Print This List    Email to a Friend  

Top 10 Tips for the Best Home Loan  
TIPS 

Tags: home, loan, apply, mortage, credit, money

How can you make sure you get the best interest rate? Here are some tips.

1.	Fatten your file - The single most important element to your mortgage application is your credit history.
2.	Know your past - When it comes time to start shopping, get a copy of your credit report to know exactly what the lenders will see.
3.	Straighten your papers - If you find your credit history is a mess because of mistakes or fraud on your credit report, you will want to fix them to ensure you get the interest rate you deserve.
4.	Talk the talk - Remember, you have the right to fight for the best deal on your mortgage.
5.	Shop, shop, shop - Getting your best interest rate is important. Slight differences in your rate can amount to quite a lot of money over the life of your loan.
6.	Fixed Rate or Adjustable Rate Mortgage - In order to determine which product may be best for you, you need to know how long you plan on being in the home and what your risk tolerance is for rising interest rates.
7.	Decide Your Down Payment - It’s important to know what down payment option works best for you.
8.	Understand the Fees - In order to get a complete picture of the fees associated with your mortgage you will need a Good Faith Estimate (GFE).
9.	Pick Your Points - Buying points when you close your mortgage can reduce its interest rate, which in turn reduces your monthly payment. But each point will cost you 1% of your mortgage balance.
10.	Lock Your Rate - Since it’s often weeks, and sometimes months, between getting pre-qualified and closing on your home, it’s a good idea to lock in your interest rate and points.

Lister: Closer

Other lists of interest:

8 Big Mortgage Mistakes INFORMATIVE  (0)

How to Move Back in With Your Parents Do's/Don'ts  (0)

Some Things You Can't Afford If You Have Credit Card Debt Do's/Don'ts  (1)

Tips on How to Win on "The Price is Right"... Guaranteed HOW TO  (0)

A, B, C, D: Types of Fires SCARY  (1)

Current list rating:  5.00

Comments: Great advice! Comment by: buccicone.2