Best Mortgage Rates Based on In-Depth Reviews
Best Mortgage Rates Based on In-Depth Reviews

Best Mortgage Rates Based on In-Depth Reviews

The following is a guest blog from ConsumerAdocates.org 


With mortgage rates falling to a record low, learn how to choose the right lender, and how smart mortgage decisions can pave the way to homeownership with affordable monthly payments.

Always Shop Around!

Over the course of our research, the importance of comparison shopping quickly emerged. All the people we interviewed, from financial experts to homebuyers, agreed that one of the most crucial steps a consumer should take when looking into buying a home is doing their research. This can be especially confusing with mortgages and other complex financial products—and it can also take a lot of time. The cost of a mortgage involves a number of different factors, including more than just rates, fees, and points. Yet according to the 2018 National Housing Survey, around one-third of homebuyers don’t shop around, preferring to rely on real estate agents and friends.

As part of efforts to mitigate the economic consequences of the Covid-19 pandemic, mortgage rates are seeing historic lows—as of April 2, 2020, primary mortgage rates now average 3.34%, thanks to the Federal Reserve’s half a percentage point rate slash in March. This is the largest one-time cut since 2008’s housing market crisis, bringing rates down to their lowest level in three years. This makes it a uniquely well-suited time for first-time buyers to consider purchasing a new house, since lower rates mean you can afford more home. Bear in mind, however, that the coronavirus pandemic will likely also increase the probability of unexpected complications arising, so make sure to have contingency plans built in for situations such as closing date delays or restrictions on movement.

Topics in the complete article include:

  • Consumersadvocate.Org Top Picks: Mortgage Rates Reviews
  • Understanding Terminology: A Mortgage Primer
  • The Mortgage Process from Day 1 To Closing
  • Tips for Applying
  • What to Watch Out for When Choosing A Mortgage Lender
  • FAQS About Mortgage Rates

To Read the Complete Article >


 

The following is a guest blog from ConsumerAdocates.org