Thursday, July 16, 2009

Daily Mortgage News Is Important To Getting A Low Mortgage Rate

Keeping up with daily mortgage news is a way that you can save a lot of money. If you keep yourself up to date with current trends and happenings in the mortgage and housing industry, you are more likely to know what rates are going to be before you walk into your lenders office. Too many Americans walk into a bank or mortgage lender office with no clue as to what the average rates currently are. It is amazing that this happens every day in America, but it does.

If you keep up with the 10 year treasury rate and average mortgage rates, you will have a great deal of leverage over your lender. When going through the process of buying or refinancing a home, mortgage brokers know who is uninformed when compared to those that are knowledgeable. When you ask your lender what current rates are and they quote you too high or too low and you call him or her out on it they immediately know that you are very informed about what you are doing.

If a lender tells you that rates are currently at 4.5% and you say nothing, they know they have you right where they want you. First of all, they cannot give you a legitimate rate until they run your credit score and know your past purchasing history. Many lenders will do this just to see how much you keep up with the news and current trends in the housing market. By keeping up with the daily mortgage news, you could save quite a bit of money and time.

By: Jesse W.

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