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Tips for Finding the Best Mortgage Rate
Are you ready to buy a new home? Before researching crown moldings and ceiling heights, you must find the best mortgage rate. Some real estate brokers encourage home buyers to look for a mortgage to see how much a lender is willing to give them before you go look for a home. This way you know how much money you can offer before you start bidding on homes.
Although real estate brokers often work with their own lenders, you should always do your research and find the lowest home loan rates before signing a 15 to 30-year commitment.
Knowing what you can affordBefore you go looking for a large, extravagant home, take into consideration how much you can afford. First, you must calculate the amount of savings you can use as a down payment. The rule of thumb for savings is to ensure that you can cover your monthly living expenses for three months. This way, if there is a loss of income, you’ll be able to pay your bills until you can find another job or, say, recover from unexpected medical issues. Calculate your monthly income. Write down the number of expenses you have, including car payments, student loans, and credit ... more

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