- 3 min read
Ethan Ewing, President of Bills.com advises on tips to get a best deal on your mortgage loan online.
these days, getting a mortgage loan can seem overwhelming. it does not have to be complicated if you follow a few simple steps. watch this video with ethan ewing, president of bills. com, to learn about tips to get the best possible rate on your mortgage. click here to find a great rate on a mortgage.
"hi, i’m ethan ewing president of bills. com. today, i want to talk to you about getting a mortgage. if you are in the market for a mortgage, you are either buying a home, refinancing your existing mortgage for a lower rate or improving the terms of your current mortgage and getting cash out. finding a great lender and getting an approval on a mortgage loan can be difficult, but with the right advice you can accomplish your goal. don’t worry about looking for interest rates at this point. you just want to get as much general information as you can. there is a lot of information out here, take advantage of it. your education will be complete when you can answer a few questions, such as:
- how much of a down payment am i going to make?
- how much equity do i have on my home?
- what is my credit standing or my score?
- how much of a monthly payment can i afford?
basic things that you should understand before you start shopping rates. once you have answered those questions, you can move on to the next step which is to compare lenders and banks. here at bills. com we provide great reviews of a bunch of different lenders to help speed up process that process, take advantage of it. once you have found a few lenders, you should talk to each one of them, let them know exactly what you are looking for, what your goals are and they will give you terms, they will let you know everything you can do. they will give you options. then you sit down with a sheet of paper and write these offers down so you can compare them side by side.
lastly, and this is really important when you compare lenders, do not just look at your interest rates, or your terms, or your fees. you want to be confident with the lender you chose. the loan approval can take a long time, it is a long process. you want to make sure you have a lot of confidence in your loan officer and the processors behind them to make sure you can get your loans done. now as we said at the top, this whole process can be complicated.
you need a trusted lender, a confident lender, or a bank or a broker to take you through the whole process to get your loan to completion. use our online mortgage shopping engine it is a great platform. you will find the link below to find the best loans that you actually qualify for, provided by lenders from our network of over 150 national banks to help you get mortgage quotes quickly. thanks for watching us here at bills. com, where we are helping people save money every day."
Mortgage market: a pulse check
Mortgage rate fluctuations should come as no surprise. If you are buying a home or refinancing your existing mortgage, it is important to stay informed about the current mortgage rates.
Mortgage rates September 13, 2023
According to Freddie Mac, the 30-year mortgage rate for the week of September 13, 2023 is 7.18%. This represents a 6 basis points increase from the previous week's rate.
Note: A basis point is equal to one-hundredth of one percent (0.01%). In numerical terms, if the mortgage rate changes by 20 basis points, it means the rate has changed by 0.20%.
According to Freddie Mac, the 15-year mortgage rate for September 13, 2023 is 6.51%. This is a 1 basis points decrease from last week’s rates.
Understanding the impact of mortgage rates on your finances
When it comes to determining your monthly payment, mortgage rates are a key factor to consider. Here are the avergage interest rates (APR) for August 17, 2023 based on Zillow data for borrowers with a high credit score (680-740) in the United States:
- 30-year conventional loan is 7.27%
- 15-year conventional loan is 6.28%
Based on the provided rates, a $279,082 30-year mortgage would result in a monthly payment of $1,908. Alternatively, a 15-year mortgage would require a monthly payment of around $2,397.
Experience a smooth mortgage process: Shop around and get pre-approved today!
Shopping around for mortgages and getting pre-approved can make your home-buying or refinancing process easier. Ready to take the plunge? Check Out mortgage rates now for the best options available.