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Featured Article:
The Current Mortgage Rate
By Jennifer Hershey
So you are looking to purchase a home or refinance the one you are currently living in. If this is the case, not only do you want to obtain the best mortgage rate out there, you want to obtain the current mortgage rate and not a percentage point higher.
Before you begin to track down a lender who can get you going with a current mortgage rate, take some time to do a little research to find out what the current mortgage rate is on your own. Don’t just take the lenders word for it.
You can find out information on the current mortgage rate, and rates in general from many resources. To name a few, the internet or the business section of your local newspaper is a good place to start and will give you a very good idea of what rates are doing.
The current mortgage rate can be easily obtained if you have excellent credit, or what lenders call “A” credit.
However, if your credit is challenged in any way, you will still be able to get a mortgage. Except the rate you receive may not be the current mortgage rate, but a little bit higher because the lender sees you as a slight risk because of your payment history.
Wether you have excellent credit or challenged credit, or you need someone to help you out with a unique situation, shop around.
By shopping around, you allow for a few to several mortgage brokers or loan officers to assess your situation.
Once each loan officer is finished assessing your situation, they will get back to you with what they have to offer rate wise.
Once you have a number of offers, base your decision on what you believe to be the best loan scenario for you.
Remember, the mortgage industry is a very competitive one, and these lenders do not want you to take your business to their competitor, so they will do their best to get you the best deal out there.
Loan officers and mortgage brokers also get paid on commission, so getting the mortgage to the closing table is just as important to them as it is to you.
Jennifer Hershey has more than twenty years of experience in the Mortgage Industry as a loan officer. She is the owner of www.explainingmortgages.com, a mortgage resource site devoted to making mortgage terms and products easy to understand.
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Amazon Books:
Residential Mortgage Lending: Principles and Practices -
This book communicates and explains the fundamentals of residential mortgage lending in a simple and concise manner. It is designed for either a new employee of a mortgage lender or anyone studying real estate finance who desires to learn practical residential mortgage lending fundamentals. No prior knowledge of finance is assumed.
Basics of Mortgage-Backed Securities - The purpose of Basics of Mortgage-Backed Securities is to provide readers with a fundamental understanding of mortgage securities as an integral part of investment in fixed-income securities. The second edition of this MBS classic provides the latest information on the U.S. residential mortgage market, adjustable-rate mortgages and mortgage pass-throughs, relative value analyses and performance characteristics.
All About Mortgages: Insider Tips for Financing and Refinancing Your Home - This new edition includes a resource guide listing Internet sites, as well as names and contact information for consumer lending organizations and other valuable consumer resources.
The Loan Officer's Practical Guide to Residential Finance -
The reader learns how to understand rate and point quotes, how to use a financial calculator, how to make basic computations customers require, how to understand loan programs and compare product features. The student progresses through understanding loan specifications - Conventional Conforming/Jumbo/FHA/VA and Sub-Prime program guidelines - to a practical understanding of ratios, income, assets and closing costs, debts and credit history. This is then placed in the context of the loan application - how to collect all the required documents and disclosures and supervise a loan from application to closing. Beyond the basics, students learn how to finance various property types; condos, PUDs, new construction and investment property. A detailed chapter on refinancing addresses the issues which most often confront the loan officer in a period of heavy refinancing - 10 reasons to refinance. Finally, understanding how loans are made in the secondary market and the basics of interest rate quoting and behavior are covered.
Mortgages for Dummies - Mortgages For Dummies is for anyone who needs a loan to buy their first home or wants to refinance their existing mortgage. This friendly, easy-to-understand guide will help anyone to shop for the best home-purchase mortgage,
overcome loan qualification obstacles, negotiate lower loan fees and closing costs, save by refinancing the house and increase retirement income with a reverse mortgage.
