Compare Mortgage Interest Rates Today – Late January VA and FHA Home Loan Refinance Rates Still Low
Posted on | January 21, 2011 | No Comments
As the overall economy continues to improve many feel that interest rates will start to move higher. With this in mind it comes as no surprise to see a large number of American homeowners looking to compare mortgage interest rates today. Late January VA and FHA home loan interest rates are still very low as the conventional 30 year fixed is around 4.7%.
Remember that only the best borrowers of money will have any opportunity to lock in to the lowest possible mortgage interest rates today. Even though many mortgage lenders are reporting 30 year fixed rates below 5% it still takes a very impressive credit score and a low debt to income ratio to have any opportunity at saving money by going to the refinance process.
It is also important to remember that there are closing costs involved in the refinance process. A general rule of thumb is that homeowners should desire to save at least one full percentage point to fully benefit from the refinance process in January or February of 2011.
By not saving this one full percentage point it is often the case that homeowners find the closing costs outweigh benefits. Rather than going through the entire process of refinancing home loan just to find out that closing costs are too expensive it is always wise to do a little research ahead of time. Luckily, with the advancements in technology this is easier than it has ever been.
Almost all mortgage lenders offer some type of online chat or twitter answering service that should help to increase the knowledge of the mortgage process. While these chat services are not 100% accurate they will still give customers an idea as to how much money can be saved with a specific mortgage interest rate.
Author: Alan Lake
Tags: compare mortgage rates today > fha mortgage rates today > home loan interest rates > january fha home loan rates > january va home loan rates > mortgage interest rates today
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