Posted on: 13th Oct, 2005 09:57 pm
I am shopping around for a home but the rates are continuously rising can anybody advice me on what should I do?
Hi Daniel,
Welcome to the Forums.
I can surely feel your problem. In this kind of situation you should try to remain calm. Experts say that the rate of 30 year fixed mortgage will be around 6% for rest of the year, so if you are in the market for a home you still have time to look around. And the borrower who locks in sooner than later will be benefited, so there is no need to panic.
And if you are looking for a large amount of mortgage loan, then search for the lenders who have raised their borrowing limits for conforming loans. These are the type of loans which a lender can sell to Fannie Mae or Freddie Mac and the rate on these kinds of loans are 0.25% to 0.75% points lower than those for Jumbo loans.
May God Help You.
Thanks,
Samantha
Welcome to the Forums.
I can surely feel your problem. In this kind of situation you should try to remain calm. Experts say that the rate of 30 year fixed mortgage will be around 6% for rest of the year, so if you are in the market for a home you still have time to look around. And the borrower who locks in sooner than later will be benefited, so there is no need to panic.
And if you are looking for a large amount of mortgage loan, then search for the lenders who have raised their borrowing limits for conforming loans. These are the type of loans which a lender can sell to Fannie Mae or Freddie Mac and the rate on these kinds of loans are 0.25% to 0.75% points lower than those for Jumbo loans.
May God Help You.
Thanks,
Samantha
Hi,
Indeed the information provided by Samantha is great.
As a borrower avoid taking big risks to lower your rate. ARM will not help you to reduce your monthly payment to a large extent right now. For example on a $100,000 mortgage a five year hybrid ARM would save you about $30 a month over a fixed rate loan.
Hope this information will help you.
Thanks,
Blue
Indeed the information provided by Samantha is great.
As a borrower avoid taking big risks to lower your rate. ARM will not help you to reduce your monthly payment to a large extent right now. For example on a $100,000 mortgage a five year hybrid ARM would save you about $30 a month over a fixed rate loan.
Hope this information will help you.
Thanks,
Blue
