Information on
stated income loan interest rates
Four Quick Tips on How to Lower Your Mortgage Interest Rate
Lowering your mortgage interest rate
Are you buying a new home? I don't care if it's a condo or a house, you will end up spending a lot of money. For most people it's going to be the single largest business deal of their life. To keep expenses in check it is extremely important to try and secure the very best mortgage rate possible. There is a number of things you can do to lower your mortgage rate, and right now is an excellent time because of the low interest rates.Tip number one - let lenders compete
Banks and mortgage brokers are in business to lend you money. If your credit record is in order and you have a steady paycheck coming in you are a prime candidate for a home loan, and banks will bid under each other to offer you a loan. The trick is to let them know you are an informed customer looking for the very best interest rate, and that you are also looking at what other banks have to offer. Don't just go to your regular bank, shop around!
Tip number two - get your interest rate offer in writing
Right, so you have approached several different banks to try and secure a low interest rate for your new home loan. As soon as one of these financial institutions have pre-screened you and are ready to offer you a loan, get them to put the interest rate they will extend to you in writing. With this interest rate locked in, you can now get back to all the other banks you are talking to and tell them: "If you can't match a 5.25% interest rate, we have nothing to talk about."
Tip number three - don't compare apples and pears
Remember that the interest rate you get is dependent on a number of things, but the main factor is if you are shooting for a fixed or adjustable rate mortgage (FRM or ARM, as they are called for short). This is in fact one of the first decisions you have to make about your mortgage. Say you decide you are looking for a 3/1 ARM, being fixed at an initial low rate for the first three years and adjusted each year after that. That means that is what you are going to use as a basis for comparison between different lenders. Don't get sidetracked by all the other adjustable mortgage rates or fixed rares on offer, they'll only get you mixed up.
Tip number four - go for the adjustable rate mortgage
First of all, everyone has different needs and no one mortgage type will fit all. Some people really appreciate the security of knowing the exact amount of their mortgage payments for years to come, and that means fixed rate is the best choice for them. With that out of the way, what we're looking to find here is the best way to lower the interest rate on your mortgage. And that definitely means adjustable rate. Adjustable rates mortgages are nearly always lower than fixed rates, just take a look at what your local bank will offer you. Over the life of your mortgage that adds up to serious money, and personally I've always hated paying too much!
About the Author
Gus Benson runs http://www.mortgage-content.com, a website dedicated to information on mortgages, home loans and interest rates.
Click to visit his site: http://www.mortgage-content.com
More Useful Resource and Updates on stated income loan interest rates
- ANZ to cut fixed home loan rates (The West Australian)
ANZ Banking Group Ltd will lower its fixed home loan rates and residential investment loans rates by between 30 basis points and 50 basis points.
- Community Bank Names Wright Mortgage Loan Originator (Rockbridge Weekly)
August 28, 2008- Staunton, VA- Community Bank is pleased to welcome Stephen Wright, Mortgage Loan Originator, to its Secondary Mortgage Department. Wright will be responsible for originating fixed rate mortgage loans and promote lending services to the real estate community.
- Home loan: How to cope with rising EMIs (rediff.com)
How badly is the EMI (equated monthly instalment) of your home loan messing up your budget? Over the last four years, the interest rate on home loans has risen from the bottom of about 7.75 per cent in 2004 to about 12.75 per cent now for existing customers.
- Federal Home Loan Bank of San Francisco Releases July 2008 Cost of Funds Index (wallstreet:online AG)
The Federal Home Loan Bank of San Francisco announced August 29, 2008, that the 11th District Monthly
- Home sweet loan: Using a 401(k) loan for a down payment (Belleville News-Democrat)
Faced with a real estate market that has tightened up lending standards at a time when home values are dropping, more people are borrowing money from their 401(k) retirement plans to help swing a down payment to buy a home.
- Loan vs. credit (San Jose Mercury News)
Home equity line of credit or loan what s best for you?Life, as they say, is filled with difficult choices.
- When A Mortgage Loan Is Necessary For Your Aventura Home Purchase (Turks.US)
If you think that it's impossible to purchase an Aventura home with your limited budget, then you are in for a shocking surprise. Actually, there is a way to boost your funding for a home acquisition without putting you into a financial hurdle paying for it -- and this is through mortgage loans.
- ANZ lowers fixed rate mortgages again (Daily Telegraph)
ANZ will lower its fixed home loan rates and investment loans rates by between 30 basis points and 50 basis points.
- ANZ lowers fixed home loan rates again (News Interactive)
ANZ is lowering its fixed rate home loans for the second time this month, as the market prepares for a cut in official rates next week.
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