With the prime interest rates down, it’s a prime time to cash in on home equity lines of credit and mortgage loans for nurses. To qualify, you don’t need a perfect credit score. Borrowers with a 720 FICO score will find good mortgage interest rates. If you have an adjustable rate mortgage, you’ll benefit from lower interest rates automatically. You may have to negotiate with your lender to find the best value.
Mortgage loan rates for nurses are at an all-time low. In spite of tighter lending requirements, buyers can still purchase homes if you have a 20% downpayment. You are in a better position if you don’t have to worry about selling in a down market and can wait several years for the market to recover.
Just don’t expect to get 100% financing. Instead, save some money for a 20% downpayment.
Mortgage rates are influenced by changes in long-term rates and prediction of inflation. It’s smart to take advantage of low interest rates if you plan to stay in your home for the long term.
Declining interest rates are also good if you want to refinance, especially if you have an adjustable rate with balloon payment or reset coming up. If you need a jumbo mortgage, it’s harder to find deals since these are riskier for lenders. Jumbo mortgage loan rates are higher than 30-year-fixed rates on lower amounts. Rates for HELOCS have fallen also as the prime has declined.
Comments on this entry are closed.