Think you aren’t being scammed by your mortgage lender? Think again…
New lending programs are now allowing homeowners to lock in a low rate mortgage before the Fed increases interest rates.
This is the 1 simple truth your mortgage lending company doesn’t want you to know.
When homeowners use an online refinance portal, they may be shocked at the low interest rates available to them. Many are also surprised that in less than 2 minutes they can get a quote on a low-rate fixed mortgage with No Appraisal Necessary. Best of all, homeowners who use this free service will be able to compare rates from at least 4 lenders that match their scenario. Banks are anxious to start lending during the upswing of the current housing market and while rates may never be this low again.
The recent spike in mortgage rates has homeowners scrambling to save thousands over the next several years by locking in a rate today. Many homeowners are just now recuperating from seeing their home values plummet in the past, to finally seeing positive equity, and are concerned they won’t be eligible to refinance into a low-rate mortgage before rates begin climbing higher.
The Fed lowered short term rates several years ago to near zero in an effort to revive the economy and now that we are seeing a recovery it’s expected we will begin to see rates escalate to normal levels. Historically, rates on 30 year loans are usually between 5.50%-7.25% and higher. Below is the difference on a $200,000 mortgage for a 30 year term at an available rate today of 3.25% vs 6.75%.
So, what is the “One Simple Rule?” NEVER get a mortgage quote without comparing all of the discounts available to you through an unbiased source. There is good news though, lenders are eager to refinance home loans into low interest mortgages while they are still available. Additionally, new programs have been issued to assist homeowners with low to negative equity. However, not all lenders are equal and not all lenders have access to these loan programs. The best way to find a lender that can offer you a Conventional, Non-Conforming, Jumbo or FHA mortgage is by using an unbiased loan comparison source.
TIP: You are NOT locked into your current mortgage. Finding these lenders and having them compete for your business is the key to getting the lowest rate possible.