Home Mortgage Loan Rates – JP Morgan Chase, Citigroup and Nationwide Rates for First Time Home Buyers
Posted on | April 27, 2010 | Comments Off
Home mortgage loan rates have been relatively low for quite some time as the 30 year fixed mortgage rate has been in a tight range between 4.8% and 5.1% for much of April. J.P. Morgan Chase, Citigroup and Nationwide are three of the major lenders in America that are offering rates to first time home buyers.
Before assuming that these three lenders are your only option it would be very wise to research lenders in your area and understand there are many options when it comes to locking in low mortgage interest rates. By calling around to some of the competition you may find that you get much better customer service with a very attractive interest-rate offer.
It is very likely that there are many first time home buyers on the market as the first time home buyer tax credit expires on Friday. These buyers must be under contract by April 30, 2010 to have the opportunity to qualify for this $8000 credit.
It is important to note that mortgage rates are currently around 5% but not every borrower will qualify for rates this low. You will need a debt to income ratio that is below 40% and a credit score that is above 740 to lock in to the lowest possible mortgage interest rates at the present time.
Author: Jeremy North