04:30 10 August 2013
1.Pay attention to your credit score. Take the time to check your credit score at least 6 to 12 months before you apply for a mortgage. Aside from a great credit score, lenders would also want to see a hefty savings account and little to no debt.
2.Shorter terms are better. Although you’ll be most likely to be given a 30-year loan term option, consider paying for your mortgage for 15-20 years. Sure, your monthly repayments will be higher but this will allow you to save on interest rate.
3.Shop and compare. Different lenders will most likely to offer different interest rates. So, before you sign anything, make sure that you shop and compare. Get quotes from all the lenders in your area to easily figure out which one offers the lowest interest rate.
4.Get the lowdown on fees. Aside from the interest rate, you also need to pay attention to different fees that your lenders will charge you. These include application fee, legal fee, etc.
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