Must Learn, Mortgage Tips

Trends of interest rates are affected by the conditions of the national economy. This is why mortgage rates fluctuate weekly, daily, and even hourly with the release of each new economic indicator. If growth is slow and unemployment is high, rates will be lower as a slumped economy is likely to keep people out of the housing market. On the other side, if the economy is booming, interest rates will generally move higher. Some of the most important rate-influencing indicators to watch for are federal funds rate changes from the Federal Reserve, the growth rate of the gross domestic product (GDP), national unemployment figures, inflation trends, consumer spending indices, oil prices, and housing starts.

One important decision will be whether to pursue a mortgage on your own or to use the services of a mortgage broker. While a good mortgage broker can shop your loan among several lenders, it's important to understand that brokers don't have special access to deals that are unavailable elsewhere. And a broker is not obligated to find the deal that is best for you. Some have been known to pair a borrower with the mortgage that offers the broker the greatest profit, instead of the lowest cost to the borrower.

There are many advantages to a flexible mortgage if you have your own business or are self employed. You just have to take a look. The advantage is that you can deduct the cost of your mortgage if you are running your business from your home. If you are using any space for business purposes, then you can claim this amount on your taxes. This will possibly increase your refund for the year. You can not deduct your insurance cost due to the fact that you are working at home, but you may be able to deduct the interest paid on your loan. This can be extremely helpful if you are thinking of buying a home as a self employed individual.

As you can see, there are many things you should look for when choosing a flexible mortgage for self employed. If you are self employed, it may seem hard to find a good mortgage with all you need for yourself and your family, but with a little effort and some research can be done and you can get the best rates available.