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Get the inside scoop ondirect bank mortgage rate comparison
Low mortgage rates are spurring the recent boom in home ownership
Anyone serious about buying a home has seen the recent ads offering low mortgage rates for first time buyers and current homeowners. One reason for this mass of offers is that most financial institutions now understand the economic importance of having home owners as a part of their clientele.
The advertising for low mortgage rates is specifically designed to bring in customers who never thought that they could qualify for a home loan. Who are these customers in demand?
Lenders are going after non traditional borrowers
First time buyers, single buyers, minorities, women and other groups that might have been shut out of the home ownership market in the past. If youre a member of one of these groups you might have received mailings, phone calls, or seminar invitations to give you more information on how to get your own home, and how to do so with low mortgage rates.
Seriously consider low rate offers
If you are thinking of getting a home within a year or two, dont hesitate to take advantage of these offers. It is highly unlikely that mortgages will remain at these low levels for a long time. Also, even if they did remain low, things can easily swing back to the days of the early 90s when only people with excellent credit could get low mortgage rates.
Get started online
You can get started by getting prequalified online. The internet gives you access to many more resources than you can find locally. Look online for low mortgage rates, fill out an easy application and a lender will call you back to let you know if you are eligible for a low rate home loan.
Dont be tempted to take the first offer that comes your way. Shop around, compare and then sign your documents.
About the Author
This article may be freely distributed as long as there's an active link to http://www.rapidlingo.com
Syd Johnson
Editor
More Useful Resource and Updates on direct bank mortgage rate comparison
- Banks that pocket rate cuts face tougher action (Independent)
Gordon Brown urged the banks to pass on the full benefit of yesterday's surprise 1.5 per cent cut in interest rates to mortgage-holders and small businesses. His call came as Labour MPs called for legislation to force banks to lower their mortgage rates in line with rate reductions by the Bank of England to ensure that the impact of the downturn is softened and people who need it most get help.
- Jobless rate jumps to highest since '94 (Denver Post)
The nation's unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, far worse than economists expected and stark proof the economy is deteriorating at an alarmingly rapid pace.
- It's time to think about refinancing that high-rate mortgage (The Record)
Many Americans affected by the economic crisis want their unaffordable mortgages reworked through special programs for people facing foreclosure. But you don't have to be in financial trouble to benefit from mortgage refinance, real estate experts say.
- Perpetual reopens income/mortgage funds (The West Australian)
Fund manager Perpetual Ltd has re-opened applications for its income and mortgage funds at the request of a number of clients.
- What rate cuts mean for you (Independent)
The Bank of England cut interest rates to their lowest level in more than 50 years this week ? in a bid to stop Britain slipping into a deep and lengthy recession. For anyone lucky enough to have a tracker mortgage, this was great news ? as their monthly mortgage payments will now drop by tens or even hundreds of pounds next month.
- Shoring up your mortgage (The Charlotte Observer)
(By Christina Rexrode, crexrode@charlotteobserver.com) The latest trend in the housing downturn is finding ways to help struggling homeowners make their mortgage payments. The government, banks, housing counselors and other observers are all weighing in with plans for mortgage modifications, also called loan workouts. Three major programs unfurled last month by the Federal Housing ...
- Companies cutting jobs early in current slump (The Columbus Dispatch)
Steven Ridenhour knows how to build a car. But after the Chrysler plant where he worked for 15 years in suburban St. Louis shut down last week, Ridenhour has little else to show on his resume.
- How the interest rate cut could affect us (icWales)
Nigel John, managing director of Hern & Crabtree estate and letting agents, based in Cardiff, said: ?The rate cut could be amazing news for the housing market as long as the mortgage lenders pass on the reduction in the cost of borrowing.
- How Will The Rate Cut Affect Your Mortgage? (The Motley Fool)
What does the cut mean for borrowers and what?s going on with trackers?
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