Look For the Lowest Mortgage Refinance Rates [mortgageloan-processor.blogspot.com]
Question by Heidi62: Where can I find the lowest mortgage rates and refinance rates in the USA on the internet? Do you think the rates have hit bottom? We like to use a local mortgage broker but the last time they did not over us the lowest rate out there. We knew the lowest rate from bankrate.com so we got it. Bankrate.com no longer lists the lowest rates in the US. Need another source Best answer for Where can I find the lowest mortgage rates and refinance rates in the USA on the internet?:
Answer by Blue Pearl
www.bloomberg.com you can get all financial news.
Answer by debberu
No... they got real low last week and shot back up. The economy is not in good shape and combined w/ the housing crisis, I think the govt will try to further stimulate it. Rates havent gone down enough to spur the slow housing market. Plus in an election year, rates usually go down some more.
Answer by four2x4
I suggest you stick with a LOCAL lender to prevent problems with low appraisals, and other pitfalls of using the internet for such a transaction. I know, as I have had customers come back to me and tell their horror stories, and some never got their loan, coming back to me to do it. This is a process best left to an expert in your area, and price should be a consideration, but the rock-bottom price, is NOT always the best "deal"... Trust me , I know... Shop for knoweldge, and then rates, and then cost. In that order. Cost will be very close as I am in the business, and have to be competative, and still my conscience and integrity, keeps me doing a good job for my customers.
Answer by lenderjayne
First off, be careful giving information over the internet to companies. They may be based overseas and may not have to honor the privacy act here. You are opening yourself up to identity theft. Second, the lowest rate may not always be the best way to go. How much does it cost for the rate? How long will it take you to recoup the costs? HOw long do you plan on staying there. Your best bet is to find a local lender who maintains their client database who will look out for you when rates drop. Also, when you are calling around for rates, be sure they know are you going full document or stated, purchase, or refinance, loan to value, cash out, rate and term, etc. If you call around and they give you a rate without asking you the right questions then they are just throwing numbers out there and be prepared for bait and switch later. Your home is most likely the largest purchase you'll ever make, so you should find a true, knowledgable professional. AFter all, if you have to have a life saving surgery would you go onto the internet to find the cheapest surgeon? ASk your friends who they use and if their lender keeps in contact with them.
Answer by godged< /i>
It's not just the rates you want to compare, look at the total loan package. I just had a client go to an internet lender for a quote and the GFE was $ 5,000 more than the local lender, and if the refinanced in less than 5 years, there was a big penalty.
Answer by saeed q
Make sure to price out your loan with your LOCAL banks and mortgage brokers only. A lot people giving advice on here are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO. Remember Buddha's advice: "Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something (its not advice, its advertising). Don't buy "it."
You may be like the millions of other Americans who are looking to lower their monthly bills by finding the lowest mortgage refinance rates for their home loan. Consider not only the current conditions affecting interest rates, but ways that you can prepare for the refinance process and get the best deal.
Current Conditions for Interest Rates
Recently, mortgage interest rates have gotten quite low and the trend seems to be that they are staying flat. For instance, the 30-year fixed mortgage rates are currently at right around 5 1/4 percent and that has not changed in several weeks. The shorter 15-year fixed rate mortgages are at a great rate of under 5 percent. Homeowners with adjustable rate mortgages, or ARMs, have seen some wonderfully low rates due to a lowered prime. Most ARM rates are at slightly over 5%.
Loan application activity has increased for the most part.
Many pundits feel that this could be an early effect of President Obama's "Making Home Affordable" legislation and the overall economic stimulus package. Many citizens are choosing to refinance but fewer are applying for a new home loan.Home prices are still lower than they were at their peak in all metropolitan areas across the U.S. The one bright bit of news is that the decline year over year is less in all locales except Phoenix.
The Lowest Mortgage Refinance Rates
Before you begin the process of refinancing, consider doing some research first. It is not always easy to find the lowest mortgage refinance rates, but there are some things you can do to help the process.
Your credit score is one of the major factors in finding a low interest rate. You may already know that there are three major bureaus which compile the information that is used on your credit score and they are Equifax, Experian, and TransUnion.
Contact at least one of them and get your report. You can obtain it for free if you have recently applied for financing and been denied.Once you have your credit report in hand, go over it with a fine-toothed comb. Look for any information that does not belong, or outstanding debts that have now been paid. If there are any old debts that you still owe, consider paying them off. This will positively affect your score.
Be sure to do some research on the current mortgage refinance rates in your locality before you contact a lender to refinance your loan. Once you know what the lowest and highest rates are, you are in a much better position to get the best deal. You can easily find this information online. Remember, though, that the best rates are offered to those who enjoy the lowest debt-to-income ratios and have the most equity in their home.
A refinance is much the same process as when you originally applied for the mortgage. So you will need the same paperwork. This includes proof of income, past tax returns, investment statements, checking and savings account statements, and a list of monthly debt obligations. Have all the necessary paperwork on hand before you visit the lender or apply for the refinance.
Mortgage refinance rates are at some of the lowest levels they have been in many years. This may just be the very best time for you to consider refinancing. Do your research ahead of time and compile your paperwork along with reviewing your credit score. These tips will help you find the lowest interest rate.
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