First-time home buyers have a reason to worry. Mortgage rates have risen even more this week, ending up in a 3.875% APY for a 30-year fixed term. Some lenders even bumped into a 4.125% price tag. With very little expectation that these rates are to fall anytime soon, refinancers and home-buyers are starting to doubt if this is the right time to make that loan.
However, it takes only a bit of good research skills to get yourself really low mortgage rates. SpeedTrack Loans is one of the few lending companies that boast of very competitive rates, finishing close to the past month’s leader, Amerisave.
How The Rates Compare
For a 30-year fixed rate, SpeedTrack Loans has a rate of 3.25% and an APR of 3.469%. This is even better than Amerisave’s 3.729% APR, catapulting SpeedTrack Loans on the top of the list.
The 30-year fixed rate offers the best security since you’re sure to maintain the same APR for the rest of the term. This can be a good thing if mortgage rates continue to sky-rocket.
For the 15-year fixed rate, they offer an equally low 2.75% rate and an APR of 3.17%. Their 7-year adjustable rate is priced at 1.875% and an APR of 2.51%.
The Application Process
Aside form very low rates, SpeedTrack Loans also provides an easy way for anyone to start their loan application. It only requires you to enter some brief information online, after which you will choose the kind of term you want. When this is done, a mortgage consultant will personally assist you through your needs. What’s more, they will also give you their contact number. This is a good way for you to raise up any concerns – whenever, wherever.
You may choose to finance up to 100% of your loan. There are also other ways for you to pay the mortgage in more flexible terms. Downpayment is usually priced at 20% the amount, but if you find yourself short on cash, SpeedTrack Loans can let you shell out only 5%.
Once the application is approved, you will be sent a disclosure of the terms of agreement. You will be asked to review the terms before the closure is done.
So what makes SpeedTrack Loans special? You can be assured that your mortgage payment for the whole term stays low, since the current 30-year fixed rate for SpeedTrack Loans is very near to historic lows. Sounds like a great value for your money indeed.