Mortgage Loan Search Takes The Edge Off Home Refinancing As Interest Rates Rise
As Interest Rates Rise Borrowers Seeking Mortgage Savings Are A Bit On Edge
(EMAILWIRE.COM, May 08, 2004 ) As interest rates rise from previous 5 percent lows to over and above 6% borrowers seeking to save thousands in loan costs by refinancing their home loans are now confronted with a slightly greater challenge to secure a good deal and are understandably a bit on edge.
As mortgage rates ascend The Mortgage Loan Search Network, at www.mortgageloansearch.cc, seeks to help mortgage rate shoppers take the edge off finding a good deal by boldly advising rate shoppers not to settle for the first attractive quote they get when applying for free rate quotes online. "If a quote sounds attractive get it in writing", says one its spokesman.
The upside of rising interest rates is that the competition in winning over consumers seeking a good deal when refinancing their home loan is expected to get increasingly stiff according to Mark Askew, a representative of Financial Marketing Network, Inc. a loan leads supplier and publisher of Internet based financial resources.
"This could be a good thing or a bad thing for borrowers and mortgage rate shoppers depending on the deal put on the table", Mark said.
For example many lenders in the Internet lending marketplace are offering attractive lures such as loan approval in as little as 24 hours. Low and no interest loans including home equity loans. Programs that promise to save $200-$500 a month. Pre-Approval in 48 hours. No cost free mortgage rate quotes. Refinancing for the self-employed and financing programs for bad credit situations.
Of the more attractive financing programs offered, "no cost" and "no point" loans are gaining popularity. The reason is obvious. Loan shoppers want to save money, especially up front. "No cost" financing may appear to be just the ticket to that end.
The reality is the borrower often has agreed to the higher interest rate in exchange for no points and/or no closing costs. On average, for a 30-year fixed rate loan, every point changes the interest rate by 1/4%.
To offset the added expense of rising rates and playing the points game mortgage rate shoppers are pulling out all the stops to find the lowest rate possible and using the Internets search and seizure powers to find the best loan deals available.
Timing is everything. Therefore consumers should lock in rates as soon as possible making sure the loan can close before the rate lock expires by providing all information requested in a timely manner.
Contact:
Financial Marketing Network, Inc.
Mark Askew
http://www.mortgageloansearch.cc
Tel: 410 298 7828
As mortgage rates ascend The Mortgage Loan Search Network, at www.mortgageloansearch.cc, seeks to help mortgage rate shoppers take the edge off finding a good deal by boldly advising rate shoppers not to settle for the first attractive quote they get when applying for free rate quotes online. "If a quote sounds attractive get it in writing", says one its spokesman.
The upside of rising interest rates is that the competition in winning over consumers seeking a good deal when refinancing their home loan is expected to get increasingly stiff according to Mark Askew, a representative of Financial Marketing Network, Inc. a loan leads supplier and publisher of Internet based financial resources.
"This could be a good thing or a bad thing for borrowers and mortgage rate shoppers depending on the deal put on the table", Mark said.
For example many lenders in the Internet lending marketplace are offering attractive lures such as loan approval in as little as 24 hours. Low and no interest loans including home equity loans. Programs that promise to save $200-$500 a month. Pre-Approval in 48 hours. No cost free mortgage rate quotes. Refinancing for the self-employed and financing programs for bad credit situations.
Of the more attractive financing programs offered, "no cost" and "no point" loans are gaining popularity. The reason is obvious. Loan shoppers want to save money, especially up front. "No cost" financing may appear to be just the ticket to that end.
The reality is the borrower often has agreed to the higher interest rate in exchange for no points and/or no closing costs. On average, for a 30-year fixed rate loan, every point changes the interest rate by 1/4%.
To offset the added expense of rising rates and playing the points game mortgage rate shoppers are pulling out all the stops to find the lowest rate possible and using the Internets search and seizure powers to find the best loan deals available.
Timing is everything. Therefore consumers should lock in rates as soon as possible making sure the loan can close before the rate lock expires by providing all information requested in a timely manner.
Contact:
Financial Marketing Network, Inc.
Mark Askew
http://www.mortgageloansearch.cc
Tel: 410 298 7828
Contact Information:
Financial Marketing Network, Inc.
Mark Askew
Tel:
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
Financial Marketing Network, Inc.
Mark Askew
Tel:
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
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