Tips To Find The Best Fixed Rate Mortgage
- Date: 2007-12-12 - Word Count: 456
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If you are in the market for a new home, and intend to finance it with a home loan, you should be looking for the best fixed rate mortgage you can find. While the concept of an adjustable rate mortgage had its appeal for millions of home buyers during the US real estate housing boom, those same ARMs were the downfall of millions on them when interest rates, and their monthly mortgage payments, began to rise. A huge number of those people have now lost their homes to foreclosure.
By getting the best fixed rate mortgage you can find, you will be locking in a monthly payment for the duration of you loan. But in order to find the best fixed rate mortgage, you need to spend some time doing your homework and be willing to negotiate with your potential lenders.
If you are shopping for a home in the US at this time, you are in the middle of a tremendous buyer's market and should have no problem finding a lender willing to negotiate and offer you a lower interest rate. Most lenders would much prefer to lose some money over the duration or your mortgage than to see you borrow from somebody else.
Use A Loan Calculator
The best way to determine how much house you can afford is to use a loan calculator, which will let you figure out what your monthly payments will be for different mortgage amounts and interest rates. You simply enter the amount you can pay each month, and the sum you would need to borrow to buy the home in which you are interested. The loan calculator will then compute the interest rate on the best fixed rate mortgage for you.
If one lender is unwilling to offer you a mortgage at that rate, simply move on to the next. There are literally hundreds of mortgage lenders, and you don't need to limit yourself to those in your home town. Because interest rates will vary from region to region, you may find the bet fixed rate mortgage by looking outside your own area.
Search Online
Many mortgage lenders operate online, and do not have the expense of maintaining brick and mortar offices. So do not ignore them in your search for the best fixed rate mortgage. Having access to online lenders is a tremendous advantage when you are looking for the lowest mortgage interest rates.
Even if it takes you two or three days to find the best fixed rate mortgage online, it will be time well spent because you can take your findings to your local lenders and use them for a negotiating basis. If you get no takers, you are still in terrific shape and can start submitting your online loan applications.
By getting the best fixed rate mortgage you can find, you will be locking in a monthly payment for the duration of you loan. But in order to find the best fixed rate mortgage, you need to spend some time doing your homework and be willing to negotiate with your potential lenders.
If you are shopping for a home in the US at this time, you are in the middle of a tremendous buyer's market and should have no problem finding a lender willing to negotiate and offer you a lower interest rate. Most lenders would much prefer to lose some money over the duration or your mortgage than to see you borrow from somebody else.
Use A Loan Calculator
The best way to determine how much house you can afford is to use a loan calculator, which will let you figure out what your monthly payments will be for different mortgage amounts and interest rates. You simply enter the amount you can pay each month, and the sum you would need to borrow to buy the home in which you are interested. The loan calculator will then compute the interest rate on the best fixed rate mortgage for you.
If one lender is unwilling to offer you a mortgage at that rate, simply move on to the next. There are literally hundreds of mortgage lenders, and you don't need to limit yourself to those in your home town. Because interest rates will vary from region to region, you may find the bet fixed rate mortgage by looking outside your own area.
Search Online
Many mortgage lenders operate online, and do not have the expense of maintaining brick and mortar offices. So do not ignore them in your search for the best fixed rate mortgage. Having access to online lenders is a tremendous advantage when you are looking for the lowest mortgage interest rates.
Even if it takes you two or three days to find the best fixed rate mortgage online, it will be time well spent because you can take your findings to your local lenders and use them for a negotiating basis. If you get no takers, you are still in terrific shape and can start submitting your online loan applications.
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