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Andrew Said:

how can i take advantage of todays low mortgage rates???

We Answered:

You can't take advantage of today's low mortgage rates without a piece of property...The problem is that the mortgage is a secured loan that uses the property as collateral...That's why its interest rate is so much lower than personal/unsecured loans.

Brett Said:

How long will mortgage rates be low?

We Answered:

Mortgage rates are going to be low for a long time. The economy is falling apart and keeping interest rates low is one of the few things that the government can do to help the economy.

The Chairman of the Federal Reserve decides the rate of interest that is charged to banks. This influences the interest rates on home loans.

Good question.

Sharon Said:

low mortgage rates, how long will they last?

We Answered:

. .. .my crystal ball isn't working. . . use yours. . . .

two months shouldn't see the end of the lower rates. . .you've time

Toni Said:

How low can mortgage rates go?

We Answered:

I think when rates are in the 5% it's pretty low. I don't think they will go that much lower.

Jenny Said:

Does anyone know of a Bank or someone that give really low mortgage rates for first time home buyers?

We Answered:

All banks just about offer the same products and loan programs with the different qualifications in each of their programs.

No one can tell you the best rate for anyone individual. If all you are interested in is the best rate possible you can go to your local paper, they are publiched each day by participating banks.

Your interest rate is based on your credit score and how well you have paid your consumer debt over time.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, preferrably with a mortgage broker, which you can find one in your local telephone book.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will then run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K plan from your place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need he will be able to tell you the loan programs you are qualified for, the approximate interest rate and monthly payments

He can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

I this has been of some use to you, good luck

"FIGHT ON"

Fred Said:

With the low interest rates, what should I pick as a maximum on a 5 year fixed mortgage?

We Answered:

I've never heard of a 5 yr mortgage and if you can afford to pay off a house in 5 yrs, you should just save your money for 5 yrs and pay cash and save the mortgage interest

If you're spending more than 40% of your take home pay on the mortgage and taxes, then it's too much

Lee Said:

how can i take advantage of the low mortgage rates ?Bought ahouse last year and have a fixed rate?

We Answered:

You only get a low rate IF you have good credit.

That’s the way the whole system works: prove that you can pay all of your bills on time and you’ll be rewarded because you’re a low risk of default. If you can’t pay your bills on time (no matter the circumstances), you are higher risk in the eyes of the lender and therefore have to pay more in interest as an incentive for that lender to work with you.