How to get the best mortgage rate quote

One of the biggest mistakes that those seeking a mortgage do, is hold to the impression that you, as a borrower, have no influence on attaining the rate that you desire. Anybody seeking a mortgage must do his homework before he begins to solicit for a mortgage rate quote. It is primarily your credit score that decides what mortgage rate quote is given to you and improving your score should be priority number one for those seeking good mortgage quotes.

Beginning preparations for mortgage quote attainment should begin months ahead of time when you begin to follow good financial habits and clean up your credit report as early as six months before getting a mortgage loan. To begin, you must request for a copy of your credit report from a credit reporting agency (many of which are available for free online) and clear out most of the damaging entries. Having noted the problem areas in your report, you should begin the process of clearing not only simple mistakes like a wrong address but also more serious ones like marking a timely payments as late. Pursue your creditors and the credit reporting agencies to make all the necessary corrections. Make a note on your report with regard to defaults that cannot be removed but can be explained. After fixing some of the smallest problems, the next step is to improve your attractiveness to future lenders. The first and most important path here is to cut up your credit cards. By targeting your credit cards and otherwise reducing your monthly liabilities, your debt-to income ratio will appear more attractive to lenders and help you get the mortgage quote you desire.

When you compare rates, make sure you are considering loans that fall in the same category. Add all incidental fees like underwriting fee, administrative fee or documentation fee that your lender charges you to your mortgage rate to get the real cost. Finally, remember that reputation matters, good lenders will always have a physical address, provide good customer support, will reveal all terms and conditions and will never make you sign a blank form.

By www.freemortgagequoteguide.com