Best Mortgage Rates
Mortgage rates can change daily, and can vary widely depending on the borrower’s personal situation. The difference can mean tens of thousands of dollars over the life of the loan. Here are some of those tactics to help you find the best mortgage rate for your new home loan in Tampa Florida or 48 continental US states.
Ask Your Realtor
You may be tempted to just use the lender that your real estate agent has worked with in the past. Even if you compare lenders and rates getting your loan to the finish line takes experience and your realtor can’t make a living unless they can close deals. In order to do that they need to have resources that can close loans. Typically their recommendations can help you get your loan closed which is why CambridgeHomeLoan.com is referred by so many real estate agents nationwide. At Cambridge, over 95% of our business is referral or repeat business and we owe our success to our realtor partners.
The mortgage rate isn’t the only factor when it comes to the cost of your home loan. Be sure to look at your lenders fees and closing costs to fully understand the cost of the loan. When you apply for a home loan, your lender will give you a form called a Loan Estimate that makes it easier to understand the cost of your home loan including fees.
Increase Your Down Payment
Did you know that the amount that you put down as your down payment amount can have a real impact on your home mortgage rate? That’s because mortgage rates are generally tiered, and typically lower mortgage rates are available for those that put down a down payment of 20% or more. If possible, consider increasing your down payment to see how much it’ll lower your home loan rate.
Improve Your Credit Score
Your credit score is one of the largest factors that affects the mortgage rate that you’ll be offered by lenders. Generally, the higher your credit score, the lower the interest rate for your home loan. Before applying for a mortgage, it’s best to review your credit score and get it in the best shape possible. For more information about your credit contact Learn more about how to improve your credit score.
Consider Your Loan Program
The 30-year fixed loan is by far the most common loan program, but adjustable rate mortgage (ARM) and 15-year fixed loans offer lower rates. If you’re ok with the higher monthly payment of the 15-year fixed loan or the possibility of your rate changing with the ARM, one of these loan programs could help you pay much less interest over time for your home loan.
Tampa mortgage loan rates along with the rest of the country continue to decline. To finance or refinance your home in Tampa or across the US. contact CambridgeHomeLoan.com.
The Policy-setting (FOMC) Federal Open Market Committee said the labor market is stable as quoted “solid,” adding to it that inflation “has declined.” Officials also changed language removing the saying that the labor market “has continued to strengthen” according to their post-meeting statement, following the release of the February 2019 employment report, showed the slowest pace of job creation since Sept. 2017.
“The reason we’re on hold is that we think our policy is in a good place, and the economy’s in a good place, and we’re watching carefully,” said Fed Chairman Jerome Powell in a press conference following the two-day gathering. “It’s a great time for us to be patient and watch and wait and see how things evolve.”
Fed’s interest rate outlook
This latest announcement marks the second-straight meeting that the Feds have held borrowing costs steady, this signals that its sweeping pivot in January was more than an about-face to volatile financial markets and presidential animosity but an act of hitting the pause button for now on its gradual tightening of monetary policy.
The Fed started lifting rates in 2015, after years of aggressive interventions to keep the labor market and economy afloat in the aftermath of the financial crisis. It has since hiked rates nine times, as it transitions from stimulating economic growth to stabilizing it. Four of those upward adjustments occurred last year.
The Fed’s updated projections, however, signal that no more increases are in store for this year, showing that the central bank’s patience could last through the rest of 2019. Officials are bracing for choppiness from Brexit, unresolved trade tensions, slowing global and domestic growth, as well as subdued inflation from falling energy prices.
In their updated forecasts, the FOMC projected a median federal funds rate of 2.375 percent by the end of 2019, down from the 2.875 percent that they previously estimated in December.