Mortgage News--Your Key to Protecting Your Interests

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Why should I pay attention to mortgage news?

Mortgage News--Your Key to Protecting Your Interests

When you decide to take out a mortgage to finance the purchase of a new home, one of the biggest favors you can do for yourself is to pay attention to mortgage news. While it's impossible to time your transaction in order to guarantee yourself the best interest rate available, paying attention to mortgage news can help you recognize trends and indicators that might mean it's a good time to commit to a rate.

When you pay close attention to mortgage news, you can get a good idea of the trends in real estate sales and the overall interest rate environment. For example, as you watch real estate sales lower in your area, you might consider approaching your local banks (not national chains) to find out what their competitive interest rates are, since they're more likely to be adversely affected by slow sales and will then respond quicker than national banks by lowering rates. As real estate sales rise in your area, mortgage news can give you an indication of how they are in the rest of the country, which could indicate when it's a good time to approach your national banks.

And even if local and national real estate sales aren't as much of a factor, mortgage news will give you an idea of the overall interest rate environment.

   

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