Lowest Rates Experienced In Months - Pro Tips From Loan Love's Article Helps Loan Borrowers In Purchasing Their First Home

SAN DIEGO, Sept. 30, 2013 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. Now, with the lowest rates experienced in months now being available to home loan borrowers, Loan Love gives some tips for first time borrowers who are seeing these new low rates as a great opportunity for them to purchase their first home.

Lately, loan borrowers have been experiencing the lowest in interest rates not seen in over 3 months. A report from the Mortgage Daily News dated September 25th had this to say on the dwindling interest rates: "Mortgage rates fell to new 3-Month lows today.  That makes this the 11th straight day where rates have held steady or moved lower.  Conforming, 30yr Fixed rates remained at 4.375%  (best-execution) for most lenders with the improvements coming in the form of lower closing costs or higher lender credit.  Some lenders are efficiently priced at 4.25% as well."

These new rates have given loan borrowers a window for opportunities, especially those initially buying their first home. In one of their new articles titled "3 Steps To Buying A House For The First Time (In TODAY'S Market)", LoanLove.com elaborates on three important key steps home buyers should consider when tackling the prospect of finding a new home in today's market. These three important steps include:

Acting now while interest rates are at their new respective lows. Interest rates have shown time after time to fluctuate at the slightest changes in the market. Chances are, waiting around for better rates can be sketchy at best so acting now while these low interest rates are implemented is a critical step. The Loan Love article suggests comparing rates and locking one in as soon as a loan borrower has settled on the best mortgage loan for their financial scenario.

One other step Loan Love points out is to be realistic about what is affordable. "Avoid getting into the same trap as homeowners a few years ago who ended up taking out mortgages that were far more than they could realistically afford. Many of those mortgages were adjustable-rate or interest-only mortgages, and while they can be good deals for some people, you have to be ready to assume the often considerably higher monthly payments once they adjust. Read up on different types of mortgages and make sure you choose the type – and amount – you can truly afford" advises the Loan Love article.

A final key step loan borrowers should be reminded of is to know a home's real value before purchasing. When the market experiences changes, so too can home prices change to meet the expectations of home owners trying to sell a home. Knowing a home's real value can be done with a little background check and enquiring on the home's value. Asking a real estate for a list of comparable sales in around the home area in the past is one way to get a rough idea of a home's value. Researching past home sales online is another method the article reveals.

These three topics are explained in detail in the article and can help home buyers to keep things in perspective, especially since current low rates can cause some to be over eager and overlook important details that may result in losses down the line. For more information about what to be aware of when purchasing a home in today's market, please visit LoanLove.com for the full home buyer's guide.

Media Contact:Kevin Blue, LoanLove.com, 949-292-8401, contact@loanlove.com

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SOURCE LoanLove.com