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Chicago Tribune:  30-year Mortgage Rates Dip to 3.62% Chicago Tribune: 30-year Mortgage Rates Dip to 3.62%(1)

Chicago Tribune:
30-year Mortgage Rates Dip to 3.62%

According to Tribune reporter, Mary Ellen Podmolik, 30 year fixed mortgage rates have dipped to new all-time lows at 3.62% on average. It is believed that this additional dip in rates is unfortunately a signal of our further slowing economy. For existing home owners and home buyers, however, this rate drop is great news. In fact, rates have inched downward in 10 of the past 11 weeks (this article was written on 7/10/12). Similarly, the average 15 year fixed rate has fallen to just 2.89% down from 3.75% one year ago.

If you are a Chicago Tribune reader like I am, always scanning ads from lenders claiming to have the absolute lowest rates, here are a few factors to consider when searching for the best mortgage lender:

Broker Vs. Banker:
At this time there are 2 major varieties of lenders to take into consideration. The first are mortgage brokers which from a technical perspective will not fund the transactions with their funds, however they typically provide the widest assortment of bank investors to put the loans with (these big investors being Wells Fargo, Citibank, Chase, and GMAC just to name a few). The side effects of a broker not utilizing their own funds to actually fund your deal is their outsourcing of underwriting. This may occasionally bring about additional issues for borrowers hoping for the smoothest deal possible. As opposed to brokers, mortgage bankers offer a similar experience but in most cases have in-house underwriters whom approve the mortgage to fund and so they ultimately close the mortgages by themselves giving them the last say in accepting closing conditions.

Understanding Price Structures and How These Types of Banks’s Advertising “zero cost” loans in the Chicago Tribune Bring In Revenue is Crucial to Obtaining The Best Rate.

It is important you fully grasp that Broker firms usually have the cheapest cost of doing business that may result in the absolute lowest rates. Even so, quite a few shoppers still frown upon brokers because they also typically use outside agencies for many of the important aspects that go into getting your loan to the closing table and that can result in a few of the head aches pointed out above in Tip Number 1. Conversely, the “Big Investors” including Wells Fargo, Chase, and Citi provide the absolute greatest overhead costs which commonly trickles down to the buyer in the form of unfavorable interest rates. The “Big Banks” have considerable ongoing costs which includes billboards, tv and radio commercials, web banner advertisements, numerous levels of administration, loss mitigation departments, legal departments, and on and on. For this reason, you can usually find the best Chicago mortgage rates within the Chicago Tribune’s Real Estate section by selecting a lender who’s characteristics rest in the middle of the spectrum:  a “mortgage banker”. Mortgage bankers traditionally possess remarkably low overhead costs yet nevertheless have the control of important services in house, specifically their underwriting and closing departments.

Author “Joe Mortgage” is a marketing and advertising innovator who is owner of hotratequote.com and is committed to bringing readers relevant and important information. Find out more at the following link for a free information on how to obtain the lowest mortgage rates like the ones you see every week in the Chicago Tribune.

Chicago Home Loans – How to Compare the Best Lenders? Chicago Home Loans – How to Compare the Best Lenders?(1)

Locating the Best Chicago Home Loans

Because of today?s historically competitive loan rates, countless folks within the Windy City are generally asking ways they can attain the most beneficial Chicago harp refinance rates. Here are a couple of ideas for helping shoppers source the hottest deal.:

Chicago Home Loans – Broker Vs. Banker:
There are usually two primary types of lenders to take into account. The first are brokers who from a technical perspective tend not to fund the transactions utilizing their own funds, but they usually feature the greatest assortment of bank investors to put the loans with (these big investors being Wells Fargo, Citibank, Chase, and GMAC to name a few). The negative effects associated with the broker not using their own funds to actually close your transaction is the outsourcing of underwriting. This may occasionally bring about additional hassles for consumers hoping for the smoothest transaction conceivable. Unlike brokers, mortgage bankers offer a similar experience but almost always have in-house underwriters which clear the mortgage loan to close and they eventually close the loans on their own giving them the final authority in accepting conditions.

Understanding Price Structures and How These Institution’s Bring In Revenue is Significant to Getting You the Best Chicago Home Loans:

It is essential to realize that Broker businesses commonly have the lowest overhead costs which will result in the absolute lowest rates. Even so, countless consumers still frown upon them because they also generally use outside agencies for many of the necessary services that involve getting your loan to the closing table which might bring about a few of the headaches described above in Tip Number 1. Conversely, the
“Big Banks” such as Wells Fargo, Chase, and Citi have the absolute greatest expenses which sometimes end up charged to to the buyer in undesirable rates. The Big Banks have large on-going carrying costs such as billboards, tv and radio commercials, web banner advertisements, countless levels of operations, loss mitigation departments, legal departments, and on and on. Due to this, you can typically find the best Chicago mortgage rates by choosing a lender in the center of the spectrum: the mortgage bankers. Mortgage bankers traditionally have relatively low cost to do business however still have the control of critical services in-house, specifically underwriting and closing departments.

Lenders Closing Costs and Finding the Best Chicago Home Loans:

You may have seen several lenders advertising and marketing “no costs”, primarily for refi transactions. Use caution though because quite often they already have rolled those costs in to the rate in one way or another. For example, it should be up to you the shopper whether you’d like the closing fees paid at closing with cash, rolled into the new transaction, or, paid for by the mortgage lender but in exchange for a marginally greater rate. Traditionally with mortgage bankers including Bridgeview Bank, they’re now able to pay for the majority of or all of your closing expenses and also still get you a rate that is lower compared to any of the “big banks”.

Blogger “Joe Mortgage” is a sales innovator who is owner of hotratequote.com and is rather committed to delivering readers with pertinent and also helpful advice. Find out more about the following hyperlink for a 100 % free refinance consultation and professional counsel on how to obtain the best chicago home loans.

PA Mortgage Rates – Where to Get the Lowest Mortgage Rates PA Mortgage Rates – Where to Get the Lowest Mortgage RatesComments Off on PA Mortgage Rates – Where to Get the Lowest Mortgage Rates

PA Mortgage Rates

With today’s historically low mortgage rates, a large amount of home owners in Pennsylvania seem to be inquiring about how they can acquire the absolute best PA mortgage rates. Whether you’re from Pittsburgh, Harrisburg, Reading, Scranton, or Philadelphia, folks are more interested than ever in capitalizing on these low rates. Listed below are a few suggestions to aid borrowrs locate the best rates.:

Broker Vs. Banker:
There are two major models of mortgage providers for consideration. The first are mortgage brokers which from a technical perspective can not fund the transactions using their money, nonetheless they usually provide the largest collection of secondary market investors to position the mortgage loans with (these big investors being Wells Fargo, Citibank, Chase, and GMAC just to name a few). The negative effects associated with a broker not utilizing their own capital to actually fund your transaction is their outsourcing of essential services. This may sometimes result in extra headaches for borrowers hoping for the smoothest dealing conceivable. Unlike brokers, mortgage bankers are similar yet almost always have in-house underwriters whom clear the transaction to close and so they ultimately close the mortgages themselves which gives them the final authority in accepting closing conditions.

Becoming familiar with price structures and How These Banks’s Make Revenue is really essential to getting you the best PA mortgage rates:

It’s fundamental to have an understanding that Broker businesses usually have the least expensive cost of doing business which may result in the lowest rates. Nevertheless, many buyers still frown upon them due to the fact that they also generally delegate many of the fundamental services that involve getting your loan closed which may result in a number of of the hurdles outlined above in Tip #1. Conversely, the “Big Banks” including Wells Fargo, Chase, and Citi provide the absolute greatest overhead costs and that often end up charged to to the buyer in unfavorable mortgage interest rates. The Big Banks have to carry enormous on-going expenses which includes billboards, tv and radio commercials, web banner advertisements, many levels of administration, loss mitigation departments, legal departments, and on and on. Because of this, you can usually obtain the best PA mortgage rates by going with a lender in the center of the spectrum: the mortgage bankers. These guys traditionally possess relatively low expenses yet still have the control of important services in-house, specifically the underwriting and closing departments.

Lenders Closing Costs and Getting the Best best PA Mortgage Rates:

You may see some banks marketing “no costs”, mainly on refinance transactions. Watch out though because usually they’ve already built those fees into the rate in one way or another. For instance, it should be up to you the shopper whether you’d prefer the closing fees paid at closing, built in to the new loan, or, taken care of by the lender but in exchange for a marginally greater rate. Characteristically with mortgage bankers similar to Bridgeview Bank, they could pay for the majority of or all your closing expenses as well as still provide you with a rate that is lower when compared with any of the “big banks”.

Article author “Joe Mortgage” is a marketing and advertising leader who is owner of hotratequote.com and is focused to bringing readers with relevant as well as valuable advice. Find out more about the following weblink for a 100 % free refinance consultation and skilled counsel on how to obtain the best PA mortgage rates.

How to Find the Best Refinance Lenders in Today’s Market How to Find the Best Refinance Lenders in Today’s Market(1)

Best Refinance Lenders – How to find the pro’s?

During the past couple years in which the mortgage market has been in turmoil, determining who are the best refinance lenders has become a real challenge.  While current interest rates are still at historic lows, the fact remains that the lending guidelines have tightened up to a degree that is unprecedented.   So much, in fact,  that the average loan officer has trouble keeping up with the constant guideline changes and hoping to provide a high level of customer service.  This challenge is resulting in the weaker loan officers leaving the industry and the pro’s within the best refinance lenders now getting the lion’s share of the market.

During your search for the best refinance lenders, its crucial to remember that the same primary hot buttons remain unchanged:

1) Keep in mind that the lenders with the lowest rates may not be the best deal overall.  Even the best refinance lenders often forget to properly disclose the fact that their apparently low rate includes “discount points”.  This additional fee may be getting you what appears to be a great low rate, but you do not necessarily need to pay any additional fees to get a good rate.  Always ask even the best refinance lenders to give you options and proceed carefully.

How to find the best refinance lenders?

Whenever you embark on a search for the best refinance lenders, you will find numerous lenders trying to attract you with their seemingly lucrative offers.  However, you must know that not all of them can offer you the best loan.  Some of the best refinance lenders’ reputable brand comes from millions of dollars they spend on expensive advertising.  Those TV ads and billboards may help you recognize their brand, but it works against you in regard to their ability to get you the lowest rate.  All that overhead costs money, some of which is passed down to you, the customer.  The key to remember is that the best refinance lenders are not always the ones with the most well known brand name.  Do your research on websites like HotRateQuote to compare mortgage rates and terms so you have all the necessary information to form an education decision.

Here are some points to consider while searching for the best refinance lenders for your your home loan:

1) Start by leveraging the power of the internet.  A simple search for the best refinance lenders on online will yield thousands of results, but the key is to start with the more reputable “portal sites” such as BankRate.com, LendingTree.com, and HotRateQuote.com.  Try to not be diverted by flashy-looking promotional ad banners and buzz word offers but instead try and focus on the numbers:  rates, APR, total fees, etc.  These websites have gotten really good and organizing the best refinance lenders’ rates and terms so check to see what the top 3-5 offers appear to be within the name loan type category.

 

2)  Be weary of excessive fees.  In most cases, the  “lowest rate” offer often comes with some hidden costs, which can quickly add up since they are usually percentage-based figures tied to the loan amount.  These extra costs, also known as ” junk fees”, can make your refinance a costly transaction and sometimes not even worth it anymore.    These “junk fees” include but are not limited to:  “processing fees, application fees, doc prep fees, courier fees for mortgage brokers, etc.”  A good rule of thumb to use when considering the total cost, even with the best refinance lenders, is “how long will it take for the proposed monthly savings to exceed the total cost of this transaction?”.  Example:  Lets say you stand to save $52/month but the total fees are $3572.  It would take you a whopping 68 months (over 5 years) to break even!  Any break even point longer than 24 months is not a good deal.

3) Think you’ve found the best deal now?  Be careful, you might also want to ask what documentation is going to be required.  This is a major factory in getting any refinance transaction closed these days.  Some bank’s guidelines have got so ridiculous that it seems like the hurdles between you and the closing table can never be overcome.  Most banks follow the same set of guidelines nowadays, all requiring the standard two years tax returns with W2’s, last two pay stubs, and last two bank statements.  However, I’ve heard of some real world situations recently that you probably wouldn’t even believe.  A good friend of mine was trying to get the third round of underwriting conditions satisfied when she was then told that she also needed to produce the original building permit for the apparent renovation work that was done to her kitchen from 9 years ago, when she had only owned that home for the last 5 years!  This means that she was forced to take a full day off work and beg City Hall to dig up old building permit records just to satisfy the lender and get her refinance closed.  Crazy, huh?   But you’d be surprises how often even the “best refinance lenders” come up with these crazy underwriting conditions.  The key is to always ask what documentation will be required up front.

Go with the “pros” – Go with the best refinance lenders

Finally, once you have narrowed the best refinance lenders down to your top two or three, and you’ve asked all the right questions, its time to compare their rates, terms, cost, and most of all:  their reputation and credibility.  If you “go with the pro” and grade the best refinance lenders on their credibility and experience first, you will have the best chance for a smooth and efficient transaction.

Author Joe Karns is sales and marketing leader dedicated to bringing his subscribers relevant and useful information. Want a free mortgage checkup? Check out Joe Karns at the following link for more a FREE refinance consultation and expert advice on finding the Best Refinance Lenders:  Best Refinance Lenders

VA Streamline | IRRRL | Mortgage Refinance Loan VA Streamline | IRRRL | Mortgage Refinance Loan(22)

VA Streamline – What are the benefits and do I qualify?

Whether you are active military looking to secure a lower interest rate to help the financial well being of your family back home, or even retired military just looking to lower your monthly payments, it is a great time to consider a VA Streamline refinance.

VA Streamline – Tip#1:  Understand the benefits of this program.

VA Streamline refinances, also known as “IRRRL” loans (interest rate reduction refinance loans) are very popular among veterans because there are many benefits while the underwriting guidelines are more lenient than your average conventional or FHA loan.  First, if you currently have a VA mortgage, many lenders will qualify you based on the original income and assets from when you were originally approved for the mortgage during the purchase and therefore not require updated income and asset documentation during the VA Streamline refinance.  Also, on VA Streamline transactions, there is usually no appraisal required as long as you go through the same lender who is currently servicing your mortgage.  In today’s tough real estate market, any loan program that doesn’t require an appraisal is very popular and that is definitely the case with a VA Streamline refinance.

VA Streamline – Tip#2: Find out if you meet the general guidelines.

When you compare mortgage rates on a VA Streamline refinance, its important to first determine whether you will qualify based on the general guidelines.  VA Streamline refinances’ guidelines are fairly easy to meet.  Generally speaking, as long as you are a member of and of the Armed Forced, you currently have a VA loan that you’ve been paying on time, you have at least a 640 middle credit score, and you are still employed, you should qualify.  There are other criteria but those are the primary requirements for qualifying for a VA Streamline refinance.

When you compare mortgage rates for a VA Streamline Refinance, many would argue the most important factor is to go with your current lender, or, a different lender that will not require a new appraisal.

VA Streamline – Tip#3: Really try to keep your finances in order.

Since there are few qualifications for becoming approved for a VA Streamline refinance, its essential to focus on those few criteria that exist in an effort to stay eligible.  We realize that time are hard right now and especially for military families, but if times get really tough and some bills need to be paid late, its essential to prioritize and try to make your mortgage payment on time.  The reason is that when you apply for a VA Streamline Refinance, most lenders will require you have made timely mortgage payments for at least the last 12 consecutive months. Those who don’t make timely payments likely wont qualify for a VA Streamline refinance and would therefore miss out on today’s historically low interest rates that would otherwise be able to provide real financial relief.

Author Joe Karns is sales and marketing leader and master of the VA Streamline dedicated to bringing his subscribers relevant and useful information. Want a free mortgage checkup? Check out Joe Karns at the following link for more a FREE refinance consultation and expert advice on finding the Best Refinance Lenders. Or, click here for a free quote on a  Va Streamline.

Compare Mortgage Rates Compare Mortgage Rates(32)

Compare Mortgage Rates the smart way and come out on top.

Whether you are a consumer looking to purchase a home or a seasoned homeowner looking to refinance, there are a number of key factors to consider when you compare mortgage rates.

Compare Mortgage Rates Tip#1: Consider the Source

When you compare mortgage rates, you must first consider the integrity of the lender.  Its best to compare mortgage rates of local banks, mortgage bankers, and also brokers.  Typically brokers will have the absolute lowest bare bones rates, but they are also have the least control over the fulfillment of your transaction since they are required to outsource the underwriting and sometimes also the processing.  On the other side of the spectrum, local banks as well as the “big banks” may have the most well-known brand name, however when you actually compare interest rates between them and the mortgage bankers, the actual banks usually have higher rates since all of their massive advertising costs big money which they pass on to you the consumer.  At the end of the day, the reputable mortgage bankers are usually the best mix of low rates, control over the entire process, and overall integrity.

Compare Mortgage Rates – Tip#2: Consider the costs

When you compare mortgage rates among various lenders, be sure to consider what the total cost of the transaction is, regardless of whether the fees are required to be paid out of pocket or whether they are being rolled into the new loan. Ideally, you’ll be able to negotiate the lender to pay some or all of the closing costs while also providing a competitive interest rate. Always consider the “APR” as well as the actual note rate to get the complete picture of costs associated with the transaction.

When you compare mortgage rates, many would argue the most important factor is the experience and integrity of the loan officer.

Compare Mortgage Rates – Tip#3: Consider the Loan Officer

There is much more to a great rate than the pricing and rate itself.  Due to today’s turbulent and uncertain mortgage market, there are a multitude of things that could go wrong and/or cause your mortgage process to go sideways.  To position yourself for the best chance of an efficient mortgage process, only compare mortgage rates among reputable loan officers and lenders.  That may seem obvious but its very easy to get sucked into an online ad flashing an ultra low interest rate.  Whether that rate is legitimate or not, its important to consider the integrity of the source.  The absolute lowest interest rates are usually advertised by bare bones broker shops or “refi houses” that don’t even employ actual loan officers, but instead have telemarketers and processors doing most of the handling of the loans.  Those types of lenders may actually have the lowest rate but usually offer the highest fall-out rate when it comes to missing crucial aspects of the scenario that any experienced loan officer would catch early on and usually get resolved before it becomes an issue.  In short, always consider the experience of the loan officer when you compare interest rates.

Author Joe Karns is sales and marketing leader dedicated to bringing his subscribers relevant and useful information. Want a free mortgage checkup? Check out Joe Karns at the following link for more a FREE refinance consultation and expert advice on finding the Best Refinance Lenders:  Compare Mortgage Rates

Best Refinance Lenders – How to find the pro’s? Best Refinance Lenders – How to find the pro’s?(2)

Best Refinance Lenders – How do I find the pro’s?

During the past couple years in which the mortgage market has been in turmoil, determining who are the best refinance lenders has become a real challenge.  While current interest rates are still at historic lows, the fact remains that the lending guidelines have tightened up to a degree that is unprecedented.   So much, in fact,  that the average loan officer has trouble keeping up with the constant guideline changes and hoping to provide a high level of customer service.  This challenge is resulting in the weaker loan officers leaving the industry and the pro’s within the best lenders now getting the lion’s share of the market.

During your search, its crucial to remember that the same primary hot buttons remain unchanged:  1) Keep in mind that the lenders with the lowest rates may not be the best deal overall.  Even the best refinance lenders often forget to properly disclose the fact that their apparently low rate includes “discount points”.  This additional fee may be getting you what appears to be a great low rate, but you do not necessarily need to pay any additional fees to get a good rate.  Always ask even the best refinance lenders to give you options and proceed carefully.

How to find the best refinance lenders?

You will find numerous lenders trying to attract you with their seemingly lucrative offers.  However, you must know that not all of them can offer you the best loan.  Some of the best refinance lenders’ reputable brand comes from millions of dollars they spend on expensive advertising.  Those TV ads and billboards may help you recognize their brand, but it works against you in regard to their ability to get you the lowest rate.  All that overhead costs money, some of which is passed down to you, the customer.  The key to remember is that the best refinance lenders are not always the ones with the most well known brand name.  Do your research on websites like HotRateQuote to compare mortgage rates and terms so you have all the necessary information to form an education decision.

Here are some points to consider while searching for the best refinance lenders for your your home loan:

1) Start by leveraging the power of the internet.  A simple search for the best refinance lenders on online will yield thousands of results, but the key is to start with the more reputable “portal sites” such as BankRate.com, LendingTree.com, and HotRateQuote.com.  Try to not be diverted by flashy-looking promotional ad banners and buzz word offers but instead try and focus on the numbers:  rates, APR, total fees, etc.  These websites have gotten really good and organizing the best refinance lenders’ rates and terms so check to see what the top 3-5 offers appear to be within the name loan type category.

 2)  Be weary of excessive fees.  In most cases, the  “lowest rate” offer often comes with some hidden costs, which can quickly add up since they are usually percentage-based figures tied to the loan amount.  These extra costs, also known as ” junk fees”, can make your refinance a costly transaction and sometimes not even worth it anymore.    These “junk fees” include but are not limited to:  “processing fees, application fees, doc prep fees, courier fees for mortgage brokers, etc.”  A good rule of thumb to use when considering the total cost, even with the best lenders, is “how long will it take for the proposed monthly savings to exceed the total cost of this transaction?”.  Example:  Lets say you stand to save $52/month but the total fees are $3572.  It would take you a whopping 68 months (over 5 years) to break even!  Any break even point longer than 24 months is not a good deal.

3) Think you’ve found the best deal now?  Be careful, you might also want to ask what documentation is going to be required.  This is a major factory in getting any refinance transaction closed these days.  Some bank’s guidelines have got so ridiculous that it seems like the hurdles between you and the closing table can never be overcome.  Most banks follow the same set of guidelines nowadays, all requiring the standard two years tax returns with W2’s, last two pay stubs, and last two bank statements.  However, I’ve heard of some real world situations recently that you probably wouldn’t even believe.  A good friend of mine was trying to get the third round of underwriting conditions satisfied when she was then told that she also needed to produce the original building permit for the apparent renovation work that was done to her kitchen from 9 years ago, when she had only owned that home for the last 5 years!  This means that she was forced to take a full day off work and beg City Hall to dig up old building permit records just to satisfy the lender and get her refinance closed.  Crazy, huh?   But you’d be surprises how often even the “best refinance lenders” come up with these crazy underwriting conditions.  The key is to always ask what documentation will be required up front.

Go with the “pros” – Go with the best refinance lenders

Finally, once you have narrowed the best lenders down to your top two or three, and you’ve asked all the right questions, its time to compare their rates, terms, cost, and most of all:  their reputation and credibility.  If you “go with the pro” and grade the best refinance lenders on their credibility and experience first, you will have the best chance for a smooth and efficient transaction.

Author Joe Karns of Bridgeview Bank is one of the very best best refinance lenders and is a seasoned mortgage professional dedicated to bringing his subscribers relevant and useful information. Want a free mortgage checkup? Check out Joe Karns at the following link for more a FREE refinance consultation and expert advice on finding the Best Refinance Lenders:  Compare Mortgage Rates

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