Teachers, police officers and other civil servants particularly benefit from the modified FHA mortgages with lower down payments and cheaper mortgage insurance requirements. It offers low down payments and liberal underwriting standards. After a prolonged increase, a slow drop usually occurs. Savvy shoppers should keep track of longer term trends and wait to buy until rates decline. More When you assume, you can save Assuming an existing loan can slash your monthly loan payments and save thousands of dollars in interest if the interest rate on the assumable loan is lower than current rates.
Savvy shoppers can find and negotiate better deals online.
The battle between lenders increases when rates move up. Online lenders offer special promotions to beat out their competition. Savvy shoppers can find and negotiate great deals online, leaving more money in their pockets. More Predatory lending You need to shop wisely for a mortgage to avoid predatory lending. Abusive mortgage lending practices include fees, terms and conditions that can force you into repeated high-cost refinance transactions or foreclosure.