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Home Lenders Mortgage - How to get the best rates

Home Lenders Mortgage - How to get the best rates

Home lenders mortgage companies place a lot of value in a good credit score.

Buying a home is a big step and one of the largest investments you will ever make. Finding the mortgage that is right for you is just as important as finding the right house. Before you sign on the dotted line, make sure you do your research. Shop around to locate the best possible interest rate. The lower the rate, the more affordable your mortgage payment will be.

Credit score: Your credit score plays the biggest role in obtaining the lowest possible interest rate. The higher your score, the lower the rate you will get. Financial institutions look at your credit history when determining your interest rate. Check with the top three agencies before you begin your search, if there are any errors reported, get them cleared up immediately.

Amount of down payment: The larger your down payment, the better interest rate you can get. The standard down payment is 20% of the price.

Mortgage term: Standard terms are 30 years or 15 years. The shorter the term, the lower the interest rate. Your payment will be a bit higher, but you will save money in the long run.

To find the best rates for your next mortgage call the experts at Midland Mortgage Corp. at 803.765.1680 and toll –free 800.854.9484 now.
Posted May 03, 2012 by Midland Mortgage Corporation