Houston Mortgage Rates - Mortgage Secrets
| Ad # | 1837418 |
|---|---|
| Created | July 31, 2009 |
| Expires | January 30, 2010 |
| Viewed | 56 times |
Confused Because Everyone Says They Offer THE BEST MORTGAGE RATES? See Who is Telling the Truth
INFO ONLY MATTERS WHEN YOU KNOW WHAT IT MEANS.
Trying to compare mortgage quotes with all the different rates, points, and fees is like trying to compare apples to oranges! The True Mortgage Value allows for the comparison of apples with apples so you'll know which one is the bad apple.
The True Mortgage Value is the mortgage costs as a yearly rate for the length of time the borrower plans to hold the mortgage. It is vitally important to consider the borrower's holding period because the yearly costs along with the interest rate are partially determined by how long the upfront costs such as paid points and fees are "stretched out" for the length of time the borrower holds the mortgage.
Why compare Mortgages
Only a small percentage decrease of .08% in the True Mortgage Value on a $100,000 loan will save you thousands of dollars over the life of a 30 year mortgage. Use the True Mortgage Value to compare different quotes to help you save thousands of dollars.
What is the Best Mortgage?
The best mortgage is the one with the lowest costs over your expected holding period. The True Mortgage Value allows you to compare the mortgage costs as a yearly rate for the length of time you plan to hold the mortgage.
Who Gets Cheapest Mortgages?
Please note that ALL, ANY, and EVERY lender advertised loan rate does not account for your own risk profile, so DON'T assume that the company that advertised the lowest rate in their ad will actually give you a rate that is lower than their competitors for a person of your risk profile.
When to compare mortgages
Refinancing
To save money with refinancing, the interest savings of the new loan must cover the fees of the new loan. When there is a 2% spread between the new interest rate and the rate on your existing loan, you will normally save money by refinancing. When looking to refinance, shop other lenders first and then ask your present lender if they are able to beat the best price you found elsewhere.
Home Buying
Once an offer is accepted on a house, you will have time until closing to compare concrete mortgage offers. Before you begin to look for a new home, it is best to pre-qualify for a mortgage so you will know your budget. Just because you are pre-qualified for an amount, doesn't mean that you should spend that amount on a home. Look over your budget and determine for yourself what your comfortable spending on your mortgage payment.
INFO ONLY MATTERS WHEN YOU KNOW WHAT IT MEANS.
Trying to compare mortgage quotes with all the different rates, points, and fees is like trying to compare apples to oranges! The True Mortgage Value allows for the comparison of apples with apples so you'll know which one is the bad apple.
The True Mortgage Value is the mortgage costs as a yearly rate for the length of time the borrower plans to hold the mortgage. It is vitally important to consider the borrower's holding period because the yearly costs along with the interest rate are partially determined by how long the upfront costs such as paid points and fees are "stretched out" for the length of time the borrower holds the mortgage.
Why compare Mortgages
Only a small percentage decrease of .08% in the True Mortgage Value on a $100,000 loan will save you thousands of dollars over the life of a 30 year mortgage. Use the True Mortgage Value to compare different quotes to help you save thousands of dollars.
What is the Best Mortgage?
The best mortgage is the one with the lowest costs over your expected holding period. The True Mortgage Value allows you to compare the mortgage costs as a yearly rate for the length of time you plan to hold the mortgage.
Who Gets Cheapest Mortgages?
Please note that ALL, ANY, and EVERY lender advertised loan rate does not account for your own risk profile, so DON'T assume that the company that advertised the lowest rate in their ad will actually give you a rate that is lower than their competitors for a person of your risk profile.
When to compare mortgages
Refinancing
To save money with refinancing, the interest savings of the new loan must cover the fees of the new loan. When there is a 2% spread between the new interest rate and the rate on your existing loan, you will normally save money by refinancing. When looking to refinance, shop other lenders first and then ask your present lender if they are able to beat the best price you found elsewhere.
Home Buying
Once an offer is accepted on a house, you will have time until closing to compare concrete mortgage offers. Before you begin to look for a new home, it is best to pre-qualify for a mortgage so you will know your budget. Just because you are pre-qualified for an amount, doesn't mean that you should spend that amount on a home. Look over your budget and determine for yourself what your comfortable spending on your mortgage payment.
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