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Question for the Money Doctors

Question submitted on Aug 31, 2013.


Were from all the avenues of mortgage loaning can I find the lowest mortgage rates?
Thank you.


Please go to the 360 Degrees of Financial Literacy website and read all the articles on Home Ownership.

Here is the link:

I also suggest reading the articles in the Real Estate section of your newspaper. They are generally in the Sunday edition, but some newspapers have the Real Estate section on Saturdays. There are articles about mortgages, refinancing, tips on buying and selling homes. Your local community college may have a class on real estate and mortgages. The more you learn, the better. This knowledge will help you make the best decisions and not get ripped off. Unfortunately there are people who only want to profit from you and not necessarily provide you the best product for your needs.

Here are some factors that affect the cost of a mortgage:

1. Your credit score. A lower credit score will mean a higher interest rate or higher closing costs.&nbsp Review your credit report carefully from the various credit bureaus to make sure they are accurate.

2.Your outstanding debt.&nbsp&nbsp If you need help with your debt, please contact your local nonprofit Consumer Credit Counseling service to get some advice.

3. The amount of equity you have in the property. Less equity may mean higher costs. Review the value of your property and if you disagree, find evidence to the contrary.There may be a recent sale in the neighborhood at a higher price that may not be considered in the calculations. Your house may have been remodeled so it may be in better condition than your neighbors.

4. Your monthly cashflow and income. Do you have enough cashflow to support the mortgage? Can you find someone to co-sign to help with this? Are you looking at ways to improve your income? Would improving your skills help? Getting a second job?

5.Shop the different lenders. Credit Unions might be able to provide lower costs than the banks. A local bank might provide better pricing than the large national banks? Consolidating your money in one financial institution might help with better costs for mortgages.

Good luck! If you have more specific questions, please write back!

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