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7 Mortgage Tips To Help You Land the Best Deal

7 Mortgage Tips To Help You Land the Best Deal

7 Mortgage Tips To Help You Land the Best Deal


Buying a house is a big deal. But it’s also one of the most complicated financial decisions you’re going to make. The good news is that there are plenty of things you can do to help get the best deal and make your home purchase as painless as possible. Here are our 7 Mortgage Tips To Help You Land the Best Deal:

Get your credit in shape.

First things first, you need to get your credit in shape. There are a few ways to do this:

  • Check your credit score on Credit Karma or another provider. You can also check it at www.annualcreditreport.com. But that site is only available if you have an existing checking account with them. Even then, it’s only good for one free annual report. If you want more information about what’s visible on these sites and how they work, check out our guide here!

You should also clean up any errors on your report before contacting the lender itself. So as not to waste time fixing something they might already know about (like missed payments). If there are errors related specifically from applying for loans or refinancing mortgages—such as late payments—these will be listed separately from other types of errors like unpaid bills and bad debt judgments against them; however these will still appear under “Other Accounts” instead of just one category where all past accounts would normally go together when filling out forms online such as Equifax/Experian® Consumer Credit Reports/TransUnion® FICO Scores

Save up a down payment.

The first step to buying a home is saving up a down payment. The amount of cash you need to put down varies from lender to lender. But it’s generally 2%–5% of the purchase price.

You may be able to get financing through your current mortgage while still paying off your existing mortgage or credit card debt. But if not, then you need to start saving that money right away. Otherwise, when it comes time for closing on your house and making payments each month after moving into it (which should happen within 30 days), there won’t be enough funds left over in your budget for all those expenses associated with owning property: taxes/insurance/maintenance costs like lawn care and snow removal; utilities such as gas & electric; repairs and improvements needed before selling or refinancing later on down the road…and so on!

Squeeze your debt into the smallest payment possible.

  • Look at your debt and see what you can pay off first. If you’re carrying a balance on credit cards, student loans or other loans, it makes sense to eliminate that first before tackling anything else.
  • Review your budget and see if there are any places where money is being spent that could be cut back. For example: Are there subscriptions that aren’t necessary? Can we reduce our internet bill? Do we need a new car but don’t have enough saved for the down payment?
  • Review retirement savings accounts such as 401(k)s and IRAs (individual retirement accounts) for ways in which they can be used more efficiently by contributing more money into these accounts every year instead of taking out loans from banks or credit cards every month. If something doesn’t work out like this then maybe try using another method altogether. Perhaps selling stocks online instead of buying shares through brokers’ offices. Because this might provide better returns over time than simply investing in mutual funds or stocks directly instead.”

Compare rates from multiple lenders.

  • Compare rates from multiple lenders.
  • Research the different types of loans available, including FHA and VA.
  • Get a rate quote from each lender. Make sure you understand the terms of each quote (i.e., loan amount, interest rate, closing costs).
  • Use an online lender comparison tool to help you compare rates across multiple lenders at once.*

Consider a loan insured by the FHA.

If you’re planning to buy a house, there’s one important thing to consider: the loan. A mortgage is an agreement between you and your lender. It outlines how much money you should use for what purpose. The terms of this agreement determine whether or not you qualify for a particular loan product and how much interest it costs over time.

If the lender decides they want to issue their own mortgage-backed securities (MBS), they may have trouble finding investors willing to take part in those deals. Because many people think government-backed loans are safer than private ones. When it comes down to it, there’s some truth behind that belief! But if you prefer having less risk involved in buying real estate with traditional bank financing options rather than through FHA loans or other forms of government assistance such as USDA Section 232 programs like Farm Credit System Loans Program which offer low down payments on houses up front so farmers can buy land cheap then here’s good news! There are plenty of ways around this problem too!

Never buy more house than you can truly afford.

Buying a house is a big decision, and it’s important to make sure that you can afford it. If your mortgage payment exceeds 30% of your income, there’s really no way for you to qualify for the loan in the first place. This means that even if the house is cheap enough for you to rent out or flip—and many rentals require just as much work as owning a home does—you’ll likely be stuck with too much debt and lose money from the sale of your property later on down the line.

If this sounds familiar: When I first moved into my own apartment at age 22 after college graduation and interning at an investment bank in New York City. I’m one of those people who would rather get paid than go backpacking through Southeast Asia. I had no idea what debt was or how much money I should expect my future self would have left over after paying off student loans and buying groceries every week throughout college.)

Mortgage is complicated but there are things you can do to help land the best deal.

So, you know how to get the best deal on a mortgage. Now you need to know how to negotiate that deal in order to land the best possible mortgage rate and terms. Here are some tips:

  • Negotiate a better rate by comparing multiple quotes from different lenders or brokers (or even other real estate agents). It may be that one lender offers a better rate than others but is willing to waive certain fees in exchange for lower closing costs and additional points added onto your loan. Negotiate your interest rate by comparing multiple quotes from different lenders or brokers. Even other real estate agents. Deal with any special conditions being attached at closing time. Such as proof of employment or income verification – directly with each lending institution before submitting an offer letter.* Get preapproved! This will help ensure that no surprises come up during negotiations. It gives both parties plenty of time so they can come up with solutions together during negotiation sessions later on


We hope you’ve found this list of tips useful and that they will help you land the best deal for your future home. By taking these steps, you will have a much better chance of getting into a beautiful home for less than it would cost if you were to buy it today. If there are any other tips we missed or things that could be added to this list, please let us know in the comments below!

Read More 10 Tips for First-time Home Buyers


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