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New Proposal Would Require Larger Mortgage Down Payments, Says Informa Research Services

^{Published on 2011-04-12 07:50:22 - Market Wire}
 

CALABASAS, CA--(Marketwire - April 12, 2011) - A new proposal from the Obama administration would make it more difficult for consumers to get the lowest interest rate on their mortgage if they do not make a sizeable down payment. Informa Research Services, a subsidiary of Informa plc (LSE: INF), suggests that consumers use online resources to ensure they locate the best interest rates to fit their financial situation.

Consumers who are looking to buy a home could soon face more stringent qualifications to receive the best available [ mortgage ] rates, according to a report from the Washington Post. The latest proposal from the Obama administration would require prospective home owners to put down 20% of the property's value in order to receive the best rates from lenders.

Those who want to obtain a new mortgage or refinance their existing one may benefit from the latest [ online rate tables ] to find the best local mortgage rates. Frequently, online rate tables feature lenders who offer rates well below the national average. For instance, [ AimLoan.com ] currently offers a traditional 30 year fixed rate mortgage more than 30 basis points lower than the current national average. Checking these online tables will allow homebuyers to save as much as several hundred dollars on their monthly home loan payments.

Under the new rules, Americans who want to buy a property that costs $170,000 would need to pay $34,000 in cash to receive the best rates available. It would take the average middle class family as many as 14 years to save that much money, plus the funds required for closing costs according to the report.

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About Informa Research Services, Inc. ([ www.informars.com ])

Since 1983, Informa Research Services, Inc., has provided the financial industry's most extensive array of market research, mystery shop, and decision-support information.