Tips for finding the best mortgage rate

Read on and find out how you can land the best mortgage rate in order to save money.

06:37 07 August 2013

Buying a new house is a big investment regardless on how big or small the property is. Taking out a 25-30 year mortgage can definitely have a huge impact on your life and it can easily put a dent on your finances if you don’t make the right decisions.

There are some things that you can do to ensure that you’re getting the best mortgage available out there and some of them are the following:

1.    Check your credit report. The first thing that lenders will take a look when you’re taking out a mortgage is your credit report. You need to know what they’ll see in this report, as this will be used to determine your interest rate. Get the report at least 6 months before you apply for loan so you’ll have enough to time to fix or improve it if needed.

2.    The right timing. Timing can be everything when you’re taking out mortgage loan. Be on the look out for surprise rate drop that happens once in a while. Ensure that you have all your paper works ready at all times.

3.    Shop and compare. Take the time to check out as many lenders as possible to check and compare their rates. This is the best thing you can do to ensure that you’re getting the lowest rate available in the market.