Get the Best Rate on Your Home Mortgage Loan

Home mortgage interest rates hit record lows in 2004 and have remained at record lows as we go through 2005. It is possible today to get a thirty-year fixed rate home mortgage loan for under five percent, and an adjustable rate mortgage can be found for under four percent if you look hard enough!

However, record low mortgage rates do not mean that you should take the first mortgage offer made to you, even if it sounds low. On the contrary, it means that shopping around for the best mortgage possible may be even more beneficial then during a high market period.

If you solicit mortgage rate quotes from enough lenders and pay attention to economic news, you might be able to secure a home mortgage loan at an interest rate that you will not see offered again in your lifetime.

Solicit Several Mortgage Rate Quotes

In order to get the best deal on anything in America, it is important to shop around. Securing a home mortgage loan or a and 2nd mortgage is no exception to the rule. If you are the type of consumer who likes to walk into the first store that you see and buy what you need without comparing your options, then you might also be inclined to accept the first home mortgage loan offered to you.

Doing so would be a big mistake. Unless you have a long term established relationship with a lender who considers you one of his best customers and is willing to loan money to you at the prime interest rate, then in order to get the best possible home mortgage loan you will need to "shop" and compare lenders.

Because the home mortgage rate is so volatile right now, it often changes during the course of one business day. Therefore, it is best to solicit all of your mortgage rate quotes on the same day. Compare offers from various lenders, and request a rate lock from the lender offering the best choice.

Why the Home Mortgage Interest Rate Matters So Much

The interest rate that you secure your home mortgage loan at will have a big impact on the total amount that you end up paying for your home by the time the loan is paid in full.

To illustrate this, let's say that you buy a home for $150,000 using a 30 year fixed mortgage with a 6 percent interest rate. By the time the home mortgage is paid in full it will have ended up costing you almost three times the original cost of the home. Using the same home and the same 30 year fixed mortgage, but lowering the interest rate by only one percentage point, down to a 5 percent interest rate, will save you approximately $100,000 over the life of the home mortgage loan.

Clearly, getting the best possible interest rate on your home mortgage loan is one of the most important economic decisions you will face. Since mortgage rates are at an all time loan, now is a great time to gather some home mortgage rate quotes!

Copyright 2005 Tracy Price

Tracy Price is a staff writer at http://www.2nd-mortgage-tips.com Providing free educational information on mortgages, 2nd mortgages, home refinancing, etc...

In The News:

---

Washington Times
How can I avoid a mortgage refinancing rip-off?
IndiaPost.com, CA - 40 minutes ago
For mortgage refinancing, that means knowing the terms of your existing mortgage and the latest mortgage rates, as well as reviewing your credit report and ...
The Truth About Mortgage Refinancing Revealed By Connecticut ... SBWire (press release)
Refinancing suddenly booms Honolulu Advertiser
Low Mortgage Rates Bring Refinancing Boom MSNBC
Forbes - Modesto Beeall 25 news articles

Baltimore Sun
Average Mortgage Rate Hits 5%, Lowest in Decades
New York Times, United States - 11 hours ago
Of course, buying a home is a more lengthy process than simply calling up a mortgage broker to refinance, and activity typically slows during the holiday ...
Long-Term Mortgage Rate Falls Again Wall Street Journal
Banks' mortgage rates fall below 5% Boston Globe
Homeowners with good credit scores are poised to capitalize on ... Baltimore Sun
AHN - Scripps Newsall 62 news articles

Lenders Backlogged By Refinancing Rush
Washington Post, United States - 12 minutes ago
Mortgage rates immediately plummeted well below 6 percent, breaking a psychological barrier. Refinance applications have soared each week since, ...

WJBF-TV
US Banks Offer Mortgages Below 5% After Fed Action
Bloomberg - 20 hours ago
The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan dropped to 1143.8 for the week ending Jan. ...
Mortgage rates fall to record low again Forbes
Freddie Mac: Benchmark mortgage rate continues to new low MarketWatch
Bold government action can solve housing crisis North Texas e-News
American Banker - Connecticut Postall 605 news articles

Cardoza proposal could aid housing crisis
Stockton Record, CA - 4 hours ago
Under the Cardoza plan, the payment on that mortgage refinanced to 4 percent fixed rate would drop to $1194 a month. Contact reporter Bruce Spence at (209) ...

REFILE-UPDATE 1-US mortgage demand dipped before Fed move-MBA
Reuters - Jan 7, 2009
The jump in applications during December may have been driven by homeowners already "on the fence" and prepared to refinance on a drop in mortgage rates, ...
Mortgage applications down in latest survey Forbes
Week-to-week mortgage applications down 8.2% MarketWatch
Fewer apply for home loans; credit line delinquencies increase Los Angeles Times
KVOA.com - Kansas City Starall 63 news articles

Boston Globe
Fed’s Rosengren Calls for ‘Concerted’ Fiscal, Monetary Policies
Bloomberg - 6 hours ago
... to purchase or refinance homes,” Rosengren said. The average rate on a 30-year fixed-rate mortgage dropped for a 10th week to 5.01 percent yesterday, ...
Rosengren sees path to recovery Boston Globe
Fed's Rosengren says recession more severe than thought Reuters
all 52 news articles

Boston Globe
Congressional Press Release on Mortgage Deal
Wall Street Journal - 11 hours ago
"Despite efforts by Congress to address this issue, not enough lenders have come to the table to help borrowers with bad mortgages refinance into new, ...
Citigroup reaches agreement with key senators on mortgage ... Minneapolis Star Tribune
Citigroup agrees to allow judges to help modify some mortgages IdahoStatesman.com
all 564 news articles

TopNews
Question & Answer on mortgage refinancing
Boston Herald, United States - Jan 1, 2009
If I refinance the mortgage on my current house, will I hurt my chances for getting a loan for a new place later on? A: No. Refinancing a loan shouldn’t ...
MORTGAGES: 30-year Mortgage Rate Falls For Ninth Straight Week To ... CNNMoney.com
Mortgage Rates Hit 37-Year Low Poynter.org
Mortgage Rates Down Again After Rising Above 5.00 Percent Last Week PR-CANADA.net (press release)
Wall Street Journal - Ventura County Starall 457 news articles

Refinancing shoots through the roof
Plano Star Courier, TX - 17 hours ago
“Quite a few people have remortgaged,” said Craig Jarrell, loan officer with Pulaski Mortgage. “Most people who refinance are new homeowners as recent as ...

mortgage refinance - Google News

Debt Counseling ? Healing Touch for the Ailing Finances

The financial stories remain similar over the months and the years. With debts becoming a nuisance, people make resolutions and resolve to stand by these resolutions. But,... Read More

Best Buy to Let Mortgages

Are you looking for the best buy to let mortgages with the lowest rates payable? Need to calculate repayments on-line? Not sure how much you can borrow?... Read More

Finding the Best Mortgage Lender Online

Finding the best mortgage lender online is simply a matter of doing some smart shopping. Begin by gathering your financial information, and then request quotes from several... Read More

Refinancing Your Home - How and Why?

Chances are you may need a little extra money to get some work done around the home or perhaps your current interest rate is 7.5% and the... Read More

Good FICO Credit Score? Tips to Getting the Most Out of Your Home Mortgage Loan With Good Credit

Sometimes so much is talked about how to solve the problem of having bad credit, but what about when you have an excellent credit rating? Good credit... Read More

Home Equity Lines of Credit - the Basics

A Home equity line of credit is a loan which is similar to a credit card. These often have a very low interest rate (In most cases... Read More

A Guide to Selecting a Mortgage Broker in Australia

Once you have made the decision to buy a home you will need to obtain mortgage financing for your purchase. Until about fifteen years ago buyers had... Read More

Need Mortgage? Alternative Finance Often Masks Predators, Who Want to Steal Your House

So, your bank had just turned you down for a mortgage application. The same thing also happened, when you went to other banks in your area. How... Read More

Lesser Known Facts About Home Equity Loans

Refinancing your debt via a home equity loan shifts your debts loan to your home. The flip side to such a move is that your home is... Read More

40-Year Mortgages: An Alternative to Interest-only Loans?

Interest-only loans are quickly becoming a mainstream loan product. Borrowers who were initially turned-off by the perceived risk associated with an "interest-only" loan are now starting to... Read More

How to Get the Best Mortgage

This is a guide on how to get the best mortgage deal. Do not rush into the first offer that is made to you even if you... Read More

Mortgage Basics for First Time Home Buyers

Anyone planning to take out a mortgage for the first time will most likely find the job a little daunting, not least because the financial jargon can... Read More

10 Things to Look for in a Home-Equity Line of Credit

If you are a homeowner, you've probably received offers to apply for a home equity line of credit (HELOC). Handled with care, home equity credit lines can... Read More

Adjustable Rate Mortgages - Understand the Benefits Compared to a Fixed Rate Mortgage

Adjustable rate mortgages can be very tempting to home buyers, yet they carry a great deal of uncertainty. Fixed rate mortgages offer rate and payment security, but... Read More

Buy a Home With a Government Grant? Avoid this Scam

If you watch enough late night television, you'll see advertisements that suggest that the Federal Government is giving all kinds of things away. You'll see ads for... Read More

Mortgage Sales Hit Problems

The housing market has been buoyant over the past few years, but mortgage providers and first-time buyers are both now facing a tough time. Following announcements from... Read More

How easy is it to get a Commercial Mortgage in the UK?

As is the case when applying for any mortgage, be it a residential or a commercial mortgage, the better your credit and the better the collateral, the... Read More

Seniors Can Use a Reverse Mortgage to Fund Annuities, Investments, and Insurance Policies

For many seniors in or entering retirement, the prospect of purchasing long-term care, investments or annuities can be cut short by a lack of retirement income. Statistics... Read More

A Guide to the Best Remortgage Deals

Finding the best remortgage deals isn't always easy, especially with the large variety of lenders available today. It can sometimes take a lot of research and time... Read More

Refinance Mortgage Loan ? Tips on Refinancing Your Home Mortgage

Refinancing your home mortgage can come with some great perks. If you do it with no money out of pocket, you can skip one to three mortgage... Read More

Types of Home Equity Loans

There are at least two types of home equity loans.The first is a term or closed end loan and the second is basically a line of credit.... Read More

Short-Term Interest Rates on the Rise; Adjustable Rate Mortgage Holders Prepare for Increase in Rate

Interest rates are on the rise and many home owners who have adjustable rate mortgages may see increases in their forthcoming annual adjustments.Federal Reserve Chairman Alan Greenspan... Read More

Apply For Home Mortgage Loan Online With Bad Credit - Things To Consider

So, you've found the perfect home. You've already decided where to place each piece of your furniture inside the home, and in your mind, all of your... Read More

A Simple Way to Save Thousands on Your Mortgage Charges

How many times do you check you restaurant bill? If not often, I would advise you to do it more, especially when dining on your overseas vacations.... Read More

Mortgage Information

A mortgage is borrowing money using property as a security, a type of secured loan in other words. Primarily, the purpose in borrowing the money is to... Read More

Reverse Mortgages ? A Tax Free Income For Senior Citizens

I fully realize if it sounds too good to be true, it probably is and There Ain't No Such Thing As A Free Lunch (TANSTAAFL) immediately jumped... Read More