Low Home Mortgage Interest Rate - Finding the Best Mortgage RateWritten by Carrie Reeder
Interest rates are at an all time low, making now perfect time to purchase a new home or refinance your existing mortgage. The interest rate you receive will depend largely on your credit rating, monthly debt, and your income. Mortgage loans are typically 15 to 30 years in length and will either have a fixed or variable interest rate. Before you apply for a mortgage it's a good idea to check your credit report. Even with poor credit, correcting mistakes and checking accuracy of your credit report can be very helpful to you in choosing a lender and obtaining lowest interest rate possible. A pre-qualification or pre-approval from a lender can be useful in searching for and making an offer on a new home. Sellers can be very receptive to potential homebuyers who have already begun mortgage process. Loan products vary from one lending institution to another, so be certain to compare rates and terms. The rate of interest you pay can greatly affect your monthly payments and over all costs involved in obtaining and paying off your home loan. Finding best interest rate available to you will definitely save you money. While shopping for a mortgage, check current interest rates as well as projected fluctuations in market. Interest rates are currently at an all time low but even slight periodic changes can mean more money out of your pocket.
| | Home Equity Line of Credit - Finding The Best Home Equity LenderWritten by Carrie Reeder
Borrowing against value of your home using a revolving credit account is known as a home equity line of credit. Lenders offer home equity lines of credit in several ways with either fixed or variable interest rates. Information on obtaining a home equity line of credit is available to you from many sources, including online lenders. Make sure you compare loan products and lenders, and review terms of your loan contract carefully before signing. Lending institutions offer loan products that vary in terms and cost. Ask your lender about upfront costs involved in obtaining a home equity line of credit. Are there annual costs? Balloon payments? Make certain you receive that lowest interest rate possible for your individual situation. Even with adverse credit, if you have built equity in your home by making payments over a number of years, you can apply for a home equity line of credit. A home equity line of credit requires you to use your home as security for loan, so make sure you can afford to make your monthly payments according to terms of your contract. The amount you can borrow against equity in your home will depend on particular lender, value of your home and your credit score. If you have bad credit you will pay a higher interest rate.
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