What Can You Do In Advance To Get A Better Mortgage Rate?
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Joseph Kenny
Mar 23, 2013, 4:00:04 AM3/23/13
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Article Title: What Can You Do In Advance To Get A Better Mortgage Rate?
Author: Joseph Kenny
Word Count: 555
Article URL: http://www.isnare.com/?aid=151279&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=151279
Easy Publish Tool: http://www.isnare.com/html.php?aid=151279
*********************** ARTICLE START ***********************
When it comes time for you to think about getting a mortgage, you should know that there are some things that you can do to help yourself get a better deal. In most cases, they can be performed over a few months, but will prove their worth in savings over the term of your new mortgage. Here are some of those things.
1. Look Over Your Credit Scores
You need to get a copy of your credit report from the big three (Equifax, Experian, and TransUnion) and look them over for wrong entries. It is not uncommon for items to be mistakenly reported on a credit report. It will only take, however, one item to adversely effect your credit score. Bring it up to where it should be by trying to correct anything that is not where it needs to be.
2. Raise Your Credit Levels
If you find that your credit really is not at the level where you feel it could be, take some time (if you can wait) and raise it. This can be done through credit cards that report to the credit bureaus, taking out short-term loans and paying them off on time and quickly.
This could be a key factor in getting a mortgage worth having. The interest rate that you will be able to get is largely based on your credit scores. Generally all three scores (or more) will be averaged and that is the figure that the lender will base the calculations on.
3. Reduce Your Total Indebtedness
It is always a good idea to reduce your indebtedness before applying for a mortgage. While you can have indebtedness, and even bad credit, you get the best rates when your indebtedness is about 28% of your income or lower. Having more than this will limit the size of your mortgage possibly more than you want. While it may be possible to get a different kind of mortgage, such as an ARM, it may not be the best in the long run - depending on what kind.
Reducing your debt will prove your ability to pay. You can pay off some credit cards and other small debts by consolidating them with 0% APR interest credit cards for their introductory offer, but you really don't want to close all of those credit cards. Leaving one or two open, perhaps even with small balances, could be more helpful to your credit rating than closing them all down.
4. Get A Larger Down Payment Ready
This will help you tremendously by reducing the overall amount that you need to borrow. The more that you can put down means that you are less of a risk to the lender. They will trust you more and give you a lower interest rate. Your goal should be somewhere in the vicinity of about 20%, if possible.
Another way to save when you actually start shopping around for your mortgage is to compare a number of mortgage quotes. Look for the best deal after you understand the terms and your various options. Even if you do all of the above to help get the best rate, you could lose it simply by signing on to the wrong deal - so be careful.
About The Author: Joe Kenny writes for the UK personal finance sites http://www.ukpersonalloanstore.co.uk/mortgages.html and also http://www.nationsfinance.co.uk/mortgages
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=151279
*********************** ARTICLE END ***********************
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Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Joseph Kenny
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=151279
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=151279
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: What Can You Do In Advance To Get A Better Mortgage Rate?
Author: Joseph Kenny
Word Count: 555
Article URL: http://www.isnare.com/?aid=151279&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=151279
Easy Publish Tool: http://www.isnare.com/html.php?aid=151279
*********************** ARTICLE START ***********************
When it comes time for you to think about getting a mortgage, you should know that there are some things that you can do to help yourself get a better deal. In most cases, they can be performed over a few months, but will prove their worth in savings over the term of your new mortgage. Here are some of those things.
1. Look Over Your Credit Scores
You need to get a copy of your credit report from the big three (Equifax, Experian, and TransUnion) and look them over for wrong entries. It is not uncommon for items to be mistakenly reported on a credit report. It will only take, however, one item to adversely effect your credit score. Bring it up to where it should be by trying to correct anything that is not where it needs to be.
2. Raise Your Credit Levels
If you find that your credit really is not at the level where you feel it could be, take some time (if you can wait) and raise it. This can be done through credit cards that report to the credit bureaus, taking out short-term loans and paying them off on time and quickly.
This could be a key factor in getting a mortgage worth having. The interest rate that you will be able to get is largely based on your credit scores. Generally all three scores (or more) will be averaged and that is the figure that the lender will base the calculations on.
3. Reduce Your Total Indebtedness
It is always a good idea to reduce your indebtedness before applying for a mortgage. While you can have indebtedness, and even bad credit, you get the best rates when your indebtedness is about 28% of your income or lower. Having more than this will limit the size of your mortgage possibly more than you want. While it may be possible to get a different kind of mortgage, such as an ARM, it may not be the best in the long run - depending on what kind.
Reducing your debt will prove your ability to pay. You can pay off some credit cards and other small debts by consolidating them with 0% APR interest credit cards for their introductory offer, but you really don't want to close all of those credit cards. Leaving one or two open, perhaps even with small balances, could be more helpful to your credit rating than closing them all down.
4. Get A Larger Down Payment Ready
This will help you tremendously by reducing the overall amount that you need to borrow. The more that you can put down means that you are less of a risk to the lender. They will trust you more and give you a lower interest rate. Your goal should be somewhere in the vicinity of about 20%, if possible.
Another way to save when you actually start shopping around for your mortgage is to compare a number of mortgage quotes. Look for the best deal after you understand the terms and your various options. Even if you do all of the above to help get the best rate, you could lose it simply by signing on to the wrong deal - so be careful.
About The Author: Joe Kenny writes for the UK personal finance sites http://www.ukpersonalloanstore.co.uk/mortgages.html and also http://www.nationsfinance.co.uk/mortgages
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=151279
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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