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Find a Low Rate Mortgage

September 12th, 2007 · No Comments

Despite the recent downturn in the lending market due to the low-rate mortgage hassle, business is still on at many mortgage lenders. The key to finding low rate mortgages is to have a good credit score. If your credit score is great, then you probably will get the same low rates from a multitude of players. But what if your credit is not so good? Here’s where you get some help.
Try to save up a little before hand, so you have more of a percentage of the price of the house to put down as initial payment. Then try to get as many mortgage quotes as possible within a week. Getting multiple quotes within a week wouldn’t adversely affect your credit score, as all those lookups by prospective lenders will just show up as one credit application.

To make this process easier, you might want to use a mortgage rate comparison website. These sites are not lenders themselves, but they scour the market for lenders and give you a variety of quotes from firms big and small, national and local. Since it is free, think of it as a free secretary who looks up all the national and local firms that lend money to home buyers, and requests quotes from all of them. Once you have the quotes, you might be in a better position to decide whether to get the loan or not. If you decide not to, remember to wait at least 6 months (more, preferably) before trying for a loan again. In the interlude, try saving some hard cash – set yourself a goal and attain it – if nothing else, it will improve your own financial self-confidence.