4 tips to find a mortgage
You've decided to take the plunge and buy a house. But with all the information you're poring over and things to do, you're overwhelmed. When you're trying to find a mortgage, where is the best place to start? Here are four ideas to keep in mind. They can help you find the perfect home loan to match the perfect house.
Get your credit together
Having a high credit score will help you land a better rate, so find out what yours is if you haven’t, and work on improving it if you can. You can start by checking your credit reports from the three major credit reporting agencies – Equifax, Experian and TransUnion. Be sure to dispute any errors you find.
Compare mortgage rates
By using Bankrate's mortgage rate comparison feature, you can get a ballpark idea of the rates lenders in your area are offering. Simply enter your desired price, down payment and location to find an affordable match.
Think outside the box
When trying to find a mortgage, you have the best chance of landing a good rate if you shop for loans all over. Check what your banking institution and your local credit union offer. But also try online banks and loan aggregator websites.
Monitor interest rate trends
Now you know how to prepare and shop for a loan -- but do you know if now is a good time to buy? By following interest rate trends, you can learn if rates are headed upward or seem to be taking a downward turn. This important information can tell you whether it's time to lock your rate with your lender, or wait for rates to keep dropping. Bankrate publishes results of its weekly mortgage rates survey every Thursday.
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