- September 20, 2017
- Posted by: steve
- Categories: fha, mortgage rates
The current FHA mortgage rates can be hard to find if you don’t know where to look. Click here to learn everything you need to know.
If you’re reading this article, it’s probably because you’re interested in buying a home and you’re looking at FHA loans.
The vast majority of Americans will have to take out a loan to purchase a home. There are many options to consider when choosing the right loan. But many go through the FHA for its many benefits and flexibility.
The FHA, or Federal Housing Administration, was developed in 1934.This loan was created to increase the sales of houses, prompting home owners to purchase rather than rent.
FHA loans were designed to attract those with low credit scores and low-income families. The FHA provides a chance for you to buy a house, offering low premiums. Most who take an FHA loan are those with low or zero credit scores.
FHA loans are targeted to low credit scores or low-income families, but anyone can take an FHA loan if they qualify.
As with any other loan, the FHA’s mortgage rates change over time. If you’re on the fence about buying or home or signing another lease for your apartment, a best practice is to keep tabs on mortgage rates.
How do you find FHA mortgage rates? Well, this is the tricky part. You can easily find these rates, but you have to know where to look. This tutorial shows you the best places to look to find current FHA mortgage rates.
Consulting with Lenders
Sometimes, the good ol’ fashioned ‘ask your neighbor’ approach is a great tool. This is especially key when trying to find FHA mortgage rates.
The benefit with asking the lenders directly is simple: they’re the experts. They have the best sources to view current FHA mortgage rates.
Their expertise is so keen, lenders usually have specialized graphs and charts with FHA mortgage rates.
Understand these rates are day-by-day, but a consultation will give you an idea of the rates.
When you have a consultation with a lender, they may try and coerce a sale. Understand you don’t have to buy into this. If you can, find a lender who offers free consultations.
There are several sources that give you a run-down of current FHA mortgage rates.
Since these sources are so accessible, it’s recommended you access them daily (or as much as possible) so you’re updated on current mortgage rates.
These sources are most helpful if you’re still debating about buying a home.
More descriptive sources such as this one will check if you’re qualified and how much you’ll be paying in interest.
FHA Mortgage Rate Graphs
Fortunately, FHA loans haven’t changed too drastically throughout the years; this loan is headstrong when lending homes to low-income families, encouraging the number of house sales to rise. But these numbers have fluctuated throughout the years.
To be certain an FHA loan is right for you, it’s best to understand the FHA’s industry trends.
If you’re serious about buying a home, this graph will give you the rundown of general mortgage rate trends. You’ll be able to understand if you’re in a good time frame to ‘lock’ your loan, or if you should wait a few more years.
It’s common for the press to run press coverage on current mortgage rates. This includes running coverage on FHA mortgage rates.
The key to trusting the press is to make sure they’re credible, they cite or quote credible sources, and the article or news video you find is as current as possible.
The news also runs stories based on current events and what sells. Don’t be surprised if there’s a hint of controversy in the report.
While the press isn’t perfect, a well-researched and conducted news article or story can help you determine whether or not now is the time to buy a home.
The housing market varies with each city. You’ll find yourself paying a hefty sum for a home in a certain city when the next town over can offer a lower down payment.
There are several options available when finding a local source for mortgage rates. Your search can be as narrow as your town or as broad such as your state.
If you have a checking account or a credit card already opened, you can consult FHA mortgage rates with your bank.
Several banks offer lending services. If you find your bank offers this service, it won’t hurt to consult with your bank.
There’s another benefit consulting with your bank: you’re already a customer. They can look at your account, your credit score or your credit habits, and your spending and saving habits.
In addition to identifying current mortgage rates, the bank will be able to recommend what will work best for your financial situation and credit score.
If you’re not with a bank but are with a credit union, they can assist with lending you an FHA loan.
FHA Website or Lender
To zero in on an FHA loan, the U.S. Department of House and Urban Development (HUD) website is a great start.
The FHA and HUD websites will give you more information about FHA loans and whether or not you qualify.
There are also resources to help you find specific FHA lenders. These lenders are approved by HUD to lend you an FHA loan.
As with any lender, they might try and provoke you to make a sale. You don’t have to buy into their sale. To ease the tension, try and find lenders who offer a free consultation.
FHA Streamline Refinance Rate Tools
If you already have an FHA loan, you can check mortgage rates for refinancing. Even though you pay lower interest when refinancing, this is a good way to understand current mortgage rates trends and understand your interest.
Refinancing your FHA loan could result in you saving money. These tools show how much you’re paying in comparison to the market. This includes both a low rate and a lower monthly payment.
Contact the FHA Personally
If you’re unsure about current mortgage rates or whether or not you qualify, you can always contact the FHA.
The FHA has a general office and a resource center. You can contact the office or scroll through the resource services to see if your questions are answered.
It’s also recommended you find a local FHA office. This way, you’ll be sure to receive help from someone who knows your local housing market.
Check FHA Competitors
While the FHA is the authority in providing loans at a low rate with a low down payment, the system isn’t perfect. Therefore, the FHA has competitors.
If you’re considering taking an FHA loan, conduct research into their competitors. Along with finding mortgage rates, you can find other information such as the interest rates you’ll be paying.
Along with finding mortgage rates, you can find other information that deters you from taking an FHA loan. These factors include the interest rates you’ll be paying, and if the rates are too high.
You can even realize an FHA loan is perfect for you, depending on the market and what the competitors are doing.
Keeping Up with Politics
The FHA is controlled by the U.S. Department of Housing and Urban Development. This means the FHA is government-controlled.
A great way to keep up with FHA mortgage rates is to keep up with politics.
There are a number of political factors that can greatly affect mortgage rates, such as a presidential election.
Researching news trends with FHA mortgage rates could be the factor that drives you to take the loan or wait a few years to buy a home.
If the government is suspending programs that could save you money, it might be best to wait and see if the housing market changes.
FHA Loans Help You Become a Homeowner
If your credit score is weak or you don’t want to pay a large down payment on a house, taking an FHA loan could be your best option.
The FHA was created to encourage people to buy homes and to increase home sales. With low down payments and flexibility with qualifiers, FHA loans have helped homeowners for decades.
When the housing market is in a bad state, it’s best to know mortgage rates. Even though FHA loans assisted many homeowners, keeping tabs on FHA mortgage rates is paramount when considering taking an FHA mortgage.
If you have more questions concerning FHA loans and FHA mortgage rates, feel free to ask. Understanding loans and mortgage rates are difficult, so asking the experts will help you make the best decisions.