How to Get

The Best Mortgage Rates

Mortgage Rates

• Finding the best mortgage rates on the purchase of a new home can save you thousands of dollars over the entire term of your home loan.

• Get the best mortgage rates by having a good credit score or history, working with the reputed mortgage broker or lender and choosing the type of home loan and property that is attractive to lenders.

• Here are some valuable ideas for finding the best mortgage rates.

1. Know your Credit Score/Report

Credit Score/Report

• The best mortgage is available for the people who are having an excellent credit score.

• Usually, the credit score of 740 or above is considered as the best score for applying a mortgage.

2. Fix your Financial Limit

• Today, there are various financial calculators available in the marketplace through lenders and other online websites such as Bankrate, CBM Mortgages and Investopedia.

3. Make Higher Down Payment

Down Payment

• In order to obtain an attractive interest rate, the initial down payment should be at least 10 percent of the purchase price.

• Usually, most lenders will ask for 20 percent.

4. Type of Home Loan

Home Loans

• As a first time home buyer, you need to know the right type of home loan to manage your monthly budgets and payments.

• For example, if you can take a 15 year fixed rate mortgage, your monthly repayment value can be higher but your mortgage rate will be much better.

5. Talk to Lenders

Lenders

• It is best to talk directly with lenders at banks or private lending institutions to get a good mortgage rate for your home purchase.

• If you are a new customer, then they may offer you a better mortgage rate in order to retain you as a potential customer.

6. Get Ready With Documents

Documents

• Before fixing an appointment with your mortgage lender, you will need to prepare all mortgage related documents such as income statements, debt statements, tax returns, bank statements and other financial documents which support you in obtaining a home loan.

7. Independent Mortgage Broker

Mortgage Broker

• When looking for a purchase of a home loan or a property, it is important to consider a right mortgage broker to make your home buying process easier.

• Choose a mortgage broker who is reputable and independent.

8. Online Websites

There are various websites available online that will allow you to compare your mortgage offers with others.

9. Government Loan

Apply for an FHA loan or VA loan if you are having trouble in qualifying for a traditional mortgage. Usually, an FHA or VA loan will often come with more attractive mortgage rates.

10. Negotiate your fees and costs

Negotiation

• Remember, some of the costs can’t be negotiated such as appraisal fee, application fee, valuation fee, stamp duty and inspection cost.

• Except that, others can be negotiated with your mortgage broker or lender to get a better rate.

For Details

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