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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.
Todays Mortgage Rates News
Today's Mortgage Rates for 5/25/12 - LoanSafe
 World News Resource | Today's Mortgage Rates for 5/25/12 LoanSafe (LoanSafe.org) – The mortgage roller coaster started up again as mortgage rates went both up and down this morning at the top lenders under their home loan programs. To view these changes from yesterday's report, please see the details below or feel ... Today's Mortgage Rates: Bank of America, Chase and Citibank Refinance Rates ... Mortgage Rates: Low Mortgage Rates Attracting Borrowers to Mortgage Refinances Bankrate: Mortgage Rates Hold at Record Lows |
Thirty-year mortgage rate falls to record 3.78% - USA TODAY
 International Business Times | Thirty-year mortgage rate falls to record 3.78% USA TODAY By Martin Crutsinger, AP WASHINGTON – The average US rate for the 30-year fixed mortgage fell to a record low for a fourth straight week. Cheap mortgages have helped boost home sales modestly this year. Mortgage buyer Freddie Mac said Thursday that the ... Are Record-Low Mortgage Rates Hurting The US Housing Market? PRESS RELEASE: Freddie Mac Says Historic Lows For Fixed Mortgage Rates Hold Steady Mortgage Rates for 30-Year US Loans Fall to a Record-Low 3.78% |
Today's Mortgage Rates for 5/23/12 - LoanSafe
 Best Syndication | Today's Mortgage Rates for 5/23/12 LoanSafe (LoanSafe.org) — Mortgage rates today have mostly went up at the top lenders according to this morning's research with only one decrease found under one home loan program. To search for the best mortgage deals in your area, please use our rate search ... Today's Mortgage Rates: Bank of America, KeyBank and Citibank Refinance Rates ... Current Mortgage Rates Today – Wells Fargo and SunTrust lower loan rates as ... HSH.com Weekly Mortgage Rates Radar: Fixed Mortgage Rates at New Record Low Again |
Mortgage rates fall to new lows, putting buyers with good credit in prime position - La Jolla Light
 La Jolla Light | Mortgage rates fall to new lows, putting buyers with good credit in prime position La Jolla Light By Vicki Johnson After watching mortgage rates fall to historic lows over the last few months, homeowners may be surprised to learn that rates across the nation are still on the decline. According to a report from USA Today, the average fixed mortgage ... |
BMO Bank of Montreal Decreases Mortgage Rates - SYS-CON Media (press release)
 National Post | BMO Bank of Montreal Decreases Mortgage Rates SYS-CON Media (press release) TORONTO, ONTARIO -- (Marketwire) -- 05/24/12 -- BMO Bank of Montreal announced today it is changing its residential mortgage rates, effective May 25, 2012. "BMO continues to encourage Canadian homeowners to take on a mortgage amortization of 25 years ... TD Canada Trust changes residential mortgage rates RBC trims five-year mortgage rate TD, BMO join RBC in lowering mortgage rate; 5-year fixed falls to 5.34% |