Today’s Lowest Mortgage Interest Rates – Sub 5% Home Loan Rates for Borrowers in California and Florida
Posted on | May 21, 2010 | Comments Off
Today’s lowest mortgage interest rates are well below 5% and borrowers in the states of California and Florida are finding that some 5% home loan rates are available. It is important to note that those looking for rates below 5% will need a very good credit score, about 740, and a low debt to income ratio.
By not having these requirements you will likely find the mortgage interest rate offers or higher. President Obama and his staff are pushing for one free credit score each year for Americans. At the present time Americans receive one free annual credit report but a credit score is not included.
Statistics show that over 65% of Americans do not check their credit score at least once a year and this could greatly affect the mortgage interest rate they qualify for. By not knowing your credit score you may be going into this process blind and you could get a much higher interest rate than you expected.
Even though today’s lowest mortgage interest rates are well below 5% in California and Florida it does not mean that you will qualify for rates at this level. It would be very wise to check your credit score before going through the entire process of locking in to a low overall mortgage rate.
Author: Heather Best
Tags: 5% home loan rates > home loan rates > interest rates > Low Mortgage Rates > lowest interest rates > lowest mortgage rates > lowest rates > today's lowest mortgage rates