SAN DIEGO, May 10, 2014 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that is dedicated to helping borrowers find home loans that they will love. With first class information, valuable resources and connections to top rate industry professionals, the website has quickly become a trusted destination for current news and expert loan advice. Loan Love continues to provide assistance to loan borrowers by providing an article discussing the average mortgage rates 2014. Knowing the factors that influence rates can be rewarding to future home buyers look to buy a new home with a great mortgage rate.
The article, titled "Average Home Loan Rates For Hopeful Families in 2014" explains further on the constantly changing nature of mortgage rates with the following: "Mortgage interest rates can fluctuate daily, depending on domestic and international economic factors. The LoanLove site provides you with the current rates, as well as recent historic rates, so that you can monitor trends. It's important to keep in mind, however, that even the most experienced forecaster cannot say with 100 percent accuracy what interest rates will do this year. In fact, many experts predicted rates would begin a slow but steady climb upward at a strong pace than the slight increases seen thus far."
Loan Love's article continues by saying that one of the biggest factors in getting good mortgage interest rates is how much a loan borrower is willing to put down; The more money a loan borrower will be willing to put initially the better their chances are at finding better financing options for loan lenders. Putting a hefty down payment can be taxing for a loan borrower, but the article mentions alternatives: Consider getting financed by a close relative or taking out a loan against a 401k.
A 401k can provide several advantages, which the article goes over. Considered one of the more popular choices with loan borrowers, a 401k allows the loan borrower to pay interest on the loan to themselves. Taking out a 401k is also not considered a part of your debt. Lastly, loan borrowers can take out a 401k without risking the health of their credit score as credit score is entirely unaffected. This is useful for any loan borrower as a healthy credit score can also open windows of opportunity to loan borrowers. The article states:
"The impact of your credit score on your home loan is fairly straightforward: the better your score, the better rate you will receive. Typically, borrowers with credit scores of 740 and above can qualify for the best rates from mortgage lenders. Those with credit scores below 620 may find it extremely difficult to quality in today's more-restrictive lending environment. To understand just how your score can impact a loan, consider that the differences in monthly payments for someone with the highest possible credit score versus someone with the lowest acceptable score is nearly $300. Now take that $300 per month over a 30-year mortgage and you will find that it adds up to a difference of more than $100,000."
Before securing a mortgage loan, knowing what can affect the interest rate of a loan can make all the difference in the world. Loan Love offers this last piece of advice to borrowers everywhere: "There are a number of factors that will determine how favorable of an interest rate you are able to obtain on your mortgage. While you cannot control all of the criteria that your lender will consider, understanding the various contributing factors can make the loan process less of a mystery."
To find out more on the average mortgage rates of 2014, please visit LoanLove.com for the complete article.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, firstname.lastname@example.org
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