Buying Your First Home - Getting the Lowest Rate on Your New Mortgage
Buying your first home is a very exciting adventure. That adventure can be wrought with challenges, but finding the best rate on your mortgage doesn't have to be hard, if you follow these simple tips.
Top Recommended Companies To Refinance With:
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Act Now! Lower your monthly mortgage payment!
- Competitive rates and no hidden fees
- Bad Credit OK
- New Purchases, Home Equity & Refinance
- One dedicated mortgage banker from first call to closing
- Quick Application with worthwhile results
If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.
Mortgage rates are still low. Refinance & Lower Your Payment!
- Get Started on a Lower Payment Now!
- America's #1 Online Lender
- Save More and Spend Less!
- No Obligation and Free Expert Advice Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.
Figure out what type of loan best fits your needs.
To determine what type of loan best fits your needs, you need to know how much of your monthly budget can be allocated to a house payment. Once you know what you can afford to pay each month, you can decide if you want to take a 15 or 30 year mortgage, an interest only loan, a fixed interest rate mortgage, or adjustable rate mortgage. Each of these types of loans provide different rates of interest.
Take steps to improve your credit.
Your credit score affects your interest rates. Before you apply for a mortgage, make sure to close any old credit card accounts that you no longer use. It is even a good idea to lower the number of accounts that you have open and actively use. Don't apply for any new credit cards in the months before you apply for your mortgage, because each time a potential creditor pulls your credit report, it affects your credit score. Obtain a copy of your credit report from all three reporting agencies and make sure that it doesn't contain any mistakes that could raise the interest rates that companies will offer you. If there are mistakes, make sure you get them fixed before you apply for a home mortgage.
Shop around for the best rates.
You aren't obligated to take out a mortgage from the bank you have an account with. Take the time to shop around with other lenders and let the lenders know that you are shopping around, so they have more incentive to offer you better rates. By comparison shopping, you may find a company that is friendlier to first time homebuyers or find a company that is more willing to work with buyers that have bad credit. Talk with your bank and see if they offer a better rate to borrowers that have the monthly payment automatically deducted from their checking account.
Recommended Home Mortgage Lenders:
These are the Best of the Best:
(updated )
Mortgage rates are still low. Refinance & Lower Your Payment!
- Get Started on a Lower Payment Now!
- America's #1 Online Lender
- Save More and Spend Less!
- No Obligation and Free Expert Advice Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.
Act Now! Lower your monthly mortgage payment!
- Competitive rates and no hidden fees
- Bad Credit OK
- New Purchases, Home Equity & Refinance
- One dedicated mortgage banker from first call to closing
- Quick Application with worthwhile results
If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.
The average rate of interest on mortgage loans continues to fall and has been under 5 percent for almost all of this past year, with this recent round of rate cuts seen as the lowest for borrowers in years. The reason, many borrowers today have bad or at least less than perfect credit scores. Still a borrower with less then perfect credit an jump through a few hoops and get a fairly decen rate on a loan.
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