The Best Banking Rate

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The Best Banking Rate – The Best Rate For The Best Consumer

The newspaper advertisement boldly reads “The Best Banking Rate, With Low Payments and Zero Down Payment”. Are you taking the bait? Most consumers are skeptical of these conditions for good reason. The best banking rate is almost next to impossible for the average consumer to qualify. However, with a little savvy planning, the next best rate is usually within your reach. Many consumers apply these rates to a mortgage loan, credit card, personal loan, or student loan.

A Far Reach

The best banking rate is listed online and posted in nearly every banker's advertisement. These catchy headlines are lures that carry fine line requirements. Not every buyer qualifies for these dreamy rates. Excellent credit history, low debt-to-income ratio, extra closing fees and additional points are tough conditions to meet or accept.

A Loan With Many Surprises

The best banking rate usually starts out very low; sometimes lower than the prime rate. In a very short time, the best rate can jump up to the bank's highest interest rate with or without notice. Other surprises to these best rates are high closing fees, additional points, unnecessary insurance, and little flexibility in the payment schedule.

What Rate Fits Your Budget?

Notification of when the change has taken effect is at the bank's discretion. Fine print informs the consumer how long the best banking rate is in effect. Also, the lowest banking rates are usually tied to short loan periods. If the entire loan is not paid in full before the ending period, the remaining loan carries a much higher interest rate. Plus, many of these loans tack to the balance on an amortized amount that would have accrued during the grace period. In the long run, the best rate is no longer a deal. Amortized amount build up the loan to sometimes double the loan amount or more.