Safe Online Mortgage Loan Finance Application [mortgagegoalrates.blogspot.com]
Question by Big D: What charts can I look at online to predict changes in mortgage interest rates? I look at the 10 year treasury note on yahoo finance, what else should I be checking out? what mortgage secured bonds are there? I need to decided when to lock in with my rate for a home purchase in the next 2 weeks. Best answer for What charts can I look at online to predict changes in mortgage interest rates?:
Answer by alterfemego
an 8 ball . . . lol
Answer by Dale H
You may have missed the boat if you were hoping rates would go lower. These rates represent what freddie macs investors require and are darn near what a "PAR" rate would be. That is, nobody is going to make money at these rates unless you are paying points/fees for the rate in addition to the regular closing costs: http://ww3.freddiemac.com/ds1/sell/sffrny.nsf/frmDisplayRNY?OpenForm This link updates daily with advice on the mortgage market. http://www.moving.com/mortgage/mortgage-market-commentary.asp All indications are to lock as of Friday the 6th. We have a convertible 1/1 ARM special that runs through the 23rd @ 3.99 with caps of 2/2/6. That means the worst case average rate over 3 years would be 5.99. APR is 5.293 (this is based on the fully indexed rate). All this with about $ 300 in closing costs. The point of mentioning this is that the convertible ARMS are a favorite of people who expect that rates may head lower by the end of the year. You can convert the ARM to a fixed rate any time after the 1st payment and within the 1st 36 months for $ 200 plus some other fees for the modification (e.g. recording, etc.). These programs require better credit and full income verification and a 680 middle score at the time of conversion. Ask your lender to see if he has any such options for you. Good luck and congratulations on your new home.
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The internet has become a big influential factor in almost everybody’s life. Information gained from the internet may make or break a business establishment. Nowadays, even mortgage providers are competing with each other to provide comfort and convenience in loan application procedures, to accommodate the busy and hectic lifestyle of consumers. With all the choices available online, it is not entirely difficult to obtain information and proceed with a mortgage loan finance application, simply by clicking on a few tabs on your screen.
It may be easy to apply for a home loan online. However, it may also be quite risky if you do not practice safe online etiquettes when applying for mortgage loan finance. There are many bogus companies that offer mortgage deals that are too good to be true. Before you know it, you may be duped into believing that they are actually legitimate and trustworthy. So if you are keen on doing everything online, it might be a good idea for you to observe some tips on safe online mortgage shopping. Then you won’t be easily tricked by bogus mortgage companies.
The first thing you may want to do is to educate yourself on a home mortgage loan application process so that you have a basic idea on how the things might go through should you apply for a home loan online. By doing so you are eliminating the chances of having to go through unnecessary procedures or entertain ridiculous requests from online mortgage companies. In general, most home loan applications use the same practice with almost identical forms and the information they require from you are generally the same. If you find yourself getting a request for items you deem unnecessary, even for a conventional manual application, you might want to back out of the application as soon as you can.
Another thing you can do, to ensure the mortgage provider you are dealing with is not only legit and legal but also has a good track record is to research their credentials. You may do this by calling them up personally, based on the contact information they provide on their website. You may be able to tell whether the person you are talking to is a qualified lender or advisor simply by asking basic mortgage questions. If their answers are not satisfactory to you or do not really reflect their supposed expertise on the matter, you can always find another. Professional lenders will also rarely keep you waiting for your requests or queries to be entertained. So if you do not receive any reply from your lender within a few days, it is advisable that you move on to the next lender on your list. You may also find out by checking with the Federal Deposit Insurance Corporation (FDIC) to verify your lender’s legitimacy.
You may also seek opinion from others who have had experience with online mortgage providers by reading reviews on your lender’s website. A reputable lender will of course receive good reviews from their previous or current customers. If you want more verification on the performance of your lender, you can always check with Better Business Bureau (BBB) to ascertain their performance ratings and check for customer complaints.
Applying for mortgage loans online may sound risky but with enough research and knowledge you might be able to avoid being tricked. When filling up online application forms, it might be a good idea for you to be suspicious of things especially if it requires you to fill in your date of birth and social security number. Generally mortgage companies do not require for you to divulge your social security number. So if one asks for it that is definitely a red flag for you to be wary of.
All in all, you may also trust your God-given guts. It is your best defense against things that will potentially harm you physically or even financially. If you do not feel like the lender you are researching is a reputable one, by all means, feel free to move on to the next lender on your list. It is always better to be safe than sorry. More Safe Online Mortgage Loan Finance Application Articles
