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Mortgage Rates

How to Get the Lowest Interest Rate Mortgage

Researching tips and strategies on how to get the lowest interest rate mortgage are important when buying a home today, because each and every interest rate point makes a huge difference when calculated over the term of a mortgage loan. First and foremost, your credit has a direct impact on the interest rate you will receive. There are programs for first time homebuyers that will help you save as well. There are many options available to shop around for a low interest rate as well, but most people would advise against using the ARM, or adjustable rate mortgages compared to a fixed interest rate.

Some techniques and strategies you can use when figuring out how to buy your home and how to get the lowest interest rate mortgage are tried and true, and will help you understand the process. You want to get pre-approved for your mortgage. This is essentially your “license” to shop for your home. Check into what your closing costs and fees would be, based on your current situation, and if help is available. Make sure you are looking at the two major loan types: high-ratio vs. conventional. What are the major differences? Also make sure you understand loan insurance, and check into homebuyer education programs to learn everything you can.

There are some case studies to support long term planning to understand how to get the lowest interest rate mortgage. In the first case, a prospective planned ahead, paid down her debts, saved a good down payment, paid her bills, and used her credit carefully. When she applied for her home loan, she knew what her options were from taking an educational course in her community to learn more, getting a great loan rate quickly. In the second case, a young couple decides they should buy a home, and the end of their apartment lease is coming due. They quickly bought a home, but they were in over their heads with a high interest rate due to poor planning.

Clearly, the first homebuyer in this case knew how to get the lowest interest rate mortgage, and for that, she is much better off. Having somewhere to get educated and to plan ahead is essential to your financial future when looking to buy a home. It’s one of life’s greatest investments, if not the number one investment in life, and must be carefully considered. The experts at Syndicate Mortgages Inc. have the knowledge and experience to help.

Current Mortgage Rates

Mortgage Term Rate  
1 year2.89%
2 year2.19%
3 year2.19%
4 year2.79%
5 year2.44%
7 year3.79%
10 year4.39%
ARM2.10%

View All Rates & Conditions

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