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Mortgage Rate

It can be very helpful to understand mortgage rates and indexes if you are interested in finding a loan, especially if you are looking in to adjustable rate loans. Apply online today and contact a lender about current mortgage rates and the effect they will have on your loan.

Your mortgage rate is perhaps the most important factor of your loan and can often decide whether or not you will be happy with your loan in the long run. Current mortgage rates are widely considered to be remarkably low and locking in a low mortgage rate can save you money.

There are several indexes on which mortgage rates are based:

  • The Prime Rate is used by lenders for corporations and for their credit-worthy applicants. It is very stable and tends not to differ from bank to bank. The Prime Rate is used to predict the direction of rates, and the activity of consumer loans often follows that of this index.
  • U.S. Treasury Security Yields is an average of monthly rates during the length of a one year U.S. Treasury security that is often used to set adjustable rate mortgage and is published yearly by the Federal Reserve Board.
  • The 11th District Cost of Funds is also used to set adjustable rate mortgages and will often follow the same direction as the average of a one-year U.S. Treasury security. Monthly, the 11th Federal Home Loan Bank District, which includes California, Nevada and Arizona, publishes its weighted average mortgage rate for the prior month.
  • Federal Funds Rate is set by the Federal Open Market Committee and is the mortgage rate on funds one bank lends to another overnight. This index affects inflation and economic growth, and is decided on by the Federal Open Market Committee.

There are many different components to understand when you are trying to find the right loan. How long of a repayment period do you want? Do you qualify for a fixed rate? Is an adjustable rate better suited to your needs? Understanding the factors that create your loan can take the stress out of the decision making process and keep you from taking terms will eventually cost you money. Fill out our free short form to contact up to four lenders about your loan.

 


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  Home Lending Resources
Getting a loan at the mortgage rate you want must be tempered by the rational notion that a bank is evaluating your ability to repay based upon the same equations it uses for any lender… There is a laundry list of types of mortgages out there. The important thing is to find the one that takes best advantage of your circumstances and resources. For example, FHA loans are convenient if you don’t have sufficient capital for a down payment… 2nd Mortgages allow you to borrow up to the entire value of your home at market low rates. Affordable repayment plans modestly increase your current monthly mortgage payments and get you the cash you need now…
Loan payment calculators are a free tool tinkering with loan amounts and interest rate variables to arrive at a monthly payment that is manageable. Once you have arrived an an affordable payment, apply online for as many as four free no obligation rate quotes… If you move frequently an interest only mortgage may suit your needs. You can get away with smaller monthly payments with the sacrifice of not building equity in a home you do not intend to stay in for very long anyway…

Our mortgage payment calculator gives you a loan amortization table that shows you how much interest and principal are paid with each of your monthly mortgage payments. Overtime the interest expense will decrease to zero…

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