Home Mortgage Loan Rates – Can You Lock in Below 5% in February?
Posted on | January 27, 2010 | No Comments
Home mortgage loan rates have been quite stable in January as the 30 year fixed mortgage rate has been in a tight range between 4.8% and 5%. Many homeowners and future homeowners are wondering in they can lock in to a mortgage rate below 5% in February. The only way you will know the answer to this question is if you go through the mortgage application process.
There are currently many mortgage lenders that are advertising mortgage rates below 5% but it is important to understand that each financial situation is unique. The amount of equity you have in your home and your credit score will go a long way in determining what interest rate you qualify for. There are other factors as well so make sure to submit a mortgage application to get a 100% accurate rate quote.
Once you have received an accurate rate quote you can then determine how much money you can save by locking in now. There are many mortgage calculators available online that can assist you in figuring out how much your monthly mortgage payment will be. If you are refinancing please remember to include the refinance closing costs in these calculations to determine your savings.
Any major financial decision is very important but when it comes to your home mortgage the importance is even larger. Your home mortgage is likely the largest investment you are going to make in your life so you should make sure to consider all options before you make any drastic moves.
Author: Jeremy North
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