Biggest Mistakes Of First Time Home Buyers

There are several potential blunders you’ll want to side step as a first time homeowner. Three of the biggest mistakes that many first timers make are:

1. Purchasing the wrong home – Make sure the home you want is one that you can realistically afford, is located in a good area, and has all of the features and benefits that are the most important to you. It is highly unlikely that you will find a home that will have absolutely everything you want and fit in your price range, so be prepared to make compromises. It’s the difference between knowing what you must have/need and what you can live without. Things to think about include, but are not limited to:
• The number of rooms and bathrooms you require for a comfortable and manageable living space.
• The safety of the neighborhood.
• How busy are the streets?
• Etc.
Don’t make a fast decision. Even if you fall in love with a home and everything seems to fit, view it from every angle with a critical eye. Some homes really are too good to be true.


2. Altering your credit score prior to closing – Once you have completed your loan application, do not make the huge mistake of making purchases on credit or with a credit card. Although it may be tempting to make big purchases for your new home, such as buying furniture, appliances, or other equipment, you need to put buying on hold until after closing.
   
   
   Making purchases with credit can alter your credit score and lead to an underwriter cancelling your loan. On the other hand, in the event your loan contingency has been removed or expired, in addition to losing your home, you could forfeit your earnest money deposit. The bottom line is: don’t buy on credit before closing and keep your credit score the same, and, if possible, work on improving it.


3. Not being upfront and honest with your real estate advisor – Your advisor, whether it is a real estate agent or a real estate lawyer, has a fiduciary obligation to represent your best interests. Real estate professionals work for you and with you, to help you obtain the home that is the most ideal for you. However, they can’t help you if you withhold information from them. You need to trust your agent and be open and honest with them about what you are thinking and your feelings about buying. Even if you have thoughts about backing out of a deal bring this to your agent’s attention. If you do not like your advisor or do not have confidence in them, find another one to represent you who you like better.

The bottom line is that there are lots of factors you need to consider, professionals you need to consult, and plenty of research to be done if you want to avoid making big mistakes that could cost you money and even your home.

Anthony Myers is a seasoned entrepreneur and mortgage industry veteran with over 15 years experience in managing and loan consulting. Prided in establishing successful Mortgage Consulting teams that create and foster long-term relationships with clients. Contact www.peakhomeloan.com.

How Can I Find Current Mortgage Refinancing Rates?

Do you currently have a mortgage on your home that has extreme rates that you struggle to pay every month? Are you up to your neck in debt when it comes to credit card bills and other living expenses in addition to your mortgage? If so, then you may be interested in learning more about current mortgage refinancing rates. Many people that struggle with their current expenses that rotate around their mortgage will choose to acquire new home refinance rates in hopes of lowering their month-to-month bills. The good news is that this process is simple to get started with.


Don’t fall under the misconception that there is no hope for you and your current financial situation. Don’t be misled into believing that bankruptcy is your only option. In fact, you should be aware that filing bankruptcy is much harder today than it was a year ago. That is because there are so many options that one can rely on before bankruptcy can truly be considered. That is why you should focus on obtaining mortgage refinancing advice so that you can truly get a clear picture of what your options truly are.

The good news is that you can acquire the best information on mortgage refinancing rates from the privacy of your home and don’t even have to visit a lender in person. There are numerous online resources that you can take full advantage of in order to acquire the very best home refinance rates. There are numerous websites that are committed to providing consumers with the latest information in regards to mortgage rates and that can assist you in determining which options are available to you and which ones you actually qualify for.

The problem that you will experience when looking for an online resource that provides refinancing rates and information on refinancing is determining which one you should make use of based on your current situation.

The first thing that you will want to do is determine if the resources you are considering actually offer refinancing information based on the state and country that your reside in. Many such websites are limited by the type of advice that they offer. They generally focus on the state and country wherein their business is located. However, with a little research you should have no problem finding an online resource that can provide you with this type of information based on your area.

You will want to focus on these types of resources as laws vary from one state and country to the next when it comes to how refinancing works when concerning a mortgage.

The next thing you should consider is if you have other bills that you would like to lower the payments on as well. Many online resources of this type can also provide you with general debt consolidation information. This will allow you to kill two birds with one stone without having to rely on multiple resources to acquire the information that you require.

One online resource of this type you can rely on is Peak Home Loans. Are you in search of current home refinance rates? You can find the latest mortgage refinancing rates at Peak Home Loans.

You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.87% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more. A $100k loan is only $415/mo. 4 in 5 will qualify.  Rates are at an all-time low, apply today!

Understanding How Home Refinance Rates Work

Home refinance rates change at a rapid pace. Rates that you hear today could drastically change within a few days. This can often times make it quite difficult for a homeowner to determine when the best time is to refinance their home. However, before you get started in the world of refinancing you must have a clear understanding of exactly what it is and how it works.

In short refinancing is where you seek out a replacement for a debt that already exists. Let’s say that you took out a mortgage on your home with very specific terms. You can refinance your home and pay off your preexisting mortgage and acquire lower refinance rates. The problem is that refinancing can vary from state to state. That is why you must invest a great deal of time to acquire realistic and professional mortgage refinance advice based on your specific location. That way you can determine what is truly available to you.

When refinancing your home there are several factors that will be taken into account. These include elements such as inherent risk, the stability of politics, how stable our country’s currency is, current banking regulations, and the general credit rating of the nation to name a few.

There are several reasons why a person may choose to refinance their home. However, the most common reason is to simply acquire lower interest rate. This allows a homeowners monthly mortgage payment to be lowered. This type of refinancing is great for those individuals that are struggling to maintain their current bills due to the extent of their current mortgage rates.

Others will choose to refinance in order to combine several debts that they currently hold into a single loan. Many people do this in order to get a handle on all of their outstanding bills without having to resort to filing bankruptcy.

When seeking out home refinance rates and viewing mortgage refinance advice you will discover that many companies will insist that you can’t put your preexisting mortgage into a debt consolidation program with other bills that you currently have. However, that is untrue. There are numerous high profile companies that can easily assist you with this type of debt consolidation. You just have to seek them out through diligent research.

The best way to determine your options is to determine the extent of your debt and to determine if current refinancing rates for your home are less than what you are currently paying. You will then need to make use of a resource that can provide you with all the information that you need in order to make an informed decision as to what you can realistically do with your current mortgage or other bills.
                 
Peak Home Loans is a leading online resource that you can take advantage of to acquire information on home refinancing. They can assist you in determining what type of refinancing will work the best for you and can assist you with getting started in the process immediately.

You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.87% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more. A $100k loan is only $415/mo. 4 in 5 will qualify.  Rates are at an all-time low, apply today!

Mortgage Interest Rates Rise To Ten-Month High

Mortgage interest rates rise to 10 month highs as employment data is better than expected.  As well as jobs here in the US, the European economy is stabilizing.  This combination will continue to push rates higher.  This could not bode well for the emerging US housing market.  Read more below...

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Current Mortgage Rates for Friday, March 8, 2013 - Mortgage Rates & Trends (blog)
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Mortgage Rates & Trends (blog)Current Mortgage Rates for Friday, March 8, 2013Mortgage Rates & Trends (blog)home prices Mortgage rates are getting destroyed following this morning's stronger than anticipated jobs report. Mortgage backed securitie ...

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Wells Fargo Current Refinance and Mortgage Rates Today - Press Blue
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Press BlueWells Fargo Current Refinance and Mortgage Rates TodayPress BlueWells Fargo Current Refinance and Mortgage Rates Today Standard 30 year fixed rate loan interest rates at Wells Fargo (NYSE:WFC) start at 3.625% and APR of 3.963% today. The FH ...

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Today's Mortgage Rates: Bank of America Home Loan Interest Rates - Southern Daily Press
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Southern Daily PressToday's Mortgage Rates: Bank of America Home Loan Interest RatesSouthern Daily PressToday's Mortgage Rates: Bank of America Home Loan Interest Rates We have noticed some increases today regarding Bank of America's (NYSE:BAC) home ...

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Chase Bank Current Mortgage Rates Today - Eagle's Rant
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Eagle's RantChase Bank Current Mortgage Rates TodayEagle's RantChase Bank Current Mortgage Rates Today The best 30 year fixed rate mortgage interest rates start at 3.625% at Chase Bank (NYSE:JPM) today with an APR of 3.706%. Shorter term, popular 15 ...

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Latest Mortgage Rates: BB&T Home Purchase and Refinance Mortgage Rates ... - Southern Daily Press
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Southern Daily PressLatest Mortgage Rates: BB&T Home Purchase and Refinance Mortgage Rates ...Southern Daily PressLatest Mortgage Rates: BB&T Home Purchase and Refinance Mortgage Rates Today Similarly to Bank of America (NYSE:BAC), another major mort ...

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You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.50% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more. A $100k loan is only $397/mo. 4 in 5 will qualify.  Rates are at an all-time low, apply today!

Mortgage Rates Are Rising Fast - Act Now

Mortgage rates are rising quickly this year -  that's right, up nearly 15%.  Mortgage refinancing would be a good idea right now before it is too late.

The average for a 30-year, fixed-rate mortgage pushed above 3.7% in more than three months.  Perhaps the all-time low is behind us.  That was set in November when 3.31% was the average for a 30-year, fixed rate loan.  For the rest of the year, expect rates to gradually move higher, ending the year at about 3.75% and then moving above 4% sometime next year.  There's no point to wait for lower rates if someone is considering refinancing their home.

Rising rates will affect homeowners looking to refinance more than they will affect home purchasers.  That's because refinancing is mainly an interest-rate-driven decision, while home purchases have more to do with jobs and lifestyle changes. Even though they're up, rates are still near historic lows.  Along with an improving economy, rates have edged up, given less demand for safe haven investments such as bonds since Congress partly averted the so-called fiscal cliff of tax increases and spending cuts.

Mortgage interest rates may dip below current levels on occasion, expect them to hover between 3.5% and 4% for most of this year.  That assumes no big economic shocks to the U.S. economy.  Except for a few weeks, mortgage rates have been below 4% for the past 14 months.  The low rates have helped the housing market, which is showing signs of strengthening. Home prices were up 5.5% in November year-over-year.  New and existing home sales are also up.  That also is helping the overall economy.

If the economy is getting better, slightly higher interest rates are a natural occurrence.  But there's no reason to believe that rates are headed upward in a straight line.  But a slow-growing economy will work to keep a lid on them. The U.S. economy is forecast to grow just 2% this year, and it actually shrank at an annual rate of 0.1% in the fourth quarter of last year.  The Federal Reserve has also said that it plans to continue buying $40 billion a month in mortgage-backed securities. Its high-volume purchases bring down yields on those securities, which influence mortgage rates.

You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.50% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more. A $100k loan is only $397/mo. 4 in 5 will qualify.  Rates are at an all-time low.

How To Refinance Your Home

With interest rates sitting just below 4 percent, now is a great time to crunch the numbers and see whether refinancing your mortgage can save you money.  As a general rule, homeowners will probably come out ahead when they can shave about 2 percentage points off of their interest rate.

If you have an adjustable-rate mortgage (ARM) or an interest-only loan, you might also benefit from refinancing, even if you don't save money on the monthly payments.  That's because you can lock in a 30-year fixed-rate mortgage at today's historically low rates and never have to worry again about your payments increasing.

Think you're a good candidate for refinancing?  Despite reports of banks hoarding money, lenders are still making loans.  But it has become harder to qualify for one.  Here's a road map to help you navigate the new and ever changing mortgage terrain.

"If you want access to the lowest interest rates, you need a credit score of 720 or higher."  If you have a score of 620 or below, you might not qualify for a loan at all.  Credit scores range from a low of 300 to a high of 850.

You'll need at least a 10 percent equity stake in your property to refinance.  And in some cases, you won't be able to get a loan without a 20 percent stake if private mortgage insurance is hard to get in your region. That might be a problem if you live in an in area where property values are quickly falling.  You might discover that your house is valued at less than you owe on your current mortgage, making refinancing difficult.  The one exception is for people with mortgages that are owned and held by Fannie Mae or Freddie Mac.  A new program will allow homeowners to refinance up to 105 percent of the home's value.

All homeowners will need to document their assets and income.  "Right now you have to prove you are the borrower you say you are, sometimes repeatedly."  Lenders want to make sure that homeowners can realistically afford any debt obligations, and they're reluctant to underwrite a mortgage if the homeowner's overall debt load is more than 43 percent of the family's income.  At the height of the housing boom, acceptable debt ratios reached as high as 55 percent.

Refinancing isn't an option for the millions of Americans who need to lower their monthly payments the most those who have lost their jobs.  Banks won't make new loans to such people until they can show pay stubs from a new job for at least 30 days.  A jobless homeowner's only option might be one of the new government programs for distressed folks, but they are usually available only to those who are at least 90 days delinquent on their payments.  And while it might be tempting to stop mailing in your check, know that your credit score will take a serious hit if you stop paying your mortgage.

In the past, you might have been able to refinance without paying any points and fees, but today that's often not the case.  Now that Wall Street is no longer securitizing smaller mortgages, the vast majority of conforming loans (those valued at $417,000 or less in most areas and $729,750 in high-cost areas) are sold to government-sponsored entities Fannie Mae and Freddie Mac.  About a year and a half ago, they started charging borrowers additional fees.  The first one you'll encounter is called an Adverse Market Delivery Charge, and it could add as much as a quarter of a percentage point to the loan.

Fannie Mae and Freddie Mac also charge a fee called the Loan Level Pricing Adjustment, which takes into consideration your credit score and loan-to-value ratio, or how much home equity you have.  Someone with poor credit and very little equity could end up paying an additional 300 basis points in fees.  So if you were borrowing $100,000 and had to pay 3.25 percentage points in fees, you'd owe the bank an additional $3,250 in closing costs.  If you wrapped the fees into the mortgage itself, you'd end up paying a 4.25 percent rate over the life of the loan.

Interest rates used to be fairly similar from one lender to another, but now they can vary by as much as a percentage point.  And some of the most competitive interest rates are found at the smaller community banks and credit unions, which might be better funded than some of the larger players that got caught in the sub-prime debacle.

Make sure you don't limit your shopping to a single bank or mortgage broker.  Some of the larger lenders, including Chase, no longer allow brokers to sell their products.  So if you want to see all of the rates in your area, you'll need to pick up the phone and do some calling around yourself.

You should visit Peak Home Loans.  They offer 2.625% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more. A $100K loan is only $402/mo. 4 in 5 will qualify.  Rates are at an all-time low, apply today!

Low Home Mortgage Refinance Rates

Home mortgage and refinance rates are very low right now because the FED continues to buy more and more MBS (Mortgage-Backed-Securities that directly move interest rates one way or another).  The past couple weeks have been relatively stable as far as market conditions go.  That means lenders can confidently continue to offer lower and lower interest rates.  This happens when Mortgage-Backed-Securities level-out.  In fact, this stability has led to rates remaining in the territory of new all-time lows.  There is a clear momentum behind these prices as well.  This puts the best-scenario, thirty-year fixed rate conventional loan at 3.25% for the majority of lenders and even 3.125% for some for the first time ever which is good for those intending to purchase a house or refinance a current loan.

But, not all is bright and shiny for the future.  The FED is artificially holding the prime rate, the rate at which lenders borrow money, at 0.0% (zero percent.)  And unfortunately, the FED is printing new money on a daily basis to pay mounting US debts.  This can lead to hyper-inflation.  This is the phenomenon where an individual will need a wheel barrow full of dollar bills to buy a loaf of bread.  So, as far a buying a new house at a cheap interest rate, things look good.  But, you might not be able to buy anything to put in the house.

You should visit Peak Home Loans.  They offer 2.625% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more.  A $100k loan is only $402/mo. 4 in 5 will qualify.  Rates are at an all-time low, apply today