Get The Best Home Mortgage Rate: It Just Makes Sense

| January 2, 2012

Home mortgage rates are still at their lowest in years. The question is why aren’t you taking advantage of it. Whether you are buying a house for the first time or refinancing make the best of it now while you can. Great valued home mortgage rate is out there waiting for you.

First Time Home Buyers

There is a lot to consider and it is highly recommended to go in with knowledge. Research what is best for you. Look online, ask your banker or ask you realtor how to get the best home mortgage rate. What do you need to qualify. Are you aiming too high? Should you buy a more affordable house? What is the down payment. Fixed or variable rate? These are all things you need to consider. Learn to negotiate. It may surprise you that you can get better terms if you do. Lock in a rate when you feel comfortable.

Refinancing

Now is a great time to refinance. If you were locked into a bad rate, go for it. No guarantee how long low mortgage rates will be around or when we will see them again. Work your refinance to your advantage. You might think about moving into a fixed or ARM mortgage depending on what you had before. Don’t keep all your eggs in one basket. Ask around. Your mortgage lender may not be right for you this time.

Bad Credit

Bad credit is common these days. It may not leave you completely out of luck. There are a lot of products out there that are geared towards bad credit mortgages and refinances. Banks don’t want to foreclose on you, although some make it hard to work it out. Try every avenue. There are government products out there that can help. HARP is one. There are qualifications and if you meet them it can give you a breath of fresh air. You may not get the best rate, but you can get a better rate and a chance to start over and make your payments on time.

Credit Scores

Lenders are scrutinizing credit scores more than ever these days. They use them to determine how to rate you and what they can offer you on a mortgage. It is important to know your credit score. It is even more important to know what is on your credit. There is so much going on in the world today with scam and computer hacking that it is more common than ever to find something erroneous on your credit score. Go over it with a fine tooth comb. If you find something that does not belong contact the credit agencies and do whatever you need to get it removed. Another point, if you have a bad credit score you can fix it. It may take time and some money but it is worth it. Pay off some of your credit cards, do it one at a time. Contact a credit counseling agency and consolidate your debts.

It is well worth it to take the time and use to your resources to get the best home mortgage rate you can. You are worth it. If you don’t know where to find one. You should go with this..

Category: Home Loan

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