Fina Financial

Getting the Lowest FHA Mortgage Rates

FHA mortgage rates are currently at an all time low. In fact, if you take into consideration the current economy and Fed rate, it is unlikely that rates will fall any lower in the near future than where they are right now. If you are planning to buy a home, refinance your current mortgage loan or even build a new home, the current mortgage rates can help encourage you to move forward.

However, every situation is unique. The FHA interest rate you qualify for could be better, or worse, than another person's interest rate. A variety of factors play a role in determining the mortgage rates you qualify for. Take into consideration the following aspects of mortgage interest rates:

Look at the current trends in mortgage rates. Most banks move rates according to economic conditions, demand and an index, which usually fluctuates with the Federal Reserve's movements. If interest rates begin to move up, take advantage of them before they get too high.
Your credit also plays a role in the FHA mortgage rate you qualify for. If you have a strong credit history of repaying your debts on time and keeping your debt amount low, you will qualify for the lowest rate possible. If you have poor credit, you may want to work towards improving your credit score in order to receive a better rate.
Other factors you can control. For example, if you have steady credit, this can help you to get a lower rate. If you apply with an FHA or VA loan, this can help you to get a lower rate. If you have a larger down payment, that too can be helpful.

As you consider your next step, realize that the best way to learn what mortgage rates you qualify for is to obtain a quote. Lenders are happy to offer quotes to individuals who wish to refinance, buy or borrow against their home.

*The example loan rate of 3.25 % for a 5/1 $200,000 5-year Adjustable-Rate Mortgage (ARM) for refinance loans is generally based on the following criteria: a borrower with good to excellent credit and average income seeking a loan for a single family, owner occupied one unit dwelling with 30% down payment (or 70% loan to value ratio). The monthly payment on this example loan is $562 with $3,154 (3.75 APR) due in fees at closing. After 5 years, the interest rate and payment will adjust every year. Rate and APR and other terms may vary from those displayed based on the creditworthiness of the borrower, the type of dwelling, whether the borrower is self-employed, the location of the property and other factors. The rates and terms you are offered are the responsibility of the lender and will vary based upon your loan request as determined by the lenders to whom you are matched. There is a possibility that you may not be matched with the lender making this example offer. Not available in all states. Advertised rates are subject to change. This example rate was last updated on Oct. 22th, 2011 and includes $3,154 in fees. Important Facts about Adjustable Rate Mortgage Loans. Whether you are buying a house or refinancing your mortgage, this information can help you decide if an ARM is right for you. ARMs can be complicated. If you do not understand how they work, you should not sign any loan contracts, and you might want to consider other loans. With an ARM, the interest rate on your loan is not fixed. Instead, it changes over time according to a formula - typically, a base interest rate (index) plus a certain percent (margin) (for example, Libor plus 3 percent). So, if the base interest rate increases, your interest rate and monthly payment will also increase. Please see the lenders' websites for the specific disclosures related to loans offered by our lenders.

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Getting the Lowest FHA Mortgage Rates

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