Welcome!

News Feed Item

3 Things You Need to Know About Mortgage Rates | RealtyPin.com

LOS ANGELES, Feb. 12, 2013 /PRNewswire-iReach/ -- Like it or not, your mortgage rate is going to help determine just how affordable your dream home really is says the real estate experts at RealtyPin.com.  Even if you're not a math whiz, there are 3 things you need to know about mortgage rates:

Mortgage advice from RealtyPin.com: Buying a House Without a Mortgage?

1.Lower rates might be good for your wallet, but not for the economy
Checking the nation's average mortgage rates is kind of like checking your bank account online -- the lower the numbers are, the worse things are. Lower mortgage rates are used to try and jump-start the housing market.  They're supposed to be an incentive to get people to buy.  So, if you're a buyer, seeing lower rates is a good thing.  However, if you're a bank, it's something you don't want to see. How low are things right now? As of August 20, 2012, the average rate on a 30-year mortgage was 3.62%.  Rates have been on the rise ever since August began.  However, those increases come on the heels of a 3.49% average at the end of July -- the lowest rates on record.  In fact, 2012's mortgage rates have been historically low all year long.  The average 30-year rate hasn't been above 4% since mid-March -- and then, it only spent a week at 4.08%!

Home improvement tips from RealtyPin.com: How to Create the Perfect Master Suite 

2.Your credit report plays a role in your specific rate
As tempting as that 3.62% may be, remember that it's only an average.  If the banks think you're a risk, they'll make you pay a higher rate.  To decide how risky you are, your lender will take a long look at your credit score. So, how good does it have to be? Typically, if your credit score is over 740, you'll get the very best rates that your lender can offer.  The lower yours dips, the more interest you'll pay.  In fact, the difference between a good score and a bad one can be as much as 1.5%! But that magical credit score isn't all that lenders are looking at these days.  They're also looking at what kind of debts you've got.  In fact, certain credit can be seen as "bad" credit.  For example, if you have a credit card from every department store in the mall, it's going to look worse to a lender than someone who's got student loans and car payments.

RealtyPin.com housing news: Fannie Mae And The Housing Market's Recovery

3.There are several ways to lower your mortgage rates
If you sign on the dotted line now -- and a great rate comes along in a couple of years -- you can always refinance.  In fact, the average mortgage is refinanced within 10 years, so don't hold off buying a house now because you're worried that something better will come along later.  Instead of simply waving as that better rate goes by, you can take advantage of it if you want to. If you haven't been approved for a loan yet, consider a 15-year mortgage instead of a 30-year one.  As of mid-August 2012, the average 15-year mortgage rate sat at 2.88% -- nearly a full percentage point lower than its 30-year counterpart.  If that doesn't seem like much of a difference, remember than even a fraction of a percent difference can lead to thousands of extra dollars every year! If you've looked into 15-year mortgages -- and the rate still isn't as low as you want -- consider "buying down".  In essence, you hand over money to the bank right now, and in exchange, they give you a lower rate. Or, if you've got a ton of money saved up, consider putting more money down on your new home.  The higher you can get above a 25% down payment, the more likely banks are to cut you a break on interest.  However, some banks won't give you a preferred rate unless you put down 40%, so make sure you ask them first and write the check second!

Media Contact: James Paffrath RealtyPin.com, 1-(866) 960-8649, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE RealtyPin.com

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
SYS-CON Events announced today that Sheng Liang to Keynote at SYS-CON's 19th Cloud Expo, which will take place on November 1-3, 2016 at the Santa Clara Convention Center in Santa Clara, California.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your ...
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.