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.

Search Homes for Sale in Atlanta

Foreign Real Estate Investors: How to Purchase Real Estate in the USA?

Telmo Bermeo Real Estate Broker

About Telmo Bermeo

Small Business Owner, specializes in marketing homes for sale in the Atlanta Area by using the most up to date Internet Marketing Tools.

Real Estate Broker serving the Atlanta Metro Area, for over 12 years. If you are planning to buy or sell your home in Atlanta, call Telmo Bermeo at 770-309-6417

More Posts By Telmo Bermeo

Atlanta Real Estate

New Listing - 2 weeks online
$294,990
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,635
SQFT
7107 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$288,421
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
1,802
SQFT
673 Python Drive
Atlanta, GA 30349
Camden Manor Subdivision
$324,990
Single Family Home For Sale
Pending
5
BED
4
TOTAL BATHS
3,363
SQFT
7064 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
New Listing - 2 weeks online
$287,990
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,635
SQFT
7067 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$299,026
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
3,040
SQFT
7057 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
Price Change - 2 weeks ago
$284,990
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
2,200
SQFT
7044 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$329,990
Single Family Home For Sale
Pending
6
BED
4
TOTAL BATHS
3,363
SQFT
663 Python Drive
Atlanta, GA 30349
Camden Manor Subdivision
$288,990
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,635
SQFT
7027 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$312,478
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,544
SQFT
7014 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$299,990
Single Family Home For Sale
Pending
5
BED
4
TOTAL BATHS
3,040
SQFT
7007 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$289,990
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,635
SQFT
6997 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$169,995
Townhouse For Sale
Active
3
BED
3
TOTAL BATHS
1,467
SQFT
High Grove #189
4945 Elm Brook Dr
Atlanta, GA 30349
New Listing - 6 days online
$167,695
Townhouse For Sale
Active
3
BED
3
TOTAL BATHS
1,467
SQFT
High Grove #190
4943 Elm Brook Dr
Atlanta, GA 30349
$169,995
Townhouse For Sale
Active
3
BED
3
TOTAL BATHS
1,467
SQFT
High Grove #192
4939 Elm Brook Dr
Atlanta, GA 30349
New Listing - 6 days online
$167,695
Townhouse For Sale
Active
3
BED
3
TOTAL BATHS
1,467
SQFT
High Grove #193
4937 Elm Brook Dr
Atlanta, GA 30349
$174,495
Townhouse For Sale
Pending
3
BED
3
TOTAL BATHS
1,623
SQFT
High Grove #203
4921 Lower Elm Street
Atlanta, GA 30349
$172,995
Townhouse For Sale
Pending
3
BED
3
TOTAL BATHS
1,623
SQFT
High Grove #204
4919 Lower Elm Street
Atlanta, GA 30349
$4,000,000
Single Family Home For Sale
Active
7
BED
9
TOTAL BATHS
15,159
SQFT
4690 Thompson Road
Atlanta, GA 30349
 
$170,650
Townhouse For Sale
Active
3
BED
4
TOTAL BATHS
Creel Walk #046
900 Creel Lane
Atlanta, GA 30349
$165,400
Townhouse For Sale
Active
3
BED
3
TOTAL BATHS
Creel Walk #047
902 Creel Lane
Atlanta, GA 30349

Speak Your Mind

*

Web Analytics