Home Mortgage Loan Rates for First Time Home Buyers on April 28th, 2010 – Tax Credit Expiration Nears
Posted on | April 28, 2010 | Comments Off
With the first time home buyer tax credit coming to a close at the end of this week many Americans are looking for home mortgage loan rates for first time home buyers on April 28, 2010. At the present time we are seeing 30 year fixed mortgage rates between 4.9% and 5%. It is very important to note that you’ll need a very good credit score and a low debt to income ratio to receive a mortgage rates at this level.
With a credit score above 740 and a debt to income ratio that is well below 40% you will likely find that you qualify for an attractive mortgage interest rate. If you do not meet these qualifications you are going to find it very difficult to lock in to a mortgage rate anywhere near the 5% level.
There are many mortgage lenders that continue to advertise mortgage rates at 5%. By contacting several lenders you will get a better idea of what mortgage interest rate you qualify for. Each financial situation creates a unique mortgage rate for that specific person. Just because you cannot get a mortgage rate below 5% does not mean that you should not consider buying a new home at the present time.
Author: Jeremy North