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Who Gets The Best
Rate for their Home Mortgage Loan
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If you’re in the process of looking for a home mortgage loan, you may
be wondering why some people seem to get great rates, while others have
to settle for higher ones. Below, we’ve outlines three major factors
that will determine what kind of rate you get—read on to find out how
to lower yours!
Lenders Offer the Best Home Mortgage Rates To The Best Borrowers
Your reputation as a borrower will have a lot to do with the interest
rate that you are offered on your home mortgage loan. Every consumer
carries with them, whether they know it or not, a file that contains
information on all of your prior and current debt. as well as information
on any problems that you had in the repayment of that debt. This file
is known as your credit report or credit history.
Your credit history should be thought of as your credit resume. This
is what lenders will look at to determine if they want to lend to you
and if so, how much interest they need to charge on the loan.
If you have a good credit history, which means that you have demonstrated
your ability to borrow money and pay it back in a timely manner without
any problems, then you are considered a strong mortgage candidate or
a low risk borrower. In this case, lenders will be eager to loan money
to you for a home mortgage loan and will offer the lowest possible interest
rate in order to secure your business.
Therefore, in order to increase your chances of getting the lowest possible
rate on your home mortgage loan, it is important to build a good, solid
credit history before applying for a home mortgage loan.
Consumers Who Shop Around Get the Best Possible Home Mortgage Rate
Another way to ensure that you get the best possible interest rate on
your home mortgage loan is to shop around for the best rate offer. America
is a democracy with free enterprise and competition. It is this competition
that helps to keep prices down and gives the consumer the power to locate
the best possible offer; and a home mortgage loan is no exception.
Record low mortgage rates, as well as the birth of the Internet, which
created a global lending marketplace, have led to a lot of competition
among mortgage lenders. Never before has it been so easy for consumers
to compare mortgage rates from so many different lenders. Since the
mortgage lenders know that consumers are comparison shopping, they try
to offer each consumer the lowest mortgage rate possible.
Consumers who are flexible with mortgage rate terms can get the best
rates
Finally, another way to get the best possible interest rate on your
home mortgage loan is to be flexible with your mortgage terms.
For example, you might find that you could get a much better fixed rate
home mortgage loan if you went with a twenty year term instead of the
thirty year mortgage that you were seeking. Another consumer looking
for the best possible home mortgage interest rate might decide to choose
an adjustable rate mortgage instead of a fixed rate.
The important thing is to be flexible when considering home mortgage
rate quotes and look for other ways to get the interest rate down. For
example, it might be worthwhile to pay extra points at closing in order
to lower the mortgage interest rate.
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
Credit
Score Information Directory
Other Credit And Real Estate Related Information
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