When looking for morgage rates on the internet, it is important to first determine what type of loan you are looking to obtain. Are you interested in an adjustable rate morgage, fixed rate morgage, or a pay option arm morgage? Secondly, you will need to find out if you qualify for the lowest morgage rates. Do you know your credit rating? Can you document sufficient income and show assets to qualify? Do you have enough equity in your home? All of these items will determine your morgage rate.Although "teaser rates" are available with various types of mortgages, traditionally, the lowest interest rates a homeowner can get are those of Conforming loans, which are mortgages that are eligible to be sold to Fannie Mae and Freddie Mac.
Many consumers are looking to lock into fixed morgage rates at this time. The number of adjustable rate morgages adjusting is as high now as it has ever been. Call Brenda Puckett at 770-634-4315 or bpuckett@homeamericamortgage.com for a free consultation to review what morgage rate you can qualify for now.
The morgage rate for which you may qualify for depends on a numbers of things, and the best thing to start with is your credit. Do you know what your credit rating is? You will want to review your credit report with a mortgage professional.
Another factor to consider with morgage rates is how long you plan to stay in your property. Many low rate advertisements come with a buydown to the rate. A buydown is commonly referred to as paying points. If you are planning on keeping your home for well over 5 years, a buydown may make sense.
Currently, there is little benefit to taking out an adjustable rate loan. Short term rates and long term rates in the capital markets are very similar, so there is little rate differential. Also, many consumers are currently learning the hard way what happens when an adjustable rate adjusts upward after the fixed term.
Morgage rates tend to fluctuate with indications of inflationary pressure in the economy. The economy growing at a faster pace, consumer prices rising, and jobless claims decreasing all point to interest rates increasing.
