how can i take advantage of todays low mortgage rates???

Question

i want to build or buy a house but havent found one or havent found a place to build one yet. i want to take advantage of these low rates right now. is there anyway i can start paying on a mortgage now and lock in my interest rate, then when i find what i want i would have this low interest rate and already have paid some on it????? or is there a way i can get a say 200,000 mortgage, put the money in a cd, then when im ready i could take the money out, use it to pay for the house.


i know someone is going to say to just put howevermuch money the payment is going to be, and put it in savings then when im ready, i would have that savings for a bigger down payment, and that would offset the cost of having a higher interest.

well thats just too hard to do for me. its easy for me to make payments but real hard to put money in savings. any suggestions????

Answer 1

You can't take advantage of today's low mortgage rates without a piece of property...The problem is that the mortgage is a secured loan that uses the property as collateral...That's why its interest rate is so much lower than personal/unsecured loans.

Answer 2

so which you have a fixed fee now, and crummy credit, yet might prefer to get a greater effective fee. Do I truthfully have that good? nicely, you are able to persist with to refinance, yet your fee would be based on your modern credit. Plus you will might desire to pay all the ultimate expenses back, which may well be some thousand money. as nicely, many lenders won't lend as severe a loan-to-fee quantity on a refi. in case you borrowed ninety% of the acquisition value or greater, you will possibly not hit upon a loan in any respect. it would be greater effective to artwork on your credit, and build your fairness for a pair years. you do not understand what the expenses would be interior the destiny, even with the undeniable fact that that is going to in all possibility not be on your income to refinance now. call around and notice what they might desire to furnish. Many lenders will refund application expenditures in the event that they might't make the loan you like. What I recommend is, they don't understand the fee until your credit is pulled. If the often happening fee is 6% and while they pull the credit the suitable they might furnish you is 7% and you don't love it, you will get a reimbursement. something different than the often happening fee is a counteroffer. be confident to nicely known ahead how they cope with app expenditures and refunds.