Investment & Financial Articles
Title: Making Good Use Of Local Banks And Credit Unions For Low Loan Rate Bargains
Author: Mark Askew
Article:
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.
About the author:
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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