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How to Obtain Low Mortgage Interest Rates

from: Mortage & Debt Facts

With a little time on the Internet and a few clicks of your mouse you can search for the low mortgage Interest rates that lending companies offer.

Interest rates are at an all time low now, which makes buying a home much more affordable. If you shop around on the Net you will see that the low mortgage interest rates are quite impressive.

Most lending companies with websites have mortgage calculators; you can then type in the data that the calculator software asks for.

You will find if you qualify for a mortgage loan you can lock into one of the low mortgage interest rates. You may decide you want a lower monthly payment and take out a 30 year mortgage with a great interest rate, or you may want to go with higher payments on a 15 or 20 year loan.

Even with low mortgage interest rates most of your monthly payment will go to pay the interest on the loan, and a small amount will be applied to the principal that you borrowed. As the loan progresses through the year you will be paying more on your principal and less on the interest until the loan is paid off and there is no more interest to pay. It is a given that the 30 year loan will cost more than the 15 year loan, because you are paying the lending company for paying off your home.

When you take out a mortgage loan, you are buying a product or service. The lending company pays for your home and you pay the lender back with many thousands of dollars in interest, which is the bank’s profit for charging you low mortgage interest rates.

If you borrow $200,000 at 6 percent interest over the course of 30 years you will be paying back more than what you borrowed originally in interest, so it pays to shop around for the best interest and the best mortgage terms that your budget can afford.

Though your payments are lower in a 30 year note you can see that the interest over the term of the loan is very high; however, if you take out a 15 year loan instead of the 30, you get low mortgage interest rates, depending on the shape of your credit, and would only be paying a little over $100,000 in interest over the term of the loan, so you would have saved over $100,000 by choosing a 15 year loan.

Before you ever try to prequalify for a mortgage loan, take a look at your credit rating. If your record is clean you have nothing to worry about, but if you have any charge offs, or bills that went to collection and were reported to the credit bureau, you need to clean that all up first before applying for a loan

Saving a sizable down payment is an important key to getting low mortgage interest rates. You can save money each month by having money automatically deducted from your paycheck into a savings account.

It is a good idea to save enough money for a 20 percent down payment. Your lender will use your down payment to secure the loan with insurance, for the chance that you meet hard times and default on your loan. By offering the down payment you won’t have to purchase extra insurance for the purpose of guaranteeing the loan.

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