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Helpful facts for understanding
msmoneypenny mortgages refinance loans home equity
Low mortgage rates are spurring the recent boom in home ownership
Anyone serious about buying a home has seen the recent ads offering low mortgage rates for first time buyers and current homeowners. One reason for this mass of offers is that most financial institutions now understand the economic importance of having home owners as a part of their clientele.
The advertising for low mortgage rates is specifically designed to bring in customers who never thought that they could qualify for a home loan. Who are these customers in demand?
Lenders are going after non traditional borrowers
First time buyers, single buyers, minorities, women and other groups that might have been shut out of the home ownership market in the past. If youre a member of one of these groups you might have received mailings, phone calls, or seminar invitations to give you more information on how to get your own home, and how to do so with low mortgage rates.
Seriously consider low rate offers
If you are thinking of getting a home within a year or two, dont hesitate to take advantage of these offers. It is highly unlikely that mortgages will remain at these low levels for a long time. Also, even if they did remain low, things can easily swing back to the days of the early 90s when only people with excellent credit could get low mortgage rates.
Get started online
You can get started by getting prequalified online. The internet gives you access to many more resources than you can find locally. Look online for low mortgage rates, fill out an easy application and a lender will call you back to let you know if you are eligible for a low rate home loan.
Dont be tempted to take the first offer that comes your way. Shop around, compare and then sign your documents.
About the Author
This article may be freely distributed as long as there's an active link to http://www.rapidlingo.com
Syd Johnson
Editor
More Useful Resource and Updates on msmoneypenny mortgages refinance loans home equity
- Rate cut hits home (The Age)
The Wright family are among the beneficiaries of the Reserve Bank?s decision to slash interest rates.
- Banks slash home loan rate (Perth Now)
THE big four banks have all reduced their variable home loan rate by 80 basis points, passing on most of the Reserve Bank's full percentage point cut.
- BofA in mortgage lender settlement (Financial Times)
Bank of America has agreed to settle multi-state claims of deceptive and predatory lending practices against Countrywide Financial , the mortgage lender, in a deal that could result in a cut of up to $8.4bn in interest rate and principal payments for homeowners.
- TD Canada Trust increases home equity line of credit and variable interest rate mortgage rates (CNW Group via Yahoo! Finance)
TD Canada Trust has increased its home equity line of credit and variable interest rate mortgage rates, effective October 7, 2008. While TD Canada Trust has endeavored to not pass on the increases in rates to its customers, this change reflects steadily increasing costs of funds in the current economic environment.
- TD Canada Trust hikes variable mortgage rates, lines of credit (Canadian Business)
TORONTO - One of Canada's biggest mortgage lenders, TD Canada Trust, is increasing the interest rate charged for its home equity line of credit and variable-interest mortgages.
- Big interest rate cut tipped (The West Australian)
Home borrowers are tipped to see the biggest rate cut in seven years on Tuesday as global financial market turmoil puts pressure on bank funding costs.
- Commonwealth cuts home loan rates (Daily Telegraph)
AUSTRALIA'S biggest mortgage lender Commonwealth Bank has reduced its standard variable home loan rate by 80 basis points to 8.53 per cent, passing on most of the Reserve Bank's cut in the cash rate.
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