Where Can you Find the Best Mortgage Deals?

The market is open and while not as competitive as it was two or three years ago there are still some great mortgage deals in today's market conditions. Economic conditions are improving all the time and lending is beginning to take the steps to recovery so hopefully better mortgage deals are around the corner.

For now, if you have a mortgage and are looking to remortgage in the near future then don't just stick with your current mortgage provider. Search the market to find the best mortgage deals. If you are fixed into a mortgage at the moment the best time to start looking for the next mortgage deal is around three months. This will give you time to search the market and for your application to be processed which I believe generally takes around six weeks. This way you aren't stuck with your current mortgage provider's standard rate which is often much higher that variable or fixed rate term deals. Many lenders will allow you to book a deal from them with no obligation to go ahead when your current deal ends so if you have found a mortgage deal you can book it and then if a better one emerges then you can go with that.

The big issue at the moment is the size of deposits needed to obtain mortgages at a decent rate as well as the size of the borrowing required in relation to your equity holding. Many mortgage providers will allow you to overpay on your mortgage which with interest rates so low then is something you should certainly do if possible. Why not pay the same amount to your mortgage that you were paying when rates were 6 and 7%. Usually, you can overpay by up to 10% of the outstanding loan each year so why not take advantage and get your loan repaid earlier. When you come to change in the future you will be in a much better position and the best deals on the market will be opened up to you.

The best mortgage deals can be summed up in two words - lowest rate! This is true in some regards, and if we left out the other side of the equation we would be wrong. Even though mortgage rates are the primary factor, there is a need to look at other factors. Imagine for a moment you get the best rate, but the charges that come with it are very high. This could result in a more expensive form of finance, than if you simply went for a higher rate. The solutions for this we will look at in a bit.

For now, you likely wonder what are the ways to find the best mortgage deal? They are there and finding them is not that difficult. For many people, though they will simply visit the bank they bank with, and from there find the package that the person at the bank suggests. This is a start, but we need something more, and that begins with a bit more research.

Research is the key here, and why not do it? Consider this: you go to the bank, and the bank offers you a certain rate. In most cases, this rate is the highest.

Finding lower rates begins with research. This can be done with advertisements on television, newspapers, magazines, and even online or radio. Taking time on research and learning more about mortgages will allow you to find the best mortgage deals. Another way is to look online, and this can really be a fantastic way as you can find the best deals in a relatively short period of time.

You can find the best rates on 30 year fixed rate mortgages in your area here. Other mortgage terms can also be found on that page.

Finding great mortgage deals begins with preparations done well in advance. Buying a home is commonly the biggest purchase any person will make in their lifetime. It is an involved process which takes a significant amount of time and energy. With careful preparation, the end result will be worth it because you will have gotten the best terms from all the available mortgage deals. What could you do to maximize your chances at qualifying for the most ideal of terms? Keep reading and you'll learn key tips which are effortless to do.

Check Your Credit

A high FICO score will permit you the negotiating power necessary to leverage a lower rate of interest. Make sure you present your FICO score in the best possible light by checking your credit history with all three of the major credit reporting agencies. This includes Experian, TransUnion, and Equifax. Verify that all data contained is accurate and updated. Commonly overlooked details which may deter your chances could be misspelled first, middle, and last names, old addresses listed as current, and paid accounts still identified as open.

Consult with Mortgage Brokers

Mortgage lenders will be happy to show you what they can offer. They're all competing for your business. So it's obviously important to shop around and compare which brokers will serve you best. You'll be able to weed out the offers that are out of your financial capabilities and have the chance to negotiate with those lenders that are closer to your mark. Don't be afraid to ask questions, no matter what. You'll be dealing with these people for the life of your loan, so building a good relationship from the get-go will make the process all the more tolerable.

Speak with Real Estate Agents

Talk to several agents, they'll be able to give you insider tips free of charge. They have the experience and the professional know-how to inform you of what to do and what to avoid. Mortgage deals are their bread and butter, they live and breath what you will do only but a few times in your life. Listen to them and ask questions. They are a wealth of information eager to share what they know, and they'll help you navigate the waters while avoiding most of the pitfalls.

Use Mortgage Comparison Tools

Going online will be one of the biggest moves you can make to find ideal mortgage deals. You'll be able to go to many Internet sites and avail of their free mortgage tools. Calculators abound, which can be used to forecast future payments. You'll be able to instantly see the effect of different interest rates on your monthly mortgage. You'll have to freedom of plugging in various changeable factors, like a down payment. Then you'll know right away what terms befit your current economic situation.

See BestCashCow's mortgage calculator here.

: BestCashCow's Editorial Board has been led by Ari Socolow since 2008.

Add your Comment

or use your BestCashCow account


Featured - 30 Year Fixed Mortgage Rates 2024

Lender APR Rate (%) Points Fees Monthly
Learn More
PenFed Credit Union
NMLS ID: 401822
6.427% 6.250% 0.88 $6,000 $1,971 Learn More
Mutual of Omaha Mortgage, Inc.
NMLS ID: 1025894
6.956% 6.875% 0.63 $2,655 $2,103 Learn More
Rocket Mortgage
NMLS ID: 3030
7.451% 7.375% 0.75 $2,400 $2,211 Learn More
Neighbors Bank
NMLS ID: 491986
Learn More