Mortgage Services

Your hand is poised over the paper, you're about to sign on the dotted line, agreeing to pay hundreds of thousands of dollars in principal and interest on a mortgage. How do you know you've gotten the best mortgage you possibly could? Because you've shopped around, you've done your homework and now are comfortable in the knowledge you've gotten the best mortgage deal. What were the steps you took to get to this point? Lets take a look back to see.

How's Your Credit History?

First thing to do is to take stock of your financial picture. Do you have bad credit? Pull your credit report and clean up any bad marks on it. Get errors fixed, get late payments taken care of. You can get a mortgage if you have bad credit, but you will have to pay a higher interest, look for a deal on a mortgage on line, many bad credit mortgage brokers can be found there.

15 Or 30 Year?

Decide if you want to go for a 15 year or 30 year mortgage. You will get a better interest rate with a 15 year mortgage, but the shorter amortization period creates a higher monthly payment. however, you will save a bundle of cash with a 15 year mortgage because you will end up paying less interest. A good rule of thumb is if you are planning on staying in the house for a long time, go with the 15 year mortgage. You'll pay the loan off sooner, and you'll build up fast equity. If you are not planning on staying in the house for a long time, a 30 year mortgage will give you a lower monthly payment, allowing you to keep more cash to invest.

It Pays To Shop Around

Shop around. with the surge of on line mortgage banks and brokers, you have a lot more options. The mortgage industry is highly competitive, and mortgage companies will compete with each other and work with you to get you the best mortgage deal they can.

Be A Fierce Negotiator

Which brings us to the next point, namely negotiation. Again, with the fierce competition among mortgage banks and mortgage brokers, you have some wiggle room. You may not be able to do much with the interest rate, but you may be able to negotiate a reduction of points or fees. Just make sure another fee isn't raised while you're not looking. Get everything in writing and look it over carefully.

Do this steps and you will be able to go to your closing much more confident and will be able to enjoy your new house much more, without worrying about if you got the best mortgage you could.

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