Mortgages – The Best Time to Finance

If you have already decided to purchase a home and you don't have the luxury of waiting for a market change, your lending rate will in large part depend on the market. If you have time to decide when to jump into the mortgage market, then research mortgage rate forecasts for the next year. If rates are expected to increase you may want to submit an application quickly, if rates are moving down you can wait.

Of course your credit rating will be another relatively fixed variable in your quest to get the best rate, if it's relatively low you will pay a higher rate. So if you have time before you need to borrow attempt some credit repair through one of the better known repair firms. It usually takes a few months for them to make a difference but the points they gain could save you significantly over the term of your loan.

It's common sense to shop around for the best mortgage rate and terms and negotiate with mortgage lenders until you are satisfied that you have been quoted the best available rate. So, you can go through whatever expedited process you want, you need to establish to best rate and terms before you zoom through to closing.

Mortgage companies may lock in your interest rate once you apply and are approved but if rates are too often changing they may not offer you an opportunity to lock the rate.

As an appraiser and I understand how important your valuation is. If you have problems with the appraisal the rest of the transaction can just fall apart. Address valuation issues before you bother with loan commitments, if the property you want to finance won't appraise as high as expected you may be wasting your time.

If you do get a commitment of any kind from a mortgage company make sure you get a copy of it, some mortgage companies have gone to on-screen signature documents that disappear once you have electronically signed them. The document you need may disappear when the mortgage lender no longer want to honor them at closing, it's happened to me, so you better have a "screen print" copy before your disappears into the ozone.

Historically mortgage rate have varied between 3.0% and 18.0% and at the moment, in early 2018, the 30-year fixed mortgage rate is near 4%. So we have current mortgage interest rates that are near the low-end of the mortgage interest rate range and if you wait no guarantee exists that they will remain low indefinitely.

If you take the time to make sure the home you want to borrow on will appraise near your expectations, that you are in the best credit position to borrow, you have shopped for the best available rate / terms and considered timing you will get a lot more for your money.

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Three Reasons Why Money Was The Worst Invention Of All Time

Who invented money? Ask any number of people and they couldn’t tell you who it was that actually invented money or where the idea came from. History has given us some bad ideas, but money has to be the worst and here are my top three reasons why.

  1. Something Invented By Man Should Not Have Power Over Him.

    If I think really hard and try to imagine a time without money, before it was invented and used on a daily basis, I tend to imagine that the world was a completely different place. People most likely had a barter type society where goods and services were exchanged and that is how one survived. If I had a particular skill, say hunting, and you were hungry you could come to me for food. The idea would be that if you could make fire, and I could provide the food, then we could exchange our skills or abilities and everyone got what was good for them. I assume, for the sake of argument, that if someone possessed absolutely no skills whatsoever, that person was still allowed to eat. I can’t imagine that I would loan the helpless soul some meat, only if it could be paid back somehow. Before helpless soul could blink, he might owe me for five dinners and then I have to send out the collection agents to call in his debts. Money provides control, in both a positive and negative control. Although it is man made, and essentially just a piece of paper or a mixture of cheap metals, money has power, and is power. I can just imagine Mr. Helpless Soul explaining to his wife that he can’t repay the hunter and doesn’t know what to do. So Mr. Hunter decides to enslave the Helpless Soul family until the debt is repaid. It is unfathomable to me that so many people in my country, and the world go hungry every day. Those who possess the money have the power to deny the needs of those that don’t have means. Where have the humanitarians gone? I’ve seen a business owner kick out a person who was homeless and starving, and then half an hour later deal with a complaining customer as he shouted that his food was not hot enough. Money only has the power that we give it. If we choose to see it as just a means to an end, or just some silly paper we have been told to obey our whole lives, then one can focus on what really matters. I am not advocating not paying debts, or shucking responsibilities. This is the world we live in, and norms must be followed…until the laws change again to suit what the politicians want on any particular whim of a day.

  2. Money Shifts Focus From Helping One Another To Arbitrary “Worth” Of Mere Things.

    Why should I do anything to help anyone else, unless they can pay for it? If my entire focus in life is