Home loans hit their lowest rates for the year
The home loan experts over at The Mortgage Reports said last week that mortgage rates are getting near a 13-month low, and that mortgage payments have gone down 4.4 percent since the beginning of the year. This means the amount that is going to the principal of the home is 7 percent higher than it would have been only seven months ago, which is good news for homeowners.
Even if you got a great rate in January, it may be a good idea to look at today’s rates and refinance to save even more money per month, and to put more into building equity. Saving a few percent could mean hundreds or thousands of dollars per year less in payments.
For potential home buyers looking to get a low or no money down mortgage, now is the perfect time to buy a house. FHA Loans are only requiring 3.5 percent down and are available in all 50 states, and are even available to those with not-so-perfect credit scores.
If you are in the military or are a veteran, a VA loan mortgage is a great way to get into a new home. They require no down payment or mortgage insurance, and have very low rates. It is best to check for qualifications for a VA loan with a specialist at a lender such as Loan Depot to get the most out of the program.
If you have been waiting to apply for a home loan or to start your house shopping, this summer is the perfect time to start, with current rates being so low.
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