Compare Mortgage Interest Rates Today – Lowest Fixed Refinance FHA and VA Home Loans Below 5%
Posted on | April 15, 2011 | Comments Off
With 30 year conventional fixed mortgage rates still very close to all-time lows it comes as no surprise to see a large number of American homeowners looking to save money and compare mortgage interest rates today. When seeking today’s lowest refinance FHA or VA home loan rates there many borrowers who will qualify for answers rates below the psychological 5% mark.
At the present time we are seeing 30 year conventional fixed mortgage rates around 4.75% for borrowers who have an amazing financial history. To qualify for rates this low it generally takes a credit score that is in excess of 740, equity in a home, and a very low debt to income ratio that is below 40%.
Unfortunately, many Americans have struggled greatly when it comes to making strong financial decisions throughout the past several years. Even though the economy seems to be getting better there still many Americans who have not made strong decisions when it comes to paying bills and alleviating high interest rate debt.
To get the lowest possible interest rates on any type of loan whether it be a home loan, car loan, personal loan or credit card it is important to make certain that high interest-rate debts are paid down and the debt to income ratio is as low as possible. By not meeting these financial requirements most mortgage lenders or financial institutions will deem borrowers very risky.
When financial institutions deem borrowers risky it is often the case that they offer them much higher interest rates. Rather than going through the entire refinance process just to find out money can not be saved it may be advisable to do research on a mortgage calculator and understand what options are available. The general rule of the homage that homeowners should desire to save at least one full percentage point if they hope to save by refinancing.
Author: Mike Garner
Tags: compare mortgage interest rates > home interest rates today > home loan interest rates > home loan mortgage rates > lowest fha home loans > lowest va home loans > mortgage interest rates today