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Use a portion of your new mortgage to consolidate debts

A tip for anyone who can’t wait to browse for mortgage lender rates: Read through any general rate disclosures that are provided. This is because rates, points and programs keep changing, so what is usually advertised is not always guaranteed .

Take advantage of free quotes, calculation tools and financial resources here.

Protect a rate you like with Countrywides free rate protection Thinking about buying a home? Concerned rates will go up and youll lose buying power?

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Overview There are home loans for every type of home buyer. The goal here is to match the benefits of a specific loan type with your goals for owning a home. Heres a chart to start you thinking.

What does a lender consider to approve your loan?

When you go online and access the mortgage payment calculator, you can determine the monthly payment associated with any loan offer. For instance, if you know the interest rate is 6%, and the amount you want to borrow (principal) is $100,000, you can determine the monthly payment on a 15 year mortgage. If the payment is too high, try extending the term of the loan to 20 years, or reduce the interest rate to 5.85% or reduce the principal to $ 95,000. When you come to a combination of interest rate, principal, and loan length (term) that gives you a payment you can live with, then you have an idea of what type of loan offer you can accept.

Mortgage lender databanks, referral services, and locators can be found on the web and are often free and easy to use. Whether your seeking a commercial or residential loan, you can look into a lender you’re interested in, or locate one in your area; even have one referred to you by a professional.

Fixed-rate loans generally have repayment terms of 15, 20, or 30 years. Both the interest rate and the monthly payments (for principal and interest) stay the same during the life of the loan.

The main advantage to a FHA home loan is that the credit criteria for a borrower are not as strict as FNMA or FHLMC. Someone who may have had a few credit problems should not have a problem obtaining FHA financing. Also, FHA home loans are assumable, allowing a person to take over the mortgage without the additional cost of obtaining a new loan. In addition, the seller must pay for part of the "traditional" closing costs (called non-allowable costs) while a borrowers allowable costs can partially be wrapped into the loan. 100% of the down payment and closing costs can be gifted.

Dont accept the first or second loan offer.

Another Feature found in many ARMs is its convertibility option. Some ARMs will offer the borrower terms under which they may convert the loan to a Fixed Rate Mortgage for the remainder of the term. More often than not the convertible option will mean that the ARM has a higher start rate and/or margin than a similar ARM that is not convertible. Likewise, the terms of conversion are worthy of a little studying on the part of the borrower. Often the terms of conversion make it only slightly better than simply refinancing the ARM at whatever the current fixed rates are at the time of conversion. The ARM borrower would have to consider if the terms of conversion are worth paying extra for when the savings at the time of conversion ( if the borrower ever actually chooses to convert the mortgage) are so limited.

Often you can also get free mortgage approval tips guide when you fill out a mortgage rate quote form. This is a good way for mortgage companies to begin a communication with consumers. The form does not require any personal or confidential information (ie. social security , date of birth etc.), just your telephone number, best time to call you, what kind of financing you need, what is your economic and credit position, and where the property is. Within 24 hours you should receive a follow-up call with a quote from a loan officer.

Capped Rate In this type of mortgage your payments are capped. If base rates move above your capped rate, your mortgage will not increase. If base rates fall below your capped rate, your payments will reduce accordingly. Again, be aware of the tie in periods and redemption penalties at the outset.

Reasons an ARM might be right for you: You are planning to move in a few years and thus arent concerned about possible rate increases Youre confident your income will rise enough in the coming years to handle any increase in payments You need a lower initial rate to afford to buy the home you want

VA home loans These loans are often made without any downpayment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans. Aside from the veterans certificate of eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan. And if the lender is approved for automatic processing, as more and more lenders are now, a buyers loan can be processed and closed by the lender without waiting for VAs approval of the credit application.

2 great reasons for getting preapproved loans are: 1. You already know how much you can afford to pay for your home 2. You can get the best price because the seller knows you are serious and you have the resources in hand to make the deal. If they are asking $275,000 and you only have $250,000 you may well get it for that price because you have a solid offer.

Next, check rate trends and calculate loan rates and payments according to the lowest rates offered. Firmly hold to the lowest rates within your reach.

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