Where can I get the best mortgage rate with zero or low closing cost?
Author: admin // Category: mortgage ratesI am a first time home buyer. I wonder how I can get the best mortgage rate? I am not thinking about buying points or anything. Instead I want to reduce my cost on getting the loan. Is there any websites listing different mortgage rate from different mortgage companies?
Contact a trusted Realtor in your area now. They can refer you to mortgage professionals they have been doing business with and trust. Ask the Realtor what they know about loan programs that may benefit you. Realtors are NOT lenders but a professional should be experienced enough to give you a good amount of information. Next, if you KNOW your credit is clean, do NOT allow anyone to pull it until you decide on a lender. You can get free copies of your credit report online so you are prepared to tell the lenders your score. They can give you a QUOTE based on that. You should speak with at least 3 lenders. Ask them if they have local underwriters. Make sure they come highly recommended. No one wants to get to the end of a transaction and have your loan fall apart. The worst thing you can do is search online for the "cheapest" and end up getting someone who can’t walk you through the process. There are LOTS of low down options. Your mortgage officer should research your background to determine if you qualify for them. In my state we have a state bond, that pays 3.5% down payment, Native American Finance, VA Loans, Rural Development, Neighborhood Housing, Neighborhood Heros (Teacher, Police, Fire). There are many options. One more thing to know is that in my area it is very common for the seller to pay a part of the buyers closing cost on their behalf and you can even roll the rest into the loan. Then you are only responsible for your down payment. Best of luck! If you need a referral in your state I’d be glad to find you a Realtor that will take great care of you. (The buyers typically do NOT pay the Realtor but their pay comes from the sellers Realtor. They offer to share their commission if another Realtor helps them sell it.)
January 4th, 2013 at 5:00 am
You may want to try fha-rates-today.com. They are based on the same idea that lenders will submit bids to compete for your business. However, be aware that lenders don’t work for free and you are going to pay for a refinance whether you pay closing costs or whether the lender charges you a higher than market interest rate to get their compensation. There is really no such thing as a "no-cost" refinance.
A "no cost" mortgage can make a lot of sense if you aren’t planning on staying in the home long term. If you are planning on staying long term (maybe 5 years or more), you might save more money in the long run by paying some closing costs and getting a lower rate. Just my two cents as someone in the industry.
References :
http://www.fha-rates-today.com/
January 4th, 2013 at 5:15 am
honestly if u can’t afford the closing cost,
u need to keep renting and earning.
closing cost will b rolled into the basis of
the loan or as an increase in rates.
References :
foreclosure buyer
January 4th, 2013 at 5:38 am
Contact a trusted Realtor in your area now. They can refer you to mortgage professionals they have been doing business with and trust. Ask the Realtor what they know about loan programs that may benefit you. Realtors are NOT lenders but a professional should be experienced enough to give you a good amount of information. Next, if you KNOW your credit is clean, do NOT allow anyone to pull it until you decide on a lender. You can get free copies of your credit report online so you are prepared to tell the lenders your score. They can give you a QUOTE based on that. You should speak with at least 3 lenders. Ask them if they have local underwriters. Make sure they come highly recommended. No one wants to get to the end of a transaction and have your loan fall apart. The worst thing you can do is search online for the "cheapest" and end up getting someone who can’t walk you through the process. There are LOTS of low down options. Your mortgage officer should research your background to determine if you qualify for them. In my state we have a state bond, that pays 3.5% down payment, Native American Finance, VA Loans, Rural Development, Neighborhood Housing, Neighborhood Heros (Teacher, Police, Fire). There are many options. One more thing to know is that in my area it is very common for the seller to pay a part of the buyers closing cost on their behalf and you can even roll the rest into the loan. Then you are only responsible for your down payment. Best of luck! If you need a referral in your state I’d be glad to find you a Realtor that will take great care of you. (The buyers typically do NOT pay the Realtor but their pay comes from the sellers Realtor. They offer to share their commission if another Realtor helps them sell it.)
References :