lowest mortgage rate

I think it is safe to confirm that we are now in a major refinance boom. We’ve had a few mini booms over the last year, but these were occasions when the rates dropped to a low point, but the low rates only lasted for a short time, in some cases a matter of hours. This boom looks different, much more like the refinance craze in 2003 when rates dropped to a level where nearly anyone who had a mortgage would benefit by refinancing. Mortgage rates are at historic lows, and anyone who can qualify is likely to benefit. But with all this volume coming in to an industry that has been feverishly downsizing over the last year, there are bound to be some problems. While it is great to get the lowest interest rate, it won’t help you if you are not able to close on time, or if you can’t close under the terms you agreed on.
See also a bit on Endowment Policy and Cost Segregation Audit

The thing to remember at this time is that standards are back and now higher than ever with mediocre interest rates. Lenders are no longer lending money on stated income and poor or even good credit scores are not under to qualify under most lending criteria. That means that the first step in the borrowing process is making sure your credit report is squeaky clean and your credit score is a minimum of 680 and preferrably 720. You can get a credit report for at freecreditreport.com or annualcreditreport.com for approximately $16.00.

Eventually the bailout will go back through the house and ultimately it will be passed. It may not be in it’s entire original form or be any where near $600 Billion dollars but a traunch of the bill will be approved to tampen down the fears of wallstreet. Consumer confidence must be strengthened to ensure mass panic doesn’t insue and employment tumbles. The big bailout won’t prevent recession, according to many economists, so consumers who don’t have emergency funds and worry about their job security should think thrice before taking on new obligations. so when does a home equity or new loan make sense? A new loan makes a lot of sense for someone seeking to refinance a bad loan, buy their first house at a nice price, or get that fuel-efficient car they’ve been planning on for a while. And though interest rates have moved up slightly during the recent tumultuous weeks in the market, today’s rates may seem low compared to what they are predictted to look like in the future. Most economists are predicting interest rates to gradually start climbing and possible hitting a pinnacle in 24 months at an estimated 7% or higher.