Factual Accuracy: Published rates seldom reflect actual interest received for home loans based on personal qualification. As a result, only current quotes, based on personal ability, produce factually accurate comparisons.
A Job Well Done - The four most important factors which influence quoted interest on a current ability home loan include your: (1) total home value, (2) loan to home value ratio, (3) current income ability, and (4) your credit rating. Advertisements do not reflect these important factors.
Overarching Rationale - Remember, efficient determination of your best home refinance option requires that you compare at least three personal offers, bearing in mind:
- Careful attention to detail always pays. Wasting time doesn't.
- Limit your applications to lenders offering a high probability of success.
- First, apply for actual quotes, then qualify offers and terms, and finally, consider your best negotiating strategy for terms, rates, or both. We can help.
Quoter - Judge for yourself: Accurate quotes in minutes from lenders proven to provide the lowest home interest approvals in the industry. Compare applications and ability approvals online, and then clarify your best options. |
Purpose and Ability: Loan Statistics: In 2006, according to Freddie Mac** disclosures published by HUD, the demand for home loans and rate refinance remains high:
- Nationwide, approximately 45% of all homeowners refinanced their original first lien mortgage.
- The most common reason to refinance was to consolidate debts. The second most common reason was to convert ARMs to fixed rates. Amounts approved remain generous because of the ability of borrowers and the home loan formula used in government repurchase agreements.
- More than half of all first lien mortgages increase the loan amount when refinancing based on an average appraisal increase of 30%, resulting in a lower loan to value ratio. The ratio drop alone frequently decreases payments 10% because mortgage insurance is no longer required.
- During 2006, the demand for refinancing, consolidation, and conversion remains at historically high because of opportunities to greatly reduce interest charges on consumer debt. Locking in a fixed rate saves money. Demand remains at a the 15 year highest level and home qualification ability requirements remain low.
** Congress chartered Freddie Mac in 1970 as a private corporation for the stated purpose of promoting low-cost mortgages for American families. This purpose is accomplished by purchasing conforming mortgages from primary lenders participating in U.S. capital markets. HUD retains oversight over operations of Freddie Mac.
