With the average 30 year and 15 year fixed-rate mortgages jumping up to several basis points over recent days, consumers who have been holding out hoping to catch the best level of the refinance wave may wonder if they have missed the boat. Not necessarily.
At present the equity markets are making a rebound. If the Dow goes above 9,000 mortgage rates could rise to or through 7 percent. Two weeks ago thirty-year mortgage rates stood at an average 5.98 percent compared with 6.01 percent previously, beating the record low September 27th. Fifteen-year mortgages dropped to an average 5.34 percent, a new record low from its previous record of 5.40 percent last week.
A year ago, 30-year mortgages averaged 6.58 percent while 15-year mortgages averaged 6.06 percent and the ARM 5.26 percent. But in just a few days mortgage rates rose 0.25%. and the rise continues. Consumers are now having to make tough decisions as to when to make their move and snap up a bargain loan rate before the bargains all gone.
Mortgage Loan Search at http://www.MortgageLoanSearch.cc reports steady financing activity as borrowers pocket cash and save thousands over the life of the loan thanks to current low rates.
Rate shoppers are finding that some of the best deals for home loan refinancing are offered by local banks and credit unions.
Mortgage Loan Search notes that rate shoppers are finding it best to work with their current local mortgage lender rather than settle for more remote lenders with out a proven track record. Still to get the most attractive rates at lowest levels and save thousands in finance costs savvy bargain hunters do well to allow other lenders an opportunity to meet or beat a competitive offer.
Once a few attractive offers are made the rate shopper takes them to the current local mortgage lender and asks them to meet or beat it. The most effective way to get the refinancing word out and the competitive offers pouring in is by making good use of Internet based lending marketplaces. Lending networks offer low rate shopping in a highly competitive bid-for-your-business marketplace.
A lending marketplace allows consumers to more easily pit lenders and brokers against one another and therefore end up with a great mortgage rate in the end. Consumers simply complete one application that is submitted securely to several lenders at one time.
Lenders who win the bid value their potential customer more and are more often willing to offer a much better product with greater incentives and lower rates. You have more options in choosing the loan that's best for you.
Online Loan Shopping Tips:
1. Keep up with current mortgage rate news updates
2. Apply for competitive offers at online loan marketplaces such those features at http://www.mortgageloansearch.cc or http://www.refinanceloanrates.com
3. Don't accept the first or second loan offer.
4. Let lenders know if someone gave you a better offer and let them WIN YOU OVER.
5. Next, check rate trends and calculate loan rates and payments according to the lowest rates offered. Firmly hold to the lowest rates within your reach.
6. Don't give the impression that you absolutely must have this loan now. Your greatest bargaining position is not desperately needing the loan offered.
7. Ask about fees up front. Use the amortization calculator to figure in fees, insurance and tax payments.
8. Take advantage of free quotes, calculation tools and financial resources.
Rate Comparison
It pays to check with several lenders for the lowest rate. Compare the annual percentage rate (APR), which indicates the cost of credit on a yearly basis.
Be aware that the advertised APR for home equity credit lines is based on interest alone. For a true comparison of credit costs, compare other charges, such as points and closing costs, which will add to the cost of your home equity loan.
In review search for a lower loan amount with payments you can live with. Shop for a low rates. Carefully examine the various loan programs offered and don't be afraid to ask questions. When you consider that there are hundreds of loan programs out there, rest assured that you're bound to find a lender with a financial program that works best for you.
Mark Askew is founder and editor of the Mortgage Loan Search Network. An extensive financing and refinancing resource with tips and guides for rate comparison, establishing and repairing credit, lowering interest rate charges and monthly paymets and finding bargain loans. Low rate financing or refinancing of home, auto and student loans.
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