Cheapest Mortgage EVER [mortgagegoal.blogspot.com]
www.moneyextra.com According to Halifax over the past two years, the average mortgage rate has fallen by over 2 percentage points to just 3.67% they also found the average cost of housing as a whole fell by over £500 to just over £9000..
mortgagegoal.blogspot.com Get the Cheapest Mortgage rates NOW!
Cheapest Mortgage EVER!
Earlier this month Property Advice Blog reported that mortgage rates reached their lowest rates for 23 years. This trend has continued with the announcement of the lowest ever fixed-year fixed rate mortgage in the UK. This bargain-mortgage has been introduced to the market by Chelsea Building Society, and with an increasingly competitive market other mortgage lenders may follow suit.
What is the cheapest mortgage deal ever?Chelsea Building Society has introduced to market a five-year fixed rate mortgage at a rate of 3.39 per cent. This is the cheapest fixed-rate mortgage deal ever on the UK market. In order to take advantage of this record-low mortgage rate, borrowers need a 30% deposit for the property and £1,495 for the arrangement fee.
Are other mortgage lenders dropping their rates?Yes; it’s not just Chelsea Building Society that is offering attractive fixed-rate mortgage deals, last week Yorkshire Building Society cut the interest rate of its five year fixed mortgage to 3.49% with an arrangement fee of £995 and a minimum deposit of 25%.
Similarly nine building societies now offer five-year fixed-rates under 4% including First Direct, Nationwide, Woolwich and Northern rock. Fixed rate mortgages for two-years are also facing a stark drop in price with Woolwich offering a two-year fixed mortgage at 2.54% (or 2.49% in its loyalty range for existing customers) and Skipton Building Society introducing a 2.48% two-year fixed rate mortgage. Why are the rates of mortgages decreasing?The interest rates of mortgages are decreasing because of greater competition and a drop in the rate that banks lend and swap money to one another.
In order to remain competitive and reach their sales targets banks and building societies are offering record-low rates to attract customers. Will fixed-rate mortgages get even cheaper?A speaker from Private Finance confirmed that the great deals on the market mean that borrowers have the opportunity to take advantage of some real mortgage deals. Furthermore the fixed-rate option gives homeowners security at a time when an increase in interest rates could be imminent. However expert mortgage brokers have stated that it is unlikely that borrowing rates will fall below this low, although other lenders may drop their prices in order to remain competitive, waiting longer for prices to fall is unlikely to wield results. Therefore buyers with the means to put down the necessary deposit should take advantage of the cheap mortgages that are currently available.
The rates available on the fixed interest rate mortgage market are becoming increasingly attractive for any prospective homeowner or current homeowners looking to refinance. By remortgaging your property you could take advantage of the cheapest ever mortgage deal available in the UK and gain peace of mind from the security that a five-year fixed rate mortgage deal offers. Interest rates could rise and deals look unlikely to fall any lower, so now is a great time to take advantage of these record-lows and grab yourself a bargain mortgage.
Recommend Cheapest Mortgage EVER TopicsQuestion by istrebitjel: How to I find the cheapest mortgage? I'm looking for (preferrably internet) resources that help me find the best mortgage for buying our first house. Best answer for How to I find the cheapest mortgage?:
Answer by froggy_deedoll
My husband does mortgages. Do NOT let several different companies "pull credit". Each time they do, it will pull your credit down, and affect the rate of interest you pay. Do your homework, and settle with one company. Call around, or read the faqs online, and find out what their mortgage origination fee is (points) , what the title fees are,,,processing fees, administrating fees, settlement or closing fees...Courier fees,,etc...Recording fees,,,Bank copy document fees, title examination fees. You are going to have all of these, but they vary in price with different companies,, And this will all depend on your LTV loan to value. Do you have money to put down? Also, the seller can help pay these, if you negotiate t in contract. It is called seller concessions. Btw,,all these fees are tax deductible.. Hope this helps
Answer by Mudisfun
I agree with the above posted as to having a bunch of people pull your credit report. I would recommend staying away from lead generating companies like lending tree; you'll agree to the terms and conditions and next thing you know, 20 brokers are calling and they have all pulled your credit. I would recommend 1 of 2 options: 1) Pull your credit or have one broker pull it and then provide you with a copy, most will if asked. You then can speak to many people and fax them a fresh copy of the report which these brokers can use to find pricing information for you. If a Loan Officer tells you he can not use that report to find pricing then tell them thanks for their time and move on. Keep in mind that once you find someone you want to work with they will eventually need to run the credit report in their companies name. 2) Check out Bankrate.com. They list hundreds of lenders and thier rates. Same thing though. Most are brokers listed there so have your credit report handy for them. Please keep this in mind; don't just call and ask, "what's your rate?". We have NO IDEA what the rate is until we know about you and your specific situation. Credit score, loan to value, loan amount, purchase, refi, state etc... Anyone who quotes a price without any information is a liar and a fool. Anyone who trusts that pricing is just asking to be 'suprised' at the signing table when all of a sudden the pricing is totally different. If you would like to discuss your specific scenario, drop me a line. Kevin 866-562-6838 x 106 kruorock@firstratelending.com
Answer by Chris B
I can direct you to the right place to get a mortgage that fits your need
Answer by mtgguy
go to a mortgage broker. They can guide check for you various lenders and also help you get the cheapest payment by showing you different products. Example- interest only, 40 year term, mta loans arms or fixed mtgs. the fees they charge are called points(prepaid interest) which are tax dedicate.
Answer by sweet_n_tender
pulling the credit for mortgage is not too bad....for your first pull it will count...but for every other credit pull does not count, but it has to have 14 days between every pull so it wont count as an inquiry.....and that is my honest truth go attend credit seminars to learn.....but those pulls must be mortgage pulls too...
