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Mortgage Purchase | Shop Around

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all western mortgage

All Western Mortgage

Mortgage purchase

how to get the best rates for your house mortgage
How to Get the Best Rates for your House Mortgage?
  • If you wish to purchase a home, then you most certainly will have to make a mortgage purchase first. The terms and interest rates, at which you secure a mortgage loan, make a sizeable difference in what you pay over the duration of the loan.
Here are some steps that you can follow, which will allow you to secure the best interest rates on your house mortgage:
  • Prepare Early
  • Shop Around
  • Consider other factors
  • Understand PMI
1 prepare early
1) Prepare Early
  • You will realize the importance of maintaining a good credit score when you’ll apply for a mortgage loan. Conventional lenders look for a score of at least 700 before approving your application and a good credit score also means better interest rates. So, even if you need a mortgage after 3 or 5 years, you need to start working on your credit from today itself. Also, save as much as you can because the more you can pay as down payment, the better interest rates you will get.
2 shop around
2) Shop Around
  • Research, compile, collate and compare interest rates offered by various lenders. You’ll get a wide range of quotes from different lenders while researching online. So, shop around for home mortgage loans as much as you can before finalizing a lender.
3 consider other factors
3) Consider other factors
  • Interest rate is the most important parameter to consider while shopping for a mortgage, but there are other factors as well that you must consider before finalizing a lender. For instance, check for pre-payment penalty, closing costs, origination points, discount points etc.
4 understand pmi
4) Understand PMI
  • You are considered as a high risk borrower if your down payment is below 20% and in such a scenario, you’ll require a Private Mortgage Insurance (PMI). The cost of PMI will be borne by you and therefore, save up enough money to at least make 20% down payment.

If you follow all these steps, chances are high that you’ll secure a great interest rate on your mortgage. If you are planning to buy your first home mortgage, visit All Western Mortgage’s website – today and use our free mortgage calculator. You can also request for a free quote from us.