Tuesday, 20 August 2013

Cheap Fixed Rate Mortgages, Guide For Qualifying Fixed Rate Mortgages

Finding cheap fixed rate mortgages can be frustrating for those who do not know exactly what they need to do. The key to finding the best of any deal is in the research—this is something we cannot stress enough. If you fail to conduct sufficient research, we cannot guarantee you will find the best possible mortgage rate and repayment term.

Qualifying for a Low Interest Rate Mortgage

Are you looking for a cheap fixed rate mortgage? You probably want to know how to qualify for the lowest rate because there is no “one size fits all” when it comes to the interest rate on mortgages. In fact, two homeowners can have identical credit scores and pay different interest rates because there are other variations that come into the pictures. Real-Estate-Yogi.com explains there are many factors that determine an individual interest rate including the following:
  • Credit score
  • Financial stability
  • Employment stability
  • Down payment
  • Price of the house
At Real-Estate-Yogi we can help you choose the mortgage that offers the best all around benefits. If you would like to speak to one of our experts fill out the form that appears on the website, and someone will be in touch with you as soon as possible.

Finding the Cheapest Rates

Finding the cheapest fixed rate mortgages can sometimes be difficult, especially if you are one of the unfortunate ones who has a lower than average credit score. I remember when I bought my house all the frustration it created. Afterward I wondered why my neighbor had a lower interest rate; it turned out even though he had the same credit score as I did it was a different lender. I had no idea at that time that the rates were not standardized. I just figured if you had the same credit score, you would pay the same interest rate. There isn't a big difference, but it’s enough to make a difference of a few dollars in the payments. This should not stop anyone from buying a home because if you don’t like what one mortgage company offers, you have the option to apply somewhere else. Of course, sometimes there aren't a lot of choices; I have an FHA loan, so I could only apply with those lenders who handled FHA loans. My sister had the same problem because they went through the VA.

Applying for the Cheapest Mortgage Rates

Finding the cheapest fixed rate mortgage can be problematic for those who don’t have the perfect credit score. At Real Estate Yogi we try to help everyone get into the home of their dreams at the cheapest possible rate. Sometimes the rate we find isn't always what the homeowner would like to see, but it’s the best rate available for that particular credit score. This surprised me when I received the commitment on my home which is why I had to question it. It’s amazing how many possibilities there are; lenders have a range of interest rates with the lowest rate reserved for only the best customers. Keep your credit score on the high side and you will have more choices.

Everyone wants to find the cheapest mortgage rates, but unfortunately those who don’t have the best credit may not see the rates they would like to see. www.real-estate-yogi.com has a great deal of information that is quite helpful for those looking for a cheap interest rate. In order to speak to one of the experts, call 1-800-987-1397 any time you have a minute to spare.


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