Mortgage rates are low. Here’s how to figure out the best plan for your budget

after rates saw their biggest weekly decline at the end of March. Volumes were up 28 percent from a year prior, according to the Mortgage Bankers Association’s seasonally adjusted index.

in rates came in the week ended March 28. The average rate on the 30-year fixed-rate mortgage fell to 4.06 percent with an average 0.5 point, according to Freddie Mac. Bear in mind that you’ll have to take out private mortgage insurance if your down payment is less than 20 percent on a conventional loan. The annual cost of PMI is approximately 1 percent of your outstanding loan balance and is added to your monthly mortgage payment,Next, figure how much you can spend on your monthly payment. That includes the principal, interest, property taxes and homeowners insurance.

The main thing banks look for is the amount of your debt-to-income ratio. It has to be below 43 percent to get a prequalification, according to Chase. They also look at your credit history and your planned down payment. Depending on your timetable, you can also look to refinance at a shorter fixed period, such as a 15-year loan or an adjustable-rate loan that has a shorter fixed term before the rate adjusts. Those loans typically have a lower interest rate.

BETTER Aka The bubble is coming!

BETTER Mortgage Refinance FakeNews The means in which, the big banks, weasled their way, to the monolithic & astronomical growth, that had peaked in 2005, for our legendary bubble to burst, finally, in 2008. BarackObama's solution? Give $$$ to the banks, and drop it. Next burst?

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