Five Expert Tips to Help You Secure Low-Interest Home Loansby 5 star Lending Online Mortgage lenders and brokers in San Jose an
Do you want to save thousands of dollars over the course of your home loan? It’s possible if you manage to get low-interest rates on your mortgage. But securing low-interest mortgages isn’t as easy as it may sound. Even if you have a good credit score, you won’t automatically qualify for low-interest rates on your loan. Listed below are some tips that will help you find the best mortgage rates.
- Verify your financial condition
Before you apply for any home loan, you need to be familiar with your overall financial state. Get to know the amount you can bear to spend each month on loan, your current credit score, and the savings you maintain in order to make the down payment.
- Improve your credit score
Too many open lines of credits in your credit report can be counted against you. Therefore, it’s crucial that you close them before applying for the loan. Clear all your outstanding dues, pending credit card payments and existing debts before commencing any loan search procedure. Settled credit lines will increase your odds to obtain the home loan with the.
- Turn to your savings
Having savings or assets of no less than 10% of your loan amount can considerably increase your prospects of acquiring low-interest rates on your loan.
- Go for a short-term loan
If you want to get low-interest mortgages, then the easiest way is to opt for a short-term loan instead of a long-term loan. But is it not true that taking a short-term loan requires paying higher monthly payments? Well, not necessarily! You will be saving a ton of money on the interest of your loan, so your monthly installments will almost continue to be the same. Not to mention, your loan application is more than likely to get approved, as short-term loans have a lower risk factor than long-term loans.
- Contact a licensed loan officer
In order to get lowest, the final step is to get in touch with an experienced and accredited loan officer. Based on your special requirements, your loan officer will be able to explain the options you have on loan products and help you get the best quotes from several lenders. You can then compare the loan quotes and settle on the one that you think is most suited for you.
In case your credit standing is forbidding you from getting low-interest mortgages, seek advice from your officer on how to boost your credit score. Paying off a few months of your unpaid accounts can also dramatically improve your credit standing, qualifying you for low-interest loans.
Created on Jul 12th 2018 09:30. Viewed 159 times.