Fixed-Rate
Mortgage Loan
|
Conventional
Fixed-Rate Mortgages |
Rate |
APR |
|
30-Year
Fixed (conforming) |
3.875% |
|
|
20-Year
Fixed (conforming) |
3.625% |
3.723% |
|
15-Year
Fixed (conforming) |
3.250% |
3.374% |
|
10-Year
Fixed (conforming) |
3.250% |
3.430% |
Affordable payment can help you shop through a variety of lenders, banks, mortgage brokers and providing you custom rates without any of these banks, lenders, brokers. You do not have to give out your personal information to any of these brokers or lenders. Get qualified for the lowest mortgage and right program and excellent support from Affordable payment.
In this Article we shall focus on answering some common queries of Amador CA mortgage borrowers:
AMADOR COUNTY Mortgage Rates:
What are mortgage rates doing?
Mortgage rates are still historically low. They went up compared to last year but dipped again.
80 % of the mortgage borrowers go for a standard 30 years fixed or for 15 years fixed. Borrowers find it the simplest thing to understand when it comes to calculating payments. Little do they realise that a 30 year fixed the most expensive rate that the borrower is taking. It is on a 30 years fixed mortgage that the lender makes the maximum amount of money.
When a borrower is looking for a rate. He wants the lowest rate possible and wants to pay the bank the least.
The lender on the other hand wants to make the highest amount of money from borrowers pocket and worst case scenario sell the house for profit if the borrower is unable to pay.
There is variety of choices available to the mortgage borrower like an ARM rate however it’s much easier for the borrower to chose from the standard products like a 30 years or 15 year fixed. That is because the borrowers understanding of these traditional products is sound and he feels more comfortable with what he knows or understands even though it may not be necessarily in his favour.
One of the things as of today about the market is that those mortgage borrowers who files for bankruptcy and foreclosure in and around 2008 are now becoming eligible again for home buying.
Another market trend is the growing millenials. Those born in 1980 to 2000. They are the next generation borrowers who are friendly and trust the net. They don’t need to or want to go to the banks.
It will be hard for Generation X to believe like my Dad to trust the internet. As of today Mortgage experts can close the mortgage simply over text messages.
You can contact your Amador CA mortgage expert to get you the lowest mortgage rate on your refinance.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower.
Artical by Roger Shanker
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