If you are in the market to purchase a home, interest rates are at an all time low yet you still want to make sure you get the lowest mortgage interest rate possible. Here are a ____ great ways to get the lowest rate:
Consider taking out a 15 year mortgage loan instead of a 30 year loan. Typically you will pay about a half percent less on your rate for a 15 year loan that you will for a 30 year loan.
Talk to your lender to find out if it makes sense to pay points up front to buy down your interest rate. Think of paying points in terms of making an investment; if you have the available cash and you are confident you will be in your new home for at least 5 years paying points could be a good long term investment.
As a borrower, you can make yourself more attractive to lenders (and get the best rates) when you:
If you are already paying off a mortgage loan, considering refinancing or just can't swing a 15 year loan you can still use time to your advantage.
Most people don't realize how important it is to involve a real estate attorney early in your home search. An attorney can prevent you from entering into an onerous contract, can uncover a title nightmare before you buy a house, and can help with contractual issues. Find a great real estate attorney and add him or her to the small team of professionals.
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