Question by CaseBasket: How can I find the best Mortgage Rate on a 30 year fixed loan? Lender could be out of state for MA.? I live in MA but want to find the best mortgage rate on a 30 year fixed mortgage, We have ability to put 25-30% down, maybe more. Rates were showing at 5.3% last week. They went up. Can I use an out of state lender to finance in MA? Best answer for How can I find the best Mortgage Rate on a 30 year fixed loan? Lender could be out of state for MA.?:
Answer by leonardhomes@sbcglobal.net
I noticed today the rate showed 5.81% on 30yr fixed. Yes you can use an out of state lender but you should be able to get the same rate localy as anywhere else.
Answer by rayt721
This is a non biased service for finding rates on mortgages, CDs, credit cards, etc.
Answer by alterfemego
RED FLAG! When purchasing a home, always use a local lender. If a problem occurs, you can visit them personally in their office, the President as well if need be. With an out of state lender, you do have not recourse should something go wrong. And believe me, it will. Every single loan by a buyer that I processed for closing, had issues with the lender either getting the package there on time or issues with the package as agreed to by purchaser. This could delay your closing. So in this case BUYER BEWARE. You can always refinance later.
Answer by Jasmin
Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding how much you should pay every monthcompanies offer different interest rates so it is a good idea to shop around for the best deal before settling on one particular lender.
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Mortgage rates for both the 30 year fixed and 15 year fixed home loan programs tied record lows set earlier this month, reports mortgage rate research website, ForTheBestRate.com. The weekly survey of mortgage rates released by Freddie Mac, ... 30 Year And 15 Year Fixed Mortgage Rates Tie All Time Lows According To ...
You are interested in buying a home but only want a fixed rate program and not an adjustable rate one. That is a wise decision. So what is the best fixed rate mortgage?
That's a good question don't you agree? If you are planning on buying a home anytime soon, you need to know the answer to that question.
As you may know, lenders offer a large variety of loan options. So how does a first time home buyer know which loan is the best for him/her?
In this article we will discuss what has been the favorite fixed rate home loan for many people for decades. You will discover the advantage of a fixed rate mortgage and how it can benefit you. By your coming to understand this, you can then make an informed decision when it comes time for you to apply for a loan.
Since I'm sure you're a busy person, I'll just get down to the brass tax here.
I'm sure you heard of the FHA home loan right? Well in a nutshell, that is the best fixed rate mortgage for the first time home buyer. Let me tell you why that is so. Then you will see where I'm coming from.
Just before the recent home loan meltdown, first time home buyers had way too many options for a loan. There were adjustable rate loans, fixed rates, 1st and 2nd loan combos etc. It was actually getting to be a very crazy time. The big lenders really did not care about you as the borrower. All they wanted were completed loan packages they could bundle up and sell to investors.
It had become a standing joke that if you could fog a mirror, you could get a home loan. No document loans if your credit score was above 600. Sometimes even lower scores were allowed to get financing without verifying income.
These loans came to be called liars loans. Home buyers with the help of the money hungry loan officers were just flat out lying on the loan applications stating enough income so they could qualify for the loan. All of this based solely on a decent credit score of the buyer.
99% of the time these loans were adjustable rate mortgages that were based on the 3 month or 6 month Libor Index. So every 6 months the mortgage would adjust after the initial 2 or 3 year period. By the time they were getting ready to adjust, these loans were sold off and the original lender was on to the next sweetheart deal.
The person who was left in the cold was the investor, then the home owner. When these loans started to adjust, people could not afford their payment increasing so they lost their homes.
So if you really want to sleep good at night, look for the old standby loan product that has stood the test of time. Since 1934 the FHA Home Loan has been the best fixed rate loan out there. It still is even though they have tightened their requirements to qualify.
This loan product has a fixed interest rate so you know what your principal and interest payment will be 30 years from now. Yes you have to escrow taxes and insurance which will vary some over the years, but you will not see the huge adjustments that many had that got caught in this crisis.
So then my dear reader, ask for the FHA 203B loan when applying for your home loan. You will find this is fairly easy to qualify for and has a low down payment. It was designed by HUD for the first time home buyer. If you cannot find a loan officer that understand them, keep shopping until you do. That way you can be sure you have the best fixed rate mortgage available. Related Best Fixed Rate Mortgages Articles
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