Are You Satisfied with Your Current Home Loan?

You have been making financial progress, but you are still a long ways from eliminating all of the accumulated credit card debt that you have. By understanding the up to date mortgage rates that are available, you are hopeful that you will be able to get a new mortgage on your home. By rolling over the credit card debt that you have into the loan on your house, you are certain that you will be able to pay down the amount faster. Today’s consumers are often victims of the amount of debt that they have accumulated, and struggle to find themselves solving these problems.
Whether you are talking to a Seattle mortgage company or you are looking for a solution in the midwestern part of the country, it is important that you work with a company that can help you create the best possible solution.
Up to Date Mortgage Rates Can Help You Create a Better Financial Situation
Current mortgage rates can determine whether or not a decision to refinance your home is in your best interest. What your current credit standing is, however, plays an important role in the kind of rate that you will be able to qualify for. This is no small fact because most Americans have no payment that they make on a monthly basis that is any larger than the one they have on their home, unless they carry an unusually high amount of credit card debt as well. In fact, Bureau of Labor statistics from 2016 indicate that the average American spent 32.9% of their budget on housing, including mortgage and rent payments.
The most common fixed rate loans are a 30 year fixed or 15 year fixed, but it is important to realize that fixed rate mortgages come with varying loan terms. These varying terms are not only determined by the value of a home, but also by the credit rating of the borrower. For example, to qualify for an FHA home loan, the borrower’s credit score must be at least 580; the borrower must refinance up to 97.75% of a primary home’s value; and the borrower must buy a home with as little as 3.5% down. Finding a mortgage company that will take the time to work with you to make sure that you completely understand all of your options is essential if you want to end up with the best results.

Leave a Reply