If you are planning to get a mortgage loan, take time to compare rates from lenders and try to negotiate a better deal. Knowing about current rates and fees can help you to negotiate as a well informed customer.
Research your options via the internet and talk to a few brokers and lenders to find out about current mortgage rates and fees. Obtain a mortgage quote in writing from a few mortgage lenders and brokers and ask them to provide details of all the costs involved.
Check the credentials and reputation of the lenders / brokers and call up references to find out about their past performance.
Compare the different offers and use an online mortgage calculator to assess your options. Ask the lenders if they will provide better offers than those given to you by others. Mortgage brokers and lenders are known to provide mortgage loans with different rates and fees to people with the same qualifications, on the same day.
Mortgage rates and real estate prices have fallen to very attractive levels, and this is a great time to invest in real estate if you have a high credit score and a steady income.
Lending norms have become very strict and you will only be able to get the lowest mortgage interest rates if you have a high credit score. You will have to provide documents that prove your income and employment history, and your loan application will be scrutinized very carefully.
If you have a low credit score, you may find it very hard to get a mortgage loan, and may have to settle for a high mortgage rate. Obtain a copy of your credit report for free and check it to see if it is accurate and up to date. You can dispute any mistakes you find in it and have them corrected.
Work on changing your spending habits and try to pay off your debts. Avoid making impulsive purchases with your credit card and stay well within your credit limits. This will help you to improve your credit score over a period of time, and you will become eligible for the lowest home loan rates. Once your credit score improves, you can refinance your mortgage and get a lower rate.
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