How to get:  LOW Interest Rate Mortgage

One of the best investments you can get for your family is to have a great home, but of course, acquiring one requires a lot of considerations. You have to think where to get the best deals, get a good house at the right location, but most of all, get a low interest rate mortgage that will allow you to pay them easily within its terms.

However, there are still important factors and tips that can help you get a low interest rate mortgage. Here are a few things you might find useful in availing for one.

1. Show a good credit score. One of the most important things you can do to be able to get a low interest rate mortgage is show that you are responsible with your credit and other payable. Of course, banks, lending institutions and other lenders go to your credit history or credit record to check if you are creditworthy and if you are managing your credit well. This of course, reflects your being responsible enough to handle credits. Although you can still borrow even with your low credit score, you may however get high interests as a consequence.

2. Fix your credit record before trying to avail of mortgage loans. This is one thing you can do and is a must if you want to avail of low interest rates for your mortgage. It is quite common to find inaccuracies to your credit report, thus make sure that you have straightened everything out and fixed your credit report. Doing this may require you to have your receipts and other proof that there are indeed errors in your credit reports. You also have to write the reposting agencies to request for the correction of the inaccuracies.

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3. Check out if you have been using a lot of open credit lines for your purchases. Sometimes, too may open credit lines can discourage lending institutions and banks especially if you do have a lot of outstanding balances on them. Although it is not impossible to get a loan or borrow money with them, you may also be offered high interest rates, thus make sure to pay some of those credits and close them even before availing for any mortgage.

4. Negotiate if you can. Negotiation can also be advantageous to you and may also be a good way to get low interest rate mortgage. Indeed, good negotiation skills can bring good results as well. You can also offer a higher down payment to be able to get lower interest rates for your mortgage. Of course, that can be a good negotiation as well. You have to prepare as well with your negotiations as most of those that can successfully negotiate for a better rate are usually those with good credit scores, so you may always want to have a good record when it comes to credit and borrowing.

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5. Opt for short-term loans if you can. If you want to have lower interest rates, then you may want to opt for those short-term loans. Although this can mean bigger monthly payments required and loans being paid at a shorter time, you will however get lower interest rates, if that is what you would want.

This blog communication is for public awareness and public responsibility, for client and customer benefit and best intrest in mind.

Vijay Gandhi is an Re/max Real Estate Sales Rep. &  independent mortgage planner- industry insider & CENTUM Agent. If you are purchasing, refinancing or renewing your mortgage, contact Vijay or apply for a Mortgage Check-up to obtain the best available rates and terms.
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