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Residence Loan Rates – Helpful Tips And Options

Now that you’ve saved up for the down payment for your new home, you need to consider the options available to you personally for home loan rates.

The most obvious way to get the most effective home loan rates is with good credit and a great employment history. But, there are numerous other options to get the best home loan rates.

4 Helpful Tips Upon Getting The Best House Loan Rates

1. Professional Bundle Discounts. If you are making more than $50,000 a year, or have a husband or wife and you are making $80,500 or more a year, ask about the professional bundles. Home loan rates usually are discounted by 0.5% on the loan you choose.

2. Avoid Fixed Rates. When home loan rates are rising, a fixed rate of interest may be attractive. Having any fixed-rate home loan will lock you in for the fixed-term and can be more unfit than variable-rate home loans. Fixed-rate house loan interest rates are with regard to borrowers who worth the certainty associated with knowing exactly what the potential payments will be. Investors and home loan debtors on tight costs, like fixed interest rates. When a borrower tries to beat interest rates which are rising by selecting the right time to secure into fixed rates of interest, they are taking a risk in hopes home loan rates will go up in the future.

3. Credit Unions and also Community Banks. You may get some of the best home loan prices from credit unions and community banks because they are stressed to earn your company and are competing with huge banks.

4. Comparison associated with Home Loan Rates. Residence loan lenders must today include \”comparison rates\” in their advertisements for their home loans to help consumers to see exactly what the total cost would be with fees and Interest. It’s best not to count solely on comparison home loan rates. They do not know what the best home loan is for your financial predicament. Only you can decide on what are the best home loan prices are for your conditions.

Take Advantage Of Today’s Internet Tools And Assets

With today’s Online resources, tools and information, the consumer has an advantage when looking for the best home loan charges. Take time to get educated on the choices available for the best home loan interest rates and you can save thousands of dollars on the house loan rates available. Take time to sit down and study all the options and you may know you’ve made the best decision on your home loan rates.

Comments: 26

  1. Katharina February 9, 2013 at 12:28 pm Reply

    I have a FICO score of 725 so I’m thinking if I find the right bank I could still get a home loan even in this economy, but which banks should I apply at first? I live in Northern California and want a fixed rate loan.

  2. Woodrow March 1, 2013 at 4:32 pm Reply

    I have taken a home loan from LIC for 14 Lacs in 2008 @ 10.75% interst. What should i do to shift my loan to current rate of interest which is around 9.75%?.As per floating interest rate, should it not be changed and result in lower EMI?

  3. Willie April 4, 2013 at 2:49 am Reply

    I recently refinanced my home loan and wanted a lower interest rate. The lender offered me the option of buying down the interest rate. How much more money does he get from this buy down?

  4. Blaine June 30, 2013 at 3:11 pm Reply

    Am having HDFC Home Loan for last 2 years. Currently there are many banks offering lower interest rate than my existing interest rate. is swithing to them is a good option. if no then why? if yes then why? and how to do it and which bank is a better option in india? can i switch to new offers from HDFC itself with lower interest rates?

  5. Angelo July 5, 2013 at 12:22 pm Reply

    Do you think the home interest rates will drop?
    I currently have a 30 year home loan at 6.375%.
    Should i refinance my home loan to a lower rate if possible?

  6. Walton July 21, 2013 at 9:40 pm Reply

    I already have a home loan with ICICI on a floating interest rate. I’am looking for another loan.Should I clear this loan first to avail another loan or should I continue paying the EMIs for the entire tenure(This is a huge amount I will be paying by the end).
    “Clearing a home loan” is what I meant of getting rid of the loan by making a pre-payment.

  7. Gabriel January 17, 2014 at 1:35 am Reply

    Everyone is talking about the cut in the interest rates for home loans. Will actually the cut gonna help in reviving the realty sector?Is it a good time to buy a property rite now or should wait for some more time?

  8. Cleveland January 28, 2014 at 1:25 pm Reply

    Last I heard, George Bush passed a law regarding interest rates for home loans. Can someone explain to me?

  9. Valda February 2, 2014 at 1:02 pm Reply

    Im thinking of getting a home equity loan, and with the money pay some debt off plus make home repairs. Is it a better idea to pay off old debts in full upfront, or, pay them off gradually?( keeping the loan-money available for a longer time)

  10. Avery February 2, 2014 at 1:46 pm Reply

    I am a first time home buyer and my loan agent asked my wife and I which option we want to choose the first is 1) Lowest interest rate available with no points and a credit towards closing costs such as 3.250% rate (credit of 1.326% of loan amount)

    and the 2nd is 2) A higher rate with a larger credit towards closing costs: rate at 3.750% with a credit ( credit of 3.700% of the loan amount)

    and the 3rd she said is 3) Interest rate somewhere in between and (credit in between), depending on the market on the day that you lock in your interest rate.

    I am totally unsure and confused which would be the best one to pick.

    Addtional details:
    Loan amount = 560K
    Term = 30 yrs
    Type = FHA

    Can someone please help and explain. Thanks in advance

  11. Grant February 2, 2014 at 6:27 pm Reply

    I am intrested in purchasing my first home. What is a good intrest rate for an above avarage credit?

  12. Brittaney February 21, 2014 at 11:28 pm Reply

    As of today. When do you think the rates will change?

  13. Lauren February 21, 2014 at 11:33 pm Reply

    I’m hoping to buy my first home in August when I get back from overseas.

    If I go and get pre-approval now for a fixed rate homeloan, fixed for 5 years. Will the interest rate be calculated at the current rate, or the rate when I take the loan?

    also how long will I have to take the loan from when im pre approved?

    I realise that these specifics will vary from bank to bank, I’m just going with the fact that they all operate under similar terms and conditions. so answers pertaining to your bank will be sufficient.


  14. Erasmo February 22, 2014 at 1:56 am Reply

    Who offers a low interest rate for home loans? I also qualify for a VA guarenteed loan, if that helps. I have good credit.


  15. Micah February 22, 2014 at 4:52 am Reply

    Hai friends, i am a distributor of a Nutritional company. i want to do this business in myown home. so do u know any information about business loan.. i cant take a rental shop… i have only union bank accout. i wish to do the business in home only. need 200000-300000 rs. pls assist me

  16. Tessie February 22, 2014 at 4:52 am Reply

    I am in the process of buying a home and securing financing. When is the interest rate finalized? I have not locked-in a rate; do I have to lock in an interest rate? if I don’t lock in a rate, when would I know the interest rate, and when would I get the opportunity to decide to pay points on the loan?

  17. Dave February 22, 2014 at 8:54 am Reply

    Who has the best home loan interest rate for right now? Please provide websites if you have them.

  18. Ronny February 22, 2014 at 9:08 am Reply

    is there a possibility of negotiating for better interest rate and waiver of processing fee in HDFC or any other bank.I have loan account running with HDFC for last 3 years. Will there be any consideration for existing customers.


  19. Kerry February 22, 2014 at 9:08 am Reply

    I am considering a home equity loan to pay off just a couple of bills – – a student loan, car payment, credit card… But I don’t know anything about this type of loan! What can you teach me… are there closing costs required, etc??

  20. Kellee March 11, 2014 at 1:11 pm Reply

    I have a home loan with Pepper Home Loans the rate is 10.35% they have only dropped there rate by 0.75% and yet most other banks have dropped there rate by at least 4%. They want $12000 to get out of this loan…my question is if i sign on to a variable rate then how can a financial institution not pass on ANY of the interest rate cut This in my opinion should be a form of breech of contract and not cost me anything to exit…..I noticed that when interest rates increased they waisted no time in putting them up Is there any law that would prevent me from paying as much exit fees?
    The contract says the interest rate can change at ANY TIME Luckily enough i have enough equity and good credit history to refinance with westpac and it will save me $1250 per month offsetting the $12000 exit fee in under 12 months. I guess its buyer beware….Variable home loan rates dont always mean to the layman what you might think

  21. Larry March 29, 2014 at 6:58 pm Reply

    I’ve read home equity interest rates are higher than first mortgages but by how much? 1%-2% or more?
    I’d appreciate if you could give me just a general benchmark, assuming I have a good credit score.

  22. Odis March 30, 2014 at 4:56 am Reply

    I am a first time home buyer and have a quick question about the interest rate lock. (Chicago IL USA).

    1) Lets say I lock a rate of 5% today(30 yr fixed) with a bank for
    about 60 days. Now if the rate drops below 5% within the 60
    days , will I be getting the lower rate as well ?

    2) I have put an offer on a short sale property and waiting from
    the sellers lender to hear about the offer. Now lets say I lock
    for 60 days for 5% and if I will not hear about my offer within
    this 60 days, will I be able to extend this (or) create a new
    rate lock for another 60 days ?

    3) Are there any pros & cons in locking more than 1-2 times ?

  23. Valentin April 20, 2014 at 1:00 am Reply

    I have a Home Loan of 6.75 lac from HDFC term – 15 yrs( 10.25 % floating- ) , I am payin EMI ( 7,558) for the last 3.5 yrs, recently I got money from some source , now I can repay the loan , What should I do repay loan or invest that money .
    One worry is my interest rates are floating , as we know , how these interest rates, are creeping nowdays Pls also suggest some suitable option , if so ?

  24. Rolf May 17, 2014 at 10:07 pm Reply

    I want to know a couple of questions about the VA home loan. I know with VA you don’t have to put any money down. But what about the closing costs?

  25. Aaron May 30, 2014 at 3:11 pm Reply

    Dear Sir,

    I wanted some advise on home loan repayment. My wife has taken a loan of about 11.5 laks and the loan was disbursed in Feb Mar 2007. The number of installments is 256 as of now. Sir I have some spare money now.. What i wanted to know was that can i repay the loan as a lumpsum of Rs 1 or 2 lakh every four months. Will it be benificial for me considering the interest rate scenario and also i wanted a good balance between the tax saving that i can have based on the home loan repayment and the interest rate saving or term reduction. Can i employ this extra amount some where else to get a better return.

    Please advise

    Aditya Chowdhry

  26. Osvaldo June 6, 2014 at 2:40 am Reply

    Hi. I am from Malaysia, living in Kuala Lumpur and planning to buy a new house for rental. Yet, I am still deciding on whether to choose Fixed Rate Home Loan or Floating Rate Home Loan.

    This is my first time buying a house and very uncertain on the interest rate in the future. I am worry that if my repayment increases, then my rental income would be insufficient to cover my repayment. So, I am still doubt whether the interest rate will rise or fall in the future.

    I need your opinion on Malaysia’s Base Lending Rate (BLR) and how likely it would behave in the future.

    Can anyone advise me whether should I choose Fixed Rate Home Loan? If possible, which financial institution can offer me the best Fixed Rate Home Loan for for long-term in Malaysia?
    Thank you.

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