Is It Good To Have A Fixed Or Adjustable-Rate Mortgage Mortgages – The Best Time to Finance

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Mortgages – The Best Time to Finance

If you have already decided to buy a house and you do not have the luxury of waiting for a change in the market, your loan rate will largely depend on the market. If you have time to decide when to jump into the mortgage market, then research mortgage rate forecasts for the coming year. If rates are expected to rise, you may want to submit an application quickly, if rates are going down you may want to wait.

Of course your credit rating will be another relatively fixed variable in your quest to find the best rate, if it is relatively low you will pay a higher rate. So if you have time before you need to borrow try some credit repair from one of the most well-known repair companies. It usually takes a few months for them to make a difference but the points they earn can save you a lot over the term of your loan.

It’s common sense to shop around for the best mortgage rates and terms and negotiate with mortgage lenders until you’re satisfied that they’ve quoted the best rate available. So you can go through whatever fast process you want, you need to establish the best rates and terms before you pull to close.

Mortgage companies can lock in your interest rate once you apply and are approved but if the rates change too often they may not offer you an opportunity to lock in the rate.

As an appraiser I understand how important your valuation is. If you have problems with the assessment the rest of the transaction may just fall apart. Address valuation issues before you bother with loan commitments, if the property you want to finance will not be valued as high as expected you can waste your time.

If you get a commitment of any kind from a mortgage company make sure you get a copy of it, some mortgage companies have resorted to on-screen signature documents that disappear once you’ve signed them electronically. The document you need can disappear when the mortgage lender does not want to honor them at closing, it happened to me, so you better have a “screen print” copy before you disappear into the ozone.

Historically mortgage rates have ranged from 3.0% to 18.0% and currently, in early 2018, the 30-year fixed mortgage rate is close to 4%. So we have current mortgage interest rates near the low-end of the mortgage interest rate range and if you wait there is no guarantee that they will stay low indefinitely.

If you take the time to make sure that the house you want to borrow will be evaluated close to your expectations, that you are in the best credit position to borrow, you have bought for the best rate / term available and considering the distribution you will get a lot. more for your money.

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