Virginia: There are 133 U.S. banks -- Which lender will give you the best mortgage rate?
Recent report showed one homeowner lower his mortgage rate by nearly 2%. This translated to lowering his payments by $200 / month. These types of savings are now considered somewhat "normal," stated by one lender.
(May 26, 2013) - There is a way to outsmart your lender -- and cut your payments by up to $200 per month.
According to a report from KXLY news station, refinancing and saving $200 per month is not a difficult amount to save.
In fact, as of May 31 2012, 30 year fixed mortgage rates have dropped about 0.9% over last year. This drop, in just one year, could translate to $1,200 in yearly savings, assuming a $200,000 loan.
Many lenders have different factors to base their rates on. For example, any lender may give you a better mortgage rate depending on the following:
The balance left on your mortgage
Your credit scores and report
They area that your house resides
The amount you've paid so far
The fact is: lenders give different rates depending on your situation. It's very unlikely for one lender to always give the best rate to everyone.
Now, how do you know exactly which lender will give you the best rate and discounts you need?
There's a way to find them. It's by comparing all of their rates instantly.
That’s why our lender comparison has become so popular. You simply take 20 seconds to tell the website about your home's balance and some history and then you'll get free rates from multiple lenders that are licensed in your state. This way, you can pick the plan and rate that best fits you. In this case, those $200 or so savings are actually possible. Enter your zipcode, home value, loan amount, and approximate credit rating above, to try it.
Your savings and results may vary. Not all consumers qualify for quotes and lower rates. Report on refinance savings found here. Lenders stated APR rates from
2.991% to 3.369% based on $150,000 loan balance, 15 year fixed, very good or excellent credit rating,
single-family primary residence, and on 08/20/12. And, 30 year fixed at 3.621% to 4.018% APR.