For the most part, mortgage is a tricky thing, especially now that some changes have been made regarding insurance and interest rates. These changes signify who actually gets the best mortgage rate.
This is important to know so that before looking for a mortgage broker, at least you would already have an idea about which category you’d fall under–and then you could make the necessary preparations!
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So, Who Has The Best Rates?
If you have an insured mortgage, and you are about to have it renewed, then you’d have less to worry about because you’re on top of the line when it comes to having the best rates.
Then, if your purchasing power is less than 20 percent of a restricted mortgage, it means that you will make the cut, too.
If you are purchasing a property using more than 35 percent down payment with maximum amortization of 25 years, and if you are purchasing an owner-acquired insurer mortgage, you will also be privy to this benefit.
Meanwhile, this also applies to those who are going to purchase with around 20 percent of power, and for properties that again, have 25 years amortization rate.
The best mortgage rate also goes to those who are about to have their mortgage renewed with 35 percent purchasing power, and also with restricted 25 years amortization rate.
Now, if you are someone who is about to refinance with 25 years amortization, together with loan-to-value of 80 percent, you are part of this category, too. Same goes for those who are about to have their mortgage renewed using more than 20 percent of downpayment.
If you are self-employed, are giving yourself income, and can be detailed about it, you’d be able to take advantage of this benefit.
You’d also be able to get best mortgage rates if you own more than $1 Million worth of properties, and also if you are aiming for at least 30 years of amortization.
And lastly, if you own a rental property, but are doing any of the things mentioned above, you are eligible for the best mortgage rate, too.
But, Be Aware Of Ads
If you can relate to any of the given statements above, then surely, you could consider yourself lucky. You would be able to save a lot on your mortgage, and use your money for other important causes.
However, before choosing your mortgage broker, you have to make sure that you’d really check the ads carefully. Remember, some brokers and advertisers could be such vultures. If a deal sounds too good to be true, then it probably is–so make sure to check, double-check, and make necessary researches. It always pays to be a smart consumer, instead of just taking the bait and losing each time.
Now, if you have found a good deal, and you are sure of it and have made necessary precautions, then by all means, take it. After all, not everyone is eligible for the best mortgage deals, so it definitely would be best to take advantage of your position now!
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