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Tips for Getting the Best Interest Rate for Home Mortgage and Refinance Loans

Online mortgage loans are both quick and convenient. The application can be completed in the privacy of your home, and it typically takes less time to get a reply from the lender. Shopping for a purchase loan, cash-out refinance or home equity loan involves more than just looking at loan amounts and advertised interest rates. Follow these tips, and save money:

1. Clean up your credit. Uncorrected errors on your credit reports will lower your FICO scores. According to myfico.com, your three FICO scores affect both how much and what loan terms (interest rate, etc.) lenders will offer you. Example: a person with FICO scores of 760 or better will pay $231 less per month for a $216,000 30-year, fixed-rate mortgage than a person with FICO scores below 620.

2. Shorter term loans can you save money in the long run, but the monthly payments are higher. However, you could get also get a 30-year loan and pay a little extra towards your principal each month.

3. Shop for the lowest annual percentage rate (APR) and closing costs. The APR is the yearly cost of a mortgage, including interest, mortgage insurance (if LTV is less than 80%), and origination fee (points), expressed as a percentage. Closing costs include the appraisal, recording fees, attorney or notary fees, etc.

4 Fixed-rate mortgages are mortgages where the interest rate stays the same for the duration of the loans. ARMs are mortgages where interest rates change after a term (usually of 3 or 5 years). ARM rates are based on one of several prime rate indices including, LIBOR, MTA and COFI. An ARM could save you money if you plan on selling the house or refinancing soon.

5. Make sure your loan doesnt carry a pre-payment penalty, or it will cost quite a bit extra to refinance later on.

6 Look at loan features as well as rates. Example: option ARMs offer flexible repayment terms that allow you to pay a minimum payment, interest only, principal and interest and even pay the loan off early. These and interest-only loans are best for people who are more interested in cash flow than equity.

7. If you plan on keeping your house for more than three years, you could pay points for a lower rate. Remember to compare your interest savings versus the points before signing.

Sean is the owner of Central Coast Learning Center, located in San Luis Obispo, California. In addition to running his business, Sean writes finance related articles for several mortgage banks across the country. Visit these helpful home financing sites that Mr. Dornan recommends: To get a no cost rate quote for a home loan please check out Quick Mortgage Rate Finder.com. If you need more loan advice about refinancing with Bad Credit, take a look at Home Equity Loan Refinancing. For the latest debt consolidation solutions, please visit the 100% Home Financing and Debt Consolidation.

More Useful Resource and Updates on refinance home loan loans mortgage

• Countrywide Settles State Consumer Fraud Cases for $8.4 Billion (Bloomberg)
  Oct. 6 (Bloomberg) -- Countrywide Financial Corp. , the home mortgage lender, will offer interest rate and loan principal reductions plus other distressed borrower relief valued at $8.4 billion to settle consumer fraud complaints from 11 states.



• State Discount Mortgage Unit Moves to Increase Interest Rate (New York Times)
  A state agency that provides subsidized mortgages to first-time home buyers stopped offering discounted interest rates this week and started looking for new sources of funds.



• Aus banks must explain interest rate strategy: Bishop (ABC Radio Australia)
  Australia's opposition treasury spokeswoman, Julie Bishop, has urged banks to explain why they can't pass on any future interest rate cut in full.



• RBA slashes interest rate (The Courier Mail)
  OFFICIAL interest rates have been cut by one per cent to counter any economic slowdown from the global financial crisis - but your mortgage is unlikely to drop by that amount.



• Countrywide Settles Fraud Cases for $8.4 Billion (Update1) (Bloomberg)
  Oct. 6 (Bloomberg) -- Countrywide Financial Corp. , the home mortgage lender acquired by Bank of America Corp. in July, will offer interest rate and loan principal reductions plus other distressed borrower relief valued at $8.4 billion to settle consumer fraud complaints from 11 states.



• 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.



• 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.



• 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.



• Interest rate relief but not much (Adelaide Now)
  HOME owners are likely to miss out on half the interest rate cut expected to be announced by the Reserve Bank today.



• 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.

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