Compare Mortgage Interest Rates – First Time Home Buyers Save Money

Compare Mortgage Interest Rates – First Time Home Buyers Save Money


Posted on
February 9, 2010
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If you are a first time home buyer and you are looking to save money you will want to compare mortgage interest rates today. By finding the lowest interest rates possible you could end up saving hundreds of dollars a month on your mortgage payments. This could be over $10,000 over the course of your home loan.

At the present time the 30 year fixed mortgage interest rate is around 4.82% which is very low when looking at a historical chart. There has never been a time in which mortgage rates have been low for such an extended period. It would be wise to take advantage of this and lock into a low mortgage interest rate today.

Before you get too excited and think that you are going to qualify for a 4.8% mortgage rate you must understand that there are many factors that are involved. You must have a debt to income ratio that is below 45%, you must have a credit score that is well above 720 and you must be certain that you have not missed any bill payments in the past.

These are just some of the many factors that will go into the process of determining what mortgage interest rate you qualify for. There are many options when it comes to getting low interest rates including FHA mortgage rates. Many first-time home buyers are locking in to low FHA mortgage rates today.

Author: Jeremy North