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best place to obtain mortgage home loan at a low interest rate. I have a good credit score and employment.?
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READ MOREwhere is the best place to obtain a
what is the best rate for the home
What interest rate can I expect on a
What is the lowest credit rating most lenders
What kind of credit score is needed to
What is a good fixed interest rate for
What is the current 30 best years fixed
I want to take a loan for buying
My credit median credit score is 760. Shouldnt
what is a decent interest rate on a
Your bank
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LikeDislikeStart with the bank that you currently bank with
Then, pull out your phone book and start calling banks in your area. Don’t forget to call credit unions as well.
If you are a member of any organizations, ask them if they have contacts. Churches, Unions, and even licensing boards often have programs set up, or can network you to someone.
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LikeDislikeComparing interest rates is nice, but you really need to look at the complete package. Many sites can offer you a great interest rate, but there may be undesirable things attached to this great rate, points, pre-payment penalty, high closing costs, etc. So rather than comparing just interest rate, check out other things that may cost you money. I always recommend that people check where they bank currently. Sometimes the best deals are at small local banks rather than MortgageMart internet sites and big banks.
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LikeDislikeAverage mortgages have rates of around 3.750%. You can find them in some places lower than that but you’ll be lucky to find one with a rate any lower. My suggestion is to use the mortgage rate finder. One example: http://www.bankrate.com/mortgage.aspx
Shop around!
Oh, and putting down a good percentage of the mortgage up front will help a lot. That will probably help more than just having good credit. If you can get into a 15 year fixed rather than a 30 year you should get you a lower rate too.
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LikeDislikeI had basically the same query a few weeks back. Save yourself some time & click on the http://www.loanstalk.tk
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LikeDislikebuildcredit.ifastnet.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
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LikeDislikeIt’s important to consider a couple of factors when looking at lenders:
1.) Personal/Financial goals for your home
Since rates are still low it’s important to evaluate how long you plan on living in the home. If it’s less than 7 years, perhaps an ARM would make the most sense for you. If you plan on staying there long term, consider a 30-year fixed mortgage to keep your payments reasonable while you accomplish other goals such as home improvement, etc. If you plan on living there long-term and your goal is to pay off your loan as quickly as possible, consider a 15-year fixed mortgage. Determine whether or not you want to pay points for an even lower interest rate (1 point is 1% of the loan amount) and obtain a good faith estimate to understand the closing costs involved. Make sure you find a lender that asks the right questions to help you decide on a loan program that makes sense for you.
2.) Client Service/Reputation
Because rates are low, many places can offer you competitive rates but very few in the industry can offer a high level of client service and technology. Choose a lender that has a simplified mortgage process and efficient turnaround times so you can enjoy a low payment sooner rather than later. Research lenders and make sure that you choose one that meets your needs, treats you with respect and makes your satisfaction their #1 priority.
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LikeDislikeFHA is funded by the goverment to make loans more afordable for first time homeowners..But the house you pic has to meet certain standards.. so you dont get stuck in a lemon..highly recomended as long as they are fixed rate morgages…….
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LikeDislikePrevious answerer is correct but forgot to add one thing….because these loans are guaranteed by federal agency. Not to protect you but to protect mortgage company from default through guaranteed purchase, etc.
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LikeDislikeIt’s all about the government backing. The government wants to get more homeowners into houses, and by offering low interest rates, this stimulates homeownership. Which is a good thing for the economy.
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LikeDislikeInterest rate is just a minor concern. The cheapest home loan doesn’t mean the best home loan that you ever found. The most importantly, you should see this from the angle of financial planning. Should think on what it can provide you other than the attractive interest rate.
Therefore, it will be good if you can ask a financial planner to assist you and get a loan through his/her company. Always remember to decide based on your long-term strategy approach rather than product approach.
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