How To Get The Lowest Rate For Your Mortgage In Philadelphia
These days, given the current state of the economy and everything else that is going on, it is very feasible for one to obtain a nice low interest rate on a mortgage in Philadelphia, or in any city for that matter. Sure, you can spend many days or even weeks finding mortgages that are available to you and compare their interest rates, but if you are really looking to obtain the lowest mortgage interest rate that you can, there a few things that you can do to improve your odds.
Here are a few useful tips to that you should consider using if you are looking to find the best interest rate possible. These will certainly improve your chances.
1) This first tip is quite simple. You should try to put down as large a down payment on the property as possible. Yes, many mortgage lenders love when you put 20% down, as that is a nice round number, but there is nothing from stopping you from putting down 30% or even 40%! This will lower you overall mortgage, in turn reducing your monthly payments, and reducing your interest rate. This is because you become less of risk to the lender. The only downside to this tip is that you have to wait longer to save up enough money to put down that larger down payment, but it would be well worth it and much easier to handle the mortgage in the end!
2) Determine how fast you would like to pay off the mortgage. If you go for a short-term mortgage in Philadelphia, like 10 years, you will pay it off in, well, 10 years, but your monthly payments will be huge. If you’re in no rush to pay it off, going for a 30-year mortgage would be a better choice, and your monthly payments would be around one-third of what you would be paying with a 10-year mortgage, and would be much more manageable.
3) Use a mortgage calculator over at LendingTree (link coming soon) because, again, you want to know how much you can afford to pay on your loan every month. The calculator will collect some simple financial information and then calculate how much your monthly repayments will be. But that really depends on your specific needs.
With these simple tips, you are sure to get a low interest rate for your mortgage in Philadelphia.
Tony McGuigano is the owner of the Taylor Acoustic Guitar website, as well as a website called Philadelphia Mortgage.
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