Cumulative Loan to Value or Combined Loan to Value. LTV refers to the percentage of the homes value that is being financed. Thus an loan for a home constitutes LTV. Higher LTV loans may carry higher interest rates and mortgage refinancing insurance than lower LTV loans. CLTV refers to the combined amount being financed between two loans for the same property. If the home mentioned above has a first mortgage refinancing of and a second mortgage refinancing of the LTVs of those loans would be and respectively for a CLTV of .
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