Are there secrets to getting low interest rates for mortgages?

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Are there secrets to getting low interest rates for mortgages?

5 Comments
  1. Reply
    oncameratalent
    May 1, 2011 at 3:23 am

    Obviously, the higher your FICO score (credit rating) is, the lower the interest rates that financial institutions will offer you. However, there are some “tricks” you can utilize to obtain the lowest possible rates for your situation. This blog was developed to help consumers understand the loan approval process, and to advise how to take advantage of this process….

    http://lowertheinterest.blogspot.com

    ______________

  2. Reply
    DAS
    May 1, 2011 at 4:16 am

    Yep, super credit.

  3. Reply
    cbmttek
    May 1, 2011 at 5:08 am

    Yes.

    If we tell you, it will no longer be a secret though

    Actually, there are several things that contribute to getting the best available interest on a mortgage.

    First, have really good credit. Pay your bills on time/early, and always include a bit extra to pay down the balance.
    Next, reduce your debt. The less you owe, the better risk you are.
    Then, have savings left over after your down payment. The banks know that when you buy a house, you will want to fill it with stuff. The more cash you have, the less likely you will be to run up huge bills in addition to your mortgage.
    Last. put a good clip down. The higher percentage you put down, the less risk the bank takes lending to you. Less risk to the bank means lower interest to you.

    Hope that helps!

  4. Reply
    latebreakfast
    May 1, 2011 at 6:02 am

    They are looking for someone who does not pose a risk of forclosure.
    I have a very very modest income. I got approved for a mortgage because my debt to credit ratio is only 1%. My score averaged 724.
    The main thing is having no debt, having a decent credit score, and having enough income to pay for the house.

    If you are having a hard time because of low income, then try out FHA housing lenders in your area.
    Also, I recommend looking for USDA Rural Development loans. Low interest, no PMI and low income requirements.

  5. Reply
    heybulldog
    May 1, 2011 at 6:44 am

    You don’t need a credit score for the best interest rates on a home loan. Find a bank that does “manual underwriting”. It’s how home loans were givin’ before all the fico score worship. You can get the lowest interest rates out there.

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