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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

HARP 2.0 Mortgage Program – What are the benefits of the program? HARP 2.0 Mortgage Program – What are the benefits of the program?(3)

HARP 2.0 – What are the

benefits of the program?

Everyone we know seems to be talking about the new “HARP 2.0” program which is the newest edition of government-sponsored mortgage relief.  So what can HARP 2.0 do for you?  In short, this newer version improves on the initial HARP program by removing the 125% LTV limitation.  In plain terms, many folks who couldn’t qualify for the first edition of HARP because their homes are horribly under water would qualify now.  Other new features of HARP 2.0 include reduced pricing hits at these higher LTV’s for shorter term loans (15yr fixed) and transferable PMI, but the key enhancement of HARP 2.0 is definitely the no-limit LTV.

HARP 2.0 – Tip#1:  How to know if you qualify:

There are a few key requirements to qualify for the HARP 2.0 program.  First, to qualify for HARP 2.0, your mortgage must currently be insured by Fannie Mae(DU Refi Plus) or Freddie Mac( known as “Open Access”).  Next, you need to have been making your mortgage payments on time to qualify for HARP 2.0.  Finally, the loan had to close on or before May 31, 2009.  One additional requirement for HARP 2.0 is that you cannot have already refinanced using the original HARP.

HARP 2.0 – Tip#2: Relaxed underwriting guidelines.

One additional benefit of the HARP 2.0 refinance program is the somewhat relaxed underwriting guidelines.  Specifically, the guidelines related to late mortgage payments on your existing loan.  Under the new HARP 2.0 program, you can actually have paid your existing mortgage late one time within the last 12 months, as long as the late payment occurred more than six months ago.

When you compare mortgage rates for a HARP 2.0 refinance, the most important factor is  talking to a lender that is an expert in the HARP 2.0 guidelines.

HARP 2.0 – Tip#3: What does this mean to the industry?

One thing is for sure, this new HARP 2.0 program should definitely help kick-start the mortgage industry a bit while also helping many homeowners enjoy month savings that come with historically low interest rates who otherwise would not be eligible to refinance.  While there will likely still be millions of homeowners still left high and dry, this updated version of HARP looks like it will help some folks who need relief the most:  those who are seriously upside-down on their mortgage.

Author Joe Karns is sales and marketing leader and master of the HARP 2.0 is 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  HARP 2.0.

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