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Your Mortgage GuideFeaturing articles on the stock market, real estate industry and mortgage rates. Find out what is moving the market and what is changing in the lending industry. Our latest featured article: Quick savings tip. Make sure you find out if qualify into an agency loan with your lender. Agency loans are loans that are securitized by Fannie Mae, Freddie, FHA and in today's market will ensure you are receiving the most favorable pricing and best interest rates. The best way to ensure your receive the best mortgage program for your specific scenario is to compare offers from multiple banks and lenders. It is important if you are shopping for a new home loan that you contact lenders on the same day as the market can change and interest rates and loan programs can change daily. Once you have your goals identified you will be able to compare similar programs from competing lenders to compare the closing fees, interest rates, third party fees and loan program that best meets your goals. The lender that offers you the lowest initial interest rate may not be the best loan program for your specific situation so it always is beneficial to explore a few options.
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Mortgage Rates & Economic NewsDeveloping news...Federal Reserve leaves key interest rate unchanged. The FOMC announced no changes to the fed funds rate leaving the key lending rate at two percent. Mortgage rates have hovered around the mid six percent range for the last two weeks and the bond market did not move much after the fed announcement. Mortgage rates are gaining some relief from oil prices that are finally beginning to decline. This removes an inflationary threat to interest rates and is good news for long term fixed rate mortgage loans. Find the latest economic news that could effect mortgage rates this month by visiting: Mortgage lenders have tightened their lending guidelines in 2008. A borrowers credit score is now one of the most important factors used to not only determine if you qualify for a mortgage, but what your closing fees are and potentially how much your mortgage insurance or PMI will run every month. Most lenders have gone away from offering interest only or deferred interest mortgage loans that could be considered a higher risk to the end investor. Additioanally, almost every lender has eliminated their no document and stated income loan programs. If you are a borrower looking for a mortgage refinance or purchase you should be prepared to fully document your income to qualify.
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Compare mortgage rates from local and national lenders to save on your next home loan. We work with the nations top local and national lenders to offer you up to 4 free quotes for your specific loan scenario. Our loan network of lenders work with borrowers from all credit backgrounds and offer fixed rate loans, variable rate loans, jumbo loans and custom solutions based on your specific scenario. Thank you for visiting LowRateMortgage.com LowRateMortgage.com is not a bank, broker or direct lender and is strictly operating in an advertising capacity.
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