Compare Mortgage Interest Rates
Dear Neighbor,
Interest rates can fluctuate or change on a daily basis and nearly everyone focuses soley on a low rate, which is part of obtaining a mortgage, a true mortgage professional will always discuss your individual needs and complete financial situation before quoting a rate. You should become educated and empowered as you consider your time in the home or how long you'll keep the loan.
Without personal information any rates that are posted online, in the newspaper, or quoted only tell you what the best qualified individuals might be able to obtain.
Watch out for web-based lenders such as E-Loan, Quicken, GreenLight, and DiTech who advertise no points and flat fees. The low advertised rates contain hefty fees and/or points to help offset their large marketing costs.
Don't limit yourself to the offers of a few who will pay to buy your information. If the competition is limited... how can you possibly win?
ALL of those facts are important in making a decision in obtaining a mortgage, the bigger picture has to do with not just the rate, term, or fee's associated with the loan but your overall costs while you keep the mortgage, such as cash flow, and payment needs.
Moreover, I want to address something vitally important and the banks, lending companies, and mortgage people don't want you to know. It's a Key Banking Principle having to do with interest. Interest on your mortgage is calculated on your "average daily balance", which means by the time you make your payment, most of your hard earned dollars are going strictly to interest. Mortgage elimination focuses on paying a lump sum, such as $5,000 at the beginning of the month one or more times during the year, which lowers your average daily balance. Using this type of mortgage elimination strategy will use the same dollars that come into your household, but re-direct so they work for YOU and not the bank. To learn more about this incredible strategy, please click on the link below entitled How Millions of Homeowners Have Been Fooled Into Keeping Their Mortgage For Life.
- Critical Report #4 - The Great Tax Deductibility Scam:
How Millions of Homeowners Have Been Fooled Into Keeping Their Mortgage For Life
Buying your first home or refinancing your mortgage can seem intimidating, especially when faced with so many different loan types. Don't worry, expert help is only a keystroke or phone call away. Here is a quick review of various mortgage options and some helpful hints as to when each loan is appropriate to use.
| Program | Description | Appropriate for those who: |
|---|---|---|
| Fixed rate mortgage, 30,20,15,10 years | Interest rate & monthly payment remain the same for the term of the loan | |
| Adjustable rate mortgage, 10,7,5,3 & 1 year fixed terms | Interest rate & monthly payment remain the same for the fixed term of the loan, then adjusts based upon a "margin and index" | |
| Balloon mortgage, 5/25 or 7/23 terms | Interest rate & monthly payment remain the same for initial fixed term. At the end of the term, loan becomes due in full or borrower can refinance into new loan at current market rates | |
| Exotic mortgages, Pay-Option ARM, Piggyback Mortgage, Interest Only | Interest rate & monthly payments are artifically lower by design, temporary cash-flow creation, wealth building strategy for astute borrowers |
Frederic A Din, Residential Mortgage Specialist stands up for increased Borrower Education.
