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Mortgage Rates
There are several indexes on which mortgage rates are based:
- The Prime Rate is often given by lenders to corporations, large businesses
and to the most credit-worthy applicants. This index is characterized by its
stability, and it does not usually vary from bank to bank. Also, the Prime
Rate can be used to predict future trends in rates. The direction of rates
associated with consumer loans often follows the lead of this index.
- U.S. Treasury Security Yields is published yearly by the Federal Reserve
Board and is one of the indexes used to decide adjustable mortgage rates.
This index is comprised of an average of monthly rates during the length of
a one year U.S. Treasury security.
- The 11th District Cost of Funds is also often used to determine adjustable
mortgage rate, and it generally rises and falls along with the average of
a one-year U.S. Treasury security. The 11th Federal Home Loan Bank District
publishes a weighted average mortgage rate monthly. The 11th District Cost
of Funds uses the states of California, Nevada and Arizona to calculate this
weighted average.
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Imperfect Credit
Bad credit is not insurmountable. Do not let it keep you from finding the home and mortgage of your dreams. Put your credit history behind you and apply online today to contact lenders about your mortgage.
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Home Construction Loans
Interested in building your new home? There are lenders that will finance 100% percent of the cost for materials, labor and land. Apply today to contact up to four lenders about your home construction loan.
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Rates
Your interest rate is perhaps the most important factor of your loan and can often decide whether or not you will be happy with your loan in the long run. Current interest rates are widely considered to be remarkably low and locking in a low interest rate can save you money.
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Mortgage Calc
A mortgage calc can also show you the difference that the term of your loan makes on your repayment schedule. A $997 monthly payment on a $150,000 loan at 7% over the period of 30 years with $209,263 in total interest may sound acceptable, but using the calculator you can compare this monthly payment to what would be paid on a shorter term loan. The same loan with a 15 year term would have higher monthly payment of 1,348, which is $351 more. However, the 15 year term would cut the total interest in half to the amount of 92,683. In this case, cutting your loan term in half and paying $351 more a month could save you over $100,000.
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Mortgage Refiancing
"Cashing-out" allows you to:
- Invest in home improvement
- Pay for college tuition
- Buy a new car
- Fix credit by consolidating debt
Whether you want to find a loan interest rate or afford a brand new car, a mortgage refinancing company can help you reach your goals. Fill out our free short form to contact up to four lenders about refinancing your mortgage.
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Refinancing Your Home
Refinancing is much the same process as obtaining a first home loan. Credit and income both come into play when designing your new loan, and if either has diminished since your original loan, it may not pay to refinance.
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