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Getting a Low Mortgage Interest Rate: Rates Are at Historic Lows. Here's How to Qualify for One

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The average mortgage interest rate on a 30-year fixed-rate loan fell to 4.85 percent in the last week in March. That's down from 4.98 percent just the week before. The rate is also the lowest its been since government-backed mortgage financing company Freddie Mac has been recording it. Remember, Freddie Mac has been recording this rate since 1971, so last week's numbers truly were historic. Not Everyone Qualifies for the Best Rates These low interest rates combined with falling housing prices -- not to mention desperate sellers willing to make deals and a high inventory of available homes -- make this a great time to buy a house, especially for those homebuyers who don't have a residence of their own to sell first. Unfortunately, not every borrower qualifies for the best mortgage interest rates. Those rates are reserved for those borrowers that mortgage lenders -- and the big three credit bureaus -- consider most trustworthy. In other words, only those borrowers who lender
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How to Payoff Your Mortgage

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It can be a daunting prospect when staring a 30-year loan in the face. Most people will fall into a routine of acceptance and pay their monthly mortgage payment on time, never varying from the suggested principle payment from the bank. They are unaware of the cost associated to the interest payment included in every month’s bill. An average person can wipe years off of their mortgage in several different ways . Refinancing The most direct approach a homeowner can use to payoff their mortgage early is to refinance their loan from a 30-year to a 15-year loan. This has its benefits and downsides though. The benefits are that you will be on schedule to payoff your mortgage in half the time it would have taken you with the 30-year loan. The downside is that you will have to pay closing costs again for the refinancing. This can be a viable option if you are able to get a deal on the interest rate, just make sure you know when the best time to refinance your mortgage is. Paying Extra Towards
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