1. What are mortgage interest rates based on?
Mortgage rates are based upon Mortgage Backed Securities or Mortgage Bonds, not the Treasury Note. While Treasury Notes sometimes trend in the same direction as Mortgage Bonds, it is not unusual to see them move in completely opposite directions. DO NOT work with a lender who has their eyes on the wrong indicators. Read the rest of this entry »
Interest rates are at or near all-time lows. However, when shopping for a new home loan one thing you need to be cautious of could be referred to as the “Great Misconception” or “Great Deception.” Beware of whom you speak with – they may not have your best interests in mind.
This month, YOU Magazine visited with Jim McMahan, President of McMahan Mortgage Consulting and Executive VP of Benchmark Mortgage, to ask, “What should someone be looking for when considering a mortgage professional?” McMahan, a 22-year veteran of the business offered some interesting thoughts and personal experiences as a consumer that would serve anyone well when seeking advice and direction about a home loan.