Get The Best Mortgage Rate
Posted October 12, 2014


We all know that finding the best mortgage rate is crucial to saving money on the cost of buying a home. Currently banks advertise reasonably good rates, but only if the buyer qualifies for them. Going with the lender at the first bank you apply is not doing yourself any favors. Getting the best rate can be a time consuming process, but the results can make it easier to afford a mortgage.

If needed, clean up your credit first, before even considering looking for a mortgage. No lender is going to give an applicant with blemished credit a great mortgage rate. For anyone who has done bankruptcy, the ability to get a mortgage can be affected for years.

Shop around for a financial institution. No two lenders are alike and the rate you get from one can be dramatically different from what you may be offered by another. Shopping around will educate you on how much rates can differ as well as help you make an informed decision.

It is important that you're absolutely up front with a lender when filling out a loan application. A lender will be far more likely to offer you a good rate if you're honest and frank from the beginning of the process. Never try to skirt around a situation, despite the outcome.

Sometimes the best way to ensure that you get a low mortgage rate is to offer a large down payment on the home. Although many are on a tight budget and may find this difficult, if you can save enough for a sizeable down payment you'll be in a much better spot to negotiate. Whatever your situation, don't jeopardize your financial situation by being too impatient and accepting a rate that will place you in an uncomfortable monetary situation with your mortgage.

Posted By: Michelle Keaton-Barrow
October 12, 2014 09:32 PM




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