Bidonmyloan.com

Are You Financially Savvy?

If you’re a financially savvy homeowner, you know that you need to keep track of the current mortgage interest rates. When shopping for the best refinance or home mortgage loan rate, you need to know the facts about annual percentage rates (APR’s) and rate locks. Bid On My Loan helps experienced or new home buyers get mortgage loans at low interest rates for refinancing and home mortgage loans. We provide tips and valuable information regarding mortgage interest rates to the public, so they can be ready to make timely and financially savvy decisions about their loans. Finding the best home mortgage or refinance loan for your needs may be shorter than you think.

Better Rates When Lenders Bid! Request Your Loan Bid Now!

Shopping for the Best Refinance or Home Mortgage Loan Rate

To shop for the best refinance or home mortgage loan rate, begin by checking out current interest rates and rate movements. Mortgage loan interest rates generally rise and fall along with Wall Street securities. You are more likely to obtain the best refinance or home mortgage loan rate when you keep an eye on the latest mortgage market trends and key economic indicators. If you haven’t refinanced yet, and mortgage interest rates begin to rise, you may need to act fast! Visit Bidonmyloan.com’s Request Your Loan Bid Now! to begin the loan bidding process. Then, you can compare the actual offers from Lenders.

Using APR’s to Compare Your Home Mortgage or Refinance Loan Offers

When you receive your loan offers, you will need to know how to compare them. Have you ever wondered why lenders often offer a general interest rate and also an APR (Annual Percentage Rate)? The Federal Truth in Lending Law requires mortgage companies to disclose the APR whenever they advertise a rate. The APR was designed to standardize the representation of interest rates and convey the true cost of the loan to borrowers. The purpose was to prevent lenders from hiding fees and other upfront costs behind low advertised interest rates. Comparing loan offers can be easier when considering the APR. Submit your loan bid request to get the best offer from thousands of lender programs!

Back to Top

Important Facts About APR's

• Many people don’t know this, but lenders have some discretion when choosing which fees will be included in the calculation of an APR, so different companies may produce different figures. Ask your lenders which fees are, and are not, included in their APR figures.

• The APR calculation depends on the length of the loan, so only use it to compare loans that have the same durations (i.e. 15-year vs. 30-year).

• If the loan is variable and tied to a market index, the APR can be misleading. Since math formulas cannot predict the future, the index is assumed to remain the same for calculation purposes, when in reality it could have a wide variation. Don’t compare a variable APR with a fixed one.

• The APR also cannot include balloon payments, pre-payment penalties, or how long your rate is locked in. Use APR’s as a general guideline to compare loans, but do not depend solely on the APR to choose which loan is best for your needs.

Back to Top

Learning More About Loans and Loan Applications

Bid On My Loan can help in your loan-making decision. By filling out our Request Your Loan Bid Now! we can get you started in finding mortgage loans at low interest rates for refinancing. Visit our Home Purchase page for more information on balloon payments and variable vs. fixed interest rate loans, as well as guaranteed new home purchase loans.

Back to Top

Locking in Current Mortgage Interest Rates

Before talking with your lender, you may want to know about locked rates. A lender may promise to hold the current mortgage interest rates and number of points for a certain amount of time. This promise is called a lock, lock rate, or rate commitment. Lenders may offer the option of locking in current interest rates and points at different times, including when you file your application, during its processing, when the loan is approved, or later.

The major benefit of rate locks is that if current interest rates have increased before the loan closes, you will still receive the locked rate. However, if rates move down, the lender’s guarantee will hold, and you may be forced to pay the higher interest rate. Rate locks for current mortgage interest rates can work out well or not quite so well.

In order to determine whether or not you should lock your rates, you must first assess current interest rate trends and their likely direction. Many buyers commit to a rate as soon as they contract to purchase. By doing this, the remainder of the transaction can be much smoother. However the decision is ultimately up to you, and in which direction you believe current mortgage interest rates will move.

Back to Top

Moving On to a Lender Interview

Once we process your bid request and our proprietary system has produced the lenders that best match your loan bid request, the next step will be to have discussions with the Lender to begin the loan approval process. You and the mortgage professional will need to discuss the details of the potential loan. During the initial discussion, you should find out whether or not you qualify for the size and type of loan you want.

The following information will be needed to verify your income and current debts:

• A purchase contract for the new house (if you have one) or a loan statement with the amount you currently owe for a refinance loan.

• Your bank account numbers and the address of your bank branch, along with your latest checking and savings account statements.

• Pay stubs, W2 withholding forms, tax returns for two years, or other income verification and proof of employment (balance sheets if you are self-employed).

• If you are using a gift from a parent or relative or other organization to help pay the down payment and/or closing costs, you will need a gift letter, stating that the money is in fact a gift and will not have to be repaid.

• Credit card bills for the past few billing periods, or canceled checks for rent or utility bill payments, to show payment history and amount of revolving debt.

• Information on other outstanding debt such as auto loans, furniture loans and student loans. Having these items on hand when you speak to the Lender will help to speed up the application process.

Back to Top

Almost There: Submitting Your Mortgage Application

Our bidding system has provided you lenders that offer the best refinance or home mortgage loan rate, you now can submit the mortgage application. At this time, you will likely be required to pay an application fee and the appraisal fee. The Lender should let you know if you qualify for the loan within days. And you will be well on your way to obtaining a loan and owning your new home!

Back to Top

Be Ready When Mortgage Loans Are at Low Interest Rates for Refinancing

Whether you are experienced in obtaining mortgage loans or a first time home buyer, keeping track of the current mortgage interest rates is the intelligent thing to do. As a financially savvy consumer, you can keep on top of your financial future -- learn all you can, and stay informed of recent updates. When banks and mortgage companies offer mortgage loans at low interest rates for refinancing, be ready to jump!

Get started right now! Submit your loan bid request to our lender network and you will be notified of the winning bids, Better Rates When Lenders Bid! Just a few easy steps get you there. Request Your Loan Bid Now!


Back to Top