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Tips for Getting The Lowest Mortgage Rate

Tips for Getting The Lowest Mortgage Rate

When shopping for mortgages, property owners need to take into consideration the wide range of opportunities available to them. The good news is that mortgage rates remain very low and various loan programs are available. If you work with a qualified lender, one that is dedicated to helping you get to the best loan possible, you’ll secure the lowest rates available.

These tips are great for helping you reach that low rate:

  1. Ensure your credit score is the best it can be by making payments on time and keeping your balances as low as possible. This is by far the most important step in saving money.
  2. Consider FHA programs. This type of loan reduces the credit and down payment requirements while also helping you to secure a lower mortgage loan.
  3. Have a down payment. The more money you can put down on your home, the more stable of a borrower you are, therefore reducing your risk and rate.
  4. Don't be afraid to ask for a lower rate. Often, lenders will help you to get the lowest rate possible, especially if they know you're looking to save money.
  5. Avoid applying to too many locations. Too many inquiries on your credit report can worsen your credit score, causing a potentially higher rate.

Mortgages are long-term investments. With careful planning and a bit of research, you can obtain a loan that's affordable. For more information on getting a low mortgage rate, contact Midland Mortgage today!

Posted Sep 01, 2016 by Midland Mortgage Corporation