http://www.pitithefool.com/mortgage/mortgage-rates/ Mortgage rates are the one venue where you stand to make the greatest financial gains. You can always bargain down your mortgage rates, and PITI the Fool will show you right where to begin. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Depending upon the mortgage you choose you might start out with a different quoted rates: fixed rate mortgages have set and immobile mortgage rates for the duration of you mortgage term. this is good when you get a great low rate and rates climb afterwards, and horrible if the opposite happens. You cannot change the course of mortgage rates, but you can jump in at prime time (like right now!). adjustable mortgage rates is where the real fun begins, and from that bat you will be quoted a lower initial rate because you are gambling on the future course of interest rates. Most likely mortgage rates will begin climbing up, and up, and up in percentages. I die before I fly - everyone knows that - and if your adjustable rate flies up you'll be feeling some hurt! So right away, you can have an effect on your mortgage rates, but then you have to get to work. Working hard to lower your mortgage rates you will save the most money on your home mortgage when you find and secure the lowest rate for the longest period of time. There are several factors sucka lenders be eyeing when they determine your interest rate, and if you know these signs you will also know how to get the best deal from your sucka chump lender! Lenders will look at your credit score first - the better credit you have, the lower your quoted mortgage rates. Using a mortgage calculator you can easily see the effects of a few percentage points over the course of your loan because of your bad credit, so watch out and look for the best loan possible. The bad credit - or sub-prime - mortgage industry is booming right now louder than heads ring after I hit 'em! Lenders are fighting to provide for your bad credit mortgage, and we say let them fight. Submit as many applications as you can (don't worry, you're credit will not be effected for the two-week period you look into home mortgages!) and let each lender know you are looking elsewhere. They will compete, and the rates people are seeing right now with bad credit are better than most mortgage rates of the last decade regardless of credit history - now is the bad credit era! You can also substantially lower your mortgage rates through the use and payment of points to your lender. Points are cash sums - usually 1% of the loan principal - that you pay to the lender upfront and in turn they will decrease the rates placed on your mortgage loans. For example, for a $200,000 30-year mortgage with a quoted initial rate of 5.5%, a lender might drop that rate to 5.2% when you pay them a single point. Thats a $2,000 I be leaving three blank because I'm the big boss - there ain't nobody gonna tell me what to do. charge to your initial loan amount, but over the course of 30 years you will save $13,448.25, or nearly seven times the amount of your original point investment. There be good ways to lower your mortgage rates - don't be no sucka mortgage fool and take the first rate quoted to you! And thats just for the first mortgage Now dont get all glad stepping and think you can just take on any old mortgage knowing how much you owe. There are all kinds of different mortgages and home financing opportunities for all kinds of situations: a second mortgage will help you use your home equity to consolidate debts or make outside investments a mortgage refinancing allows you to knock your current mortgage upside the head, " later, PUNK!" a reverse mortgage again allows you to borrow off equity, but this time you aint gotta pay a dime back to the bank until your resell the home itself. Oh you gotta world of options out there kid, better take 'em and quit being such a mortgage fool! Sat, 26 Jul 2008 15:00:00 EDT