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Best Mortgage Rates

It’s a lot harder to get a good rate these days. It never used to be this tough. Ever since the recession hit people hard in the wallets, more banks and other lenders are requiring stricter guidelines. This means it takes much longer to search for the best mortgage rates. There is hope, though. It is possible to get the best mortgage rate. All you have to do is follow a few guidelines. These guidelines ensure you easier passage to getting a good mortgage rate.

1) Your credit score can’t just be “good” anymore, it needs to be “excellent.” I do mean excellent. If there is anything fishy on the report, call the creditor right away. Have them work with you, even if it means coming up with a payment plan. This is not something you want to play with. Once completed, find out if the problem has been corrected. It’s also a good idea to pay down all loans and credit card debt before applying for a loan. If you don’t, it’s only going to make things more difficult for you.

2)You need to be as honest as possible on your application. Don’t hold back on anything, even something you think could be damaging. Fill out the paperwork slowly and accurately. Eliminating things will only slow up the process more. If they think you have something to hide, they will think twice about approving you.

3)If you have extra income, report it. If you have extra pension plans, disclose that information right away.

4)The bigger your down payment is, the more likely you will get approved. You have to put your money where your mouth is with this. If you can’t afford to make a large down payment, you are better off waiting.

5)If you get any contributions from family, you will need to show full disclosure. If you don’t have to pay the money back, you have to provide proof of this. Most lenders ask for a certified letter explaining this.

6) In most cases, you will need to look past the low rates. Not everything is about the lowest numbers. The best mortgage rates involved what works best for you. Look at your debt-to-income ration. What are you comfortable with spending? Do your homework and don’t let the money part blind you. You have to look at every part, including discounts and underwriting fees.

The best advice I can give you is do the research. Take your time with the process, because it is a process. Don’t be in such a hurry. For more information on this, go online and do a Google search. For free rates to compare go to RateChecker.com.

Best Mortgage Rates

Best Mortgage Rates

 

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