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Right now is still not a good time to buy. Many people think they have to move during the summer months to take advantage of kids being out of school, etc. But in reality the lenders are taking advantage of YOU in the summer months. They know you are eager to buy a home over the summer. Eager home buyers are suckered into higher rates in the summer. I recommend you wait till the winter months, up through the end of spring. By the end of this year, the average interest rate on mortgage loans in the US will easily be below 5%. The current average this week is bouncing around 5.32% to as much as 5.49%. Every year is the same sad song. People buying now will kick themselves when they see the average rates come out at least .5% less than they thought was "a good deal" at the time of closing. It's just like buying a car. Be hard on these mortgage brokers and loan officers. They have arrangements with banks and they work for the banks, not you. Guard your budget fiercely and emphatically declare "no deal" if your APR isn't below 5.1% this week. Your credit score is great as long as you have no derogatory items in your report and your income suffices the debt-to-income ratio requirements. By the way, one broker had told me that he put some of his own money down for me to keep the low APR I wanted even though I had already "locked in" my rate the week prior. Of course it's all exposed at closing when you review the HUD-1. The HUD-1 tells you all the details of who paid is will pay for what at closing. demand to see the HUD-1 prior to your closing though. It's critical.

Source(s)

In the process of purchasing a second property (financed) Thorough research of the rate trends in the US.

by Sexy Sergeant

5 months ago

Asker's Rating: 

Why not go through a Mortgage Broker? Their costs are the same as going through a bank (underwriting, origination fee, processing, etc.), but they can look at several different lender rates and lock you in at the best one. No one should be giving you the run around on rates. It should be right there. I'm not sure though what your definition of "run around" is? Rates change daily, sometimes 3 times daily or more.

by Ä¿ëммϊ ;) ωÏŠηκﯤ- 5 months ago

Ask friends, family or co-workers for a referral to someone they trust or shop. Rates fluctuate daily so maybe that is why it seems you are getting the "run around". There are many sources online that quote rates so you should pretty much know where rates "should" and your mortgage broker should be able to match it or get you a similar rate. But again, I would go with someone that is recommended to you and that you know will get the job done. The best rate in the world doesn't mean anything if they can't close the deal and you lose the home.

by goldshire1- 5 months ago

You should do a research on internet and find out how much you can afford to pay and your estimated payment. You can start with big websites such as BankRate.com but you should also look into websites that feature inside tips such as BestMortgageHunter.com. You should also ask for advice from a person that you can trust. However, make sure that person knows what he/she is talking about.

by esgmania- 5 months ago