Getting the Best Rate on Your Mortgage

With mortgage rates on the decline in America, now is the best time to purchase a home. While you will certainly be getting a better deal than someone who received their mortgage several years ago, there are still some strategies that you can employ in order to secure the lowest mortgage rate possible. 

Firstly, it should be noted that negotiation does pay off. According to a recent report in Cambridge Community Talk, research shows that some financial institutions will provide higher mortgage rates to individuals who accept the first offer. If you’re shopping for a home, simply inquiring about a discount on your rate could result in a significant discount. 

It is also common among larger financial institutions to offer higher rates. So, while visiting a big brand lender may seem like an obvious choice, you should investigate smaller banks, as they may offer you better rates. 

Be sure to check with your personal bank, as well. If you own several products from one financial institution (bank accounts, insurance, etc.), they may offer you a discount on your mortgage rates. 

Asking is the key to obtaining lower mortgage rates. When shopping around, always inquire about potential discounts. The lender won’t offer them if you don’t ask; so, be inquisitive!