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National Average Mortgage Rates Article
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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.
National Average Mortgage Rates News
Bankrate: Mortgage Rates Hold at Record Lows
NEW YORK, May 24, 2012 /PRNewswire/ -- Mortgage rates were little changed, remaining at record low levels. The average rate on the benchmark 30-year fixed mortgage rate was unchanged at the record low ...
Read more...Historic Lows for Fixed Mortgage Rates Hold Steady
MCLEAN, Va., May 24, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey ® (PMMS ® ), showing the record lows for average fixed mortgage rates ...
Read more...National mortgage rates for May 24, 2012
Mortgage rates stayed near record lows as the housing market shows signs of recovery. The 30-year fixed-rate mortgage was 3.97 percent, unchanged from last week.
Read more...Mortgage rates hit record low of 3.78%
U.S. mortgage rates for 30-year loans fell to a record low for a fourth straight week, reducing borrowing costs as a housing recovery takes hold. The average rate for a 30-year fixed mortgage dropped to 3.78 percent in...
Read more...Mortgage Rates for 30-Year U.S. Loans Fall to a Record-Low 3.78%
U.S. mortgage rates for 30-year loans fell to a record low for a fourth straight week, reducing borrowing costs as a housing recovery takes hold.
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