Mortgage Rates

Mortgage Rates
Mortgage rates keep on changing constantly but finding the best mortgage rate according to our circumstances and choice is not an easy task. Today’s 30 years fixed mortgage rates are at 3.375% and 15 year fixed mortgage rates are at 2. 750%.5/1 ARM loan rates are at 2.125% and it is very essential to have good credit in order to receive these low mortgage rates. The mortgage interest tax deduction benefits the rich more than the poor and it has little effect on home ownership. The market composite index a measure of mortgage loan application volume decreased 1.3 percent on a seasonally adjusted basis from one week earlier. And on an unadjusted basis index decreased 1.6 percent compared with the previous week. The servicing business has faced significant pressure since it was discovered in 2010and several banks have engaged in robot-signing in which they signed off on foreclosure proceedings without proper documentation and other improper practices.

Today it seems like everyone is jumping on the mortgage refinancing bandwagon and with the mortgage rates as low as they are and the promise of lowering your monthly payments; it is a great attraction for many home owners. But you have to be more careful about shopping for the best loan as even the most attractive offer can wind up being a disaster once you realize how much loan is really costing to you. There are some essential points which should be kept in mind before looking refinancing. If you are working with a mortgage broker then you are assured because they would bring you the best offers, but if you are doing it alone then you have to do the legwork for yourself. Never consolidate unsecured debt with a refinance loan as it can be a dangerous idea and instead of losing a credit card payment or two can even lead you to even lose your home as well. Determine how a home purchase would affect your current lifestyle and it is also important to consider how long you plan to stay in the home as well as your overall debt, both on credit cards and other loans. Once you know where your money is going consider ways to cut back on those expanses and free up money you can use towards your mortgage. And once you know what you afford to pay, you can try to negotiate an affordable payment plan with your lender.


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