Today’s Lowest FHA Mortgage Rates – Bank Refinance Interest Rates for Bad Credit Borrowers Vary Greatly
Posted on | January 18, 2011 | No Comments
As more and more Americans find themselves in bad credit situations it comes as no surprise to see many of these individuals looking for today’s lowest FHA mortgage rates. Unfortunately, finding bank refinance interest rates that are very low for bad credit borrowers can be quite difficult as many institutions deem these borrowers risk.
Prior to the subprime mortgage crisis it was rather easy for almost all customers to borrow money for a home loan. Unfortunately, that has greatly changed in 2011 is most financial institutions are being very strict with their lending practices. Rather than allowing everyone to borrow money is the case that most will have to qualify.
Unfortunately, many bad credit borrowers are going to find that today’s lowest FHA mortgage rates are much higher than the advertised level seen on TV and the Internet. Most people are currently seeing conventional mortgage rates around 4.6% for the 30 year fixed but this is only an interest rate quote that is available to those who have been strong financial decisions in the recent past.
Taking the time and effort to do a little bit of extra research could prove to be greatly beneficial when it comes to locking in the low mortgage interest rates in January of 2011. With a very bad credit score customers can not expect to receive 30 year fixed interest rates below 5%. Even though this is the case it does not mean that there are not savings to be had by going through the refinance process.
The general rule of thumb is that homeowners should desire to save at least one full percentage point to fully benefit from the current low interest rate environment. By saving this one full percentage point most homeowners will find that they not only cover closing costs but they will also see savings in the very near future.
Author: Mike Garner
Tags: bank refinance fha rates > bank refinance interest rates > lowest fha interest rates > lowest fha mortgage rates > mortgage interest rates today > todays lowest fha mortgage rates
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