Home Mortgage Loan Rates – CitiMortgage, JP Morgan Chase and RBC First Time Home Buyer Interest Rates
Posted on | April 26, 2010 | Comments Off
Home mortgage loan rates have been very low for much of 2010 as the 30 year fixed mortgage rate sits right at 5%. Some of the larger mortgage lenders that are currently reporting interest rates at this level are Citimortgage, JP Morgan Chase and RBC. If you are a first-time home buyer it is extremely important to understand that these are not your only options but they are some of the major mortgage lenders in this country.
Before making any final decisions it would be extremely wise to contact several mortgage lenders and determine who offers the best customer service with attractive interest rates. By accepting the first offer you may be missing out on a business that would be willing to go the extra mile for you.
The mortgage interest rate that you qualify for will be greatly determined by your credit score and financial position. If you have a significant amount of debt and a very moderate income then you are going to find it extremely difficult to qualify for a large amount of money at a low interest rate. You will need attractive credit score and a debt to income ratio that is below 40%.
Author: Alan Lake