Rates are up today. I hope you locked in earlier. I don’t see it dropping that low again any time soon (if ever). It’s a quiet day on the market as investors await more news on the European Debt Crisis. Comparison mortgage rates with no lender fees are 4.0% on a 30 year, 3.375% on a 15 year and 3.0% on a 5/1 ARM. Click here for more details.

If you’re buying a house, putting more than 5% down might be something you regret. Make sure you talk to your loan officer and plan ahead to make sure you get the home loan that is right for you.

I help you plan ahead in today’s episode:


(Watch it on your mobile phone or email reader here)

You and your lender should focus on your long-term goals when planning for your mortgage needs.

For example, if you put 20% down on your home and anticipate pulling out some equity for repairs, you will be disappointed. A conventional loan only allows for 80% loan to value on a cash out refinance. You are better off putting 10% down at the start. Since purchase transactions allow you to go to 95% loan to value based on your credit, you may want to put down as little as 5%.

These are conversations you should have with your lender to make sure you are making the right decision. Your lender should be a trusted advisor. If you have any doubts about their advice, you should find another lender.

If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.

Let’s change the way people shop for a mortgageā€¦forever!

– Mike

PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002

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