2011-08-30_001746_motgage_lenders

2011-08-30_001746_motgage_lenders - Lender Quoted rate...

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Lender Quoted rate 10 year EAR 15 year EAR 30 year EAR Time to maturity Quicken 3.75% 3.821% 3.375% 3.432% 4.25% 4.34% Fixed E-Loan N/A 3.45% 3.51% 4.28% 4.37% Fixed Lending Tree N/A 3.00% 3.94% 3.75% 3.82% Fixed GMAC N/A 3.500% 3.561% 4.250% 4.34% Fixed Loan Depot N/A 3.375% 3.432% 4.125% 4.21% Fixed Discuss which rate is actually the cheapest rate. The lowest rates, by far, from this data, come from Lending Tree. What are three common mistakes most homebuyers make when looking at quoted mortgage rates? Buying a home is the biggest purchase most people will ever make; yet many go into it without preparing for big (and avoidable) mistakes. Nevertheless, it is critical that the prospective homebuyers be familiar with their own credit score. Buyers considering buying a home must find out exactly what their FICO score is. If it is not very good, the best advice is to o whatever necessary to increase it. Too many borrowers ignore this step and get surprised when they get interest rate quotes. In other words, the lower that FICO score is, the higher the interest rates will be. A second mistake involves the sales contract itself. When signing a sales contract,
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buyers usually have to put up 1% to 3% in "earnest money," which they don't get back if they pull out of the deal except under certain conditions spelled out in the contract. Sellers try to limit the grounds for canceling, and inexperienced buyers may sign
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This note was uploaded on 02/24/2012 for the course BUSINESS BUSINESS taught by Professor Animesh during the Spring '12 term at DeVry Phoenix.

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2011-08-30_001746_motgage_lenders - Lender Quoted rate...

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