When you qualify for a mortgage loan, you're going to end up paying tens of thousands of dollars in interest over the life of the loan. Thus, it’s important to do everything you can to get the best possible mortgage rate. Here are three sure-fire steps you can take to help you borrow at the best rate.
1. Shop around
There's a great deal of variation in rates and qualifying requirements between mortgage lenders. Get quotes from at least three lenders -- and potentially even more. Or use a mortgage broker like Alberta Mortgage Professionals to be sure that you're getting the best deal.
2. Improve your credit
Lenders reserve their best rates for well-qualified borrowers. A credit score of 720 and above will help you get better rates. Even if you can't raise your score that much in advance, you still want to do what you can to get it as high as possible.
3. Choose a shorter repayment timeline
Mortgages paid off in a shorter time period usually have lower interest rates than loans with longer terms. If you borrow $300,000 for 30 years at 2.7% you'd be looking at a total interest cost of $138,0456. But opting for the 15-year option at 2.2%, drops your total interest to $52,390.
If you’re shopping for rates get in touch with us today! We’re here to help 780 701 3888 or email@example.com
Click here for the full article: https://www.nasdaq.com/articles/3-ways-to-get-the-best-possible-mortgage-rate-2021-01-17