With mortgage rates fluctuating throughout the year it may be confusing for some individuals to know when is a great time to lock in a rate.
The Trend Is Your Friend
Mortgage rates move in trends. As the saying goes "the trend is your friend", mortgage rates move in trends. There are large trends, mid trends, and small period trends. Individuals do not need to be well verse in technical analysis and have a statistics background to identify these trends. One can notice that since 2012, large overall trend in mortgage rates has been up. This uptrend has been the motivator for many American's to either refinance or lock in a home loan rate quickly. There does seem to se some seasonality in rates,
Be Ready To Lock
When mortgage rates look attractive, don't wait, lock in the rate. As started earlier, some individuals wait for rates to fall based on hope. However, this waiting game can be costly, if rates look attractive, pull the trigger!
Know The Mortgage And Be Prepared
With lending standards stricter than before the housing crisis home loans have come with many clauses and fine print that the borrow may be unaware of. One imperative to a low cost mortgage is making sure there is no pre-payment penalty. Preparation is everything, one cannot be ready to lock in a rate nor be confident in the terms of the loan agreement unless they are fully prepared. Individuals must read all the fine print or hire a lawyer to do so and submit all their paperwork so pulling the trigger and locking in a rate to purchase a home is just a phone call away.
Some may consider obtaining a home loan stressful, but the process is actually very easy! Contact a
Read the full story at http://www.prweb.com/releases/2014/09/prweb12139803.htm
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