Bohemia, NY (PRWEB) October 16, 2013
Rapid Recovery Solution, Inc. proposes savvy ways to approach home mortgages for those in the market.
According to an October 14 article from Denver Post titled “5 Tips For Borrowers to Secure the Best Mortgage,” mortgage rates are steadily rising, creating a modest sense of urgency among prospective home-buyers. Since its low of 3.5 percent in Q1, rates have jumped to 4.5 percent for a 30-year fixed mortgage. Even after recently plateauing, economists are anticipating the surge to resume as the market continues torecover.
The first course of action to lock in a desirable rate is for consumers to educate themselves as to their personal finances. Accurate credit reports are essential, and any perceived mistakes should be immediately corrected. Second, home-buyers should make attempts to get preapproved and effectually set spending limits at the onset of the process.
The decision must then be made as to what type of rate a consumer prefers. Adjustable-rate mortgages (ARMs) offer fixed rates for the first few years before fluctuating, though many buyers still prefer classic 30 fixed-rate mortgages that remain constant for the duration of the loan. Additionally, a buyer must choose between 15-year (popular with refinancing) and 30-year (preferred by first-time homeowners). Lastly, and most importantly, it is to the consumers benefit to lock in a good rate once it becomes available. This is of no cost to the home-buyer and eliminates much of the inevitable stress that accompanies real estate purchases.
John Monderine, CEO of Rapid Recovery Solution, offers his take. “As a collection agency, we frequently receive concern from clients regarding mortgage rates. Many assume that rates fluctuate as frequently as the stock market, but the percent difference between one week and the next is not as severe as most perceive.” Monderine continues. “The article is, however, correct in advising consumers to lock in desirable rates as soon as they’re able.”
Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.