5 Ways To Get The Lowest Mortgage Interest Rate You Can Online
by Carrie Reede
Everyone loves a bargain and getting a lower mortgage interest
rate can save you a substantial amount of money over the life
of your loan. There are several ways to go about ensuring that
you pay the least amount of interest when you take out a home
Be aware of your credit score.
Good credit is the key to not only getting a mortgage, but to
getting the best interest rates available. Mortgage lenders
like to reward borrowers that pay off their bills in a timely
manner. Chances are if you have been faithful with your other
payments, you will be faithful to pay them back, so they can
afford to take a risk on you and offer a lower interest rate.
Close any existing credit card accounts that you no longer use.
If you have several credit card accounts, they can affect the
interest rate on your mortgage, even if they have a zero
balance. Lenders see open accounts as potential for debt, which
adds a risk of them not getting their money back. To balance
this risk, they will often charge you a slightly higher
Lock in interest rates before you close.
Once you have agreed on a low interest rate, ask the lender to
lock in that rate. Rates can fluctuate drastically in the time
it takes for you to get your mortgage and that could mean
paying a totally different interest rate than what was
Make the biggest down payment you can afford.
Putting a down payment from your savings on your house, lowers
the amount you plan to finance, lowering the interest you will
pay over the life of your loan.
You don’t have to work with the first lender that you approach.
With the vast amount of online mortgage brokers, it is easy to
compare offers and pick the company that offers you the lowest
interest rate. Don’t be afraid to tell brokers that you are
shopping around, or ask them if they can match the interest
rates of a competitors quote.
About The Author: Go to
http://www.abcloanguide.com/mortgageloans.shtml for help in
finding the Best Mortgage Interest Rate.
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