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Mortgage rates and Mortgage programs

Primer on Mortgage Loans - What are the Keys to Unlock the Best Rates For You

It used to be in the not to distant past that lenders wrote loans regardless of the fundamentals that make a borrower a good risk. Before the mortgage crisis, which began in the summer of 2007, if a borrower had a pulse, a loan could be found for that individual.

In today's marketplace that has changed as several fundamental, financial qualities have to be satisfied in order for a borrower to receive the best rates in the marketplace.

The first is adequate income. What this means is that a potential borrower needs to earn a little over twice their total monthly debt. The monthly debt includes the mortgage payment, property taxes, homeowner's insurance, car payments, credit card monthly minimum payments, and other debt that is amortized on a monthly basis like a timeshare, boat, etc.

Furthermore, the borrower has to have been employed, without gaps, in the same line of work for a minimum of 2 years. Different jobs are allowed as long as they are all in the same line of work.

A borrower must also have a minimum of 2 times the mortgage payment, home owners insurance and property taxes (also known as PITI) put away in a liquid asset account. Having said that the more money a borrower has saved the stronger their position will be. IRA's and other retirement plans can be included in the asset calculation but only at 70% of the total asset value.

Credit scores must be over 680 points, but a borrower over 700 will have even a better chance at getting the best rates available.

If you have attained such a financial situation then you are well on your way to the best rates in the marketplace.

Regardless if you are seeking out the best Oregon Home Loans or California Home Loan Mortgage Rates, if you are are in a financial situation where you qualify for the best rates seek a professional mortgage loan officer. This also holds true for those of you who must settle for poor credit home loans.

My name is Allen Sayble and I have been a loan officer since 2001. I specialize in poor credit home loans for borrowers with less than stellar credit and income situations, but also work with refinances and purchases for borrowers in good standing. I am based out of Ashland, Oregon and can write Oregon Home Loans and offer you California Home Loan Mortgage Rates At this time in the mortgage business it is most important for each borrower to work with a professional loan officer. It's also best to work with a broker, like myself, who has access to all of the different lenders and not be restricted to one lending institution or bank. Please visit my website http://www.mortgageconsumer.com to learn valuable information about the loan business so that you can be well informed about the loan process and make the most educated decision with regards to your home loan. You can also contact me at 541-324-9623

Article Source: http://EzineArticles.com/?expert=Allen_Sayble

How Mortgage Rates Change

Mortgage rates can vary widely, so learning how to compare mortgage rates may save a lot of money, and can change several times per day. It can and do change daily. It can vary from one lender to the next, so don't forget to make a loan comparison, and can fall well ahead of the Fed lowering short term rates.

Mortgage rates can be held for up to 120 days (4 months). It can change daily, and can rise well ahead of the Federal Reserve increasing short-term interest rates. It can change instantly, but they don't follow indexes.

How to Choose a Mortgage Rates

Mortgage rates are the terms in which you agree to pay back the loan you took out to pay for your new home. There are a few to choose from depending on your financial situation, how long you want to live in the home, and the status of the housing market. Mortgage rates are 6.5%, so it costs more than twice as much to borrow money to buy a house than it does to rent the same kind of house. Worse, total owner costs including taxes, maintenance, and insurance are about 9%, which is three times the cost of renting. Mortgage rates are affected by many factors but are not "cut" by the Fed. There are many types of interest rates.

Mortgage rates are soon expected to increase slightly overall right now, with high volume areas like New York and Los Angeles possibly going much higher due to the low number of available units compared with the number of buyers . Mortgage rates are subject to change daily (and even several times a day), so call the bank or mortgage lender of your choice for the latest information. Please note that this list, and the figures used for rate comparison, does not include all lenders which provide financing and is not a guarantee of rates or options available ). Mortgage rates are as volatile and changeable as the weather. According to the mortgage rates mavens we will continue to enjoy affordable mortgages this spring, making it a good time for most of us to buy or refinance a home.

Adjustable Mortgage Rate

Adjustable mortgage rates were also mixed, with the average 1-year ARM rising to 6.25% and the 5/1 ARM sliding to 6.16% from 6.44%. Adjustable rate mortgages change at regular intervals. Both types of interest rates have their pros and cons. Adjustable rate mortgages slumped, with the average 5/1 adjustable rate mortgage dropping from 6.25 percent to 6.19 percent, and the average one-year ARM dipping from 5.89 percent to 5.86 percent.

Fixed Mortgage Rate

Fixed-rate mortgages won’t be affected at all (or any impact will be indirect). Fixed rates are usually higher than adjustable rates, this is because the lender cannot predict the rates of the future. Ofcourse it’s possible to buy insurance so that when the rates are lowered, yours will too.

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