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from:Mortgage Rates Today
Mortgage rates today are so low that more people who were renting are now making the decision to buy their homes. If your credit is in good standing, and if you can afford to rent a home or apartment, you can probably also afford to buy a house. In fact, buying a house will probably afford you lower payments that you have been paying in rent. Considering the mortgage rates today compared to in years past it is most likely in your favor to buy a home.
If buying a home at mortgage rates today is something you want to do, it may be to your advantage to take a little time and prepare. You might need to sacrifice some luxuries to save money for a down payment. When taking out a mortgage it is a good idea to put up 20 percent of the amount you want to borrow; this will be used by the lender to insure your loan in the event something happens and you default on the loan.
While you are saving money every month to go on a down payment, this is a good time to be shopping around for homes and finding out what they will cost and calculate their payments with mortgage rates today. While you are saving, use this time to go on the Internet and plug in the information into a mortgage calculator. The calculator is a type of software that you enter your data into, and it gives you the monthly payments. This calculator will ask you questions on how much money you will offer the lender as a down payment on the loan. It will ask you about your credit history and much more information. This will give you an idea of how much house you can afford and how much your monthly payments will be over the term of the loan.
Before you formerly apply for a mortgage loan, to take advantage of mortgage rates today, ask for a copy of your credit report. If it needs cleaning up, do that before you apply for a loan. If you have less than perfect credit you may not be offered the best interest rate. A good credit record gives you buying power, so that you can ask for the lowest interest rate that you qualify for.
Though mortgage rates today make buying a home affordable, it does cost something. There are usually fees to apply for a loan, and there are fees to administrate the paperwork of the loan, and there are closing costs. It could cost $2,000 to take out a loan, and then you have the interest. Still overall the monthly payment of your mortgage loan could still be lower than you are paying on rent. When you are renting you are basically throwing money away, but when you buy you are making an investment in your financial future, because buying a home is like putting money in the bank. Every dollar you spend on your house is an investment. Your investment will eventually pay off in equity that you have built up in your home loan. If you are interested in a mortgage based on the mortgage rates today, make the decisions to make it happen.
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Mortgage Rates News
Mortgage rates on their way down - Kiwibank joins in (The New Zealand Herald)
Mortgage rates are on the way down today, with two banks - Westpac and Kiwibank, cutting rates in anticipation of another Official Cash Rate cut. Kiwibank says it has today cut its variable home loan rate to 7.95 per cent - what is says is "significantly less than the big Australian-owned banks."
Read more...Rates fall for third week in a row (Bankrate.com)
Mortgage rates fell for the third week in a row, and the fourth time in five weeks, as the economy settled uncomfortably into its recession. The benchmark 30-year fixed-rate mortgage fell 6 basis points, to 6.33 percent, according to the Bankrate.com national survey of large lenders.
Read more...Mortgage applications near 8-year low, although rates slip (USA Today)
Applications for home mortgages declined last week, with loans for purchases of single-family homes falling to their lowest level in nearly eight years, an industry group said Wednesday.
Read more...Westpac cuts mortgage rates - down .75pc (The New Zealand Herald)
Westpac has cut its floating and most fixed interest rates for home loans by 0.75 per cent. The reduction is applies to base business banking rates and credit card interest rates.
Read more...Mortgage applications fell 6.2% last week: MBA (Market Watch)
Mortgage applications fall a seasonally adjusted 6.2% on a week-to-week basis as lower interest rates on fixed-rate mortgages fail to stir prospective homebuyers to action, the Mortgage Bankers Association says.
Read more...