9 Year Mortgage on New Discounts for Mortgage Borrowers

Lenders are cutting closing costs and offering other discounts to go along with low rates, but what is the catch? 9 Year Mortgage says as mortgage rates continue to fall, lenders are rolling out flashy discounts and promotions to inspire hesitant home buyers. However critics say the newest offers still stop short of the best deal for borrowers….lower rates. Read on with 9 Year Mortgage and we will give you the details.

9 Year Mortgage on Refinances and Low Mortgage Rates

9 Year Mortgage says from large banks to credit unions, a growing number of lenders are waving fees, lowering rates, and finding new ways to cut loan prices for hesitant home buyers and refinancers. 9 Year Mortgage observed Capital One waving some closing fees for refinancers, which can save on average around $3,300. 9 Year Mortgage also found that Citi and Bank of America are discounting fees by as much as 0.75 percentage point. Also online lender Quicken Loans is telling customers who get a mortgage through December that if mortgage rates fall in the future, they will be able to get the lower rates with most refinancing costs covered. 9 Year Mortgage says that while a few of the deals are available to refinancers, they are mainly intended for home buyers. In today’s market, new purchase mortgages can be more profitable for banks. 9 Year Mortgage found that currently they account for about 20% of all mortgage applications. Banks are amazed that record low interest rates and significantly lower home prices have not resulted in a strong loan demand. 9 Year Mortgage says that Standard Bank in Pittsburgh is lowering closing cost by up to $500 for home purchases and refinances. This is a relativel

y small discount. Closing cost usually run up to 2% of the loan amount, $500 would fully cover closing cost for a $25,000

loan. With the refinances closing costs lower, and that the discounts along with low mortgage rates create an opportunity for borrowers. 9 Year Mortgage says that you may be able to find more generous offers. Capital One, is offering a rare deal for those wanting to refinance, they are eliminating on average $3,300 closing costs, this includes the appraisal and title related charges, this is for homeowners who refinance into a 30-year mortgage in some locations, such as New York, Texas, and the Washington D.C. metro  area. 9 Year Mortgage found that credit unions are getting on the band wagon and lowering closing

costs. For example, in August, the largest credit union, the Navy Federal Credit Union, began offering $2,500 off of closing costs for borrowers. 9 Year Mortgage says that other lenders are discounting costs that borrowers may pay when they sign up for a mortgage. Borrowers have the choice to pay what are called “discount points”, a prepayment of interest, in exchange for a lower interest rate, one point equals 1% of the loan amount. Citi is offering home buyers 0.75% of the loan amount that could be used to offset discount points. 9 Year Mortgage says that earlier this year, Bank of America began offering 0.25 percentage point off discounts points in 12 states; next month, the bank will extend the offer in nine more states.

9 Year Mortgage on “Is there a catch?”

If you are seeing incentives, there might be a catch. For example, to qualify for the Bank of American discount, consumers must have at least $50,000 put away with the bank or its investment firm. 9 Year Mortgage thinks that other incentives may be designed to distract from a rate that is not as low as it could be. The average rate consumers get on a 30-year fixed rate mortgage is 4.25%, which is about 0.75 of a percentage point higher than the lowest advertised, according to lendingtree.com. This is almost the widest spread since the firm began tracking the data in February 2010.  9 Year Mortgage believes that for their part, banks say they are looking for a way to attract new customers, or drum up more business with old ones, and that rock bottom rates, though difficult to get, are available for borrowers with the highest credit scores, large down payments and low debt levels.  These banks are also acknowledging that these promotions are good without being too good. The banks want to price competitively but not low enough to spark an overflow of applications that would prevent them from being able to process the mortgage in a timely manner.

Closing Things With 9 Year Mortgage

9 Year Mortgage believes that if you are looking to buy a home, finding a low interest rate is key to finding the cheapest one. 9 Year Mortgage thinks that you should consider lenders who are most eager for business, this includes online outfits, which may offer a lower rate because they have a lower overhead. Also consider smaller institutions like community banks and credit unions that might have more wiggle room on rates. 9 Year Mortgage says rates are expected to stay low for a while, some borrowers can afford to haggle to get a low rate, which can help save you more than most incentives on the table now.

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