2007-05-21 01:35:49 · 4 answers · asked by Shane c 1 in Business & Finance ➔ Personal Finance
If you are considering a Mortgage, you're probably getting a lot of well intentioned advice based one individual's personal experience. It is good to listen to them but remember one basic fact each one has his/her own way to perceive and express the facts. Always seek guidance from professionals and do not decide anything based on personal assumptions. Professionals keep themselves aware of financial market and have sound knowledge of the same.
You better search the following link -
http://www.proloanz.com
God luck
2007-05-21 01:37:10 · answer #1 · answered by james 3 · 0⤊ 0⤋
Have at least 20% down payment. Have a good to great credit score(s). And shop your local credit union or farm credit services (if you live in a rural area) or local bank. You will also get a better rate if you can do a 15 or 20 year fixed rate (verses a 30 year fixed rate).
Mortgage brokers do a lot of the super low introductory rate or arms or 80/20 loans and those always end up higher.
2007-05-21 08:40:55 · answer #2 · answered by mldjay 5 · 0⤊ 0⤋
Shop around. Call several mortgage brokers and ask them what the lowest rate that they can give you is. You have to know what terms you want. Let's say you want a 30 year fixed rate loan. Then call around and ask what's the best rate they can give you, and what are the closing costs. They are required to give you an estimate of the closing costs at some point during the process. Also check out the credit unions.
2007-05-21 09:05:03 · answer #3 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
Well you can always pay some points up front if you have the extra cash on hand. That is a simple way to lower your effective interest rate.
2007-05-21 09:51:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋