Staying Afloat in Todays Mortgage Market
Staying Afloat in Todays Mortgage Market
Mortgage rates have remained low over the past five years and that's good news for most of us. Most notably, fixed rate mortgages are more common than they were just five years ago. Today there is an option for almost everyone and that includes those looking to refinance or get out from under a balloon loan or foreclosure. Here is a list of useful websites to help you get started with your search for the best possible mortgage. Never be afraid to explore options when it comes to home financing for your next step towards homeownership, whether it's buying new construction or the family heirloom you've been hoping for.
The market for mortgage loans is very competitive, offering millions of dollars in compensation to attract new customers. On a monthly basis, many people find themselves shopping for a new home loan and/or looking to refinance their existing home mortgage loan. There are several different ways to finance your next home purchase or refinance your existing mortgage and the following mortgage websites listed below should be able to help you through that process.
The leading online source for mortgages can be found at the Yahoo! Finance Mortgage Center (http://finance.yahoo.com). The Yahoo! Finance Mortgage Center has a wide range of valuable tools, mortgage calculators and information to help you find the best mortgage rates for a home loan to purchase your next home or refinance your existing mortgage loan. This includes current interest rates on 30-year fixed rate mortgages as well as 15-year fixed rate mortgages.
Many individuals are hesitant towards utilizing online mortgage services because they don't want their personal information out there on the internet, or they simply don't know where to look. The list below has some of the best national websites you can utilize to find a local lender or view available mortgages in their area.
1. LendingTree (http://www.lendingtree.com)
LendingTree holds the top spot for top local mortgage lenders. The LendingTree website is easy to navigate and very easy to get the information you need for comparing rates, APRs, credit scores, down payment and closing costs. LendingTree's online mortgage quotes are fully searchable allowing you to apply for a loan only if you qualify and visit often to check on your application status.
2. Bankrate (http://www.bankrate.com)
Bankrate.com is a very comprehensive and easily navigable mortgage website. This website allows you to receive free quotes from leading lenders and loan providers, look at average interest rates in your area, and more importantly compare interest rates, closing costs and down payment requirements across several different loan providers. In addition, this website allows you to receive email alerts when mortgage rates change in your area.
3. MoneyRates (http://www.money-rates .com)
The MoneyRates site has been around for a while and is one of the top websites for home loans. This site offers up to date information on mortgage and loan rates, detailed information on several different types of home loans, and a calculator to help you determine which loan terms are best for your situation.
4. MortgageBiz (http://mortgagebiz.com)
The MortgageBiz website provides a quick and easy way to find the best rate by allowing you to compare rates from several different lenders online. This site allows you to enter your desired mortgage amount and pick a lender based on their current rate in your area. Their search filters allow you to find the right lender for your needs while their details pages give the total cost of a new home loan or pre-approved refinance.
5. Zillow (http://www.zillow.com)
The Zillow website is a great place to find out what other people around you are paying for a mortgage, interest rates and down payment information based on a property's age and location. This website also has an application form where you can apply for a mortgage with one of their lenders or where you can view additional information on financing options in your area.
6. Mortgage Broker (http://www.mortgagebroker .com)
The Mortgage Broker website helps lead you through the process of getting your own loan by providing links to approved home loan programs, pricing quotes from several different lenders, calculator tools and more. This site allows you to research mortgage rates and costs in your area, view additional information on the various loan programs available and get approved for a home loan.
7. Mortgage.com (http://mortgage.com)
Mortgage.com is a good option for those looking for average lender fees, interest rates and fees on mortgages, as well as current mortgage rates and closing costs in your area. This site also has a comparison calculator that helps you find out how much it will cost to refinance your existing mortgage or obtain a new home loan based on your credit needs and overall financial circumstances. The Mortgage.com website also provides links to local lenders as well as several calculators that are very useful when comparing home loans and mortgage rates.
8. Zimbio (http://www.zimbio.com)
The Zimbio website offers a quick and easy way to find the best rate by allowing you to compare rates from several different lenders online. This site allows you to enter your desired mortgage amount and pick a lender based on their current rate in your area. Their search filters allow you to find the right lender for your needs while their details pages give the total cost of a new home loan or pre-approved refinance.
9. Money Crashers (http://www.moneycrashers .com)
The Money Crashers website provides a variety of tools and calculators that can help you determine where to find the best home loans or mortgage rates in your area. This site also offers tips to help you save money before and during your home buying process.
10. Rate Watch (http://www.rate-watch .com)
The Rate Watch website is another excellent resource for individuals searching for the best interest rates on home loans or looking to refinance their current mortgage loan. This site allows you to enter your desired mortgage amount, credit rating and down payment requirements to receive free quotes from several different lenders in your area that fit your needs. If you are looking for a mortgage loan online, Rate Watch can help you find the best rate in your area based on several different factors, including the current mortgage rate and the down payment amount.
11. Zillow Mortgage (http://www.zillowmortgage .com)
The Zillow Mortgage website is a good place to look for information on rates, down payment and closing costs as well as cost of living comparison between different cities and neighborhoods. This site also provides search tools that allow homeowners to look up rates in their area or across the country based on a variety of factors, including loan type and term length, property type, interest rate, city characteristics and more.
Conclusion:
These are the top thirteen websites that I have personally used to finance my home. Each of these web sites has a slightly different slant on the mortgage process and rates in one location might not be available in other locations. I would recommend using every single website on this list because they all offer up to date information on mortgages, home loans and interest rate trends in your area. Use this list as a guide when looking into financing your own home or when helping friends or family members do the same. You can use these resources to compare home loans, find the best interest rates and apply for a mortgage only when you qualify for what you need.