5 Tips For Getting The Best Interest Rate On Your Mortgage

5 Tips For Getting The Best Interest Rate On Your Mortgage

5 Tips For Getting The Best Interest Rate On Your Mortgage

5 Tips For Getting The Best Interest Rate On Your Mortgage

You’ve finally made that all-important decision to take the big plunge and buy your own home.  You undoubtedly have lots of questions, one of those possibly being ‘how can I  get a decent mortgage and interest rate?’  Let’s face it, the better your credit rating the better chance you have of getting a decent loan, with affordable rates.  So now you might also be asking yourself ‘how on earth am I going to fix my credit?’  There are companies available for just that, but…

First Things First

Let’s figure out a way for you to get the best interest rate and the best mortgage:

1) Get confirmation on a locked rate – Make sure that you get in writing any interest rate your bank has promised you.  This will lock up the rate, so that nothing changes in the interim.  Request either by email or fax confirmation of the rate lock itself.  This not only shows your lender that they are dealing with an informed and educated customer, but keeps them honest – at least regarding your rate.  A lock of 60 days is usually recommended.

2) Be careful of the term ‘no closing cost’ – The thing about this term as it relates to the banking world is that there is no such thing.  There will be costs for the expenses of your loan.  Simply put, these hidden charges can come in the form of several types of built-in fees.

Almost There… Steps 3 Through 5

3) Shop around – I can’t stress enough the importance of shopping around for the best deal.  You don’t buy a car, without comparing it to other cars.  You don’t buy your house, without comparing it to other houses.  So, by no means do you take the first guy in a suit that offers you a loan.  Lenders are in competition, just like any other business.

4) Know your stuff – Research the going rates and special deals offered by various lenders.  By making lenders aware that you know what you’re doing (see step 1) and that you have every intention of shopping around, you are letting them know that you mean business.  If they want your business they’re going to have to earn it.

5) Do your shopping around in a timely manner – preferably on the same day.  Rates change all the time and if you spread out your lender shopping you’re bound to get different rates all right, but that may only be because the going rates have changed. That’s why you research all of your lenders on the same day.

Here’s a bonus tip.  Establish a baseline – With a baseline established you can better shop for a loan.  Consider not only conventional financing, but ask your lenders about federal housing information as well.  And, of course keep in mind that the more money you bring to the table… the less financing you will have to pay for.

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