10 Tips for Getting the Best Mortgage

Guest Post ByNicole Rodgers

1. One of the best things you can bring to the table, when trying to get the best mortgage rate is a large deposit. A large deposit will decrease the principle amount and may allow you to get a better interest rate.
2. You will be able to get the best interest rate available on your mortgage if you have a spotless credit record. Having a high credit score will ensure that you will be able to get a mortgage with the lowest available interest rate. Anyone asking for a loan that has a low credit score will get stuck with having a bad interest rate.

3. If you are going to be remortgaging your home, you may want to throw in a deposit. This will, once again, reduce your principle amount that is financed and give you a lower interest rate.

4. To get the best deal on your mortgage, you should also consider speaking to a broker who has the ability to get you a lower rate. Some brokers will have extensive connections with third-party lenders who may be able to offer you a great mortgage. It is wise to consider a broker as a resource who may be willing to shop around.

5. Get a fixed rate mortgage to prevent any type of changes down the road. It may be wise to go with a fixed rate mortgage as opposed to a variable rate. Variable rates are sometimes lower but may shoot up if the market changes.

6. Remember, this mortgage is a long-term investment. With this in mind, borrowers can look for competitive rates on long-term mortgages and avoid fees associated with short-term mortgages.

7. If you can take the risk and are willing to refinance every year or two, you should consider a variable mortgage. You may be able to save tremendous amounts of money if you are willing to refinance and track down the best deals on loans.

8. Pay attention to standard variable rates (SVR). These rates can be lower than fixed rates but are subject to increasing. You may be able to save money by choosing this type of mortgage. However, you will need to stay on top of SVR because they do change.

9. Watch out for arrangement fees. These fees are increasing by many lenders who are trying to increase profits in a failing housing market. When you are in the market for a mortgage, you should watch the rate advertised, arrangement fee, and the lender's standard variable rate.

10. The only time that paying a high arrangement fee is good is if you are getting a great interest rate on your financing. Lenders will offer you a lower rate but only if you choose to pay a higher arrangement fee.

You should not be afraid to look into various lenders and try to find the rate that fits your budget. If you are looking to save money, you should follow these tips to ensure that you will get the best rates.

Nicole Rodgers has been blogging for 3 years; she currently contributes to blogs that deal with how to receive an irs extension and where to find the best car insurance.  


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