This topic contains 9 replies, has 4 voices, and was last updated by Anonymous 7 years, 7 months ago.
- May 6, 2011 at 5:57 am #207221
I am wondering if there is a way of finding out with places have the best rates and how a person can compare each bank or lender.
- May 12, 2011 at 6:04 am #273796
You can find listings of mortgage rates in the weekend business section of many newspapers. Problem is, you don’t know exactly what you’ll qualify for and the lowest rates sometimes require the most loan fees (points) up front.
The best way to shop for the lowest rates at the best terms is through a mortgage broker. Every day, they get rate sheets from a lot of different companies and they can tell at a glance what the best terms would be. They can then call around to find out what restrictions there may be (minimum down payment, required debt-to-income ratio and credit score, etc.). They can then recommend a couple of loan products to you and let you choose what you want to do (for example, some people want to pay lots of points up front to get the lowest APR, which isn’t always a good idea).
- May 17, 2011 at 1:11 am #277632
look the worst thing you can do is make many applications as that will pull down scores. Rates are by region and states. The lowest published rate people see on the web may not be for your area. Get with a mortgage professional that comes with a recommendation by family and friends as being reasonable in fees and rates. Think about what you are asking. There are no free loans out there. We as professionals do not work for free any more than you do. We must earn our money just like every one else.
- June 10, 2011 at 4:18 am #436668
Er apart from the facts you could be right…
let’s not forget that they resold the risk several times over.
mortgage criteria tightening in an overextended credit bubble – you ain’t seen nothing yet…
- June 10, 2011 at 4:18 am #436669
Actually , they are not yet getting how serious it is .
Mortgage defaults are skyrocketing which means lots of lenders (which use funds from mutual funds , pension funds etc) will be going down .
Several major brokerages have already had funds implode .
If you don’t think it is a problem , you’ve been skipping the finance report pages the last 6 months .
- June 10, 2011 at 4:18 am #436670
I think the subprime mortgage problem truly *is* a problem because of a “liquidity” problem right now. It will become worse if investors start backing out. Equivalent to a run on the banks like what happened in the ’30s. Just my opinion, though.
Personally, I bought only what I could comfortably afford and didn’t lie on my loan application. Because I bought only what I needed, I’m able to pay my full mortgage twice a month and I’ll have it completely paid off soon. Much better than that extra square footage I’d be paying to heat and cool and spend my time cleaning.
- June 10, 2011 at 4:18 am #436671
THis whole economy has been built on housing and continued sprawl. Credit is tightening and suddenly the whole house of cards is coming down. Kunstler has been predicting this for years.
- June 10, 2011 at 4:18 am #436672
I disagree with King Tut. I think this is a result of foreign money (from the middle east BTW) that was pumped into the US housing market. Why do you think all of a sudden banks started giving loans to high risk borrowers? They had extra money to lend and figured they get a little gravy by setting them up with ARMs. I hate to play the part of chicken little but I think it’s ecomonic terrorism. I know! It sounds crazy! But that’s my story and I’m stickin to it!
It’s a crisis but we have economic mehanisms in place to prevent a catastrophe like the stock market crash of the 20s. It sucks but it’s not the end of the world.
- June 10, 2011 at 4:18 am #436673
i think it is a lot serious and we are just seeing the tip of the ice burg.. go to credit on answers and every other question seems from some one who is about to loose their house due to poor money management.
i think the stock to invest in is “cardboard box” (for the homeless) i can see a lot of folks from the home depot (and i have some of their stock) to the construction industry losing jobs. which will not help the situation but only add fuel.
even in middle america which used to be made up of debt free folks we have more than our share of over extend folks.
i wish you were right but either way i will sleep well to night my house is paid for.
- June 10, 2011 at 4:18 am #436674
judging by your question you are not taking it serious enough,
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